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SUBSEQUENT EVENTS
9 Months Ended
Jun. 30, 2018
SUBSEQUENT EVENTS [Abstract]  
SUBSEQUENT EVENTS

10.    SUBSEQUENT EVENTS

 

On August 8, 2018 the Company issued a 12% convertible promissory note (the “Note”) in the principal amount of $135,000. The Note has a maturity date of August 8, 2019 and is convertible by the holder at any time into shares of the Company’s common stock at a conversion price equal to the lower of (i) $0.65 per share or (ii) the price of the next financing during the 180 days after the date of the Note. If the holder has not converted the Note into common stock by the maturity date,  the Company must repay the outstanding principal amount plus accrued interest.

 

The Note contains an anti-dilution provision which adjusts the conversion price in the event of an issuance by the Company of common stock below the then effective conversion price.