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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis
 
 
 
Fair Value Measurements at June 30, 2017 Using
 
June 30, 2017
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 

 
 

 
 

 
 

Cash equivalents
$
245,036

 
$
245,036

 
$

 
$

Total
$
245,036

 
$
245,036

 
$

 
$

 
 
 
 
 
 
 
 
Liabilities:
 

 
 

 
 

 
 

Common stock warrants
$
41,099

 
$

 
$

 
$
41,099

Total
$
41,099

 
$

 
$

 
$
41,099

 
 
 
Fair Value Measurements at December 31, 2016 Using
 
December 31, 2016
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 

 
 

 
 

 
 

Cash equivalents
$
833,831

 
$
833,831

 
$

 
$

Total
$
833,831

 
$
833,831

 
$

 
$

 
 
 
 
 
 
 
 
Liabilities:
 

 
 

 
 

 
 

Common stock warrants
$
4,641

 
$

 
$

 
$
4,641

Total
$
4,641

 
$

 
$

 
$
4,641

Black-Scholes Inputs to Warrant Liability Valuation
 
Black-Scholes Inputs to Warrant Liability Valuation at December 31, 2016
Warrants:
Stock Price
 
Exercise Price
 
Expected Volatility
 
Risk-Free Interest
 
Expected Term
 
Dividends
2014 Offering
$
5.92

 
$
65.28

 
64.19
%
 
1.33
%
 
2 years, 6 months
 
none
2013 Offering
$
5.92

 
$
64.00

 
71.61
%
 
0.99
%
 
1 year, 5 months
 
none
 
 
Black-Scholes Inputs to Warrant Liability Valuation at June 30, 2017
Warrants:
 
Stock Price
 
Exercise Price
 
Expected Volatility
 
Risk-Free Interest
 
Expected Term
 
Dividends
2014 Offering
 
$
2.69

 
$
5.60

 
69.05
%
 
1.37
%
 
2 years
 
none
2013 Offering
 
$
2.69

 
$
5.60

 
70.38
%
 
1.24
%
 
11 months
 
none
Summary of Changes in Fair Value of Company's Level 3 Financial Liabilities
The following table provides a summary of changes in the fair value of the Company’s Level 3 financial liabilities between December 31, 2016 and June 30, 2017.
 
 
2014 Offering
 
2013 Offering
 
Total
Balance at December 31, 2016
$
4,112

 
$
529

 
$
4,641

Change in fair value of warrant liability from repricing (see Note 9)
177,999

 
66,612

 
244,611

Change in fair value of warrant liability
(147,158
)
 
(60,995
)
 
(208,153
)
Balance at June 30, 2017
$
34,953

 
$
6,146

 
$
41,099