9. Redeemable Convertible Preferred Stock

In February, April and May of 2014, the Company issued 3,015,902 shares of convertible preferred stock in exchange for $6,777,338. The redemption value of the convertible preferred stock was $9.0 million. The differences between the respective redemption values/liquidation preference and carrying values are being accreted over the period from the date of issuance to the earliest possible redemption date, February 2017. The Company has recorded accretion of $263,060 and $610,889 for the years ended December 31, 2015 and 2014, respectively.

Costs incurred in connection with the issuance of Series A redeemable convertible preferred stock (the "Preferred Stock") during the year ended December 31, 2014 were $119,097 which have been recorded as a reduction to the carrying amounts of Preferred Stock and are being accreted to the carrying value of the applicable preferred stock to the redemption date. The Company has recorded accretion of $83,314 and $35,784 for the years ended December 31, 2015 and 2014, respectively.

On May 18, 2015, the Company completed its IPO. In connection with the IPO, the Company's 3,015,902 outstanding shares of convertible preferred stock were automatically converted into 2,010,596 shares of common stock.

As of December 31, 2015 and 2014, Convertible Preferred Stock balances were comprised of:

	December 31, 2015		December 31, 2014
Preferred stock, net of issuance costs	$	—	$	6,658,241
Accretion of deemed dividend		—		610,889
Amortization of issuance costs		—		35,784

	$	—	$	7,304,914

Convertible Preferred Stock has been classified outside of stockholders' (deficit) in accordance with authoritative guidance for the classification and measurement of potentially redeemable securities.

The Preferred Stock was classified outside of stockholders' (deficit) in accordance with authoritative guidance for the classification and measurement of potentially redeemable securities.