Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2015

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

The following tables present the fair value hierarchy for the Company’s financial assets and liabilities measured at fair value on a recurring basis at September 30, 2015 and December 31, 2014:

	Fair value at
	September 30,
	2015		Level 1		Level 2		Level 3
Cash and cash equivalents	$	11,187,129	$	11,187,129	$	-	$	-

	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

The following tables set forth a summary of changes in the fair value of Level 3 liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2015:

	Balance at								Balance at
	December		Established		Change in		Reclassified		September
Description	31, 2014		in 2015		Fair Value		to Equity		30, 2015

Derivative warrant liability	$	-	$	72,333	$	647,342	$	(719,675)	$	-