5. STOCK WARRANTS

12 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

5. STOCK WARRANTS

During April 2014, the Company granted 100,000 warrants to advisors for services. The right to exercise these warrants shall vest in equal eight quarterly installments over the twenty-four (24) months following the date their vesting begins, subject to their continued engagement as a service provider though each such date. The exercise price equal to the current fair market value per share on the date of grant and will expire ten years from the grant date, unless terminated earlier as provided by the Warrant Agreements.

The Black-Scholes warrant pricing model was used with the following weighted average assumptions for options granted during the twelve month ended September 30, 2014

Risk-free interest rate 2.53%

Expected life 0 years

Expected volatility 0%

Expected dividend yield 0.0%

The company recognized warrant expenses of $20,527 for the year ended September 30, 2015 and $33,268 of warrant expenses for year ended September 30, 2014.

During the year ended September 30, 2015, the Company cancelled all warrants. Thus, there are no excisable warrants outstanding at year ended September 30, 2015. Unamortized warrant expense as of September 30, 2015 for all warrants outstanding is $0.

The following table summarizes common stock warrants issued and outstanding:

                                                                                                Stock Warrants                    Exercise price      

Outstanding at September 30, 2013                                                     

Granted                                                                                 100,000                                          $0.60

Exercised                                                                                        -

Forfeited                                                                                         -

Expired                                                                                           -                                                                                     

Outstanding at September 30, 2014                                  100,000                                          $0.60

Granted                                                                                            -           

Exercised                                                                                         -

Forfeited                                                                              100,000                                            $0.60

Expired                                                                                                                                                                           

Outstanding at September 30, 2015