RESTRICTED STOCK 2016 |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
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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. |