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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016:

		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, 2016
Financial assets:
Cash equivalents:
Money market funds		$	3,244,966			$	—			$	—			$	3,244,966
U.S. Treasury debt obligations			7,161,851				—				—				7,161,851
Total financial assets		$	10,406,817			$	—			$	—			$	10,406,817
Financial liabilities:
Loan payable net of discounts		$	—			$	—			$	9,274,959			$	9,274,959
Warrant liabilities			—				—				6,159,671				6,159,671
Total financial liabilities		$	—			$	—			$	15,434,630			$	15,434,630

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 2016:

		Warrant liabilities
Balance at December 31, 2015		$	770,964
Add fair value of warrants issued			5,666,935
Less change in fair value of warrants			(278,228	)
Balance at March 31, 2016		$	6,159,671

		Loan payable net of discounts
Balance at December 31, 2015		$	10,334,029
Add amortization of discount			5,107
Less repayments of principal			(1,064,177	)
Balance at March 31, 2016		$	9,274,959
Current portion			358,318
Non-current portion			8,916,641
Balance at March 31, 2016		$	9,274,959

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- References

No definition available.

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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 3
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258

Reference 2: 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

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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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