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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2017
Accounting Policies [Abstract]  
Schedule of Level 3 Fair Value Measurements

The following table summarizes the change in fair value, as determined by Level 3 inputs, for all assets and liabilities using unobservable Level 3 inputs for the year ended December 31, 2017:


 

 

Contingent Consideration

 

Balance at December 31, 2016

 

$

 

Acquisition of Pelican

 

 

2,385,000

 

Change in fair value

 

 

224,289

 

Balance at December 31, 2017

 

$

2,609,289

Schedule of Fair Value Measurements of Contingent Consideration

The following table presents quantitative information about the inputs and valuation methodologies used for the Company’s fair value measurements of contingent consideration classified as Level 3 as of December 31, 2017:


 

 

Valuation
Methodology

 

Significant
Unobservable Input

 

Weighted Average
(range, if applicable)

 

 

 

 

 

 

 

Contingent Consideration

 

Probability weighted
income approach

 

Milestone dates

 

2019-2025

 

 

 

 

Discount rate

 

11.79% to 3.91%

 

 

 

 

Probability of occurrence

 

34.2% to 80%