STOCK-BASED COMPENSATION (Tables)
|
12 Months Ended |
Sep. 30, 2018 |
|---|
| Equity [Abstract] |
|
| Schedule of assumptions used to calculate the fair value of warrants issued on grant date |
The
following assumptions were used to calculate the fair value of the Company’s warrants issued as stock based compensation
on the date of grant:
| |
|
Year
Ended September 30, |
|
| |
|
2018 |
|
|
2017 |
|
| Expected
term |
|
|
1.59 to 2 years |
|
|
|
— |
|
| Expected
volatility |
|
|
73% - 161 |
% |
|
|
— |
|
| Expected
dividends |
|
|
0 |
% |
|
|
— |
|
| Risk-free
rates |
|
|
1.73% - 2.42 |
% |
|
|
— |
|
|
| Schedule of warrants issued and outstanding |
Below
is a table summarizing the warrants issued and outstanding as of September 30, 2018 and 2017:
| |
|
Warrants |
|
|
Price |
|
| 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 |
|
| Granted |
|
|
|
|
|
|
|
|
| Investor
warrants |
|
|
— |
|
|
|
— |
|
| Stock-based
compensation warrants |
|
|
250,000 |
|
|
|
1.00 |
|
| Exercised |
|
|
|
|
|
|
|
|
| Investor
warrants |
|
|
(270,000 |
) |
|
|
1.00 |
|
| Stock-based
compensation warrants |
|
|
— |
|
|
|
— |
|
| Forfeited
or expired |
|
|
|
|
|
|
|
|
| Investor
warrants |
|
|
— |
|
|
|
— |
|
| Stock-based
compensation warrants |
|
|
(40,000 |
) |
|
|
4.32 |
|
| Outstanding
at September 30, 2018 |
|
|
16,118,110 |
|
|
$ |
1.22 |
|
| Exercisable
at September 30, 2018 |
|
|
16,118,110 |
|
|
$ |
1.22 |
|
|
| Schedule of assumptions used to calculate the fair value of options issued on grant date |
The following assumptions
were used to calculate the fair value of the Company’s options on the date of grant:
| |
|
Year Ended September 30, |
|
| |
|
2018 |
|
|
2017 |
|
| Expected term |
|
3.25-5 years |
|
|
5.75 years |
|
| Expected volatility |
|
|
101 |
% |
|
|
91 |
% |
| Expected dividends |
|
|
0 |
% |
|
|
0 |
% |
| Risk-free rates |
|
|
1.68 |
% |
|
|
1.49 |
% |
|
| Schedule of stock option activity |
Below is a table summarizing
the options issued and outstanding as of September 30, 2018 (“Price” reflects the weighted average exercise price per
share):
| |
|
Year Ended September 30, |
|
| |
|
2018 |
|
|
2017 |
|
| |
|
Options |
|
|
Price |
|
|
Options |
|
|
Price |
|
| Outstanding October 1 |
|
|
2,250,500 |
|
|
$ |
5.58 |
|
|
|
2,857,468 |
|
|
$ |
6.66 |
|
| Granted |
|
|
1,640,000 |
|
|
$ |
0.67 |
|
|
|
750,000 |
|
|
$ |
0.65 |
|
| Exercised |
|
|
— |
|
|
$ |
0.00 |
|
|
|
— |
|
|
$ |
0.00 |
|
| Forfeited or expired |
|
|
(758,000 |
) |
|
$ |
6.05 |
|
|
|
(1,356,968 |
) |
|
$ |
5.13 |
|
| Outstanding September 30 |
|
|
3,132,500 |
|
|
$ |
2.89 |
|
|
|
2,250,500 |
|
|
$ |
5.58 |
|
| Exercisable September 30 |
|
|
1,967,494 |
|
|
$ |
4.21 |
|
|
|
1,755,247 |
|
|
$ |
6.00 |
|
| Weighted average fair value per option granted |
|
|
|
|
|
$ |
0.44 |
|
|
|
|
|
|
$ |
0.48 |
|
|
| Schedule of restricted stock activity |
Below
is a table summarizing nonvested restricted stock shares as of September 30, 2018, and changes during the years ended September
30,
2018, and 2017:
| |
|
Shares |
|
Weighted
Average
Grant Date Fair Value |
| 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 |
|
| Granted |
|
|
|
— |
|
|
|
— |
|
| Vested |
|
|
|
(270,179 |
) |
|
|
4.53 |
|
| Forfeited |
|
|
|
— |
|
|
|
— |
|
| Nonvested
at September 30, 2018 |
|
|
|
— |
|
|
$ |
— |
|
|