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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2016
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 March 31, 2016:
 
 
 
 
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
 
$
3,691,796

 
$
3,691,796

 
$

 
$

Corporate debt and government securities
 
1,879,651

 

 
1,879,651

 

Total cash equivalents
 
5,571,447

 
3,691,796

 
1,879,651

 

Marketable securities:
 
 

 
 

 
 

 
 

Corporate debt and government securities
 
3,090,791

 

 
3,090,791

 

Total marketable securities
 
3,090,791

 

 
3,090,791

 

Derivative liabilities:
 
 

 
 

 
 

 
 

Derivative Instruments
 
133,229

 

 

 
133,229

Total derivative liabilities
 
133,229

 

 

 
133,229

 
 
 
 
 
 
 
 
 
Total assets and liabilities measured at fair value
 
$
8,795,467

 
$
3,691,796

 
$
4,970,442

 
$
133,229


The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 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 and commercial paper
 
$
2,725,094

 
$
2,725,094

 
$

 
$

Total cash equivalents
 
2,725,094

 
2,725,094

 

 

Marketable securities:
 
 

 
 

 
 

 
 

Corporate debt and government securities
 
7,420,042

 

 
7,420,042

 

Total marketable securities
 
7,420,042

 

 
7,420,042

 

Derivative liabilities:
 
 
 
 
 
 
 
 
Derivative Instruments
 
82,024

 

 

 
82,024

Total derivative liabilities
 
82,024

 

 

 
82,024

 
 
 
 
 
 
 
 
 
Total assets and liabilities measured at fair value
 
$
10,227,160

 
$
2,725,094

 
$
7,420,042

 
$
82,024

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 months ended March 31, 2016 and March 31, 2015:
 
 
Three Months Ended March 31,
 
 
2016
 
2015
Beginning Balance
 
$
82,024

 
$
137,171

Total loss (gain) recognized in earnings
 
51,205

 
(28,133
)
Ending Balance
 
$
133,229

 
$
109,038