Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.19.2
Stockholders' Equity (Tables)
9 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Schedule of stock-based compensation expense

    Nine months ended June 30,  
    2019     2018  
      Stock-based compensation expense - stock options       Stock-based compensation expense - restricted shares       Stock-based compensation expense - stock options       Stock-based compensation expense restricted shares  
Research   $     $     $     $  
Product development     30,700       10,400       96,700        
Sales and marketing     24,900             100        
General and administrative     735,600       411,900       738,100       500,200  
Total   $ 791,200     $ 422,300     $ 834,900     $ 500,200  
Schedule of unrecognized stock-based compensation expense

    June 30,  
    2019     2018  
Type of Award:   Unrecognized Expense, net of estimated forfeitures     Weighted average Recognition Period
(in years)
    Unrecognized Expense, net of estimated forfeitures     Weighted average Recognition Period
(in years)
 
Stock Options   $ 246,866       1.26     $ 924,117       4.49  
Restricted Stock                 186,600       0.49  
Total   $ 246,866       1.26     $ 1,110,717       3.58  
Schedule of stock option activity

    Number of
Shares
    Weighted
Average 
Exercise
Price
   

Weighted-

Average

Remaining

Contractual

Term
(in years)

    Intrinsic Value  
Outstanding at September 30, 2018     803,937     $ 10.13       8.75     $ 7,500  
Granted     1,084,758       1.31                
Exercised                          
Forfeited or expired     (96,531 )     5.34                  
Outstanding at June 30, 2019     1,792,164     $ 5.05       8.82     $ 38,000  
Schedule of restricted stock activity

Following is a summary of the restricted stock activity for the six months ended June 30, 2019:

 

    Number of Shares     Weighted Average   Grant Date Fair Value  
Outstanding at September 30, 2018     406,564     $ 4.09  
Granted     250,250       1.32  
Forfeited     (4,500 )     1.99  
Outstanding at June 30, 2019     652,314     $ 3.04  
Schedule of black-scholes option-pricing model

    Nine Months Ended
June 30, 2019
 
    Low     High  
Annual dividend yield     %     %
Expected life (years)     3.0       5.0  
Risk-free interest rate     1.73 %     2.90 %
Expected volatility     166.35 %     200.47 %
Schedule of warrant activity

The warrant activity for the nine months ended June 30, 2019, are described as follows:

 

    Number of Shares   Weighted Average Exercise Price  
Outstanding at September 30, 2018     6,075,874   $ 4.53  
Granted     194,354     1.02  
Expired/ Forfeited     (555 )    55.00  
Outstanding at June 30, 2019     6,269,673   $ 4.41  
Schedule of the status of warrant outstanding

Following is a summary of the status of warrants outstanding at June 30, 2019:

 

Exercise
Price
    Number
of Shares
    Expiration
Date
  Weighted Average
Exercise Price
 
$ 1.02       194,354 (1)   05/2024   $ 1.02  
  2.00       459,458 (2)   09/2023     2.00  
  2.34       1,050,000 (3)   03/2023     2.34  
  5.25       2,539,061 (4)   07/2022     5.25  
  5.25       1,675,000 (5)   07/2022     5.25  
  5.25       213,800 (6)   07/2022     5.25  
  6.04       134,000 (7)   07/2022     6.04  
  10.00       4,000     06/2021     10.00  
  Total       6,269,673         $ 4.41  

  

(1) On May 28, 2019, the Company completed a direct offering of 2,776,491 shares of common stock to select investors. As part of the Fee Agreement, the Company agreed to pay the Placement Agent 194,354 warrants to purchase shares of common stock equal to 7.0% of the aggregate number of shares issued to Investors in the Offering.

 

(2) On September 21, 2018, the Company entered into definitive agreements with George C. Carpenter IV, President and former Chief Executive Officer, Robin L. Smith, Chairman, as well as John Pappajohn, and Peter Unanue, each a director of the Company, and entities affiliated with Michal Votruba, a member of the Board of Directors of MYnd Analytics and Director of Life Sciences for the European-based RSJ-Gradus fund, relating to a private placement of an aggregate of 459,458 units for $1.85 per unit, with each unit consisting of one share of Common Stock and one Common Stock Purchase Warrant to purchase one share of Common Stock for $2.00 per share. The closing price per share of the Common Stock on the Nasdaq Stock Market on September 20, 2018 was $1.72 per share. 

 

(3) On March 29, 2018, the Company sold an aggregate of 1,050,000 units for $2.00 per Unit each consisting of one share of newly-designated Series A Preferred Stock, and one warrant in a private placement to three affiliates of the Company, for gross proceeds of $2.1 million. The private placement closed on March 29, 2018. The closing price per share of the Common Stock on the Nasdaq Stock Market on March 29, 2018 was $1.19 per share.

 

(4) On July 13, 2017, the Company declared a special dividend of warrants to purchase shares of the Company's common stock to record holders of Common Stock as of such date. Warrants to purchase 2,539,061 shares of Common Stock were distributed pro rata to all holders of common stock on the record date. These warrants are exercisable (in accordance with their terms) to purchase one share of common stock, at an exercise price of $5.25 per share. The warrants will become exercisable commencing not less than 12 months following their July 27, 2017 distribution date and will expire five years from the date of issuance.

 

(5) On July 19, 2017, the Company issued 1,675,000 shares of Common Stock and accompanying Warrants to purchase up to 1,675,000 shares of Common Stock in connection with an underwritten public offering.

 

(6) On August 23, 2017, the Company issued warrants to purchase 213,800 shares of common stock to underwriters as part of the exercise of the overallotment option attributed to the July 2017 underwritten public offering.

 

(7) As part of the underwritten public offering on July 19, 2017, the Company issued warrants to purchase 134,000 shares of common stock to the underwriters as part of the services performed by them in connection with the underwritten public offering.