Quarterly report pursuant to Section 13 or 15(d)

COMMON STOCK OPTIONS

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COMMON STOCK OPTIONS
 9 Months Ended
Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
COMMON STOCK OPTIONS

NOTE 7 - COMMON STOCK OPTIONS

 

During the three and nine month periods ended June 30, 2015, the Company recognized $539,164 and $2,902,558 of expense related to options granted, respectively. Unamortized option expense as of June 30, 2015 for all options outstanding amounted to $5,134,096.

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

 

  Number of
Options Outstanding 		  Weighted Average
Exercise Price
Outstanding at September 30, 2014                                           2,048,335   $5.43
Granted                                           1,106,000   $9.04
Forfeited                                                     (45,000)   $8.32
Expired                                            (343,334)   $1.50
Outstanding at June 30, 2015                                           2,766,001   $8.15

 

As of June 30, 2015, the outstanding options have an intrinsic value of $453,333.

The fair value of options granted are estimated at the date of grant using the Black-Scholes option-pricing model and the following assumptions: stock price at valuation of $7.39 to $10.35; expected term of 3 to 3.25 years, exercise price of $7.06-$10.14, a risk free interest rate of 1.02 - 1.10 percent, a dividend yield of 0 percent and volatility of 121-128 percent. The average vesting period of options issued during the nine month period ending June 30, 2015 is 2.8 years with 25% of the options vesting at the date of the grant