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

2017 REGISTERED DIRECT OFFERING (Tables)

v3.20.4
2017 REGISTERED DIRECT OFFERING (Tables) - REGISTERED DIRECT OFFERING 2017 [Member]
3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Schedule of fair value measurements

 

 

 

 

 

 

 

Fair Value Measurements Using Significant Unobservable Inputs

    

December 31, 

    

September 30, 

(Level 3)

 

2020

 

2020

Beginning balance at September 30, 2020 and 2019

 

$

1,000,000

 

$

1,000,000

 

 

 

 

 

 

 

Issuances

 

 

 

 

 —

 

 

 

 

 

 

 

Adjustments to estimated fair value

 

 

 

 

 —

 

 

 

 

 

 

 

Ending balance at December 31, 2020 and September 30, 2020

 

$

1,000,000

 

$

1,000,000

 

 

 

 

 

 

 

 

 

Fair Value Measurements Using Significant Unobservable Inputs

    

September 30, 

    

September 30, 

(Level 3)

 

2020

 

2019

Beginning balance at beginning of year

 

$

1,000,000

 

$

1,274,404

 

 

 

  

 

 

  

Issuances

 

 

 —

 

 

 —

 

 

 

  

 

 

  

Adjustments to estimated fair value

 

 

 —

 

 

(274,404)

 

 

 

  

 

 

  

Ending balance at end of year

 

$

1,000,000

 

$

1,000,000

 

Schedule of assumptions used to value derivative liabilities

The derivative liabilities were valued as of December 31, 2020 and September 30, 2020 using the Black Scholes Model with the following assumptions:

 

 

 

 

 

 

 

 

 

 

    

December 31, 

    

September 30, 

 

 

 

2020

 

2020

 

Closing price per share of common stock

 

$

0.15

 

$

0.17

 

Exercise price per share

 

$

0.75

 

$

0.75

 

Expected volatility

 

 

82.10

%  

 

84.17

%

Risk-free interest rate

 

 

0.10

%  

 

0.13

%

Dividend yield

 

 

 

 

 —

 

Remaining expected term of underlying securities (years)

 

 

1.09

 

 

1.35

 

 

The derivative liabilities were valued as of September 30, 2020 and September 30, 2019 using the Black Scholes Model with the following assumptions:

 

 

 

 

 

 

 

 

 

 

    

September 30, 

    

September 30, 

    

 

 

2020

 

2019

 

Closing price per share of common stock

 

$

0.17

 

$

0.24

 

Exercise price per share

 

$

0.75

 

$

0.75

 

Expected volatility

 

 

84.17

%  

 

78.15

%  

Risk-free interest rate

 

 

0.13

%  

 

1.60

%  

Dividend yield

 

 

 —

 

 

 —

 

Remaining expected term of underlying securities (years)

 

 

1.35

 

 

2.37