Quarterly report pursuant to Section 13 or 15(d)

RESTRICTED STOCK 2016

v3.5.0.2
RESTRICTED STOCK 2016
9 Months Ended
Jun. 30, 2016
2016 Restricted Stock [Member]  
RESTRICTED STOCK [Line Items]  
2016 RESTRICTED STOCK
5.
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:
 
Non Vested at September 30, 2015
 
-
 
Awarded
 
2,000,000
 
Vested
 
-
 
Forfeited
 
-
 
Non Vested at June 30, 2016
 
2,000,000
 
 
The weighted average restricted stock award date fair value information for the nine months ended June 30, 2016 is as follows:
 
Non Vested at September 30, 2015
 
$
-
 
Awarded
 
 
0.39
 
Vested
 
 
-
 
Forfeited
 
 
-
 
Non Vested at June 30, 2016
 
$
0.39
 
 
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.