Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Schedule of Black-Scholes Option Pricing Model Used to Calculate the Fair Value Inputs

The fair value of the discount of $122,460, was calculated using the Black-Scholes option pricing model at March 31, 2016 using the following key inputs:

	For the three months ended
	March 31, 2016
Stock price	$	2.92
Terms (years)	10
Volatility		90.15%
Risk-free rate		1.20%
Dividend yield		0%

Principal Repayments Due Under Term Loan

The principal repayments due under the term loan as of March 31, 2016, are as follows:

2016	$	4,446,396
2017		6,389,782
2018		5,163,822
Total Growth Term Loan payments		16,000,000
Less discount and deferred financing costs		(481,374	)
Plus final fee premium		258,546
Total Growth Term Loan, net	$	15,777,172