Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2014

Summary of Stock-Based Compensation Allocated to Research, Development, General and Administrative Expenses

Total stock-based compensation expense included in the condensed consolidated statements of operations was allocated to research and development and general and administrative expenses as follows:


	For the Three Months Ended September 30,
	2014		2013
Research and development	$	0	$	0
General and administrative		1,161		0

Total stock-based compensation	$	1,161	$	0


	For the Nine Months Ended September 30,
	2014		2013
Research and development	$	51,409	$	5,997
General and administrative		457,035		34,753

Total stock-based compensation	$	508,444	$	40,750

Schedule of Carrying Value of Investments


	Total Carrying Value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
September 30, 2014	$	999,672	$	—	$	—	$	999,672
December 31, 2013	$	1,699,672	$	—	$	—	$	1,699,672

Schedule of Change in Level 3 Assets Measured at Fair Value

Change in Level 3 assets measured at fair value for the nine months ended September 30, 2014:


Balance – January 1, 2014		$1,699,672

Impairment of investments		(700,000)

Balance – September 30, 2014		$999,672

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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