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COMMON STOCK, STOCK OPTIONS AND WARRANTS (Tables)

12 Months Ended

Sep. 30, 2015

Common Stock Stock Options And Warrants Tables

Schedule of fair value stock option grants

The following assumptions were used in determining the fair value of stock option grants:

		Year Ended September 30, 2015		Nine Months Ended September 30, 2014
Risk-free interest rate		1.37 – 1.52%		1.83%
Expected dividend yield		0%		0%
Expected term		2.5 – 6 years		5 – 6 years
Forfeiture rate		0		0
Expected volatility		53 – 58%		54%

Schedule of stock option activity

A summary of option activity under the 2014 Plan is presented below:

Options		Shares				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2014			—			$	—
Granted			3,300,000				0.45
Exercised			—				—
Forfeited or expired			—				—
Outstanding at September 30, 2014			3,300,000				0.45			9.96 years		$	495,000
Granted			600,000				0.60
Exercised			—				—
Forfeited or expired			—				—
Outstanding at September 30, 2015			3,900,000			$	0.47			8.94 years		$	297,000
Exercisable at September 30, 2015			2,090,000			$	0.47			8.81 years		$	162,000

Schedule of Warrants

The Company has reserved 8,797,130 shares of common stock for the exercise of outstanding warrants. The following table summarizes the warrants outstanding at September 30, 2015:

		Exercise price				Number				Expiration Date
Investor Warrants		$	0.60				3,400,067			September 12, 2019
Placement Agent Unit Warrants			0.60				680,013			September 12, 2019
Warrants underlying Placement Agent Unit Warrants			0.60				680,013			September 12, 2019
Placement Agent Share Warrants			0.60				1,000,000			September 12, 2019
Investor Warrants			0.60				500,000	(1)		March 19, 2020
Investor Warrants			0.60				583,334	(1)		April 22, 2020
Investor Warrants			0.60				258,333	(1)		April 30, 2020
Investor Warrants			0.60				333,334	(1)		June 10, 2020
Investor Warrants			0.60				100,000	(1)		June 22, 2020
Investor Warrants			0.60				370,370	(1)		June 26, 2020
Investor Warrants			0.60				208,333	(1)		July 2, 2020
Investor Warrants			0.60				100,000	(1)		July 7, 2020
Investor Warrants			0.60				333,333	(1)		July 15, 2020
Investor Warrants			0.60				250,000	(1)		September 14, 2020
							8,797,130

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Tabular disclosure of the total intrinsic value of options exercised (or share units converted), share-based liabilities paid, and the total fair value of shares vested during the year.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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