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

3 Months Ended

Mar. 31, 2017

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
March 31, 2017
Liabilities
June 2016 offering warrant liability	$	-	$	-	$	245,000	$	245,000
Dilutive financing derivative liability		-		-		123,000		123,000
November 2016 offering warrant liability		-		-		1,961,000		1,961,000
Total liabilities	$	-	$	-	$	2,329,000	$	2,329,000
December 31, 2016
Liabilities
June 2016 offering warrant liability	$	-	$	-	$	274,000	$	274,000
Dilutive financing derivative liability		-		-		126,000		126,000
November 2016 offering warrant liability		-		-		2,043,000		2,043,000
Total liabilities	$	-	$	-	$	2,443,000	$	2,443,000

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:

	June 2016		Dilutive Financing		November 2016		Total
	Offering		Derivative		Offering		Derivative
	Warrant Liability		Liability		Warrant Liability		Liabilities
Balance, December 31, 2016	$	274,000	$	126,000	$	2,043,000	$	2,443,000
Changes in estimated fair value		(29,000)		(3,000)		(82,000)		(114,000)
Balance, March 31, 2017	$	245,000	$	123,000	$	1,961,000	$	2,329,000

November 2016 Warrant Derivative Liability [Member]

Derivatives And Fair Value [Line Items]

Valuation Assumptions Used

The assumptions used consisted of the following:

	March 31, 2017		December 31, 2016
Volatility	112	%		112	%
Expected term (years)	4.64			4.89
Risk-free interest rate	1.85	%		1.91	%
Dividend yield	0.00	%		0.00	%
Exercise price (1)	$7.50			$7.50
Common stock closing price	$4.30			$4.40

(1) The exercise price of the November 2016 offering warrants will be adjusted downward due to events subsequent to March 31, 2017 (see Note 8).

June 2016 Offering Liability [Member]

Derivatives And Fair Value [Line Items]

Valuation Assumptions Used

The assumptions used consisted of the following:

	March 31, 2017			December 31, 2016
Volatility		115	%		118	%
Expected term (years)		4.17			4.42
Risk-free interest rate		1.81	%		1.80	%
Dividend yield		0.00	%		0.00	%
Exercise price		$22.50			$22.50
Common stock closing price		$4.30			$4.40