9. Warrants

12 Months Ended

Sep. 30, 2016

Warrants and Rights Note Disclosure [Abstract]

Warrants

The Company issued several notes in prior periods and converted them resulting in the issuance of warrants. The following table summarizes information about the Company’s warrants at September 30, 2016:

	Number of Units		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Intrinsic Value
Outstanding at September 30, 2015		590,146	$	4.14		2.73	$	3,493,092
Granted		–
Exercised		–
Outstanding at September 30, 2016		590,146	$	4.14		1.73	$	4,307,493
Exercisable at September 30, 2016		590,146	$	4.14		1.73	$	4,307,493

Most of the above warrants were issued in connection with the conversion of convertible notes from Isaac Capital Group. When the debts is converted and warrants are issued, the Company determines the fair value of the warrants using the Black-Scholes-Merton model and takes a charge to interest expense at the date of issuance.

The exercise price for the warrants outstanding and exercisable at September 30, 2016 is as follows:

Outstanding				Exercisable
Number of Warrants		Exercise Price		Number of Warrants		Exercise Price
	271,981	$	3.30		271,981	$	3.30
	89,286		3.36		89,286		3.36
	61,914		4.86		61,914		4.86
	166,965		5.70		166,965		5.70
	590,146				590,146