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Schedule of Cashless Warrants (Tables)

12 Months Ended

Sep. 30, 2016


	Number of cashless warrants	Weighted average exercise price $

Balance, September 30, and 2015	–	–

Granted	242,000	0.50
Exercised	–	–
Forfeited	–	–

Balance, September 30, 2016	242,000	0.50

Additional information regarding cashless warrants as of September 30, 2016, is as follows:


	Outstanding and exercisable
Range of Exercise Prices $	Number of Cashless Warrants	Weighted Average Remaining Contractual Life (years)

0.50	242,000	4.9

Schedule of Fair Value of Cashless Warrants Granted Estimated Using Black-Scholes Options Pricing Model

The fair values for cashless warrants granted have been estimated using the Black-Scholes option pricing model assuming no expected dividends and the following weighted average assumptions:


	2016	2015

Risk-free interest rate	1.00%	–
Expected life (in years)	5.0	–
Expected volatility	236%	–

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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