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LIQUIDITY AND MANAGEMENT'S PLAN | 12 Months Ended
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Sep. 30, 2015
Liquidity And Management Plan [Abstract] |
LIQUIDITY AND MANAGEMENT'S PLAN | NOTE A – LIQUIDITY AND MANAGEMENT’S PLAN The Company has recurring net losses, which have resulted in an accumulated deficit of $211,641,409 as of September 30, 2015. The Company incurred a net loss of $11,881,137 and generated negative operating cash flow of $6,965,846 for the fiscal year ended September 30, 2015. At September 30, 2015 the Company had cash and cash equivalents of $7,312,184 and working capital of $8,867,996. The Company’s current capital resources include cash and cash equivalents, accounts receivable and prepaid expenses and other current assets. Historically, the Company has financed its operations principally from the sale of equity securities. As discussed in Note I, during the fiscal year ended September 30, 2015, the Company closed on two underwritten public offerings of common stock and warrants for gross proceeds of approximately $21,569,600, before deducting underwriting discounts and offering expenses. The Company utilized approximately $4,091,000 of the gross proceeds to repurchase the remaining Series B Warrants from Crede, as discussed in Note G. In addition, on November 23, 2015, the Company closed a registered direct public offering of common stock and a concurrent private placement of warrants to purchase common stock, for aggregate gross proceeds of approximately $8,750,000, before deducting placement agent fees and offering expenses (See Note I). The Company expects to finance operations primarily through cash flows provided by operating activities provided that it will achieve a sufficient level of future revenues. The Company estimates that its cash and cash equivalents are sufficient to fund operations for the next twelve months. The Company will require additional funds to complete the continued development of its products, product manufacturing, and to fund expected additional losses from operations, until revenues are sufficient to cover the Company’s operating expenses. If revenues are not sufficient to cover the Company’s operating expenses, and if the Company is not successful in obtaining the necessary additional financing, it will most likely be forced to reduce operations.

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