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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
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 June 30, 2016
 
 
 
Level 1
 
Level 2
 
Level 3
 
Balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment in money market funds(1)
 
$
6,440,774
 
$
-
 
$
-
 
$
6,440,774
 
Total investment in money market funds
 
$
6,440,774
 
$
-
 
$
-
 
$
6,440,774
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Current portion of derivative instruments related to stock purchase warrants
 
$
-
 
$
-
 
$
798,788
 
$
798,788
 
Total derivative instruments related to stock purchase warrants
 
$
-
 
$
-
 
$
798,788
 
$
798,788
 
 
 
 
As of December 31, 2015
 
 
 
Level 1
 
Level 2
 
Level 3
 
Balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment in money market funds(1)
 
$
6,430,561
 
$
-
 
$
-
 
$
6,430,561
 
Total investment in money market funds
 
$
6,430,561
 
$
-
 
$
-
 
$
6,430,561
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Current portion of derivative instruments related to stock purchase warrants
 
$
-
 
$
-
 
$
16,411
 
$
16,411
 
Non-current portion of derivative instruments related to stock purchase warrants
 
 
-
 
 
-
 
 
491,791
 
 
491,791
 
Total derivative instruments related to stock purchase warrants
 
$
-
 
$
-
 
$
508,202
 
$
508,202
 
 
(1)
Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table sets forth a summary of changes in the fair value of the Company’s Level 3 liabilities for the six months ended June 30, 2016 and 2015:
 
 
 
Balance as of
 
Unrealized
 
Balance as of
 
 
 
December 31,
 
Losses (Gains)
 
June 30,
 
Description
 
2015
 
2016
 
2016
 
Derivative liabilities related to stock purchase warrants
 
$
508,202
 
$
290,586
 
$
798,788
 
 
 
 
Balance as of
 
Unrealized
 
Balance as of
 
 
 
December 31,
 
Losses (Gains)
 
June 30,
 
Description
 
2014
 
2015
 
2015
 
Derivative liabilities related to stock purchase warrants
 
$
807,679
 
$
(217,630)
 
$
590,049
 
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block]
Quantitative Information about Level 3 Fair Value Measurements
 
Fair Value at June 30, 2016
 
Valuation  Technique
 
Unobservable Inputs
 
$
798,788
 
Black-Scholes option pricing model
 
Expected term
 
 
 
 
 
 
Expected dividends
 
 
 
 
 
 
Anticipated volatility