Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Summary of Warrants Liability and Remeasured Liability to Estimated Fair Value

The Company has classified the warrants as a liability and has remeasured the liability to estimated fair value at September 30, 2016, using the Black Scholes option pricing model with the following assumptions:

	September 30, 2016
Risk-free interest rate		1.14%
Expected volatility	92.76% - 96.19%
Expected term	4.83 years - 5.33 years
Expected dividend yield		0%

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2016:

	Fair Value Measurement as of September 30, 2016
	Level 1		Level 2		Level 3		Balance
Warrant liability	$	-	$	-	$	5,098,404	$	5,098,404
Total	$	-	$	-	$	5,098,404	$	5,098,404

Summary of Reconciliation of Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2016:

	Warrant Liability
Balance at December 31, 2015	$	-
Issuance of warrants		4,899,459
Change in fair value upon re-measurement		198,945
Balance at September 30, 2016	$	5,098,404