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12. Warrants

12 Months Ended

Sep. 30, 2017

Warrants and Rights Note Disclosure [Abstract]

Warrants

The Company issued several notes in prior periods and converted them resulting in the issuance of warrants. The following table summarizes information about the Company’s warrants at September 30, 2017:

		Number of units - Series B Convertible preferred warrants				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (in years)				Intrinsic Value
Outstanding at September 30, 2017			118,029			$	20.80				0.91			$	4,862,230
Exercisable at September 30, 2017			118,029			$	20.80				0.91			$	4,862,230

As of September 30, 2016, the Company had 590,146 common stock warrants outstanding with weighted average exercise price, weighted average remaining contractual term and intrinsic value of $4.14, 1.73 years and $4,307,493, respectively. On December 27, 2016, ICG and the Company agreed to amend and exchange the common stock warrants for warrants to purchase shares of Series B Convertible Preferred Stock, and the number of warrants held adjusted by an exchange ratio of 5:1 shares of common stock for shares of Series B Convertible Preferred Stock. ICG, the holder of the warrants outstanding, is not permitted to sell, transfer, assign, hypothecate, pledge, margin, hedge, trade or otherwise obtain or attempt to obtain any economic value from the shares of Series B Convertible Preferred Stock should the warrants be exercised prior to December 31, 2021.

Warrants for 10,914 series B convertible preferred shares expired on September 10, 2017. On January 16, 2018, the Company agreed to extend the expiration date on all warrants outstanding if not exercised prior to expiration date by an additional 2 years, including the September 10, 2017 expired warrants. See note 19 of these consolidated financial statements.

The exercise price for the series B convertible preferred stock warrants outstanding and exercisable at September 30, 2017 is as follows:

Series B Convertible Preferred
Outstanding								Exercisable
Number of Warrants				Exercise Price				Number of Warrants				Exercise Price
	54,396			$	16.60				54,396			$	16.60
	17,857				16.80				17,857				16.80
	12,383				24.30				12,383				24.30
	33,393				28.50				33,393				28.50
	118,029								118,029

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- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-URI http://asc.fasb.org/topic&trid=2229140

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- References

No definition available.

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