Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair value measurements by level

The following table summarizes fair value measurements by level at September 30, 2015 for assets and liabilities measured at fair value on a recurring basis:

	Level 1		Level 2		Level 3			Total
Cash and cash equivalents	$	333,670	$	—	$	—		$	333,670
Warrant liability	—		—		(570,459		)	$	(570,459	)

The following table summarizes fair value measurements by level at December 31, 2014 for assets and liabilities measured at fair value on a recurring basis:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	1,777,414	$	—	$	—	$	1,777,414

Level 3 liabilities measured at fair value recurring basis

The following table shows the changes in Level 3 liabilities measured at fair value on a recurring basis for the three and nine-months ended September 30, 2015.

Three-months ended September 30, 2015:

	Warrant Liability
Beginning balance - June 30, 2015	$	1,553,075
Issuances	—
Conversions	—
Unrealized gains	(982,616		)
Ending balance - September 30, 2015	$	570,459

Nine-months ended September 30, 2015:

	Warrant Liability
Beginning balance - December 31, 2014	$	—
Issuances	1,846,900
Conversions	—
Unrealized gains	(1,276,441		)
Ending balance - September 30, 2015	$	570,459

Schedule of fair values of debt instruments

The following table presents the carrying value and estimated fair value of the Company's convertible debt as of September 30, 2015.

	Estimated Fair Value		Carrying Value
Convertible Debt, due December 23, 2015	$	746,000	$	419,728