Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Summary of Fair Values of Financial Instruments

The fair values of the Company’s financial instruments are presented below:

			Fair Value Measurements at June 30, 2017
	Total		Level 1		Level 2		Level 3
Financial assets carried at fair value:
Cash equivalents:
Money market funds	$	2,966,071	$	2,966,071	$	—	$	—
Certificates of deposit		500,395		500,395		—		—
Short-term investments
Certificates of deposit		189,780		189,780		—		—
Corporate debt securities, available-for-sale		8,499,850		—		8,499,850		—
Total financial assets	$	12,156,096	$	3,656,246	$	8,499,850	$	—
Financial liabilities carried at fair value:
Debt conversion feature - long-term	$	894,152	$	—	$	—	$	894,152
Total financial liabilities	$	894,152	$	—	$	—	$	894,152

			Fair Value Measurements at December 31, 2016
	Total		Level 1		Level 2		Level 3
Financial assets carried at fair value:
Cash equivalents:
Money market funds	$	2,519,322	$	2,519,322	$	—	$	—
Short-term investments
Corporate debt securities, available-for-sale		10,075,058		—		10,075,058		—
Total financial assets	$	12,594,380	$	2,519,322	$	10,075,058	$	—
Financial liabilities carried at fair value:
Debt conversion feature - current	$	731,048	$	—	$	—	$	731,048
Total financial liabilities	$	731,048	$	—	$	—	$	731,048

Summary of Changes in Debt Conversion Feature Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

The table below presents a summary of changes in the Company’s debt conversion feature liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2017 and 2016:

	Three months ended June 30,						Six months ended June 30,
	2017			2016			2017			2016
Debt conversion feature:
Beginning balance	$	453,350		$	1,698,671		$	731,048		$	2,370,903
Adjustments resulting from modification of debt		1,011,478			—			1,011,478			(575,685	)
Adjustments resulting from changes in fair    value recognized in earnings		(570,676	)		(412,050	)		(848,374	)		(508,597	)
Ending balance	$	894,152		$	1,286,621		$	894,152		$	1,286,621

Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Determine Fair Value of Significant Level 3 Liabilities

The following table sets forth the Company’s valuation techniques and significant unobservable inputs used to determine fair value for significant Level 3 liabilities:

	Fair Value					Significant
	Assets		Liabilities		Valuation Technique(s)	Unobservable Input	Range
Debt conversion feature    liability
June 30, 2017	$	—	$	894,152	Black-Scholes-Merton option valuation model	Volatility	65%
						Risk Free Rate	1.24%
December 31, 2016	$	—	$	731,048	Black-Scholes-Merton option valuation model	Volatility	61%
						Risk Free Rate	0.57%