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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value

The following table presents financial assets and liabilities measured at fair value as of March 31, 2015:

		Fair Value Measurement at Report Date Using
		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Unobservable Inputs (Level 3)				As of March 31, 2015
Financial assets:
Cash equivalents:
Money market funds		$	321,444			$	—			$	—			$	321,444
U.S. Treasury debt obligations			11,168,623				—				—				11,168,623
Total financial assets		$	11,490,067			$	—			$	—			$	11,490,067
Financial liabilities:
Loan payable net of discounts			—				—				13,372,796				13,372,796
Warrant liabilities			—				—				2,031,881				2,031,881
Total financial liabilities		$	—			$	—			$	15,404,677			$	15,404,677

Roll Forward for Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table presents a roll forward for liabilities measured at fair value using significant unobservable inputs (Level 3) for 2015:

		Warrant liabilities
Balance at December 31, 2014		$	1,684,551
Add change in fair value of warrants			347,330
Balance at March 31, 2015		$	2,031,881

		Loan payable net of discounts
Balance at December 31, 2014		$	15,020,417
Add amortization of discount			34,043
Less repayments of principal			(1,681,664	)
Balance at March 31, 2015		$	13,372,796
Current portion			4,097,837
Non-current portion			9,274,959
Balance at March 31, 2015		$	13,372,796

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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.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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).

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

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