Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

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 8:

	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

Schedule of 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 were 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		5,776,254
Extinguishment of beneficial notes and accrued interest at time of IPO		(6,279,677	)

Reclassification of financing warrants upon completion of IPO		(881,359	)

Balance at December 31, 2015	$	-

Schedule of computation 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.

	Year Ended		Period Ended
	December 31, 2015		December 31, 2014
Consulting warrants to purchase common stock		443,447		145,455
Options to purchase common stock		752,324		-
Financing, IPO, and O-A warrants to purchase common stock		550,259		41,865
Total potential dilutive securities		1,746,030		187,320