Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.6.0.2
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities that are measured at fair value on a recurring basis
The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s assets and liabilities that are measured at fair value on a recurring basis:
 
 
 
December 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*
 
$
4,758,539

 
$
—

 
$
—

Liabilities
 

 

 

Warrant liability
 
$
—

 
$
—

 
$
5,501

Unit purchase option liability
 
—

 
$
—

 
$
51

 
 
 
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
The tables presented below are a summary of changes in the fair value of the Company’s Level 3 valuations for the warrant liability, unit purchase option liability and investor rights obligation for the years ended December 31, 2016 and 2015:
 
 
 
Warrant
 
Unit purchase
 
Investor rights
 
 
 
 
liability
 
option liability
 
obligation
 
Total
Balance at December 31, 2015
 
$
27,606

 
$
50,571

 
$
—

 
$
78,177

Change in fair value
 
(22,105
)
 
(50,520
)
 
—

 
(72,625
)
Balance at December 31, 2016
 
$
5,501

 
$
51

 
$
—

 
$
5,552

 
 
 
Warrant
 
Unit purchase
 
Investor rights
 
 
 
 
liability
 
option liability
 
obligation
 
Total
Balance at December 31, 2014
 
$
69,684

 
$
—

 
$
1,112,000

 
$
1,181,684

Issuance of unit purchase option
 
—

 
209,542

 
—

 
209,542

Expiration of investor rights obligation
 
—

 
—

 
(1,112,000
)
 
(1,112,000
)
Change in fair value
 
(42,078
)
 
(158,971
)
 
—

 
(201,049
)
Balance at December 31, 2015
 
$
27,606

 
$
50,571

 
$
—

 
$
78,177