STOCK BASED COMPENSATION (Tables)
|
12 Months Ended |
Sep. 30, 2016 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Schedule of outstanding warrants |
Below
is a table summarizing the warrants issued and outstanding as of September 30, 2016:
| |
|
|
Number |
|
|
|
Weighted-Average
|
|
| |
|
|
Outstanding |
|
|
|
Exercise
Price |
|
| Outstanding
at September 30, 2013 |
|
|
5,860,934 |
|
|
$ |
2.78 |
|
| Granted |
|
|
247,217 |
|
|
|
7.94 |
|
| Exercised |
|
|
(4,135,989 |
) |
|
|
4.41 |
|
| Forfeited |
|
|
(25,154 |
) |
|
|
1.20 |
|
| Outstanding at September
30, 2014 |
|
|
1,947,008 |
|
|
$ |
3.64 |
|
| Granted |
|
|
— |
|
|
|
— |
|
| Exercised |
|
|
(1,015,638 |
) |
|
|
3.03 |
|
| Forfeited |
|
|
(184,501 |
) |
|
|
2.39 |
|
| Outstanding at September
30, 2015 |
|
|
746,869 |
|
|
$ |
4.75 |
|
| Granted |
|
|
— |
|
|
|
— |
|
| Exercised |
|
|
(88,612 |
) |
|
|
1.63 |
|
| Forfeited |
|
|
(43,334 |
) |
|
|
6.55 |
|
| Outstanding
at September 30, 2016 |
|
|
614,923 |
|
|
$ |
5.08 |
|
| Exercisable
at September 30, 2016 |
|
|
614,923 |
|
|
$ |
5.08 |
|
|
| Schedule of assumptions used to calculate the fair value of the company's options |
The following assumptions were used to calculate
the fair value of the Company’s options on the date of grant:
| |
Year Ended September 30, |
| |
2016 |
|
2015 |
|
2014 |
| Expected term |
3 to 3.5 years |
|
3 to 3.5 years |
|
2.25 to 3.25 years |
| Expected volatility |
103% - 105% |
|
69% - 73% |
|
56% - 83% |
| Expected dividends |
0% |
|
0% |
|
0% |
| Risk-free rates |
1.04% - 1.22% |
|
1.02% - 1.10% |
|
0.30% - 1% |
|
| Schedule of options issued and outstanding |
Below is a table summarizing the options issued
and outstanding as of September 30, 2016 (“Price” reflects the weighted average exercise price per share):
| |
|
Year Ended September 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| |
|
Options |
|
|
Price |
|
|
Options |
|
|
Price |
|
|
Options |
|
|
Price |
|
| Outstanding October 1 |
|
|
2,761,001 |
|
|
$ |
7.27 |
|
|
|
2,048,335 |
|
|
$ |
5.43 |
|
|
|
1,133,335 |
|
|
$ |
2.31 |
|
| Granted |
|
|
669,275 |
|
|
|
4.11 |
|
|
|
1,106,000 |
|
|
|
9.04 |
|
|
|
915,000 |
|
|
|
9.29 |
|
| Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Forfeited or expired |
|
|
(572,808 |
) |
|
|
6.61 |
|
|
|
(393,334 |
) |
|
|
2.54 |
|
|
|
— |
|
|
|
— |
|
| Outstanding September 30 |
|
|
2,857,468 |
|
|
$ |
6.66 |
|
|
|
2,761,001 |
|
|
$ |
7.27 |
|
|
|
2,048,335 |
|
|
$ |
5.43 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable September 30 |
|
|
1,833,712 |
|
|
$ |
6.49 |
|
|
|
1,450,667 |
|
|
$ |
5.74 |
|
|
|
1,103,750 |
|
|
$ |
3.53 |
|
| Weighted average fair value per option granted |
|
|
|
|
|
$ |
2.68 |
|
|
|
|
|
|
$ |
4.77 |
|
|
|
|
|
|
$ |
4.08 |
|
|
| Schedule of changes in nonvested restricted stock shares |
Below is a table summarizing nonvested restricted
stock shares as of September 30, 2016, and changes during the year ended September 30, 2016:
| |
|
|
Shares
|
|
|
|
Weighted
Average Grant Date Fair Value |
|
| Nonvested at September 30, 2013 |
|
|
— |
|
|
$ |
— |
|
| Granted |
|
|
— |
|
|
|
— |
|
| Vested |
|
|
— |
|
|
|
— |
|
| Forfeited |
|
|
— |
|
|
|
— |
|
| Nonvested at September 30, 2014 |
|
|
— |
|
|
$ |
— |
|
| Granted |
|
|
111,752 |
|
|
|
8.89 |
|
| Vested |
|
|
(49,072 |
) |
|
|
7.91 |
|
| Forfeited |
|
|
— |
|
|
|
— |
|
| Nonvested at September 30, 2015 |
|
|
62,680 |
|
|
$ |
9.66 |
|
| Granted |
|
|
660,757 |
|
|
|
4.46 |
|
| Vested |
|
|
(123,079 |
) |
|
|
5.45 |
|
| Forfeited |
|
|
— |
|
|
|
— |
|
| Nonvested at September 30, 2016 |
|
|
600,358 |
|
|
$ |
4.80 |
|
|