Quarterly report pursuant to Section 13 or 15(d)

2017 REGISTERED DIRECT OFFERING (Tables)

v3.19.2
2017 REGISTERED DIRECT OFFERING (Tables) - REGISTERED DIRECT OFFERING 2017 [Member]
9 Months Ended
Jun. 30, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

 

 

 

 

 

 

 

Fair Value Measurements Using Significant Unobservable Inputs

    

June 30, 

    

September 30, 

(Level 3)

 

2019

 

2018

Balance at September 30, 2018 and 2017

 

$

1,274,404

 

$

3,430,033

 

 

 

 

 

 

 

Adjustments to estimated fair value

 

 

(274,404)

 

 

(2,155,629)

 

 

 

 

 

 

 

Ending balance at June 30, 2019 and September 30, 2018

 

$

1,000,000

 

$

1,274,404

 

Schedule of Assumptions Used to Value Derivative Liability

 

 

 

 

 

 

 

Fair Value Measurements Using Significant Unobservable Inputs

    

June 30, 

    

September 30, 

(Level 3)

 

2019

 

2018

Balance at September 30, 2018 and 2017

 

$

1,274,404

 

$

3,430,033

 

 

 

 

 

 

 

Adjustments to estimated fair value

 

 

(274,404)

 

 

(2,155,629)

 

 

 

 

 

 

 

Ending balance at June 30, 2019 and September 30, 2018

 

$

1,000,000

 

$

1,274,404

 

The derivative liabilities were valued as of June 30, 2019 and September 30, 2018 using the Black Scholes Model with the following assumptions:

 

 

 

 

 

 

 

 

 

 

    

June 30, 

    

September 30, 

 

 

 

2019

 

2018

 

Closing price per share of common stock

 

$

0.294

 

$

0.42

 

Exercise price per share

 

$

0.75

 

$

0.75

 

Expected volatility

 

 

79.34

%  

 

98.43

%

Risk-free interest rate

 

 

1.73

%  

 

2.88

%

Dividend yield

 

 

 —

 

 

 —

 

Remaining expected term of underlying securities (years)

 

 

2.62

 

 

3.38