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STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Jun. 30, 2018
STOCK-BASED COMPENSATION [Abstract]  
Schedule of assumptions used in Black-Scholes options pricing model to estimate the fair value of stock options The following assumptions were used in the Black-Scholes options pricing model to estimate the fair value of stock options for the nine months ended June 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee – Vesting Period

 

Non- Employee – Vesting Period

 

1 Year

 

2 Years

 

3 Years

 

4Years

 

1 Year

 

2 Years

 

3 Years

Stock Price

$0.85

 

$0.85

 

$0.85

 

$0.85

 

$1.10

 

$1.10

 

$1.10

Expected life (years)

5.50

 

5.75

 

6.00

 

6.25

 

5.50

 

5.75

 

6.00

Expected volatility

82.40%

 

82.20%

 

81.90%

 

81.70%

 

100.80%

 

102.30%

 

103.50%

Expected dividend yield

—%

 

—%

 

—%

 

—%

 

—%

 

—%

 

—%

Risk-free interest rate

1.57%

 

1.57%

 

1.57%

 

1.57%

 

2.66%

 

2.67%

 

2.68%

Summary of stock option activity

The following table summarizes stock option activity for the nine months ended June 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Options

 

Weighted Average Exercise Price Per Option

 

Weighted Average remaining Contractual Life (years)

 

Aggregate Intrinsic Value

Outstanding balance at September 30, 2017

4,829,875

 

 

0.56

 

 

8.22

 

 

$

16,636,397

 

 

 

 

 

 

 

 

 

Granted

—

 

 

—

 

 

—

 

 

—

 

 

 

 

 

 

 

 

 

Exercised

—

 

 

—

 

 

—

 

 

—

 

 

 

 

 

 

 

 

 

Forfeited and Expired

—

 

 

—

 

 

—

 

 

—

 

 

 

 

 

 

 

 

 

Outstanding balance at June 30, 2018

4,829,875

 

 

0.56

 

 

7.48

 

 

$

2,898,009

 

 

 

 

 

 

 

 

 

Options exercisable at June 30, 2018

2,795,706

 

 

0.34

 

 

6.72

 

 

$

2,112,591