Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Sep. 30, 2016
Current assets:    
Cash $ 7,230,310 $ 5,036,476
Prepaid expenses and other current assets 345,230 107,784
Total current assets 7,575,540 5,144,260
Long-term assets:    
Property and equipment, net 3,816 0
Total long-term assets 3,816 0
Total assets 7,579,356 5,144,260
Current liabilities:    
Accounts payable 208,634 374,896
Accrued expenses and other liabilities 154,140 299,487
Accrued interest 0 304,770
Current portion of note payable, net of unamortized discount 0 899,627
Total current liabilities 362,774 1,878,780
Long-term liabilities:    
Warrant derivative liability 2,634,604 0
Note payable, net of unamortized discount and current portion 0 78,255
Accrued interest, net of current portion 0 26,230
Total long-term liabilities 2,634,604 104,485
Total liabilities 2,997,378 1,983,265
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.001 par value, 300,000,000 shares authorized, 150,769,042 and 136,657,075 shares issued and outstanding as of March 31, 2017 and September 30, 2016, respectively 147,019 134,432
Additional paid-in capital 29,420,481 24,741,153
Accumulated deficit (24,985,522) (21,714,590)
Total stockholders’ equity 4,581,978 3,160,995
Total liabilities and stockholders' equity $ 7,579,356 $ 5,144,260
v3.7.0.1
Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Mar. 31, 2017
Mar. 31, 2016
Revenues $ 0 $ 0 $ 0 $ 0
Operating expenses:        
General and administrative expenses 1,494,204 868,433 2,520,847 1,733,946
Research and development expenses 709,919 386,285 1,059,206 800,288
Total operating expenses 2,204,123 1,254,718 3,580,053 2,534,234
Operating loss (2,204,123) (1,254,718) (3,580,053) (2,534,234)
Other income (expense):        
Interest expense (26,815) (66,823) (52,385) (210,569)
Gain on conversion of debt 0 13,503 0 142,964
Decrease to fair value of derivative 361,506 54,982 361,506 192,128
Total other income (expense) 334,691 1,662 309,121 124,523
Net loss $ (1,869,432) $ (1,253,056) $ (3,270,932) $ (2,409,711)
Earnings per share - basic and diluted        
Net loss per common share - basic and diluted $ (0.01) $ (0.01) $ (0.02) $ (0.02)
Weighted common shares - basic and diluted 140,513,488 109,524,010 137,893,324 109,069,824
v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (3,270,932) $ (2,409,711)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 477 0
Stock-based compensation 1,013,367 358,330
Noncash interest expense on notes payable 22,118 210,569
Issuance of restricted stock for services 162,000 52,500
Gain on conversion of debt 0 (142,964)
Decrease to fair value of derivative (361,506) (192,128)
(Increase) decrease in:    
Prepaid expenses and other current assets (237,446) (47,200)
Increase (decrease) in:    
Accounts payable (247,825) (96,146)
Accrued expenses and other liabilities (157,471) (64,101)
Accrued interest (331,000) 0
Net cash used in operating activities (3,408,218) (2,330,851)
Cash flows from investing activities:    
Purchases of property and equipment (4,293) 0
Net cash used in investing activities (4,293) 0
Cash flows from financing activities:    
Proceeds from issuance of common stock and warrants 6,068,686 0
Proceeds from exercise of warrants 537,659 40,000
Payments on note payable (1,000,000) 0
Net cash provided by financing activities 5,606,345 40,000
Net increase (decrease) in cash 2,193,834 (2,290,851)
Cash, beginning of year 5,036,476 3,960,100
Cash, end of period 7,230,310 1,669,249
Non-cash financing activities    
Conversion of 8% convertible notes and accrued interest to common stock 0 536,278
Exercise of stock options - cashless 106,666 0
Financing Costs on issuance of common stock and warrants 93,687 0
Warrant derivative liability 2,996,110 0
Cash paid for    
Interest on note $ 361,268 $ 0