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Preferred Stock and Common Stock
6 Months Ended
Mar. 31, 2016
Notes to Financial Statements  
Preferred Stock and Common Stock

 

The Company is authorized to issue up to 20,000,000 shares of preferred stock, $0.0001 par value per share. The Company's Board of Directors has the authority to amend the Company's Articles of Incorporation, without further shareholder approval, to designate and determine, in whole or in part, the preferences, limitations and relative rights of the preferred stock before any issuance of the preferred stock and to create one or more series of preferred stock. As of March 31, 2016, there were no shares of preferred stock outstanding.

 

During the year ended September 30, 2015, the Company purchased 42,000 warrants to purchase shares of Series D Preferred for $10,500 in cash. As of March 31, 2016, zero warrants to purchase shares of Series D Preferred were issued and outstanding.

 

During the six months ended March 31, 2016, the Company issued 7,185 shares of common stock to the former owners of G2 Research Limited (see Note 8) for achieving certain milestones outlined in the Share Purchase Agreement. In addition, 22,198 shares of common stock were issued to employees under a long term incentive program.