Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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	$	4,426,619	$	4,426,619	$	—	$	—
Total cash equivalents	4,426,619		4,426,619		—		—
Marketable securities:
Corporate debt and government securities	1,500,235		—		1,500,235		—
Total marketable securities	1,500,235		—		1,500,235		—
Derivative liabilities:
Derivative Instruments	164,670		—		—		164,670
Total derivative liabilities	164,670		—		—		164,670
Total assets and liabilities measured at fair value	$	6,091,524	$	4,426,619	$	1,500,235	$	164,670

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 and six months ended June 30, 2016 and June 30, 2015:

	Three Months Ended June 30,					Six Months Ended June 30,
	2016		2015			2016		2015
Beginning Balance	$	133,229	$	109,038		$	82,024	$	137,171
Total loss (gain) recognized in earnings	31,441		(8,477		)	82,646		(36,610		)
Ending Balance	$	164,670	$	100,561		$	164,670	$	100,561