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STOCK WARRANTS
 9 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
STOCK WARRANTS

8. STOCK WARRANTS

 

The following is a summary of warrants activity during the year ended September 30, 2015 and nine months ending June 30, 2016. 

 

  Number of Shares       Weighted Average Exercise Price
Balance, September 30, 2014 60,000     $ 0.36
Warrants granted and assumed 8,037,600     $ 0.10
Warrants expired —         —  
Warrants canceled —         —  
Warrants exercised —         —  
Balance, September 30, 2015 8,097,600     $ 0.10
Warrants granted and assumed 514,500     $ 0.36
Warrants expired —         —  
Warrants canceled —         —  
Warrants exercised —         —  
Balance, June 30, 2016 8,612,100     $ 0.11

 

As of June 30, 2016, 8,612,100 warrants are exercisable.

 

On January 22, 2016, the Company issued warrants to purchase 450,000 shares of common stock to a Mr. Greg Gohlinghorst for business advisory services. The warrants were valued at $116,811 using the Black Scholes option pricing model based upon the following assumptions: term of 5 years, risk free interest rate of 1.49%, a dividend yield of 0% and volatility rate of 110%. The warrants were fully earned and vested on January 31, 2016.