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Marketable Securities and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Financial assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis, and are determined using the following inputs as of June 30, 2018:

	Fair Value Measurements at
	June 30, 2018
	Total				Quoted Prices in Active Markets (Level 1)				Significant Other Unobservable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Money market funds	$	1,649,759			$	1,649,759			$	—			$	—
Mutual funds	69,322,516				—				69,322,516				—
US corporate debt securities	11,186,848				—				11,186,848				—
Investment in affiliated entities	11,682,295				11,682,295				—				—
Total Assets	$	93,841,418			$	13,332,054			$	80,509,364			$	—
Liabilities:
Common stock warrants	$	228,665			$	—			$	—			228,665
Total Liabilities	$	228,665			$	—			$	—			$	228,665

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis, and are determined using the following inputs as of December 31, 2017:

	Fair Value Measurements at
	December 31, 2017
	Total				Quoted Prices in Active Markets (Level 1)				Significant Other Unobservable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Money market funds	$	9,843,482			$	9,843,482			$	—			$	—
Mutual funds	68,565,889				—				68,565,889				—
US corporate debt securities	35,072,955				—				35,072,955				—
Investment in affiliated entities	11,394,480				11,394,480				—				—
Total Assets	$	124,876,806			$	21,237,962			$	103,638,844			$	—
Liabilities:
Common stock warrants	$	360,795			$	—			$	—			$	360,795
Total Liabilities	$	360,795			$	—			$	—			$	360,795

Assumptions used to estimate the fair values of the common stock warrants

The assumptions used to estimate the fair value of common stock warrants at June 30, 2018 are presented below:

Risk-free interest rate	2.32%
Expected volatility	43%
Expected life in years	0.2
Dividend yield	—

Changes in fair value of the financial liabilities

The following table presents the changes in fair value of the Company’s Level 3 financial liabilities for the six months ended June 30, 2018:

Balance at December 31, 2017	$	360,795
Decrease attributable to change in fair value of common stock warrants	(132,130		)
Balance at June 30, 2018	$	228,665

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=99377789&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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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