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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