| 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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September 30, 2018 |
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|
Fair Value Measurements Using |
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Quoted prices in |
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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* |
|
$ |
2,817,588 |
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|
$ |
— |
|
|
$ |
— |
|
Liabilities |
|
|
|
|
|
|
Contingent consideration |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,510,475 |
|
Warrant liability** |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
14,330 |
|
Unit purchase option liability** |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
43,174 |
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|
|
|
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|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
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|
Fair Value Measurements Using |
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|
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** |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
26,991 |
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*Investments in money market funds are reflected in cash and cash equivalents on the accompanying condensed consolidated balance sheets.
**Warrant liability and unit purchase option liability are reflected in accrued expenses and other current liabilities on the accompanying condensed consolidated 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 nine months ended September 30, 2018 and 2017:
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|
|
|
|
|
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Warrant liability |
|
Unit purchase option liability |
|
Contingent Consideration |
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Total |
Balance at December 31, 2017 |
|
$ |
8,185 |
|
|
$ |
26,991 |
|
|
$ |
2,576,633 |
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|
$ |
2,611,809 |
|
Issuance of contingent consideration |
|
— |
|
|
— |
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|
7,920,000 |
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|
7,920,000 |
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Payment of contingent consideration |
|
— |
|
|
— |
|
|
(137,008 |
) |
|
(137,008 |
) |
Purchase price allocation measurement period adjustment of contingent consideration |
|
— |
|
|
— |
|
|
(1,210,000 |
) |
|
(1,210,000 |
) |
Change in fair value |
|
6,145 |
|
|
16,183 |
|
|
360,850 |
|
|
383,178 |
|
Balance at September 30, 2018 |
|
$ |
14,330 |
|
|
$ |
43,174 |
|
|
$ |
9,510,475 |
|
|
$ |
9,567,979 |
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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 |
|
(4,970 |
) |
|
6,556 |
|
|
1,586 |
|
Balance at September 30, 2017 |
|
$ |
531 |
|
|
$ |
6,607 |
|
|
$ |
7,138 |
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|