| Adjustments in accounting |
The
effect of these adjustments on the condensed consolidated balance sheet as of September 30, 2013 is summarized below (the letters
included in brackets below refer to the lettered paragraphs above):
| |
|
As
previously reported |
|
|
Adjustment |
|
|
As
restated |
|
| Intangible assets (net) (a)(b) |
|
$ |
4,466,666 |
|
|
$ |
(904,666 |
) |
|
$ |
3,562,000 |
|
| Goodwill (c) |
|
|
– |
|
|
|
1,855,512 |
|
|
|
1,855,512 |
|
| Amount due under the PhytoSPHERE Agreement (d) |
|
|
6,499,998 |
|
|
|
(5,185,120 |
) |
|
|
1,314,878 |
|
| Additional paid in capital (d) |
|
|
28,330,375 |
|
|
|
(21,794,880 |
) |
|
|
6,535,495 |
|
| Accumulated deficit (a)(e)(f) |
|
|
(28,551,425 |
) |
|
|
27,930,846 |
|
|
|
(620,579 |
) |
The
effect of theses adjustments on the condensed consolidated statement of operations for the three months ended September 30, 2013
is as follows:
| |
|
As
previously reported |
|
|
Adjustment |
|
|
As
restated |
|
| General and administrative expenses
(a) (e) |
|
$ |
1,115,098 |
|
|
$ |
(461,226 |
) |
|
$ |
653,872 |
|
| Impairment of goodwill (f) |
|
|
26,998,125 |
|
|
|
(26,998,125 |
) |
|
|
– |
|
| Research and development expenses (e) |
|
|
– |
|
|
|
137,496 |
|
|
|
137,496 |
|
| Net income (loss) (a) |
|
|
(28,132,616 |
) |
|
|
27,321,855 |
|
|
|
(810,761 |
) |
| Earnings per share (a) |
|
|
(2.81 |
) |
|
|
2.73 |
|
|
|
(0.08 |
) |
The
effect of theses adjustments on the condensed consolidated statement of operations for the nine months ended September 30, 2013
is as follows:
| |
|
As
previously reported |
|
|
Adjustment |
|
|
As
restated |
|
| General and administrative expenses
(a) (e) |
|
$ |
2,337,484 |
|
|
$ |
(1,070,218 |
) |
|
$ |
1,267,266 |
|
| Impairment of goodwill (f) |
|
|
26,998,125 |
|
|
|
(26,998,125 |
) |
|
|
– |
|
| Research and development expenses (e) |
|
|
– |
|
|
|
137,496 |
|
|
|
137,496 |
|
| Net income (loss) (a) (f) |
|
|
(28,407,209 |
) |
|
|
27,930,847 |
|
|
|
(476,362 |
) |
| Earnings per share (a) |
|
|
(3.21 |
) |
|
|
3.16 |
|
|
|
(0.05 |
) |
The effect of theses adjustments on the condensed consolidated statement of cash flows for the nine months ended September 30,
2013 is as follows:
| |
|
As
previously reported |
|
|
Adjustment |
|
|
As
restated |
|
| Net income (loss) (a) |
|
$ |
(28,407,209 |
) |
|
$ |
27,930,847 |
|
|
$ |
(476,362 |
) |
| Amortization expense (a) |
|
|
1,480,722 |
|
|
|
(932,722 |
) |
|
|
548,000 |
|
| Impairment of goodwill (f) |
|
|
26,998,125 |
|
|
|
(26,998,125 |
) |
|
|
– |
|
|