CONVERTIBLE DEBT AND EQUITY FINANCINGS (Details Narrative) |
9 Months Ended | |||
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Apr. 14, 2015
USD ($)
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Jun. 30, 2015
USD ($)
Number
$ / shares
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Sep. 30, 2014
USD ($)
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Sep. 22, 2014
USD ($)
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Secured convertible debt | $ 2,158,800 | $ 1,475,800 | ||
5% Senior Secured Notes Convertible (the "September 2014 Notes") [Member] | ||||
Number of accredited investors | Number | 9 | |||
Face amount | $ 2,500,000 | |||
Issuance of debt | $ 500,000 | |||
Conversion price (in dollars per share) | $ / shares | $ 0.25 | |||
Description of conversion terms |
Automatically upon the closing of a qualified offering of no less than $5 million at a conversion price equal to the lesser of $0.25 or 70% of the lowest cost of Common Stock offered by the Company, but in no event less than $0.10 per share or (ii) voluntarily within 15 days of maturity at the lesser of a conversion price equal to $0.25 or the lowest cost of Common Stock offered by the Company, but in no event less than $0.10 per share. |
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Description of collateral |
Secured by a security interest in the Companys intellectual property, as detailed in a security agreement. |
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Description of repayment priority |
Upon a change of control of the Company, the holder of a September 2014 Note will have the option to have the Note repaid with a premium equal to 50% of the outstanding principal. |
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Secured convertible debt | $ 2,158,800 | |||
5% Senior Secured Notes Convertible (the "September 2014 Notes") [Member] | John Pappajohn [Member] | ||||
Number of secured notes issued | Number | 3 | |||
Secured convertible debt | $ 382,800 | |||
5% Senior Secured Notes Convertible (the "September 2014 Notes") [Member] | Thomas Tierney (Tierney Family Trust) [Member] | ||||
Number of secured notes issued | Number | 4 | |||
Secured convertible debt | $ 490,200 |
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- Definition It represents as a number of accredited investors. No definition available.
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- Definition It represents as a number of secured notes purchase. No definition available.
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- Definition The portion of the carrying value of long-term convertible debt as of the balance sheet date that is scheduled to be repaid within one year or in the normal operating cycle if longer. Convertible debt is a financial instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Discussion of whether the debt instrument is secured or unsecured, and, if secured, a description of the collateral and guarantees required or provided. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The price per share of the conversion feature embedded in the debt instrument. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Description of the conversion terms of a debt instrument which may include the conversion ratio (including all potential conversion ratios if contingently adjustable), type of debt or equity security into which the debt is convertible, the dollars of debt or the number of shares into which the instrument is convertible (or potentially convertible into), the conversion period, any contingencies associated with the conversion terms, and the existence and amount of a beneficial conversion feature. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Description of the debt instrument's priority, or seniority, for repayment in relation to other obligations of the entity in the event of liquidation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow during the period from additional borrowings in aggregate debt. Includes proceeds from short-term and long-term debt. No definition available.
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