Emmaus Life Sciences, Inc. Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE LIABILITIES (Tables)

6 Months Ended

Mar. 31, 2016

The range of Black-Scholes option-pricing model assumption inputs for all the valuation dates are in the table below:

	September 30, 2015 through to March 31, 2016 Low			September 30, 2015 through to March 31, 2016 High
Annual dividend yield
Expected life (years)		0.2			2.00
Risk-free interest rate		0.08	%		1.06	%
Expected volatility		47.83	%		225.32	%

The following tables include a roll-forward of liabilities classified within Levels 1, 2 and 3:

	Six Months Ended March 31, 2016
	Level 1		Level 2		Level 3

Stock warrant and other derivative liabilities at September 30, 2015	$	-	$	-	$	833,000
$3M of convertible debt prior to amendment		-		-		(772,800	)
$3M of convertible debt as amended		-		-		962,300
Issuance of warrants and other derivatives		-		-		444,600
Change in fair value		-		-		(25,400	)
Stock warrant and other derivative liabilities at March 31, 2016	$	-	$	-	$	1,441,700

	Six Months Ended March 31, 2015
	Level 1		Level 2		Level 3

Stock warrant and other derivative liabilities at September 30, 2014	$	-	$	-	$	153,100
Change in fair value		-		-		(67,300	)
Stock warrant and other derivative liabilities at March 31, 2015	$	-	$	-	$	85,800