XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCKHOLDERS' EQUITY (DEFICIT)
9 Months Ended
Jun. 30, 2018
Equity [Abstract]  
STOCKHOLDERS EQUITY (DEFICIT)

12. STOCKHOLDERS’ EQUITY

Overview

The Company’s authorized capital stock consists of 100,000,000 shares of common stock and 10,000,000 shares of preferred stock, par value $0.001 per share. As of June 30, 2018, there were 34,919,362 shares of common stock issued and outstanding and 1,000,000 shares of preferred stock issued and outstanding. 

Common Stock issuances

 

During the period commencing October 1, 2017 through June 30, 2018, the Company received $251,900 from 16 investors pursuant to private placement agreements with the investors to purchase 314,875 shares of the Company’s $0.001 par value common stock at a purchase price equal to $0.80 for each share of common stock.

 

In connection with the issuance of a Convertible Note(see Note 9 for additional details), the Company issued to the Purchaser, as a commitment fee, 137,500 shares of its common stock (the “Returnable Shares”) as well as 100,000 shares of its common stock (the “Non-Returnable Shares”). The agreement was amended on June 29, 2018 and as a result the returnable shares were no longer returnable, as a result the fair value of the returnable shares of $218,625 was charged to interest expense.