| Schedule of assets and liabilities that are measured at fair value on a recurring basis |
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December 31, 2015
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Fair Value Measurements Using
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Quoted prices in
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Significant other
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Significant
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active markets for
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observable
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unobservable
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identical assets
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inputs
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inputs
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(Level 1)
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(Level 2)
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(Level 3)
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Assets
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Investments in money market funds*
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$
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21,122,553
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$
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—
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$
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—
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Liabilities
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Warrant liability
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$
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—
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$
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—
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$
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27,606
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Unit purchase option liability
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—
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$
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—
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$
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50,571
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December 31, 2014
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Fair Value Measurements Using
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Quoted prices in
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Significant other
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Significant
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active markets for
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observable
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unobservable
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identical assets
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inputs
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inputs
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(Level 1)
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(Level 2)
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(Level 3)
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Assets
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Investments in money market funds*
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$
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11,251,724
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$
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—
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$
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—
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Liabilities
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Investor rights obligation
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$
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—
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$
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—
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$
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1,112,000
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Warrant liability
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—
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$
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—
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$
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69,684
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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 |
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Warrant
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Unit purchase
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Investor rights
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liability
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option liability
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obligation
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Total
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Balance at December 31, 2014
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$
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69,684
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$
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—
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$
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1,112,000
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$
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1,181,684
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Issuance of unit purchase option
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—
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209,542
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—
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209,542
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Expiration of investor rights obligation
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—
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—
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(1,112,000)
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(1,112,000)
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Change in fair value
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(42,078)
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(158,971)
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—
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(201,049)
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Balance at December 31, 2015
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$
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27,606
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$
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50,571
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$
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—
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$
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78,177
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Warrant
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Unit purchase
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Investor rights
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liability
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option liability
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obligation
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Total
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Balance at December 31, 2013
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$
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431,582
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$
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—
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$
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—
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$
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431,582
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Issuance of warrants with debt and equity financings
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844,056
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—
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—
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844,056
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Recording of investor rights obligation at fair value
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—
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—
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2,598,510
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2,598,510
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Change in fair value
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(779,651)
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—
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(1,486,510)
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(2,266,161)
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Reclassification of liability to stockholders’ equity
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(426,303)
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—
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—
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(426,303)
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Balance at December 31, 2014
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$
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69,684
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$
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—
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$
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1,112,000
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$
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1,181,684
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