Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Sep. 30, 2016
Accounting Policies [Abstract]  
Schedule of depreciable lives of property and equipment

The Company generally uses the following depreciable lives for its major classifications of property and equipment:

 

Description Useful Lives
Equipment 3 to 5 years
Lab Equipment 5 years
Leasehold Improvements 7 years
Office Furniture and Fixtures 3 years
Schedule of assets and liabilities measured and recognized at fair value

The following table presents assets and liabilities that are measured and recognized at fair value as of September 30, 2016 and 2015, on a recurring basis:

                                 
Assets and liabilities measured at fair value on a recurring basis at September 30, 2016   Level 1     Level 2     Level 3     Total
Carrying Value		  
Contingent stock consideration   $ —     $ —     $ —     $ —  
    $ —     $ —     $ —     $ —  

                                 
Assets and liabilities measured at fair value on a recurring basis at September 30, 2015   Level 1     Level 2     Level 3     Total
Carrying Value		  
Contingent stock consideration   $ —     $ —     $ 2,239,603     $ 2,239,603  
    $ —     $ —     $ 2,239,603     $ 2,239,603  
Summary of the changes in fair value, including net transfers in and/or out, of the financial instruments, measured at fair value

The following table provides a summary of the changes in fair value, including net transfers in and/or out, of the financial instruments, measured at fair value on a recurring basis using significant unobservable inputs:

 

Level 3 Reconciliation:  

Contingent

Stock

Consideration

  
Level 3 assets and liabilities at September 30, 2013     —  
Purchases, sales, issuances and settlements (net)     4,877,359  
Mark to market adjustments     —  
Level 3 assets and liabilities at September 30, 2014     4,877,359  
Purchases, sales, issuances and settlements (net)     —  
Mark to market adjustments     (2,637,756 )
Total Level 3 assets and liabilities at September 30, 2015     2,239,603  
Purchases, sales, issuances and settlements (net)     (3,425,270 )
Mark to market adjustments     1,185,667  
Total Level 3 assets and liabilities at September 30, 2016   $ —