Quarterly report pursuant to Section 13 or 15(d)

Restatements

v3.5.0.2
Restatements
6 Months Ended
Jun. 30, 2016
Accounting Changes and Error Corrections [Abstract]  
Accounting Changes and Error Corrections [Text Block]
Note 2 – Restatements
 
On November 14, 2016, the Company determined that there was an error in the accounting for the business combination of Moleculin, LLC. Following is a summary of the restatement changes made to the financial statements previously filed as of and for the three and six months ended June 30, 2016.
 
Balance sheet at June 30, 2016:
 
 
 
Originally
Reported
 
Restatement
 
As Restated
 
 
 
 
 
 
 
 
 
 
 
 
Intangible assets
 
$
11,666,404
 
$
(493,111)
 
$
11,173,293
 
Total assets
 
 
19,233,399
 
 
(493,111)
 
 
18,740,288
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses-related party
 
 
250,000
 
 
(150,000)
 
 
100,000
 
Long-term payable-related party
 
 
600,000
 
 
(600,000)
 
 
-
 
Total liabilities and stockholders' Equity
 
 
19,233,399
 
 
(493,111)
 
 
18,740,288
 
 
Income statement for the three months ended June 30, 2016:
 
 
 
Originally
Reported
 
Restatement
 
As Restated
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
$
361,728
 
$
(256,889)
 
$
104,839
 
Net loss
 
 
995,616
 
 
(256,889)
 
 
738,727
 
 
Income statement for the six months ended June 30, 2016:
 
 
 
Originally
Reported
 
Restatement
 
As Restated
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
$
376,728
 
$
(256,889)
 
$
119,839
 
Net loss
 
 
1,327,857
 
 
(256,889)
 
 
1,070,968