Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 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 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