Quarterly report pursuant to Section 13 or 15(d)

PRIVATE PLACEMENT FINANCING (Tables)

v2.4.1.9
PRIVATE PLACEMENT FINANCING (Tables)
3 Months Ended
Dec. 31, 2014
Private Placement Financing [Abstract]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Fair Value Measurements Using Significant Unobservable
 
 
 
Inputs
 
 
 
(Level 3)
 
 
 
 
 
Warrant Derivative Liability
 
Beginning balance at September 30, 2014
 
$
6,270,000
 
 
 
 
 
 
Modification of Warrants
 
 
1,300,170
 
 
 
 
 
 
Exercises of Warrants
 
 
(224,000)
 
 
 
 
 
 
Adjustments to estimated fair value
 
 
(2,753,170)
 
 
 
 
 
 
Ending balance at December 31, 2014
 
$
4,593,000
 
Schedule Of Assumptions Used To Value Derivative Liability
The derivative liabilities were valued as of September 30, 2014, December 1, 2014, and December 31, 2014 using Monte Carlo Simulation with the following assumptions:
 
 
 
 
December 31,
 
December 1,
 
September 30,
 
 
 
 
2014
 
2014
 
2014
 
Closing price per share of common stock
 
 
$0.20
 
$0.25
 
$0.18
 
Exercise price per share
 
 
$0.20 - 0.30
 
$0.20 - 0.30
 
$0.30 - 0.40
 
Expected volatility
 
 
80 - 85%
 
80 - 90%
 
85 - 90%
 
Risk-free interest rate
 
 
0.03 - 1.51%
 
0.01 - 1.39%
 
0.02 - 1.55%
 
Dividend yield
 
 
 
 
 
Remaining expected term of underlying securities (years)
 
 
0 - 4.08
 
.08 - 4.16
 
.33 - 4.33