Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis for the periods presented and indicates the fair value hierarchy of the valuation techniques it utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates, and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

	December 31, 2016		Fair Value Measurements at December 31, 2016 Using
			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	833,831	$	833,831	$	—	$	—
Total	$	833,831	$	833,831	$	—	$	—
Liabilities:
Common stock warrants	$	4,641	$	—	$	—	$	4,641
Total	$	4,641	$	—	$	—	$	4,641

	December 31, 2015		Fair Value Measurements at December 31, 2015 Using
			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	1,865,498	$	1,865,498	$	—	$	—
Total	$	1,865,498	$	1,865,498	$	—	$	—
Liabilities:
Common stock warrants	$	280,303	$	—	$	—	$	280,303
Total	$	280,303	$	—	$	—	$	280,303

Black-Scholes Inputs to Warrant Liability Valuation

The assumptions used may change as the underlying sources of these assumptions and market conditions change. Based on the Black-Scholes model, the Company recorded a common stock warrants liability of $4,641 at December 31, 2016.

	Black-Scholes Inputs to Warrant Liability Valuation at December 31, 2016
	Stock Price		Exercise Price		Expected Volatility			Risk-Free Interest			Expected Term		Dividends
Warrants:
2014 Offering	$	0.74	$	8.16		64.19	%		1.33	%		2yr 6mo		none
2013 Offering	$	0.74	$	8.00		71.61	%		0.99	%		1yr 5mo		none

	Black-Scholes Inputs to Warrant Liability Valuation at December 31, 2015
	Stock Price		Exercise Price		Expected Volatility			Risk-Free Interest			Expected Term		Dividends
Warrants:
2014 Offering	$	1.98	$	8.16		73.39	%		1.42	%		3yr 6mo		none
2013 Offering	$	1.98	$	8.00		70.42	%		1.17	%		2yr 5mo		none

Fair Value, Liabilities Measured on Recurring Basis

The following table provides a summary of changes in the fair value of the Company’s Level 3 financial liabilities between December 31, 2014 and December 31, 2016.

	2014 Offering			2013 Offering			Total
Balance at December 31, 2014	$	4,233,729		$	1,073,603		$	5,307,332
Repurchase of warrants in conjunction with public offering		(943,423	)		—			(943,423	)
Change in fair value of warrant liability		(3,062,314	)		(1,021,292	)		(4,083,606	)
Balance at December 31, 2015	$	227,992		$	52,311		$	280,303
Change in fair value of warrant liability		(223,880	)		(51,782	)		(275,662	)
Balance at December 31, 2016	$	4,112		$	529		$	4,641