Quarterly report pursuant to Section 13 or 15(d)

COMMON STOCK WARRANTS

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COMMON STOCK WARRANTS
 9 Months Ended
Jun. 30, 2015
Common Stock Warrants  
COMMON STOCK WARRANTS

NOTE 6 - COMMON STOCK WARRANTS

Below is a table summarizing the common stock warrants issued and outstanding as of June 30, 2015:

 

  Number Outstanding Weighted-Average Exercise Price
Outstanding at September 30, 2014                               1,947,008 $3.64
Granted                                             -                               -
Exercised                            (1,015,638) $2.85
Forfeited                                (154,501) $2.56
Outstanding at June 30, 2015                                  776,869 $4.63

 

The outstanding warrants as of June 30, 2015 have an intrinsic value of $129,300.

During the nine month period ended June 30, 2015, 36,548 warrants to purchase common stock at exercise prices ranging from $1.50 to $2.85 were exercised and 36,548 shares of common stock were issued for proceeds of $80,003. In addition, 979,090 warrants to purchase common stock, with exercise prices ranging from $1.65 to $3.60, were exercised via cashless exercise. Accordingly, the Company issued 663,608 shares of common stock for such exercises. A total of 154,501 warrants were forfeited during the nine month period ended June 30, 2015.