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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2015
Fair Value Measurements [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value

The following table represents the Company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis:

 

As of March 31, 2015
Level 1 Level 2     Level 3     Balance  
               
Assets                        
Investment in money market funds(1)   $ 6,429,534     $ -     $ -     $ 6,429,534  
Total investment in money market funds   $ 6,429,534     $ -     $ -     $ 6,429,534  
                                 
Liabilities                                
Current portion of derivative instruments related to stock purchase warrants   $ -     $ -     $ 49,463     $ 49,463  
Non-current portion of derivative instruments related to stock purchase warrants     -       -       419,971       419,971  
Total derivative instruments related to stock purchase warrants   $ -     $ -     $ 469,434     $ 469,434  

 

As of December 31, 2014
Level 1 Level 2     Level 3     Balance  
               
Assets                        
Investment in money market funds(1)   $ 6,429,104     $ -     $ -     $ 6,429,104  
Total investment in money market funds   $ 6,429,104     $ -     $ -     $ 6,429,104  
                                 
Liabilities                                
Current portion of derivative instruments related to stock purchase warrants   $ -     $ -     $ 178,509     $ 178,509  
Non-current portion of derivative instruments related to stock purchase warrants     -       -       629,170       629,170  
Total derivative instruments related to stock purchase warrants   $ -     $ -     $ 807,679     $ 807,679  

 

  (1)
Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets.
Summary of Changes in Fair Value of Level 3 Liabilities

The following table sets forth a summary of changes in the fair value of the Company's Level 3 liabilities for the three months ended March 31, 2015 and 2014:

 

Balance as of   Unrealized     Balance as of  
December 31,   (Gains)     March 31,  
Description 2014   2015     2015  
Derivative liabilities related to stock purchase warrants $ 807,679     $ (338,245 )   $ 469,434  

 

Balance as of   Unrealized     Balance as of  
December 31,   (Gains)     March 31,  
Description 2013   2014     2014  
Derivative liabilities related to stock purchase warrants $ 1,740,235     $ (242,641 )   $ 1,497,594  
Schedule of Quantitative Information about Level 3 Fair Value Measurements
Quantitative Information about Level 3 Fair Value Measurements
    
Fair Value at March 31, 2015 Valuation Technique   Unobservable Inputs
$ 469,434      Black-Scholes option pricing model   Expected term
            Expected dividends
            Anticipated volatility