Fair Value of Financial Assets and Liabilities - Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Derivatives And Fair Value [Line Items]

Financial Liabilities Measured at Fair Value

The following fair value hierarchy table presents information about each major category of the Company's financial liabilities measured at fair value on a recurring basis:

	Quoted Prices in
	Active Markets		Significant Other		Significant
	for Identical		Observable Inputs		Unobservable
	Items (Level 1)		(Level 2)		Inputs (Level 3)		Total
September 30, 2016
Liabilities
June 2016 offering warrant liability	$	-	$	-	$	1,267,000	$	1,267,000
Dilutive financing derivative liability		-		-		382,000		382,000
Total liabilities	$	-	$	-	$	1,649,000	$	1,649,000
December 31, 2015
Liabilities
Series B preferred stock derivative liability	$	-	$	-	$	1,493,000	$	1,493,000
2011 Warrant liability		-		-		6,000		6,000
Total liabilities	$	-	$	-	$	1,499,000	$	1,499,000

Changes in Fair Value of Derivative and Warrant Liability

The following table sets forth a summary of changes in the fair value of the Company's derivative and warrant liabilities, which represents a recurring measurement that is classified within Level 3 of the fair value hierarchy, wherein fair value is estimated using significant unobservable inputs:

					Series B Preferred		Dilutive Financing
	Warrant		June 2016 Offering		Stock Derivative		Derivative
	Liability		Warrant Liability		Liability		Liability
Balance, December 31, 2015	$	6,000	$	-	$	1,493,000	$	-
Creation of dilutive financing derivative		-		1,816,000		-		2,282,000
Changes in estimated fair value		(6,000)		(549,000)		(1,493,000)		(355,000)
Payout from liability		-		-		-		(1,545,000)
Balance, September 30, 2016	$	-	$	1,267,000	$	-	$	382,000

Dilutive Financing Derivative Liability [Member]

Derivatives And Fair Value [Line Items]

Valuation Assumptions Used

The following assumptions were used to value the dilutive financing derivative liability from the inception date of April 8, 2016 through September 30, 2016: 

Volatility	108 to 121	%
Expected term (years), weighted average	1.75 to 2.23
Risk-free interest rate	0.58 to 0.79	%
Dividend yield	0.00	%
Stock price dilutive limit	$2.35 to $4.05
Common stock closing price	$1.52 to $3.68

Series B redeemable convertible preferred stock [Member]

Derivatives And Fair Value [Line Items]

Valuation Assumptions Used

On April 8, 2016, all outstanding Series B preferred stock was converted into common stock, and the remaining Series B preferred stock derivative liability balance of $91,000 was reversed and recorded as a gain in derivative liability on the Company’s statements of operations in the second quarter of 2016. The following assumptions were used at December 31, 2015:

	December 31, 2015
Volatility		108 to 117	%
Expected term (years), weighted average		0.50 to 2.50
Risk-free interest rate		0.49 to 1.19	%
Dividend yield		0.00	%
Exercise price		$7.00
Common stock closing price		$3.98

June 2016 Offering Liability [Member]

Derivatives And Fair Value [Line Items]

Valuation Assumptions Used

The following assumptions were used at the June 3, 2016 issuance date and September 30, 2016:

	September 30, 2016			June 3, 2016
Volatility		123	%		123	%
Expected term (years)		4.7			5.00
Risk-free interest rate		1.10	%		1.23	%
Dividend yield		0.00	%		0.00	%
Exercise price		$2.25			$2.25
Common stock closing price		$1.52			$2.06

Series 2011 Warrants [Member]

Derivatives And Fair Value [Line Items]

Valuation Assumptions Used

The following assumptions were used at September 30, 2016 and December 31, 2015:

	September 30, 2016			December 31, 2015
	Series			Series
	2011			2011
Volatility		118	%		112	%
Expected term (years)		0.23			0.98
Risk-free interest rate		0.35	%		0.64	%
Dividend yield		0.00	%		0.00	%
Exercise price		$23.00			$23.00
Common stock closing price		$1.52			$3.98