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