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Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2015

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

	Fair value at
	March 31, 2015		Level 1		Level 2		Level 3
Cash and cash equivalents	$	631,695	$	631,695	$	—	$	—
Derivative warrant liability	$	40,502	$	—	$	—	$	40,502

	Fair value at
	December 31, 2014		Level 1		Level 2		Level 3
Cash and cash equivalents	$	749,517	$	748,048	$	1,469	$	—

Summary of change in fair value classified as Level 3 liabilities measured at fair value on a recurring basis

Description	Balance at December 31, 2014		Established in 2015		Change in Fair Value			Balance at March 31, 2015

Derivative warrant liability	$	—	$	72,333	$	(31,831	)	$	40,502

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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