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Commitments (Tables) | 6 Months Ended
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Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract] |
Schedule of exercisable share purchase warrants outstanding | A summary of the status of the Company’s outstanding share purchase warrants is presented below:
|  |  |  |  |  | Weighted |
|  |  |  |  |  | Average |
|  |  | Number of Shares |  |  | Exercise Price |
Balance, October 1, 2017 |  |  |  | 1,609,309 |  |  | $ | 2.66 |
Issued |  |  |  | 350,000 |  |  | $ | 4.19 |
Exercised |  |  |  | (756,143 | ) |  | $ | 2.96 |
Expired |  |  |  | (524,787 | ) |  | $ | 3.00 |
Balance, September 30, 2018 |  |  |  | 678,379 |  |  | $ | 2.87 |
Exercised |  |  |  | (1,250 | ) |  | $ | 1.68 |
Expired |  |  |  | (307,129 | ) |  | $ | 1.47 |
Balance, March 31, 2019 |  |  |  | 370,000 |  |  | $ | 4.03 |
Schedule of outstanding stock purchase options | A summary of the status of Company’s outstanding stock purchase options is presented below:
|  |  |  |  |  | Weighted |  |  | Weighted |  |  |  |
|  |  | Number of |  |  | Average |  |  | Average Grant |  |  | Aggregate |
|  |  | Shares |  |  | Exercise Price |  |  | Date Fair Value |  |  | intrinsic value |
Outstanding at October 1, 2017 |  |  |  | 5,092,030 |  |  | $ | 4.13 |  |  |  |  |  |  | $ | 5,280,544 |
Granted |  |  |  | 1,730,000 |  |  | $ | 2.71 |  |  | $ | 2.09 |  |  |  |  |
Forfeited |  |  |  | (164,280 | ) |  | $ | 3.66 |  |  |  |  |  |  |  |  |
Exercised |  |  |  | (150,833 | ) |  | $ | 1.18 |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2018 |  |  |  | 6,506,917 |  |  | $ | 3.83 |  |  |  |  |  |  | $ | 2,353,088 |
Granted |  |  |  | 1,030,399 |  |  | $ | 2.45 |  |  | $ | 1.97 |  |  |  |  |
Forfeited |  |  |  | (238,966 | ) |  | $ | 2.86 |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2019 |  |  |  | 7,298,350 |  |  | $ | 3.67 |  |  |  |  |  |  | $ | 3,642,978 |
Exercisable at March 31, 2019 |  |  |  | 5,240,285 |  |  | $ | 3.73 |  |  |  |  |  |  | $ | 2,976,021 |
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:
|  | Three months ended March 31, |  |  | Six months ended March 31, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
General and administrative |  | $ | 950,999 |  |  | $ | 625,679 |  |  | $ | 2,006,587 |  |  | $ | 1,197,041 |
Research and development |  |  | 942,153 |  |  |  | 600,017 |  |  |  | 1,953,552 |  |  |  | 1,150,640 |
Total share based compensation |  | $ | 1,893,152 |  |  | $ | 1,225,696 |  |  | $ | 3,960,139 |  |  | $ | 2,347,681 |
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:
|  | 2019 |  |  | 2018 |
Risk-free interest rate |  |  | 2.91 | % |  |  | 2.43 | %
Expected life of options (years) |  |  | 5.59 |  |  |  | 6.57 |
Annualized volatility |  |  | 105.96 | % |  |  | 112.23 | %
Dividend rate |  |  | 0.00 | % |  |  | 0.00 | %

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