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Commitments and Contingencies (Tables) | 12 Months Ended
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Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract] |
Schedule of lease payments | The Company is committed to lease payments as follows:
Fiscal year ending September 30, |  | Amount |
2017 |  | $ | 112,189 |
2018 |  |  | 112,189 |
2019 |  |  | 56,094 |
|  | $ | 280,472 |
Schedule of purchase warrants outstanding | A summary of the Company’s share purchase warrants outstanding is presented below:
|  | Number of Shares |  |  | Weighted Average Exercise Price |
Balance, October 1, 2014 |  |  | 18,728,910 |  |  | $ | 1.59 |
Expired |  |  | (62,500 | ) |  | $ | 1.40 |
Exercised |  |  | (15,468,520 | ) |  | $ | 1.43 |
Issued |  |  | 1,075,000 |  |  | $ | 0.76 |
Balance, September 30, 2015 |  |  | 4,272,890 |  |  | $ | 2.11 |
Exercised |  |  | (2,463,581 | ) |  | $ | 1.67 |
Balance, September 30, 2016 |  |  | 1,809,309 |  |  | $ | 2.70 |
Schedule of exercisable share purchase warrants outstanding | At September 30, 2016, the Company had 1,809,309 currently exercisable share purchase warrants outstanding as follows:
Number |  |  | Exercise Price |  |  | Expiry Date
| 1,462,180 |  |  | $ | 3.00 |  |  | July 5, 2018
| 30,000 |  |  | $ | 4.00 |  |  | February 24, 2019
| 277,127 |  |  | $ | 1.20 |  |  | March 13, 2019
| 1,252 |  |  | $ | 1.68 |  |  | March 13, 2019
| 31,250 |  |  | $ | 1.24 |  |  | May 31, 2019
| 7,500 |  |  | $ | 1.04 |  |  | May 31, 2019
| 1,809,309 |  |  |  |  |  |  |
Schedule of outstanding stock purchase options | A summary of the status of Company’s outstanding stock purchase options for the years ended September 30, 2016 and 2015 is presented below:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Grant Date fair value |
Outstanding at October 1, 2014 |  |  | 792,500 |  |  | $ | 2.82 |  |  |  |  |
Forfeited |  |  | (67,500 | ) |  | $ | 12.00 |  |  |  |  |
Granted |  |  | 1,097,500 |  |  | $ | 2.02 |  |  | $ | 1.66 |
Outstanding at September 30, 2015 |  |  | 1,822,500 |  |  | $ | 2.00 |  |  |  |  |
Forfeited |  |  | - |  |  | $ | - |  |  |  |  |
Granted |  |  | 2,401,500 |  |  | $ | 5.22 |  |  | $ | 4.38 |
Expired |  |  | (25,000 | ) |  | $ | 14.68 |  |  |  |  |
Outstanding at September 30, 2016 |  |  | 4,199,000 |  |  | $ | 3.76 |  |  |  |  |
Exercisable at September 30, 2016 |  |  | 2,290,716 |  |  | $ | 2.41 |  |  |  |  |
Exercisable at September 30, 2015 |  |  | 825,002 |  |  | $ | 1.78 |  |  |  |
Schedule of stock options outstanding | At September 30, 2016, the following stock options were outstanding:
Number of Shares |  |  |  |  |  |  |  | Aggregate |  |  | Remaining |
|  |  | Number |  |  | Exercise |  |  |  |  | Intrinsic |  |  | Contractual |
Total |  |  | Vested |  |  | Price |  |  | Expiry Date |  | Value |  |  | Life (yrs) |
| 500,000 |  |  |  | 500,000 |  |  | $ | 1.60 |  |  | July 5, 2023 |  |  | 1,015,000 |  |  |  | 6.76 |
