Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017:



			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	$	—	$	—	$	—	$	—
Total cash equivalents	—		—		—		—
Derivative liabilities:
Derivative Instruments	419,560		—		—		419,560
Total derivative liabilities	419,560		—		—		419,560

Total assets and liabilities measured at fair value	$	419,560	$	—	$	—	$	419,560

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 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	$	1,133,280	$	1,133,280	$	—	$	—
Total cash equivalents	1,133,280		1,133,280		—		—
Derivative liabilities:
Derivative Instruments	336,862		—		—		336,862
Total derivative liabilities	336,862		—		—		336,862

Total assets and liabilities measured at fair value	$	1,470,142	$	1,133,280	$	—	$	336,862

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, 2017 and June 30, 2016:



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Beginning Balance	$	355,612	$	133,229	$	336,862	$	82,024
Total loss recognized in earnings	63,948		31,441		82,698		82,646
Ending Balance	$	419,560	$	164,670	$	419,560	$	164,670