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Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2014

Fair Value Measurements for Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes fair value measurements at March 31, 2014 and September 30, 2013 for assets and liabilities measured at fair value on a recurring basis:

March 31, 2014:

	Level 1				Level 2				Level 3				Total
Cash and cash equivalents	$	142,847,860			$	—			$	—			$	142,847,860
Derivative assets	$	—			$	—			$	—			$	—
Derivative liabilities	$	—			$	—			$	4,936,530			$	4,936,530
Acquisition related contingent consideration obligations	$	—			$	—			$	1,595,273			$	1,595,273

September 30, 2013:

	Level 1				Level 2				Level 3				Total
Cash and cash equivalents	$	19,114,444			$	—			$	—			$	19,114,444
Derivative assets	$	—			$	—			$	—			$	—
Derivative liabilities	$	—			$	—			$	4,096,363			$	4,096,363
Acquisition related contingent consideration obligations	$	—			$	—			$	1,595,273			$	1,595,273

Assumptions Used in Valuing Derivative Asset

The assumptions used in valuing the derivative asset were not applicable as the value has been determined to be zero at March 31, 2014 and September 30, 2013.

	March 31,  2014		September 30,  2013
Risk free interest rate	—		—
Expected life	—		—
Dividend yield	—		—
Volatility	—		—

Reconciliation of Derivative Asset

The following is a reconciliation of the derivative asset:

Value at September 30, 2012	$	250,250
Receipt of instruments		—
Decrease in value		(250,250	)
Net settlements		—
Value at September 30, 2013	$	—
Receipt of instruments		—
Decrease in value		—
Net settlements		—
Value at March 31, 2014	$	—

Reconciliation of Derivative Liability

The following is a reconciliation of the derivative liability related to these warrants:

Value at September 30, 2012	$	626,195
Issuance of instruments		2,153,819
Change in value		5,066,591
Net settlements		(3,754,808	)
Value at September 30, 2013	$	4,091,797
Issuance of instruments		—
Change in value		9,234,419
Net settlements		(8,447,443)
Value at March 31, 2014	$	4,878,773

Change in Fair Value of Contingent Consideration Obligations

The following is a reconciliation of contingent consideration fair value.

Value at September 30, 2012	$	173,621
Purchase price contingent consideration		—
Contingent consideration payments		—
Change in fair value of contingent consideration		1,421,652
Value at September 30, 2013	$	1,595,273
Purchase price contingent consideration		—
Contingent consideration payments		—
Change in fair value of contingent consideration		—
Value at March 31, 2014	$	1,595,273

Warrant

Assumptions Used in Valuing Derivative Liabilities

The assumptions used in valuing the derivative liability were as follows:

2010 Warrants		March 31, 2014			September 30, 2013
Risk free interest rate		0.44%			0.33%
Expected life		2.0 Years			2.2 Years
Dividend yield		None			None
Volatility		69%			69%
2012 Warrants		March 31, 2014			September 30, 2013
Risk free interest rate		1.31%			1.39%
Expected life		3.7 Years			4.2 Years
Dividend yield		None			None
Volatility		69%			69%
2013 Warrants		March 31, 2014			September 30, 2013
Risk free interest rate		1.31%			1.39%
Expected life		3.8 Years			4.3 Years
Dividend yield		None			None
Volatility		69%			69%

Exchange rights

Assumptions Used in Valuing Derivative Liabilities

	December  31,  2013		September 30,  2013
Risk free interest rate	1.31%		1.39%
Expected life	3.8 Years		4.3 Years
Dividend yield	None		None
Volatility	69%		69%

Reconciliation of Derivative Liability

The following is a reconciliation of the derivative liability related to these exchange rights:

Value at September 30, 2012	$	10,375
Issuance of instruments		—
Change in value		(5,806	)
Net settlements		—
Value at September 30, 2013	$	4,569
Issuance of instruments		—
Change in value		53,190
Net settlements		—
Value at March 31, 2014	$	57,759

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-Publisher FASB

-Name Accounting Standards Codification

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-Section 50

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+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

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-Section 50

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Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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