Annual report pursuant to Section 13 and 15(d)

Supplemental Financial Information (Tables)

v3.6.0.2
Supplemental Financial Information (Tables)
12 Months Ended
Dec. 31, 2016
Supplemental Financial Information  
Schedule of quarterly results

The following table presents the unaudited statements of operations data for each of the eight quarters in the period ended December 31, 2016. The information has been presented on the same basis as the audited financial statements and all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts below to present fairly the unaudited quarterly results when read in conjunction with the audited financial statements and related notes. The operating results for any quarter should not be relied upon as necessarily indicative of results for any future period.

 

Unaudited Quarterly Results of Operations

(in thousands, except share and per share amounts)

 

    Three months ended        
    March 31,     June 30,     September 30,     December 31,     Total for year  
    2016     2016     2016     2016     2016  
                               
Operating expenses                                        
Operations and development costs     883       1,309       1,887       2,269       6,348  
General and administrative expense     1,295       1,516       1,434       2,365       6,610  
Total operating expenses     2,178       2,825       3,321       4,634       12,958  
                                         
Loss from operations     (2,178 )     (2,825 )     (3,321 )     (4,634 )     (12,958 )
                                         
Other income and expense                                        
                                         
Interest expense     (2 )     (112 )     (203 )     (322 )     (639 )
Interest and other income     7       6       7       21       41  
                                         
Total other income (expense), net     5       (106 )     (196 )     (301 )     (598 )
                                         
Loss before income tax expense     (2,173 )     (2,931 )     (3,517 )     (4,935 )     (13,556 )
                                         
Income tax expense     (1 )     -       -       -       (1 )
                                         
Net loss     (2,174 )     (2,931 )     (3,517 )     (4,935 )     (13,557 )
                                         
Weighted average shares outstanding, basic and diluted     14,137,442       14,735,077       15,574,620       16,603,725       15,267,233  
                                         
Basic and diluted net loss per share   $ (0.15 )   $ (0.20 )   $ (0.23 )   $ (0.30 )   $ (0.89 )

 

    Three months ended        
    March 31,     June 30,     September 30,     December 31,     Total for year  
    2015     2015     2015     2015     2015  
                               
Operating expenses                                        
Operations and development costs     214       422       546       1,098       2,280  
General and administrative expense     472       640       777       1,282       3,171  
Total operating expenses     686       1,062       1,323       2,380       5,451  
                                         
Loss from operations     (686 )     (1,062 )     (1,323 )     (2,380 )     (5,451 )
                                         
Other income and expense                                        
                                         
Increase in fair value of derivative liabilities     (3,896 )     (1,603 )     (277 )     -       (5,776 )
Interest expense     (317 )     (318 )     (492 )     (1 )     (1,128 )
Interest and other income     2       1       8       15       26  
                                         
Total other expense, net     (4,211 )     (1,920 )     (761 )     14       (6,878 )
                                         
Loss before income tax expense     (4,897 )     (2,982 )     (2,084 )     (2,366 )     (12,329 )
                                         
Income tax expense     (2 )     -       -       (1 )     (3 )
                                         
Net loss     (4,899 )     (2,982 )     (2,084 )     (2,367 )     (12,332 )
                                         
Weighted average shares outstanding, basic and diluted     4,363,641       4,363,641       10,759,187       14,130,485       8,404,311  
                                         
Basic and diluted net loss per share   $ (1.12 )   $ (0.68 )   $ (0.19 )   $ (0.17 )   $ (1.47 )