Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.10.0.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2018
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: 
 
 
June 30, 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*
 
$
52,589

 
$
—

 
$
—

Liabilities
 
 
 
 
 
 
Contingent consideration
 
$
—

 
$
—

 
$
10,772,641

Warrant liability
 
$
—

 
$
—

 
$
14,330

Unit purchase option liability
 
$
—

 
$
—

 
$
40,179

 
 
December 31, 2017
 
 
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*
 
$
471,183

 
$
—

 
$
—

Liabilities
 
 
 
 
 
 
Contingent consideration
 
$
—

 
$
—

 
$
2,576,633

Warrant liability
 
$
—

 
$
—

 
$
8,185

Unit purchase option liability
 
$
—

 
$
—

 
$
26,991

*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 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 six months ended June 30, 2018 and 2017:
 
 
 
Warrant liability
 
Unit purchase option liability
 
Contingent Consideration
 
Total
Balance at December 31, 2017
 
$
8,185

 
$
26,991

 
$
2,576,633

 
$
2,611,809

Issuance of contingent consideration
 
—

 
—

 
7,920,000

 
7,920,000

Change in fair value
 
6,145

 
13,188

 
276,008

 
295,341

Balance at June 30, 2018
 
$
14,330

 
$
40,179

 
$
10,772,641

 
$
10,827,150

 
 
 
Warrant
 
Unit purchase
 
 
 
 
liability
 
option liability
 
Total
Balance at December 31, 2016
 
$
5,501

 
$
51

 
$
5,552

Change in fair value
 
(4,906
)
 
6,556

 
1,650

Balance at June 30, 2017
 
$
595

 
$
6,607

 
$
7,202