Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Assumptions Used to Value Warrant Liability
The warrant liability was valued using the Monte Carlo model and the following assumptions:
  
 
August 10,
  
June 30,
  
 
2016
  
2016
  
Strike price
$
2.00
  
$
2.00
  
Market price
$
6.08
  
$
3.20
  
Expected life
5 years
  
5 years
  
Risk-free interest rate
  
1.07
%
  
1.01
%
Dividend yield
  
0.00
%
  
0.00
%
Volatility
  
100
%
  
100
%
Summary of Changes in Fair Value of Level 3 Financial Liabilities
The following table sets forth a summary of the changes in the fair value of the Level 3 financial liabilities that are measured at fair value on a recurring basis:

Balance – January 1, 2016
  
$
-
  
Initial value of derivative liability
    
380,000
  
Change in fair value of derivative liability
    
401,000
  
Reclassification of derivative liability to additional paid in capital
    
(781,000
)
Balance – December 31, 2016
  
$
-