Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Summary of Warrants Liability and Remeasured Liability to Estimated Fair Value

The Company has classified the warrants as a liability and has remeasured the liability to estimated fair value at December 31, 2016, using the Black Scholes option valuation model with the following assumptions:

	December 31, 2016
Risk-free interest rate		1.93%
Expected volatility	94.19
Expected term	5.08 years
Expected dividend yield		0%

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2016:

	Fair Value Measurement as of December 31, 2016
	Level 1		Level 2		Level 3		Balance
Warrant liability	$	-	$	-	$	4,095,019	$	4,095,019
Total	$	-	$	-	$	4,095,019	$	4,095,019

Summary of Reconciliation of Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2016:

	Warrant Liability
Balance at December 31, 2015	$	-
Issuance of warrants		4,899,459
Change in fair value upon re-measurement		(597,615	)
Reclassification to Additional Paid-in Capital    due to warrant amendment		(206,825	)
Balance at December 31, 2016	$	4,095,019