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Fair Value Measurements (Tables)
9 Months Ended
Sep. 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 September 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
 
$
1,894,384

 
$
1,894,384

 
$

 
$

Corporate debt and government securities
 
549,915

 

 
549,915

 

Total cash equivalents
 
2,444,299

 
1,894,384

 
549,915

 

Marketable securities:
 
 

 
 

 
 

 
 

Corporate debt and government securities
 
10,582,030

 

 
10,582,030

 

Total marketable securities
 
10,582,030

 

 
10,582,030

 

Derivative liabilities:
 
 

 
 

 
 

 
 

Derivative Instruments
 
59,693

 

 

 
59,693

Total derivative liabilities
 
59,693

 

 

 
59,693

 
 
 
 
 
 
 
 
 
Total assets and liabilities measured at fair value
 
$
13,086,022

 
$
1,894,384

 
$
11,131,945

 
$
59,693


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 nine months ended September 30, 2015 and September 30, 2014:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2015
 
2014
 
2015
 
2014
Beginning Balance
 
$
100,561

 
$
111,470

 
$
137,171

 
$
159,134

Total (gain) loss recognized in earnings
 
(40,868
)
 
66,727

 
(77,478
)
 
19,063

Ending Balance
 
$
59,693

 
$
178,197

 
$
59,693

 
$
178,197