Quarterly report pursuant to Section 13 or 15(d)

CAPITAL STOCK

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CAPITAL STOCK
 9 Months Ended
Jun. 30, 2016
Stockholders' Equity Note [Abstract]  
CAPITAL STOCK

NOTE 6 - CAPITAL STOCK

 

Below is a table summarizing the capital stock activity during the nine months ended June 30, 2016 and the shares outstanding as of June 30, 2016:

 

    Number 
Outstanding 		    Weighted-
Average 
Exercise/Stock
Price 		 
Outstanding at September 30, 2015     30,331,309     $ 3.33  
Exercise of Warrants     15,278       1.70  
Milestone 1 – SKS Acquisition     497,859       4.14  
Restricted Stock Issued     660,757       4.12  
Outstanding at June 30, 2016     31,505,203     $ 3.36  

  

On December 11, 2015, the Board approved the achievement of Milestone 1 in connection with the ophthalmology assets acquisition by the Company of the privately held SKS Ocular LLC and its affiliate, SKS Ocular 1 LLC (“SKS”). As a result, the Company issued 497,859 shares of its common stock to SKS. The value of the stock issued was $2,061,136, as determined by the $4.14 per share closing sale price of the Company’s common stock on the date of Board approval.

 

On December 11, 2015, pursuant to a consulting agreement, the Board granted 120,000 shares of the Company’s restricted stock under the Company’s 2014 Stock Incentive Plan to Dr. Irach Taraporewala, the Company’s former Chief Technology Officer. The restricted stock will vest in four equal, semiannual installments, beginning on July 16, 2016, subject to Dr. Taraporewala continuously providing consulting services to the Company from the grant date until each such vesting date.

 

On December 29, 2015, the Company issued 6,944 shares of common stock pursuant to an exercise of warrants at $1.95 per share, for gross proceeds of $13,540.

 

On January 9, 2016, the Board granted 130,000 and 350,358 shares of the Company’s restricted stock to Sam Backenroth, Chief Financial Officer and Dr. Jason Slakter, Chief Executive Officer, respectively, 50% of these shares vest on the January 9, 2017 and the remaining 50% vest on January 9, 2018.

 

On January 22, 2016 and March 17, 2016, the Board approved the issuance of 25,399 and 35,000 shares, respectively, of the Company’s restricted stock to a consultant of the Company for services rendered.

 

On May 11, 2016, the Company issued 8,334 shares of common stock pursuant to an exercise of warrants at $1.50 per share, for gross proceeds of $12,501.

 

During the nine months ended June 30, 2016, the Company recognized compensation expense of $1,237,064 for shares issued for services during the current and prior periods.