Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.8.0.1
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2017
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:
 
 
September 30, 2017
 
 
Fair Value Measurements Using
 
 
Quoted prices in
active markets for
identical assets
(Level 1)
 
Significant other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Assets
 
    
 
    
 
    
Investments in money market funds*
 
$
23,715,016

 
$
—

 
$
—

Liabilities
 
 
 
 
 
 
Warrant liability
 
$
—

 
$
—

 
$
531

Unit purchase option liability
 
$
—

 
$
—

 
$
6,607

 
 
 
 
December 31, 2016
 
 
 
Fair Value Measurements Using
 
 
 
Quoted prices in
active markets for
identical assets
(Level 1)
 
Significant other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Assets
 
 
    
 
    
 
    
Investments in money market funds*
 
 
$
4,758,539

 
$
—

 
$
—

Liabilities
 
 
 
 
 
 
 
Warrant liability
 
 
$
—

 
$
—

 
$
5,501

Unit purchase option liability
 
 
$
—

 
$
—

 
$
51

 
 
 
 
 
 
 
 
*    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 table presented below is a summary of changes of the Company’s Level 3 warrant liability and unit purchase option liability for the nine months ended September 30, 2017:
 
 
 
Warrant
Liability
 
Unit purchase
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