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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