Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.19.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2019
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: 

 
 
March 31, 2019
 
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*
 
$
13,965,626

 
$

 
$

Liabilities
 
 
 
 
 
 
Contingent consideration
 
$

 
$

 
$
9,002,288

Warrant liability
 
$

 
$

 
$
17,750

Unit purchase option liability
 
$

 
$

 
$
39,993

 
 
 
December 31, 2018
 
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*
 
$
7,324,932

 
$

 
$

Liabilities
 
 
 
 
 
 
Contingent consideration
 
$

 
$

 
$
9,050,564

Warrant liability**
 
$

 
$

 
$
2,950

Unit purchase option liability**
 
$

 
$

 
$
7,216

*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.
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 contingent consideration for the three months ended March 31, 2019 and 2018:

 
 
Warrant
 
Unit purchase
 
Contingent
 
 
 
 
liability
 
option liability
 
consideration
 
Total
Balance at December 31, 2018
 
$
2,950

 
$
7,216

 
$
9,050,564

 
$
9,060,730

Payment of contingent consideration
 

 

 
(228,678
)
 
(228,678
)
Change in fair value
 
14,800

 
32,777

 
180,402

 
227,979

Balance at March 31, 2019
 
$
17,750

 
$
39,993

 
$
9,002,288

 
$
9,060,031


 
 
Warrant liability
 
Unit purchase option liability
 
Contingent consideration
 
Royalty Obligation
 
Total
Balance at December 31, 2017
 
$
8,185

 
$
26,991

 
$
2,576,633

 
$

 
$
2,611,809

Issuance of contingent consideration and royalty
 

 

 
7,875,165

 
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