Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 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	$	3,430,911	$	3,430,911	$	—	$	—
Total cash equivalents	3,430,911		3,430,911		—		—
Marketable securities:
Corporate debt and government securities	500,040		—		500,040		—
Total marketable securities	500,040		—		500,040		—
Derivative liabilities:
Derivative Instruments	173,667		—		—		173,667
Total derivative liabilities	173,667		—		—		173,667
Total assets and liabilities measured at fair value	$	4,104,618	$	3,430,911	$	500,040	$	173,667

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 nine months ended September 30, 2016 and September 30, 2015:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2016		2015			2016		2015
Beginning Balance	$	164,670	$	100,561		$	82,024	$	137,171
Total loss (gain) recognized in earnings	8,997		(40,868		)	91,643		(77,478		)
Ending Balance	$	173,667	$	59,693		$	173,667	$	59,693