Annual report pursuant to Section 13 and 15(d)

REGISTERED DIRECT OFFERING 2017 (Tables)

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REGISTERED DIRECT OFFERING 2017 (Tables) - Registered Direct Offering 2017 [Member]
12 Months Ended
Sep. 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 net proceeds of the 2017 Financing of $5,987,122, the remaining proceeds of $2,991,012 were allocated to the Common Stock and additional paid in capital. During year ended September 30, 2017, $433,923 was recorded to Increase to fair value of derivative, respectively.
 
Fair Value Measurements Using Significant Unobservable Inputs
 
 
 
(Level 3)
 
 
 
 
 
Warrant Derivative
 
 
 
Liability
 
Beginning balance at September 30, 2016
 
$
-
 
 
 
 
 
 
Issuances
 
 
2,996,110
 
 
 
 
 
 
Adjustments to estimated fair value
 
 
433,923
 
 
 
 
 
 
Ending balance at September 30, 2017
 
$
3,430,033
 
Schedule Of Assumptions Used To Value Derivative Liability
The derivative liabilities were valued as of February 24, 2017 and September 30, 2017 using the Black Scholes Model with the following assumptions:
 
 
 
February 24,
 
 
September 30,
 
 
 
2017
 
 
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
 
 
 
4.39