Fair Value Measurement (Tables)
9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Financial assets and liabilities measured at fair value on a recurring basis
The following tables set forth the Company's financial assets and liabilities measured at fair value on a recurring basis and the basis of measurement at September 30, 2016 and December 31, 2015:
 
Fair Value Measurements as of September 30, 2016
 
Total
 
Level 1
 
Level 2
 
Level 3
Liabilities:
 
 
 
 
 
 
 
Contingent consideration due to seller
$
(1,710,000
)
 

 

 
$
(1,710,000
)
Assets:
 
 
 
 
 
 
 
Contingent consideration due from seller
$
395,392

 

 

 
$
395,392


 
Fair Value Measurements as of December 31, 2015
 
Total
 
Level 1
 
Level 2
 
Level 3
Liabilities:
 
 
 
 
 
 
 
Contingent consideration due to seller
$
(4,086,697
)
 

 

 
$
(4,086,697
)
Reconciliation of the beginning and ending balances for the liabilities measured at fair value using significant unobservable inputs
The following table provides a reconciliation of the beginning and ending balances for the liabilities measured at fair value using significant unobservable inputs (Level 3):
 
Due to Seller Liability
Balance at December 31, 2015
$
(4,086,697
)
Change in contingent consideration due to seller
102,954

Payments of contingent consideration due to seller
2,273,743

Balance at September 30, 2016
$
(1,710,000
)
Reconciliation of the beginning and ending balances for the assets measured at fair value using significant unobservable inputs
The following table provides a reconciliation of the beginning and ending balances for the assets measured at fair value using significant unobservable inputs (Level 3):
 
Due from Seller Asset
Balance at December 31, 2015
$

Command purchase price adjustment
1,176,417

Receipt of contingent consideration due from seller
(750,000
)
Change in contingent consideration due from seller
(31,025
)
Balance at September 30, 2016
$
395,392