SUBSEQUENT EVENTS
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12 Months Ended |
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Sep. 30, 2011
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Notes to Financial Statements | |
SUBSEQUENT EVENTS |
NOTE 12 SUBSEQUENT EVENTS
On October 31, 2011, the Company agreed to extend the term of the 11,985,367 common stock purchase warrants, expiring October 31, 2011, to October 31, 2012, subject to certain amended provisions. These provisions include removal of the cashless exercise provision and early termination of the extension period in the event that Ohrs common stock trades at or above $1.50 for 5 consecutive days. The warrants are exercisable at $1.19.
On December 16, 2011, the Company completed a private placement offering pursuant to which the Company sold 1,833,342 shares of its common stock at a price of $0.60 per share for gross proceeds of $1,100,000. Purchasers of the shares also received an aggregate of 916,678 Class J Warrants to purchase common stock at an exercise price of $0.65 per share and exercisable for a period of 5 years.
In accordance with ASC 855, management evaluated subsequent events through the date these financial statements were issued and the Company had no additional material subsequent events to report. |