General form of registration statement for all companies including face-amount certificate companies

2018 REGISTERED DIRECT OFFERING (Tables)

v3.19.3
2018 REGISTERED DIRECT OFFERING (Tables) - Registered Direct Offering 2018 [Member]
12 Months Ended
Sep. 30, 2019
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

 

 

 

 

 

 

 

Fair Value Measurements Using Significant Unobservable Inputs

    

September 30, 

 

September 30, 

(Level 3)

 

2019

 

2018

Beginning balance at beginning of year

 

$

1,917,348

 

$

 —

 

 

 

 

 

 

 

Issuances

 

 

 —

 

 

2,397,454

 

 

 

 

 

 

 

Adjustments to estimated fair value

 

 

(1,169,073)

 

 

(480,106)

 

 

 

 

 

 

 

Ending balance at end of year

 

$

748,275

 

$

1,917,348

 

Schedule of assumptions used to value derivative liabilities

The derivative liabilities were valued as of September 30, 2019, September 30, 2018 and June 30, 2018 using the Black Scholes Model with the following assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

 

    

September 30, 

    

September 30, 

 

June 30,

 

 

 

2019

 

2018

 

2018

 

Closing price per share of common stock

 

$

0.24

 

$

0.42

 

$

0.48

 

Exercise price per share

 

$

0.70

 

$

0.70

 

$

0.70

 

Expected volatility

 

 

78.72

%  

 

100.18

%

 

105.94

%

Risk-free interest rate

 

 

1.56

%  

 

2.94

%

 

2.73

%

Dividend yield

 

 

 

 

 

 

 

Remaining expected term of underlying securities (years)

 

 

3.73

 

 

4.74

 

 

5.00