Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY (Tables)

v3.6.0.2
STOCKHOLDERS' EQUITY (Tables)
 3 Months Ended
Dec. 31, 2016
Stockholders' Equity Note [Abstract]  
Schedule of stock-based compensation expense

Stock-based compensation expense included in the accompanying statements of operations for the year ended December 31, 2016 and 2015 is as follows:    

    December 31  
    2016     2015  
Research   $ 6,600     $ 10,400  
Product Development     97,400       9,200  
Sales and marketing     22,500       9,100  
General and administrative     154,600       11,200  
Total   $ 281,100     $ 39,900  
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     -       -  
Forfeited     (25 )     1,800.00  
Outstanding at December 31, 2016     325,095     $ 36.74
Schedule of the status of options outstanding

Following is a summary of the status of options outstanding at December 31, 2016:

 

Exercise
Price ($)		     Number
of Shares		     Expiration
Date		   Weighted Average
Exercise Price ($)		  
 2012 Omnibus Incentive Compensation Plan             
$ 5.10       8,250     04/2026   $ 5.10  
  6.00       246,000     09/2026 – 10/2026     6.00  
  11.00       8,750     08/2025     11.00  
  9.44       43,978     12/2022 – 01/2023     9.44  
  50.00       13,577     03/2023 – 01/2025     50.00  
  52.00       2,125     07/2024     52.00  
  600.00       216     03/2022     600.00  
  Total 2012 Plan       322,896         $ 9.13  

 

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       1,325     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       2,199         $ 4090.26  
  Total options outstanding       325,095     Average   $ 36.74  
Schedule of share-based compensation warrants

The warrant activity for the period starting October 1, 2016, through December 31, 2016, 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  
Schedule of the status of warrants outstanding

Following is a summary of the status of warrants outstanding at December 31, 2016:

 

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       1,161       03/2017 – 07/2017       50.00
      55.00       1,620       06/2018 – 03/2019       55.00
      200.00       90       01/2017       200.00
      1,800.00       84       07/2017       1,800.00
$     Total       7,146             $ 50.12

 

  (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. In connection therewith, the Company will promptly notify the Note Warrant holders in the event that the daily closing price of the Company's shares of Common Stock 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.