|
RELATED PARTY TRANSACTIONS
|
9 Months Ended | ||||
|---|---|---|---|---|---|
|
Jun. 30, 2013
|
|||||
| Related Party Transactions [Abstract] | |||||
| RELATED PARTY TRANSACTIONS |
Beginning in June 2006 through December 2008, the Company issued interest bearing convertible notes with related parties for aggregate cash proceeds of $105,000, of which $50,000 matured January 1, 2013. The notes were convertible into a number of shares of convertible preferred stock upon the closing of a preferred equity financing of at least $1,000,000 by dividing the principle and accrued interest by the purchase price of the convertible preferred stock (“conversion price”). In connection with the notes, the Company issued warrants to purchase additional shares of convertible preferred stock at the conversion price equal to an aggregate amount of 20% of the principle balance of the notes. On June 26, 2013, the noteholders agreed to the exchange of the notes, accrued interest and cancel the warrants in exchange for the Company’s common stock in connection with the Merger described in Note 3. |