Quarterly report pursuant to Section 13 or 15(d)

2017 REGISTERED DIRECT OFFERING (Tables)

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2017 REGISTERED DIRECT OFFERING (Tables) - REGISTERED DIRECT OFFERING 2017 [Member]
9 Months Ended
Jun. 30, 2017
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Given that the fair value of the derivative liabilities were less than the total proceeds of the 2017 Financing of $6,099,998, the remaining proceeds of $3,103,888 were allocated to the Common Stock and additional paid in capital. During the three and nine months ended June 30, 2017, $65,326 and $426,832 was recorded to Decrease to fair value of derivative, respectively.
 
Fair Value Measurements Using Significant Unobservable
Inputs
(Level 3)
 
 
 
 
 
 
Warrant Derivative
Liability
 
Beginning balance at October 1, 2016
 
$
-
 
 
 
 
 
 
Issuances
 
 
2,996,110
 
 
 
 
 
 
Adjustments to estimated fair value
 
 
(426,832)
 
 
 
 
 
 
Ending balance at June 30, 2017
 
$
2,569,278
 
Schedule of Assumptions Used to Value Derivative Liability
The derivative liabilities were valued as of February 24, 2017 and June 30, 2017 using the Black Scholes Model with the following assumptions:
 
 
 
February 24,
2017
 
 
June 30,
2017
 
Closing price per share of common stock
 
$
0.68
 
 
$
0.60
 
Exercise price per share
 
$
0.75
 
 
$
0.75
 
Expected volatility
 
 
111.84
%
 
 
109.77
%
Risk-free interest rate
 
 
1.80
%
 
 
1.89
%
Dividend yield
 
 
 
 
 
 
Remaining expected term of underlying securities (years)
 
 
5.00
 
 
 
4.63