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14. NET LOSS PER COMMON SHARE
 12 Months Ended
Sep. 30, 2016
Accounting Policies [Abstract]  
14. NET LOSS PER COMMON SHARE

Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period. The Company’s potentially dilutive shares, which include outstanding common stock options, common stock warrants, restricted stock and shares issuable on convertible debt, have not been included in the computation of diluted net loss per share for all periods presented, as the result would be anti-dilutive. For the years presented, the gain on derivative instruments is not included in net loss available to common shareholders for purposes of computing dilutive loss per share because its effect is anti-dilutive.

 

The following table provides a reconciliation of the numerators and denominators of the basic and diluted per-share computations:

 

    2016     2015     2014  
                   
Net loss available to                  
   common shareholders   $ (11,466,498 )   $ (34,674,646 )   $ (28,483,712 )
  Less: Gain on derivative                        
              Instruments     -       -       (248,767)  
Net loss - diluted   $ (11,466,498 )   $ (34,674,646 )   $ (28,732,479 )
                         
Weighted average number of                        
    shares - basic and diluted     121,655,108       82,519,027       58,804,622  
                         
Loss per share - basic   $ (0.09 )   $ (0.42 )   $ (0. 48 )
Loss per share - diluted   $ (0.09 )   $ (0.42 )   $ (0. 49 )

 

For the years ended September 30, 2016 and 2015, the gain on derivatives is not excluded from the numerator in calculating diluted loss per share because the gain relates to derivative warrants that were priced higher than the average market price during the period.

 

In accordance with the contingently issuable shares guidance of FASB ASC Topic 260, Earnings Per Share, the calculation of diluted net loss per share excludes the following dilutive securities because their inclusion would have been anti-dilutive as of September 30:

 

    2016     2015     2014  
                   
Options and Warrants     91,882,022       58,421,058       39,994,707  
Convertible Debt     -       1,871,283       276,014  
Unvested Restricted Stock     15,100,000       15,100,000       15,700,000  
Total     106,982,022       75,392,341       55,970,721