XML 26 R15.htm IDEA: XBRL DOCUMENT v3.19.1

SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

The effects of the restatement on the line items within the Company’s condensed consolidated balance sheets as of June 30, 2018 are as follows:

		June 30, 2018
(U.S. dollars in thousands)		As originally reported				Adjustments				As restated
CURRENT LIABILITIES:
Contracts liability			-				3,420				3,420
Total current liabilities		$	15,072			$	3,420			$	18,492
LONG TERM LIABILITIES:
Contracts liability			31,885				(10,249	)			21,636
Total long term liabilities			86,220				(10,249	)			75,971
Total liabilities			101,292				(6,829	)			94,463
CAPITAL DEFICIENCY		$	(49,571	)		$	6,829			$	(42,742	)

The effects of the restatement on the line items within the Company’s condensed consolidated statements of operations for the three months and six months ended June 30, 2018 are as follows:

		Three Months Ended June 30, 2018												Six Months Ended June 30, 2018
(U.S. dollars in thousands, except per share data)		As originally reported				Adjustments				As restated				As originally reported				Adjustments				As restated
REVENUES FROM LICENSE AGREEMENTS		$	-			$	2,832			$	2,832			$	-			$	4,993			$	4,993
OPERATING LOSS			(9,576	)			2,832				(6,744	)			(16,888	)			4,993				(11,895	)
LOSS FOR THE PERIOD			(11,294	)			2,832				(8,462	)			(20,694	)			4,993				(15,701	)
Net loss per share of common stock-basic and diluted		$	(0.08	)		$	0.02			$	(0.06	)		$	(0.14	)		$	0.03			$	(0.11	)

The effects of the restatement on the line items within the Company’s condensed consolidated statements of changes in capital deficiency for the six months ended June 30, 2018 are as follows:

		Six Months Ended June 30, 2018
(U.S. dollars in thousands)		As originally reported				Adjustments				As restated
Net loss for the six months ended June 30, 2018		$	(20,694	)		$	4,993			$	(15,701	)
Balances as of June 30, 2018
Accumulated deficit			(318,626	)			6,829				(311,797	)
Total capital deficiency		$	(49,571	)		$	6,829			$	(42,742	)

Although there was with no impact to net cash provided by operating activities, net cash used in investing activities or net cash used in financing activities, the effects of the restatement on the line items within the condensed consolidated statements of cash flows for the six months ended June 30, 2018 are as follows:

		Six Months Ended June 30, 2018
(U.S. dollars in thousands)		As originally reported				Adjustments				As restated
Cash flows from operating activities:
Net loss		$	(20,694	)		$	4,993				(15,701	)
Increase in contracts liability			5,034				(4,993	)			41
Net cash used in operating activities		$	(17,377	)		$	-			$	(17,377	)

The impacts of the restatement have been reflected throughout the financial statements, including the applicable footnotes, as appropriate.

In addition, in connection with the agreement with Chiesi, the Company should have recognized $1.8 million of revenue in the last quarter of 2017 and accordingly has revised certain items in its consolidated financial statements for December 31, 2017 presented herein. The Company evaluated the materiality of the error from quantitative and qualitative perspectives, and concluded that the error was immaterial to the Company’s prior annual consolidated financial statements. Since the revision was not material to any prior interim period or annual consolidated financial statements, no amendments to previously filed interim or annual periodic reports was required. Consequently, the Company revised the historical consolidated financial information presented herein. Below are amounts as reported and as adjusted for December 31, 2017:

		December 31, 2017
(U.S. dollars in thousands)		As originally reported				Adjustments				As revised
Contracts liability		$	26,851			$	(1,836	)		$	25,015
Accumulated deficit			(297,932	)			1,836				(296,096	)

The loss and weighted average number of shares outstanding used to calculate (loss) earnings per share were as follows:

		Six Months Ended								Three Months Ended
		June 30, 2018				June 30, 2017				June 30, 2018				June 30, 2017
(U.S. dollars in thousands, except share amounts)		(as restated)				(as restated)
Net loss (income) for the period		$	(15,701	)		$	(58,698	)		$	(8,462	)		$	450
Financial income, net of convertible notes			-				-				-			$	(11,847	)
Loss used for the computation of diluted loss per share		$	(15,701	)		$	(58,698	)		$	(8,462	)		$	(11,397	)
Weighted average shares of common stock outstanding for basic calculation			145,985,445				126,000,782				146,644,450				127,523,706
Weighted average dilutive effect of shares issuable upon conversion of convertible notes			-				-				-				65,066,683
Weighted average dilutive effect of stock options			-				-				-				8,000
Weighted average shares of common stock outstanding for diluted calculation			145,985,445				126,000,782				146,644,450				192,598,389

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

Name:	us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration