Quarterly report pursuant to Section 13 or 15(d)

PRIVATE PLACEMENT FINANCING (Tables)

v2.4.1.9
PRIVATE PLACEMENT FINANCING (Tables)
 6 Months Ended
Mar. 31, 2015
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
 
 
1,924,186
 
 
 
 
 
 
Exercises of Warrants
 
 
(224,000)
 
 
 
 
 
 
Adjustments to estimated fair value
 
 
(3,756,591)
 
 
 
 
 
 
Ending balance at March 31, 2015
 
$
4,213,595
 
Schedule Of Assumptions Used To Value Derivative Liability
The derivative liabilities were valued as of September 30, 2014, March 15, 2015, and March 31, 2015 using Monte Carlo Simulation with the following assumptions:
 
 
 
 
September 30,
 
 
 
March 15 ,
 
 
 
March 31,
 
 
 
 
2014
 
 
 
2015
 
 
 
2015
 
Closing price per share of common stock
 
 
$0.18
 
 
 
$0.21
 
 
 
$0.18
 
Exercise price per share
 
 
$0.30 - 0.40
 
 
 
$0.20 - $0.30
 
 
 
$0.20
 
Expected volatility
 
 
85 - 90%
 
 
 
80 - 110%
 
 
 
80 - 90%
 
Risk-free interest rate
 
 
0.02 - 1.55%
 
 
 
0.03 - 1.41%
 
 
 
0.04 - 1.19%
 
Dividend yield
 
 
—
 
 
 
—
 
 
 
—
 
Remaining expected term of underlying securities (years)
 
 
0.33 - 4.33
 
 
 
.22 - 4.30
 
 
 
.17 - 4.25