Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 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	$	4,905,462	$	4,905,462	$	—	$	—
Corporate debt and government securities	543,435		—		543,435		—
Total cash equivalents	5,448,897		4,905,462		543,435		—
Marketable securities:
Corporate debt and government securities	12,136,254		—		12,136,254		—
Total marketable securities	12,136,254		—		12,136,254		—
Derivative liabilities:
Derivative Instruments	178,197		—		—		178,197
Total derivative liabilities	178,197		—		—		178,197
Total assets and liabilities measured at fair value	$	17,763,348	$	4,905,462	$	12,679,689	$	178,197

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 nine months ended September 30, 2014 and September 30, 2013:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Beginning Balance	$	111,470	$	—	$	159,134	$	—
Issuance of Derivative Instruments	—		170,337		—		170,337
Total loss recognized in earnings	66,727		—		19,063		—
Ending Balance	$	178,197	$	170,337	$	178,197	$	170,337