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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2014
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, 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 and commercial paper
 
$
7,916,260

 
$
7,916,260

 
$

 
$

Total cash equivalents
 
7,916,260

 
7,916,260

 

 

Marketable securities:
 
 

 
 

 
 

 
 

Corporate debt and government securities
 
9,645,934

 

 
9,645,934

 

Total marketable securities
 
9,645,934

 

 
9,645,934

 

Derivative liabilities:
 
 

 
 

 
 

 
 

Derivative Instruments
 
127,288

 

 

 
127,288

Total derivative liabilities
 
127,288

 

 

 
127,288

 
 
 
 
 
 
 
 
 
Total assets and liabilities measured at fair value
 
$
17,689,482

 
$
7,916,260

 
$
9,645,934

 
$
127,288


The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2013
 
 
 
 
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
 
$
8,486,633

 
$
8,486,633

 
$

 
$

Total cash equivalents
 
8,486,633

 
8,486,633

 

 

Marketable securities:
 
 

 
 

 
 

 
 

Corporate debt and government securities
 
8,073,108

 

 
8,073,108

 

Total marketable securities
 
8,073,108

 

 
8,073,108

 

Derivative liabilities:
 
 
 
 
 
 
 
 
Derivative Instruments
 
159,134

 

 

 
159,134

Total derivative liabilities
 
159,134

 

 

 
159,134

 
 
 
 
 
 
 
 
 
Total assets and liabilities measured at fair value
 
$
16,718,875

 
$
8,486,633

 
$
8,073,108

 
$
159,134

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) as of March 31, 2014 and March 31, 2013:
 
 
Fair Value Measurements Using
Significant Unobservable Inputs
(Level 3)
 
 
March 31, 2014
 
March 31, 2013
Beginning Balance
 
$
159,134

 
$

Total gains recognized in earnings
 
(31,846
)
 

Ending Balance
 
$
127,288

 
$