Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Measurements [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

	As of September 30, 2015
	Level 1		Level 2		Level 3		Balance
Assets
Investment in money market funds(1)	$	6,430,038	$	-	$	-	$	6,430,038
Total investment in money market funds	$	6,430,038	$	-	$	-	$	6,430,038
Liabilities
Current portion of derivative instruments related to stock purchase warrants	$	-	$	-	$	2,355	$	2,355
Non-current portion of derivative instruments related to stock purchase warrants		-		-		227,898		227,898
Total derivative instruments related to stock purchase warrants	$	-	$	-	$	230,253	$	230,253

	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

							Exercised Stock
	Balance as of		Unrealized				Purchase	Balance as of
	December 31,		(Gains)				Warrants	September 30,
Description	2014		2015				2015	2015
Derivative liabilities related to stock purchase warrants	$	807,679	$	(577,426	)	$	-	$	230,253

	Balance as of		Unrealized				Exercised Stock Purchase		Balance as of
	December 31,		(Gains)				Warrants		September 30,
Description	2013		2014				2014		2014
Derivative liabilities related to stock purchase warrants	$	1,740,235	$	(464,703	)	$	(423,739	)	$	851,793

Schedule of Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information about Level 3 Fair Value Measurements
Fair Value at September 30, 2015		Valuation Technique	Unobservable Inputs
$	230,253	Black-Scholes option pricing model	Expected term
			Expected dividends
			Anticipated volatility