Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY (Tables)

v3.7.0.1
STOCKHOLDERS' EQUITY (Tables)
 9 Months Ended
Jun. 30, 2017
Equity [Abstract]  
Schedule of stock-based compensation expense

Stock-based compensation expense included in the accompanying statements of operations for the three and nine months ended June 30, 2017 and 2016 is as follows:    

 

    For the three months ended
June 30,		  
    2017     2016  
Research   $ 2,200     $ 10,400  
Product development     85,100       15,600  
Sales and marketing     23,500       7,700  
General and administrative     721,300       7,800  
Total   $ 832,100     $ 41,500  

  

    For the nine months ended
June 30,		  
    2017     2016  
Research   $ 10,900     $ 31,200  
Product development     275,500       32,400  
Sales and marketing     70,400       22,600  
General and administrative     938,000       26,200  
Total   $ 1,294,800     $ 112,400  
Schedule of stock option activity

A summary of stock option activity is as follows: 

 

      Number of 
Shares		     Weighted
Average 
Exercise Price		  
Outstanding at September 30, 2016       223,120     $ 50.98  
Granted       102,000       6.00  
Exercised       —       —  
Expired       (25 )     1,800.00  
Outstanding at December 31, 2016       325,095     $ 36.74  
Granted       23,000       6.19  
Exercised       —       —  
Forfeited       —       —  
Outstanding at March 31, 2017       348,095     $ 34.72  
Granted       10,000       6.00  
Exercised       —       —  
Forfeited       (2,425 )     150.52  
Outstanding at June 30, 2017       355,670     $ 33.12  
Schedule of the status of options outstanding

Following is a summary of the status of options outstanding at June 30, 2017:

 

Exercise
Price ($)		     Number
of Shares		     Expiration
Date		   Weighted Average
Exercise Price ($)		  
2012 Omnibus Incentive Compensation Plan             
$ 5.10       8,250     04/2026   $ 5.10  
  5.90       18,000     03/2027     5.90  
  6.00       256,000     09/2026 – 05/2027     6.00  
  7.25       5,000     02/2027     7.25  
  11.00       8,750     08/2025     11.00  
  9.44       43,978     12/2022 – 01/2023     9.44  
  50.00       11,227     03/2023 – 01/2025     50.00  
  52.00       2,125     07/2024     52.00  
  600.00       216     03/2022     600.00  
  Total 2012 Plan       353,546         $ 8.94  
                         
2006 Stock Incentive Plan              
$ 2,400.00       144     03/2019 – 07/2020   $ 2,400.00  
  2,820.00       51     03/2021     2,820.00  
  3,060.00       7     09/2018     3,060.00  
  3,300.00       1,250     03/2020     3,300.00  
  4,800.00       24     12/2017     4,800.00  
  5,340.00       162     09/2017     5,340.00  
  5,760.00       61     04/2018     5,760.00  
  6,540.00       425     08/2017     6,540.00  
  Total 2006 Plan       2,124         $ 4,118.16  
  Total options outstanding       355,670     Average   $ 33.12  
Schedule of share-based compensation warrants

The warrant activity for the period starting October 1, 2016, through June 30, 2017, is described as follows:

 

      Number of
Shares		     Weighted
Average 
Exercise Price		  
Outstanding at September 30, 2016       7,160     $ 50.41  
Granted       —       —  
Exercised       —       —  
Expired       (14 )     200.00  
Forfeited       —       —  
Outstanding at December 31, 2016       7,146     $ 50.12  
Granted       —       —  
Exercised       —       —  
Expired       (251 )     103.78  
Forfeited       —       —  
Outstanding at March 31, 2017       6,895     $ 48.17  
Granted       —       —  
Exercised       —       —  
Expired       —       —  
Forfeited       —       —  
Outstanding at June 30, 2017       6,895     $ 48.17  
Schedule of the status of warrants outstanding

Following is a summary of the status of warrants outstanding at June 30, 2017:

 

Exercise
Price		     Number
of Shares		     Expiration
Date		   Weighted Average
Exercise Price		  
$ 9.44       191     03/2018   $ 9.44  
  10.00       4,000 (1)   06/2021     10.00  
  50.00       1,000     07/2017     50.00  
  55.00       1,620      06/2018 – 03/2019     55.00  
  1,800.00       84     07/2017     1,800.00  
$ Total         6,895         $ 48.17  

   

(1)    On June 10, 2016, we issued two warrants, pursuant to a Finder’s Fee Agreement with Maxim Group LLC, to purchase in aggregate 4,000 shares of Common Stock following the introduction of an accredited investor who entered into a Second Amended Note and Warrant Purchase Agreement in the principal amount of $200,000. Each warrant is exercisable, in whole or in part, during the period beginning on the date of its issuance, and ending on the earlier of (i) December 31, 2020 and (ii) the date that is forty-five (45) days following the date on which the daily closing price of shares of the Company’s Common Stock quoted on the OTCQB Venture Marketplace (or other bulletin board or exchange on which the Company’s Common Stock is traded or listed) exceeds $50.00 for at least ten (10) consecutive trading days. Pursuant to the Finder’s Fee Agreement, Maxim was also paid $20,000 cash for their efforts.