General form of registration statement for all companies including face-amount certificate companies

RELATED PARTY TRANSACTIONS (Tables)

v3.7.0.1
RELATED PARTY TRANSACTIONS (Tables)
6 Months Ended
Mar. 31, 2017
Related Party Transactions [Abstract]  
Schedule of extension warrants issued to affiliates

Between September 22, 2014, and August 16, 2016, the Company raised an aggregate principal amount of $6.0 million in Notes, which along with of $317,000 of interest thereon, were converted on September 21, 2016 into 1,263,406 shares of Common Stock at $5.00 per share. Of the $6.0 million of Notes sold by the Company, $5.3 million were purchased by directors, an officer and greater than 5% shareholders of the Company and converted into shares as follows.

 

        Principal Investment
in Convertible Notes
    Interest Earned
At conversion
    Shares Issued
on conversion
 
RSJ   (1)   $ 2,100,000       122,200       444,454  
John Pappajohn   (2)     1,600,000       52,500       290,498  
Tierney Family Trust   (3)     640,000       46,600       137,328  
Follman Family Trust   (4)     550,000       20,400       114,074  
Robin Smith MD   (5)     100,000       3,900       20,776  
Geoffrey Harris   (6)     10,000       300       2,058  
George Carpenter   (7)     100,000       1,300       20,254  
Oman Ventures   (8)     200,000       20,400       44,089  
        $ 5,300,000       267,600       1,073,531  

 

  (1) RSJ is a greater than 10% shareholder. Michal Votruba, a Director for Life Sciences for the RSJ/Gradus Fund, joined our Board on July 30, 2015.
  (2) John Pappajohn is a member of the Board. He purchased $1,600,000 of Notes of which $200,000 were assigned to four accredited investors on September 6, 2015. Approximately $10,400 of the total interest was attributable to such transferred Notes, resulting in an aggregate of 42,084 shares being issued upon the conversion of such transferred Notes.
  (3) Thomas Tierney is a trustee of the Tierney Family Trust. Mr. Tierney originally joined the Board on February 25, 2013 and served as Chairman of the Board from March 26, 2013 through his resignation on May 22, 2015. On September 29, 2016 Mr. Tierney rejoined the Board. The Tierney Family Trust is a greater than 5% shareholder of the Company.
  (4) Robert Follman is a trustee of the Follman Family Trust and is a member of the Board.
  (5) Dr. Robin Smith is the Chairman of the Board.
  (6) Geoffrey Harris is a member of the Board and Chairman of the Audit Committee.
  (7) George Carpenter is the CEO of the Company.
  (8) Mark & Jill Oman are the beneficial owners of Oman Ventures and were greater than 5% shareholders of the Company.