STOCK BASED COMPENSATION (Tables)
|
12 Months Ended |
Sep. 30, 2017 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Schedule of warrants issued and outstanding |
Below
is a table summarizing the warrants issued and outstanding as of September 30, 2017 and 2016:
| |
|
Number
Outstanding |
|
Weighted-Average
Exercise Price |
|
| |
|
|
|
|
| Outstanding at September
30, 2015 |
|
|
746,869 |
|
|
$ |
4.75 |
|
| Granted |
|
|
|
|
|
|
|
|
| Investor
warrants |
|
|
— |
|
|
|
— |
|
| Stock-based
compensation warrants |
|
|
— |
|
|
|
— |
|
| Exercised |
|
|
|
|
|
|
|
|
| Investor
warrants |
|
|
(6,944 |
) |
|
|
1.95 |
|
| Stock-based
compensation warrants |
|
|
(81,668 |
) |
|
|
1.61 |
|
| Forfeited or expired |
|
|
|
|
|
|
|
|
| Investor
warrants |
|
|
— |
|
|
|
— |
|
| Stock-based
compensation warrants |
|
|
(43,334 |
) |
|
|
6.55 |
|
| Outstanding at September 30, 2016 |
|
|
614,923 |
|
|
$ |
5.08 |
|
| Granted |
|
|
|
|
|
|
|
|
| Investor
warrants |
|
|
20,002,560 |
|
|
|
1.56 |
|
| Stock-based
compensation warrants |
|
|
— |
|
|
|
— |
|
| Exercised |
|
|
|
|
|
|
|
|
| Investor
warrants |
|
|
— |
|
|
|
— |
|
| Stock-based
compensation warrants |
|
|
— |
|
|
|
— |
|
| Forfeited or expired |
|
|
|
|
|
|
|
|
| Investor
warrants |
|
|
(4,213,331 |
) |
|
|
3.03 |
|
| Stock-based
compensation warrants |
|
|
(226,042 |
) |
|
|
7.37 |
|
| Outstanding at September
30, 2017 |
|
|
16,178,110 |
|
|
$ |
1.23 |
|
| Exercisable at
September 30, 2017 |
|
|
16,178,110 |
|
|
$ |
1.23 |
|
|
| 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, |
|
| |
|
2017 |
|
|
2016 |
|
| Expected term |
|
5.75 years |
|
|
3 to 3.5 years |
|
| Expected volatility |
|
|
91% |
|
|
|
103% - 105% |
|
| Expected dividends |
|
|
0% |
|
|
|
0% |
|
| Risk-free rates |
|
|
1.49% |
|
|
|
1.04% - 1.22% |
|
|
| Schedule of options issued and outstanding |
Below is a table
summarizing the options issued and outstanding as of September 30, 2017 (“Price” reflects the weighted average exercise
price per share):
| |
|
Year Ended September 30, |
|
| |
|
2017 |
|
|
2016 |
|
| |
|
Options |
|
|
Price |
|
|
Options |
|
|
Price |
|
| Outstanding October 1 |
|
|
2,857,468 |
|
|
$ |
6.66 |
|
|
|
2,761,001 |
|
|
$ |
7.27 |
|
| Granted |
|
|
750,000 |
|
|
$ |
0.65 |
|
|
|
669,275 |
|
|
$ |
4.11 |
|
| Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Forfeited or expired |
|
|
(1,356,968 |
) |
|
$ |
5.13 |
|
|
|
(572,808 |
) |
|
$ |
6.61 |
|
| Outstanding September 30 |
|
|
2,250,500 |
|
|
$ |
5.58 |
|
|
|
2,857,468 |
|
|
$ |
6.66 |
|
| Exercisable September 30 |
|
|
1,755,247 |
|
|
$ |
6.00 |
|
|
|
1,833,712 |
|
|
$ |
6.49 |
|
| Weighted average fair value per option granted |
|
|
|
|
|
$ |
0.48 |
|
|
|
|
|
|
$ |
2.68 |
|
|
| Schedule of changes in nonvested restricted stock shares |
Below
is a table summarizing nonvested restricted stock shares as of September 30, 2017, and changes during the years ended September
30, 2017, and 2016:
| |
|
|
Shares |
|
|
Weighted
Average Grant Date Fair Value |
|
| 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 |
|
| Granted |
|
|
|
— |
|
|
|
— |
|
| Vested |
|
|
|
(315,179 |
) |
|
$ |
4.79 |
|
| Forfeited |
|
|
|
(15,000 |
) |
|
$ |
9.78 |
|
| Nonvested
at September 30, 2017 |
|
|
|
270,179 |
|
|
$ |
4.53 |
|
|