Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Summary of Fair Values of Financial Instruments

The fair values of the Company’s financial instruments are presented below:

			Fair Value Measurements at March 31, 2017
	Total		Level 1		Level 2		Level 3
Financial assets carried at fair value:
Cash equivalents:
Money market funds	$	3,661,275	$	3,661,275	$	—	$	—
Short-term investments
Certificates of deposit		439,077		439,077		—		—
Corporate debt securities, available-for-sale		7,515,163		—		7,515,163		—
Total financial assets	$	11,615,515	$	4,100,352	$	7,515,163	$	—
Financial liabilities carried at fair value:
Debt conversion feature - long-term	$	453,350	$	—	$	—	$	453,350
Total financial liabilities	$	453,350	$	—	$	—	$	453,350

			Fair Value Measurements at December 31, 2016
	Total		Level 1		Level 2		Level 3
Financial assets carried at fair value:
Cash equivalents:
Money market funds	$	2,519,322	$	2,519,322	$	—	$	—
Short-term investments
Corporate debt securities, available-for-sale		10,075,058		—		10,075,058		—
Total financial assets	$	12,594,380	$	2,519,322	$	10,075,058	$	—
Financial liabilities carried at fair value:
Debt conversion feature - current	$	731,048	$	—	$	—	$	731,048
Total financial liabilities	$	731,048	$	—	$	—	$	731,048

Summary of Changes in Debt Conversion Feature Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

The table below presents a summary of changes in the Company’s debt conversion feature liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2017 and 2016:

	Three months ended March 31,
	2017			2016
Debt conversion feature:
Beginning balance	$	731,048		$	2,370,903
Adjustments resulting from modification of debt		—			(575,685	)
Adjustments resulting from changes in fair    value recognized in earnings		(277,698	)		(96,547	)
Ending balance	$	453,350		$	1,698,671

Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Determine Fair Value of Significant Level 3 Liabilities

The following table sets forth the Company’s valuation techniques and significant unobservable inputs used to determine fair value for significant Level 3 liabilities:

	Fair Value					Significant
	Assets		Liabilities		Valuation Technique(s)	Unobservable Input	Range
Debt conversion feature    liability
March 31, 2017	$	—	$	453,350	Black-Scholes-Merton option valuation model	Volatility	59%
						Risk Free Rate	0.75%
December 31, 2016	$	—	$	731,048	Black-Scholes-Merton option valuation model	Volatility	61%
						Risk Free Rate	0.57%