Quarterly report pursuant to Section 13 or 15(d)

PRIVATE PLACEMENT FINANCING (Tables)

v3.2.0.727
PRIVATE PLACEMENT FINANCING (Tables) - Private Placement Financing [Member]
 9 Months Ended
Jun. 30, 2015
Private Placement [Line Items]  
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, net of Inducement Shares
 
 
896,763
 
 
 
 
 
 
Exercises of warrants
 
 
(299,321)
 
 
 
 
 
 
Adjustments to estimated fair value
 
 
(2,980,829)
 
 
 
 
 
 
Ending balance at June 30, 2015
 
$
3,886,613
 
Schedule Of Assumptions Used To Value Derivative Liability
The derivative liabilities were valued as of September 30, 2014, December 1, 2014, March 15, 2015, June 22, 2015, and June 30, 2015 using Monte Carlo Simulation or Black Schole, as appropriate, with the following assumptions:
 
 
 
September 30,
 
December 1,
 
March 15,
 
June 22,
 
June 30,
 
 
 
2014
 
2014
 
2015
 
2015
 
2015
 
Closing price per share of Common Stock
 
$
0.18
 
$
0.25
 
$
0.21
 
$
0.23
 
$
0.26
 
Exercise price per share
 
$
0.30 - 0.40
 
$
0.20 - $0.30
 
$
0.20 - $0.30
 
$
0.20
 
$
0.20
 
Expected volatility
 
 
85 - 90
%
 
80 – 90
%
 
80 – 110
%
 
55- 85
%
 
75-85
%
Risk-free interest rate
 
 
0.02 - 1.55
%
 
.01 – 1.39
%
 
0.03 – 1.41
%
 
0.27 - 1.68
%
 
0.28 – 1.63
%
Dividend yield
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
Remaining expected term of underlying securities (years)
 
 
0.33 - 4.33
 
 
0.33 – 4.6
 
 
0.22 – 4.3
 
 
1.03 – 4.03
 
 
1.01 – 4.01