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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2015
Fair Value Measurements [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value


As of June 30, 2015
Level 1 Level 2     Level 3     Balance  
               
Assets                        
Investment in money market funds(1)   $ 6,429,777     $ -     $ -     $ 6,429,777  
Total investment in money market funds   $ 6,429,777     $ -     $ -     $ 6,429,777  
                                 
Liabilities                                
Current portion of derivative instruments related to stock purchase warrants   $ -     $ -     $ 108,302     $ 108,302  
Non-current portion of derivative instruments related to stock purchase warrants     -       -       481,747       481,747  
Total derivative instruments related to stock purchase warrants   $ -     $ -     $ 590,049     $ 590,049  

 

As of December 31, 2014
Level 1 Level 2     Level 3     Balance  
               
Assets                        
Investment in money market funds(1)   $ 6,429,104     $ -     $ -     $ 6,429,104  
Total investment in money market funds   $ 6,429,104     $ -     $ -     $ 6,429,104  
                                 
Liabilities                                
Current portion of derivative instruments related to stock purchase warrants   $ -     $ -     $ 178,509     $ 178,509  
Non-current portion of derivative instruments related to stock purchase warrants     -       -       629,170       629,170  
Total derivative instruments related to stock purchase warrants   $ -     $ -     $ 807,679     $ 807,679  

 

  (1)
Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.
Summary of Changes in Fair Value of Level 3 Liabilities

 

Balance as of   Unrealized     Balance as of  
December 31,   (Gains)     June 30,  
Description 2014   2015     2015  
Derivative liabilities related to stock purchase warrants $ 807,679     $ (217,630 )   $ 590,049  

 

Balance as of   Unrealized     Balance as of  
December 31,   (Gains)     June 30,  
Description 2013   2014     2014  
Derivative liabilities related to stock purchase warrants $ 1,740,235     $ (1,025,190 )   $ 715,045  
Schedule of Quantitative Information about Level 3 Fair Value Measurements
Quantitative Information about Level 3 Fair Value Measurements
Fair Value at June 30, 2015 Valuation Technique   Unobservable Inputs
$ 590,049      Black-Scholes option pricing model   Expected term
            Expected dividends
            Anticipated volatility