Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Assumptions Used in Estimation of Initial Fair Value of Warrants

The estimated fair value of the warrant issued to Square 1 was determined on the date of issuance using the Black-Scholes option-pricing valuation model with the following assumptions:

Risk free interest rate		2.17%
Expected warrant term	10 Years
Expected volatility of common stock		77.19%
Expected dividend yield		0.00%

Schedule of Maturities of Long-Term Debt

Future maturities of long-term debt and interest payments under the credit facility as of December 31, 2015 are set forth below:

2016	$	457,687
2017		2,432,904
2018		2,119,935
Total minimum payments		5,010,526
Less amounts representing interest		(510,526	)
Gross balance of outstanding debt		4,500,000
Less debt discount (1)		(73,978	)
Less origination costs		(46,911	)
Total carrying value		4,379,111
Less current portion		(146,052	)
Total carrying value, long-term portion	$	4,233,059

1. Represents the initial fair value of the detachable warrants to purchase common stock issued in connection with the term debt, net of amortization.