Sorry to be late to the party here. With the usual disclaimer that most folks who are paid to identify fungi do not do so from photographs, I'd go with Inonotus dryadeus, the weeping (or warted) polypore.Why? Several prominent and unrelated wood decay fungi start out from a nubbin (my term) or primordium with no obvious geotropic orientation (Ganoderma, Fomitopsis etc). The layer which becomes the fertile layer may well be continuous all around the baby bracket. But here, we have a critter that has some mass yet still hard to discern upper/lower surfaces, and then leads to I. dryadeus. For those who follow the inside baseball stuff: Yes, I know that this species has been placed in the genus Pseudoinonotus which may well be a wonderful thing, but I haven't done the legwork to see why this was split off from Inonotus. Of course when I was in school, I was taught it as being a Polyporus...or even a Poria!
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