| 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:
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March 31, 2018 |
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|
Fair Value Measurements Using |
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|
Quoted prices in |
|
Significant other |
|
Significant |
|
|
active markets for |
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observable |
|
unobservable |
|
|
identical assets |
|
inputs |
|
inputs |
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|
(Level 1) |
|
(Level 2) |
|
(Level 3) |
Assets |
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|
|
|
|
|
Investments in money market funds* |
|
$ |
258,966 |
|
|
$ |
— |
|
|
$ |
— |
|
Liabilities |
|
|
|
|
|
|
Contingent consideration |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,651,081 |
|
Royalties payable |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
304,020 |
|
Warrant liability |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15,590 |
|
Unit purchase option liability |
|
$ |
— |
|
|
$ |
— |
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|
$ |
42,837 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
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|
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 |
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|
|
|
|
|
Investments in money market funds* |
|
$ |
471,183 |
|
|
$ |
— |
|
|
$ |
— |
|
Liabilities |
|
|
|
|
|
|
Contingent consideration |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,576,633 |
|
Warrant liability |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,185 |
|
Unit purchase option liability |
|
$ |
— |
|
|
$ |
— |
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|
$ |
26,991 |
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*Investments in money market funds are reflected in cash and cash equivalents on the accompanying Balance Sheets.
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| 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, UPO liability and contingent consideration for the three months ended March 31, 2018 and 2017:
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|
|
|
|
|
|
|
|
|
|
Warrant liability |
|
Unit purchase option liability |
|
Contingent Consideration |
|
Royalty Obligation |
|
Total |
Balance at December 31, 2017 |
|
$ |
8,185 |
|
|
$ |
26,991 |
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|
$ |
2,576,633 |
|
|
$ |
— |
|
|
$ |
2,611,809 |
|
Issuance of contingent consideration and royalty |
|
— |
|
|
— |
|
|
7,875,165 |
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|
240,744 |
|
|
8,115,909 |
|
Change in fair value |
|
7,405 |
|
|
15,846 |
|
|
199,283 |
|
|
63,486 |
|
|
286,020 |
|
Balance at March 31, 2018 |
|
$ |
15,590 |
|
|
$ |
42,837 |
|
|
$ |
10,651,081 |
|
|
$ |
304,230 |
|
|
$ |
11,013,738 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant |
|
Unit purchase |
|
|
|
|
liability |
|
option liability |
|
Total |
Balance at December 31, 2016 |
|
$ |
5,501 |
|
|
$ |
51 |
|
|
$ |
5,552 |
|
Change in fair value |
|
(2,795 |
) |
|
6,556 |
|
|
3,761 |
|
Balance at March 31, 2017 |
|
$ |
2,706 |
|
|
$ |
6,607 |
|
|
$ |
9,313 |
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|