Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.4.0.3
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2016
FAIR VALUE MEASUREMENTS  
Schedule of assets and liabilities that are measured at fair value on a recurring basis

 

 

March 31, 2016

 

 

Fair Value Measurements Using

 

 

Quoted prices in

 

Significant other

 

Significant

 

 

active markets for

 

observable

 

unobservable

 

 

identical assets

 

inputs

 

inputs

 

 

(Level 1)

 

(Level 2)

 

(Level 3)

Assets

    

 

    

    

 

    

    

 

    

Investments in money market funds*

 

$
16,525,996

 

$

—

 

$

—

Liabilities

 

 

 

 

 

 

 

 

 

Warrant liability

 

$

—

 

$

—

 

$
37,562

Unit purchase option liability

 

$

—

 

$

—

 

$
87,719

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

Fair Value Measurements Using

 

 

Quoted prices in

 

Significant other

 

Significant

 

 

active markets for

 

observable

 

unobservable

 

 

identical assets

 

inputs

 

inputs

 

 

(Level 1)

 

(Level 2)

 

(Level 3)

Assets

    

 

    

    

 

    

    

 

    

Investments in money market funds*

 

$
21,122,553

 

$

—

 

$

—

Liabilities

 

 

 

 

 

 

 

 

 

Warrant liability

 

$

—

 

$

—

 

$
27,606

Unit purchase option liability

 

$

—

 

$

—

 

$
50,571

*Investments in money market funds are reflected in cash and cash equivalents on the accompanying Balance Sheets.

Summary of changes in the fair value of the Level 3 valuation for the Warrant Liability and the Investor Rights Obligation

 

 

 

 

 

 

 

 

 

 

 

    

Warrant

    

Unit purchase

    

 

 

 

 

liability

 

option liability

 

Total

Balance at December 31, 2015

 

$
27,606

 

$
50,571

 

$
78,177

Change in fair value

 

 
9,956

 

 
37,148

 

 
47,104

Balance at March 31, 2016

 

$
37,562

 

$
87,719

 

$
125,281