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Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2015

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

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

The following table summarizes fair value measurements at March 31, 2015 and September 30, 2014 for assets and liabilities measured at fair value on a recurring basis:

March 31, 2015:

	Level 1				Level 2				Level 3				Total
Cash and cash equivalents	$	96,447,301			$	—			$	—			$	96,447,301
Derivative liabilities	$	—			$	—			$	1,619,755			$	1,619,755
Acquisition-related contingent consideration obligations	$	—			$	—			$	3,970,931			$	3,970,931

September 30, 2014:

	Level 1				Level 2				Level 3				Total
Cash and cash equivalents	$	132,510,610			$	—			$	—			$	132,510,610
Derivative liabilities	$	—			$	—			$	4,173,943			$	4,173,943
Acquisition-related contingent consideration obligations	$	—			$	—			$	3,970,931			$	3,970,931

Change in Fair Value of Contingent Consideration Obligations

The following is a reconciliation of contingent consideration fair value.

Value at September 30, 2013	$	1,595,273
Purchase price contingent consideration		—
Contingent consideration payments		—
Change in fair value of contingent consideration		2,375,658
Value at September 30, 2014	$	3,970,931
Purchase price contingent consideration		—
Contingent consideration payments		—
Change in fair value of contingent consideration		—
Value at March 31, 2015	$	3,970,931

Exchange rights

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Assumptions Used in Valuing Derivative Liabilities

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

	March 31, 2015		September 30,  2014
Risk-free interest rate	1.00%		1.07%
Expected life	3.0 Years		3.3 Years
Dividend yield	None		None
Volatility	75%		100%

Reconciliation of Derivative Liability

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

Value at September 30, 2013	$	4,569
Issuance of instruments		—
Change in value		211,860
Net settlements		—
Value at September 30, 2014	$	216,429
Issuance of instruments		—
Change in value		(179,555	)
Net settlements		(3,072)
Value at March 31, 2015	$	33,802

Warrant

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Assumptions Used in Valuing Derivative Liabilities

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

2010 Warrants		March 31, 2015			September 30, 2014
Risk-free interest rate		0.26%			0.13%
Expected life		0.7 Years			1.2 Years
Dividend yield		None			None
Volatility		75%			69%
2012 Warrants		March 31, 2015			September 30, 2014
Risk-free interest rate		0.89%			1.07%
Expected life		2.7 Years			3.2 Years
Dividend yield		None			None
Volatility		75%			69%
2013 Warrants		March 31, 2015			September 30, 2014
Risk-free interest rate		0.89%			1.07%
Expected life		2.8 Years			3.3 Years
Dividend yield		None			None
Volatility		75%			69%

Reconciliation of Derivative Liability

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

Value at September 30, 2013	$	4,091,797
Issuance of instruments		—
Change in value		5,821,796
Net settlements		(5,956,079	)
Value at September 30, 2014	$	3,957,514
Issuance of instruments		—
Change in value		(2,371,561)
Net settlements		—
Value at March 31, 2015	$	1,585,953

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Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

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- Definition

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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