Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net Loss $ (2,947,526) $ (8,142,823)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation Expense 0 322
Stock-based compensation 1,047,685 1,101,286
Noncash interest expense on notes payable 377,805 111,059
Issuance of restricted stock for services 166,157 94,875
Gain on exercise of warrants and conversion of debt (386,612) 0
Loss on warrant derivative modification, net of inducement shares 1,032,113 0
Decrease to fair value of derivative (3,536,294) (4,121,693)
Fair value of derivative liabilities in excess of proceeds 0 7,541,693
Issuance of common stock for services 0 92,500
(Increase) decrease in:    
Prepaid expenses and other current assets 551 (13,779)
Increase (decrease) in:    
Accounts payable 55,929 (138,937)
Accrued expenses and other liabilities (49,194) 126,995
Net cash used in operating activities (4,239,386) (3,348,502)
Cash flows from financing activities:    
Proceeds from exercise of warrants 3,600,000 0
Proceeds from issuance of common stock and warrants 3,015,966 2,624,703
Proceeds from issuance of convertible notes 750,000 0
Proceeds from issuance of notes payable 0 1,000,000
Net cash provided by financing activities 7,365,966 3,624,703
Net increase in cash and cash equivalents 3,126,580 276,201
Cash and cash equivalents, beginning of period 833,520 557,319
Cash and cash equivalents, end of period 3,960,100 833,520
Non-cash financing activities    
Issuance of Inducement shares 135,352 0
Conversion of 8% convertible notes and accrued interest to common stock 151,173 0
Reclassification of Series A and C Warrants from derivative liabilities to equity 3,263,753 0
Conversion feature embedded in convertible note $ 354,988 $ 0