RESTRICTED STOCK 2016
|9 Months Ended|
Jun. 30, 2016
|2016 Restricted Stock [Member]|
|RESTRICTED STOCK [Line Items]|
|2016 RESTRICTED STOCK||
On May 3, 2016, the Company awarded 2,000,000 shares of Restricted Stock to members of the Board of Directors and management in a private placement in reliance upon an exemption from registration afforded by Section 4(a)(2) of the Securities Act. The shares subject to this grant, are outside the 2013 Plan and 100% shall fully vest on the second anniversary of the date of grant. In addition, in the event of a Change of Control (as such term is defined in the 2013 Plan) 100% of the grants will immediately vest.
Restricted stock activity for the nine months ended June 30, 2016 is as follows:
The weighted average restricted stock award date fair value information for the nine months ended June 30, 2016 is as follows:
For the three and nine months ended June 30, 2016, compensation expense recorded for the 2016 restricted stock awards was approximately $62,000. Of this amount approximately $18,000 was recorded to research and development expenses, and approximately $44,000 was recorded in general and administrative expenses in the Company’s unaudited interim consolidated statements of operations.
The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction.
No definition available.