Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

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, 2015:

			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	$	1,737,948	$	1,737,948	$	—	$	—
Corporate debt and government securities	711,439		—		711,439		—
Total cash equivalents	2,449,387		1,737,948		711,439		—
Marketable securities:
Corporate debt and government securities	10,523,821		—		10,523,821		—
Total marketable securities	10,523,821		—		10,523,821		—
Derivative liabilities:
Derivative Instruments	100,561		—		—		100,561
Total derivative liabilities	100,561		—		—		100,561
Total assets and liabilities measured at fair value	$	13,073,769	$	1,737,948	$	11,235,260	$	100,561

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

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, 2015 and June 30, 2014:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Beginning Balance	$	109,038		$	127,288		$	137,171		$	159,134
Total gain recognized in earnings	(8,477		)	(15,818		)	(36,610		)	(47,664		)
Ending Balance	$	100,561		$	111,470		$	100,561		$	111,470