Fair Value Measurements

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date.

	Fair Value Measurements at December 31, 2014
	Level 1		Level 2		Level 3		Total
Liabilities:
Earnout consideration liability	$	—	$	—	$	500	$	500

	Fair Value Measurements at December 31, 2015
	Level 1		Level 2		Level 3		Total
Liabilities:
Earnout consideration liability	$	—	$	—	$	500	$	500

In November 2014, the outstanding warrants were converted to preferred stock, then the preferred stock was converted to common stock and the fair value of the corresponding liability was reclassed to additional paid-in capital. The following table presents additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value:

Ending balance at December 31, 2013	$	525
Change in fair value of preferred stock warrants	83
Conversion of preferred stock warrants to common warrants and to common stock	(608		)
Earnout consideration liability	500
Ending balance at December 31, 2014	500
Ending balance at December 31, 2015	$	500

The fair value of the earnout consideration was determined using the Binary Option model based on the present value of the probability-weighted earnout consideration.

Debt

The Company believes the carrying value of its long-term debt at December 31, 2015 approximates its fair value based on the variable interest rate feature or based upon interest rates currently available to the Company.”

The estimated fair value of our debt at December 31, 2015 and 2014 is $24,874 and $23,446, respectively,  based on valuation methodologies using interest rates currently available to the Company which are Level 2 inputs.