Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 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	$	2,049,972	$	2,049,972	$	—	$	—
Total cash equivalents	2,049,972		2,049,972		—		—
Marketable securities:
Corporate debt and government securities	10,900,722		—		10,900,722		—
Total marketable securities	10,900,722		—		10,900,722		—
Derivative liabilities:
Derivative Instruments	137,171		—		—		137,171
Total derivative liabilities	137,171		—		—		137,171
Total assets and liabilities measured at fair value	$	13,087,865	$	2,049,972	$	10,900,722	$	137,171

The following table presents the Company’s assets 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 the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of each of the years ended December 31, 2014 and 2013: 

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	December 31, 2014			December 31, 2013
Beginning Balance	$	159,134		$	—
Issuance of Derivative Instruments	—			170,337
Total gains recognized in earnings	(21,963		)	(11,203		)
Ending Balance	$	137,171		$	159,134