Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

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Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2015
Accounting Policies [Abstract]  
Schedule of the liabilities measured at fair value on a recurring basis

The following table provides a summary of the liabilities that are measured at fair value on a recurring basis at December 31, 2014, consisting of certain Financing Warrants and the conversion feature of the Company’s Convertible Notes, both of which are more fully described in Note 4:

                         
    Total     Level 1     Level 2     Level 3  
Derivative liabilities                                
                                 
Conversion feature   $ 1,108,955     $ —     $ —     $ 1,108,955  
Financing Warrants     275,827       —       —       275,827  
Total   $ 1,384,782     $ —     $ —     $ 1,384,782  

 

The following table provides a summary of the liabilities that are measured at fair value on a recurring basis at June 30, 2015:

                         
    Total     Level 1     Level 2     Level 3  
Derivative liabilities                                
                                 
Conversion feature   $ 6,187,436     $ —     $ —     $ 6,187,436  
Financing Warrants     696,664       —       —       696,664  
Total   $ 6,884,100     $ —     $ —     $ 6,884,100  
Schedule of the changes in fair value of the financial liabilities

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities that are measured at fair value on a recurring basis:

       
Balance at inception (June 20, 2014)   $ —  
Aggregate fair value of Financing Warrants upon issuance     212,155  
Change in fair value of conversion feature and Financing Warrants     1,172,627  
       
Balance at December 31, 2014   $ 1,384,782  
         
Change in fair value of conversion feature and Financing Warrants     5,499,318  
         
Balance at June 30, 2015   $ 6,884,100  
Schedule of potentially dilutive securities

Potentially dilutive securities in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.

 

                 
    For the Three and     For the Period June 20,  
    Six Months Ended     2014 (Inception) Through  
    June 30, 30, 2015     June 30, 2014  
Convertible Notes – principal     2,400,000       —  
Convertible Notes – interest     97,644       —  
Consulting Warrants to purchase common stock     436,364       —  
Financing Warrants to purchase common stock     220,268       —  
Options to purchase common stock     609,999       —  
Total potential dilutive securities     3,764,275       —