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		$	—