Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets Measured On Recurring Basis

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2014:

			Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant other Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds and commercial paper	$	6,950,932	$	6,950,932	$	—	$	—
Corporate debt and government securities	903,449		—		903,449		—
Total cash equivalents	7,854,381		6,950,932		903,449		—
Marketable securities:
Corporate debt and government securities	9,694,304		—		9,694,304		—
Total marketable securities	9,694,304		—		9,694,304		—
Derivative liabilities:
Derivative Instruments	111,470		—		—		111,470
Total derivative liabilities	111,470		—		—		111,470
Total assets and liabilities measured at fair value	$	17,660,155	$	6,950,932	$	10,597,753	$	111,470

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2013: 

			Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant other Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds and commercial paper	$	8,486,633	$	8,486,633	$	—	$	—
Total cash equivalents	8,486,633		8,486,633		—		—
Marketable securities:
Corporate debt and government securities	8,073,108		—		8,073,108		—
Total marketable securities	8,073,108		—		8,073,108		—
Derivative liabilities:
Derivative Instruments	159,134		—		—		159,134
Total derivative liabilities	159,134		—		—		159,134
Total assets and liabilities measured at fair value	$	16,718,875	$	8,486,633	$	8,073,108	$	159,134

Fair Value Measurements using Significant Unobservable Inputs

The following table presents a reconciliation of the beginning and ending balances of the Company's liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2014 and June 30, 2013:

	Three Months Ended June 30,					Six Months Ended June 30,
	2014			2013		2014			2013
Beginning Balance	$	127,288		$	—	$	159,134		$	—
Total gains recognized in earnings	(15,818		)	—		(47,664		)	—
Ending Balance	$	111,470		$	—	$	111,470		$	—