|12 Months Ended|
Dec. 31, 2016
|Derivative Instruments and Hedging Activities Disclosure [Abstract]|
On October 16, 2013, the Merger provided for up to an additional $14,100,000 of payments to the former holders of ONE Group membership interests ("TOG Members") and to a liquidating trust ("Liquidating Trust"), established for the benefit of TOG Members and holders of warrants to acquire membership interests of ONE Group ("TOG Warrant Holders"), based on a formula as described in the Merger Agreement and which is contingent upon the exercise of outstanding Company warrants to purchase 5,750,000 shares of common stock at an exercise price of $5.00 per share (the “Public Warrants”).
The Company estimated the fair value of the derivative liability based on the period of time between the balance sheet date and the exercise date and the possibility of exercise. The warrants expired on February 27, 2016 and the remaining liability balance of $100,000 was reversed into income on the statement of operations.
The Company recorded $100,000 and $6,141,000 of derivative income for the years ended December 31, 2016 and 2015, respectively.