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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2015

Assets Measured at Fair Value on Recurring Basis

The following fair value hierarchy table presents information about each major category of the Company’s assets measured at fair value on a recurring basis as of June 30, 2015:

		Fair value measurement at reporting date using:
		Quoted prices in active markets for identical assets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Total
Assets:
Money market funds		$	4,613,256			$	—			$	—			$	4,613,256
U.S. Government and agency securities			8,468,232				4,851,595				—				13,319,827
Corporate and other debt securities			—				11,058,461				—				11,058,461
Total		$	13,081,488			$	15,910,056			$	—			$	28,991,544

Roll Forward of Fair Value of Contingent Consideration

The following table provides a rollforward of the fair value of the contingent consideration:

Balance at December 31, 2014		$	3,844,574
Payments			(1,137,741	)
Changes in fair value			1,879,607
Balance at June 30, 2015		$	4,586,440

Quantitative Information Associated With Fair Value Measurement of Contingent Consideration

The following tables provide quantitative information associated with the fair value measurement of the Company’s contingent consideration related to Refine using Level 3 inputs:

		Contingent Consideration
		Refine
Fair value as of June 30, 2015		$4,185,000
Valuation technique		Probability-adjusted discounted cash flow
Remaining periods in which milestones can be achieved		2015 – 2016

		Fixed Earn-out				Maximum Variable Earn-out				Accrued Balance
2015			3,500,000				850,000				4,185,000
2016			4,250,000				1,250,000				—

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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-Name Accounting Standards Codification



-Topic 820



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- Definition

Tabular disclosure of quantitative information about the inputs used in the fair value measurement of liabilities. This disclosure may include, but is not limited to, the fair value of the liability, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability.

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-Publisher FASB



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