Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

Fair value of assets and liabilities measured at fair value on a recurring basis

The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis:



	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
June 30, 2018
Assets
Money market	$	1,390,083	$	—	$	—	$	1,390,083
Restricted cash	500,000		—		—		500,000
Derivative asset	—		1,097,223		—		1,097,223
Total assets	$	1,890,083	$	1,097,223	$	—	$	2,987,306
Liabilities
Derivative liability	$	—	$	2,126,536	$	—	$	2,126,536
Total liabilities	$	—	$	2,126,536	$	—	$	2,126,536
December 31, 2017
Assets
Money market	$	1,390,714	$	—	$	—	$	1,390,714
Restricted cash	894,551		—		—		894,551
Derivative asset	—		739,606		—		739,606
Total assets	$	2,285,265	$	739,606	$	—	$	3,024,871
Liabilities
Contingent consideration	$	—	$	—	$	5,000,000	$	5,000,000
Derivative liability	—		3,067,572		—		3,067,572
Total liabilities	$	—	$	3,067,572	$	5,000,000	$	8,067,572

Changes in fair value of warrant liability

The following table sets forth a summary of changes in the fair value of the Company’s contingent consideration liability, which represents a recurring measurement that is classified within Level 3 of the fair value hierarchy, wherein fair value is estimated using significant unobservable inputs:



	Contingent Consideration
Balance as of December 31, 2017	$	5,000,000
Payments	(5,000,000		)
Balance as of June 30, 2018	$	—