| 75,000 |  |  |  | 50,000 |  |  | $ | 1.20 |  |  | May 7, 2024 |  |  | 182,250 |  |  |  | 7.60 |
| 125,000 |  |  |  | 62,500 |  |  | $ | 1.32 |  |  | May 8, 2024 |  |  | 288,750 |  |  |  | 7.60 |
| 718,750 |  |  |  | 479,170 |  |  | $ | 0.92 |  |  | April 2, 2025 |  |  | 1,947,813 |  |  |  | 8.50 |
| 50,000 |  |  |  | 20,834 |  |  | $ | 1.44 |  |  | June 8, 2025 |  |  | 109,500 |  |  |  | 8.69 |
| 50,000 |  |  |  | 16,667 |  |  | $ | 1.76 |  |  | June 15, 2025 |  |  | 93,500 |  |  |  | 8.71 |
| 278,750 |  |  |  | 116,146 |  |  | $ | 5.04 |  |  | September 18, 2025 |  |  | - |  |  |  | 8.97 |
| 1,500 |  |  |  | 1,500 |  |  | $ | 5.64 |  |  | September 30, 2025 |  |  | - |  |  |  | 9.00 |
| 31,250 |  |  |  | 10,416 |  |  | $ | 5.68 |  |  | October 2, 2025 |  |  | - |  |  |  | 9.00 |
| 25,000 |  |  |  | 8,333 |  |  | $ | 8.98 |  |  | October 16, 2025 |  |  | - |  |  |  | 9.04 |
| 1,500 |  |  |  | 1,500 |  |  | $ | 5.57 |  |  | December 31, 2025 |  |  | - |  |  |  | 9.25 |
| 1,500 |  |  |  | - |  |  | $ | 4.90 |  |  | March 31, 2026 |  |  | - |  |  |  | 9.50 |
| 1,500 |  |  |  | 1,500 |  |  | $ | 5.66 |  |  | April 27, 2026 |  |  | - |  |  |  | 9.57 |
| 50,000 |  |  |  | 12,121 |  |  | $ | 4.09 |  |  | May 18, 2026 |  |  | - |  |  |  | 9.63 |
| 1,500 |  |  |  | - |  |  | $ | 6.11 |  |  | June 30, 2026 |  |  | - |  |  |  | 9.75 |
| 379,625 |  |  |  | - |  |  | $ | 6.26 |  |  | July 5, 2026 |  |  | - |  |  |  | 9.76 |
| 861,429 |  |  |  | - |  |  | $ | 7.06 |  |  | July 18, 2026 |  |  | - |  |  |  | 9.80 |
| 40,000 |  |  |  | 3,333 |  |  | $ | 3.06 |  |  | September 7, 2026 |  |  | 22,800 |  |  |  | 9.94 |
| 1,006,696 |  |  |  | 1,006,696 |  |  | $ | 3.28 |  |  | September 22, 2026 |  |  | 352,344 |  |  |  | 9.98 |
| 4,199,000 |  |  |  | 2,290,716 |  |  |  |  |  |  |  |  | $ | 4,011,956 |  |  |
Schedule of general and administrative expenses and research and development expenses | These amounts have been included in general and administrative expenses and research and development expenses on the Company’s statement of operations as follows:
|  | 2016 |  |  | 2015 |  |  | 2014 |
General and administrative |  | $ | 2,903,220 |  |  | $ | 413,979 |  |  | $ | 27,925 |
Research and development |  |  | 1,549,047 |  |  |  | - |  |  |  | - |
|  | $ | 4,452,267 |  |  | $ | 413,979 |  |  | $ | 27,925 |
Schedule of weighted average assumptions for fair value of each option award | The fair value of each option award is estimated on the date of grant using the Black Scholes option pricing model based on the following weighted average assumptions:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Risk-free interest rate |  |  | 1.28 | % |  |  | 1.63 | % |  |  | 2.27 | %
Expected life of options (years) |  |  | 5.88 |  |  |  | 6.30 |  |  |  | 6.81 |
Annualized volatility |  |  | 114.75 | % |  |  | 98.41 |  |  |  | 89.19 |
Dividend rate |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %

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