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WARRANT LIABILITY | 3 Months Ended
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Dec. 31, 2013
Warrant Liability [Abstract] |
WARRANT LIABILITY | NOTE D – WARRANT LIABILITY On December 16, 2013, Crede CG III, Ltd (“Crede”) effected the cashless exercise of 10,695,187 Series A Warrants and 7,000,000 Series B Warrants. At December 16, 2013 (date of exercise), the Company determined the fair value of the Warrants to be $2,455,042 using the Binomial Lattice model with the following assumptions: fair value of the Company’s Common Stock $0.18 per share; dividend yield 0%; expected term: 4.55 years; risk free interest rate: 1.55%; expected volatility of: 118.89%; and an exercise price of $0.2431. The change in fair value of the warrant liability on the day of exercise amounted to a loss of $1,288,752 and was included in the results of operations. Upon exercise, the fair value of the Series A and 7,000,000 of the Series B Warrants were reclassified to equity. As of December 31, 2013 the fair value of the remaining 22,411,764 Series B Warrants was $2,823,165. The fair value was determined using the Binomial Lattice model with the following assumptions: fair value of the Company’s Common Stock $0.16 per share; dividend yield 0%; expected terms 4.55 years; risk free interest rate: 1.75%; expected volatility of: 119.09%; and the expected price at which holders are likely to exercise their Warrants of $0.2431 per share.

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- Definition The entire disclosure of fair value gain (loss) on warrant liability. + References No definition available. + Details
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