Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

Derivatives And Fair Value [Line Items]

Financial Liabilities Measured at Fair Value

The recurring fair value measurements of the Company’s derivative liabilities at June 30, 2017 and December 31, 2016 consisted of the following: 

	Quoted Prices in
	Active Markets		Significant Other		Significant
	for Identical		Observable Inputs		Unobservable
	Items (Level 1)		(Level 2)		Inputs (Level 3)		Total
June 30, 2017
Liabilities
June 2016 offering warrant liability	$	-	$	-	$	29,000	$	29,000
November 2016 offering warrant liability		-		-		358,000		358,000
Total liabilities	$	-	$	-	$	387,000	$	387,000
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 liabilities:

	June 2016		Dilutive		November 2016
	Offering		Financing		Offering		Total
	Warrant		Derivative		Warrant		Derivative
	Liability		Liability		Liability		Liabilities
Balance, December 31, 2016	$	274,000	$	126,000	$	2,043,000	$	2,443,000
Changes in estimated fair value		(245,000)		(104,000)		(1,685,000)		(2,034,000)
Settlement of liability		-		(22,000)		-		(22,000)
Balance, June 30, 2017	$	29,000	$	-	$	358,000	$	387,000

November 2016 Warrant Derivative Liability [Member]

Derivatives And Fair Value [Line Items]

Valuation Assumptions Used

The assumptions used consisted of the following:

	June 30, 2017		December 31, 2016
Volatility	115	%		112	%
Expected term (years)	4.39			4.89
Risk-free interest rate	1.75	%		1.91	%
Dividend yield	0.00	%		0.00	%
Exercise price (1)	$1.00			$7.50
Common stock closing price	$0.78			$4.40

(1) In connection with the Company’s April 2017 1-for-10 reverse stock split, the exercise price of the warrants was adjusted to $1.00 per share pursuant to terms of the warrant agreement.  The exercise price of the warrants is subject to further adjustment upon future dilutive issuances of the Company’s common stock including, but not limited to, the potential issuance of 523,210 shares of common stock to the shareholders who are party to the Common Stock Issuance Agreement (see Note 6).  If the Company’s shareholders approve such issuance at the 2017 annual meeting of shareholders, the exercise price of the warrants would be reduced to $0.57 per share.

June 2016 Offering Liability [Member]

Derivatives And Fair Value [Line Items]

Valuation Assumptions Used

The assumptions used consisted of the following:

	June 30, 2017			December 31, 2016
Volatility		129	%		118	%
Expected term (years)		3.93			4.42
Risk-free interest rate		1.71	%		1.80	%
Dividend yield		0.00	%		0.00	%
Exercise price		$22.50			$22.50
Common stock closing price		$0.78			$4.40