Quarterly report pursuant to Section 13 or 15(d)

REGISTERED DIRECT OFFERING 2017 (Tables)

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REGISTERED DIRECT OFFERING 2017 (Tables) - REGISTERED DIRECT OFFERING 2017 [Member]
3 Months Ended
Dec. 31, 2017
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
For the year ended September 30, 2017, $433,923 was recorded to increase in fair value of derivative.
 
Fair Value Measurements Using Significant Unobservable Inputs
(Level 3)
 
 
 
 
 
 
 
 
 
December 31, 
2017
 
September
30, 2017
 
Balance at beginning of year
 
$
3,430,033
 
$
-
 
 
 
 
 
 
 
 
 
Issuances
 
 
-
 
 
2,996,110
 
 
 
 
 
 
 
 
 
Adjustments to estimated fair value
 
 
(1,971,549)
 
 
433,923
 
 
 
 
 
 
 
 
 
Ending balance at December 31, and September 30, 2017
 
$
1,458,484
 
$
3,430,033
 
Schedule of Assumptions Used to Value Derivative Liability
The derivative liabilities were valued as of December 31, 2017 and September 30, 2017 using the Black Scholes Model with the following assumptions:
 
 
 
December 31,
2017
 
 
September 30,
2017
 
Closing price per share of common stock
 
$
0.43
 
 
$
0.60
 
Exercise price per share
 
$
0.75
 
 
$
0.75
 
Expected volatility
 
 
98.68
%
 
 
109.77
%
Risk-free interest rate
 
 
2.09
%
 
 
1.89
%
Dividend yield
 
 
 
 
 
 
Remaining expected term of underlying securities (years)
 
 
4.14
 
 
 
4.39