WARRANTS (Tables)

9 Months Ended

Jun. 30, 2018

The fair value of the warrants at the date of issuance has been calculated based on the following inputs and assumptions using the Black-Scholes Model:


	September 1, 2017	August 31, 2017	February 28, 2017
Fair value at issuance date	$1,420,456	$424,179	$2,914,884
Warrants issued	374,000	112,000	1,440,501
Exercise Price	$0.60	$0.65	$0.37
Stock Price	$4.00	$4.00	$2.10
Expected Term (Years)	10	10	10
Volatility %	91%	91%	105%
Discount Rate - Bond Equivalent Yield	2.35%	2.35%	2.55%
Dividend Yield	—%	—%	—%

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


	Number of Warrants	Weighted Average Exercise Price Per Option	Weighted Average remaining Contractual Life (years)	Aggregate Intrinsic Value
Outstanding balance at September 30, 2017	1,926,501	0.43	8.86	6,875,819

Granted	—	—	—	—

Forfeited	—	—	—	—

Outstanding balance at June 30, 2018	1,926,501	0.43	8.11	$	1,288,966

Warrants exercisable at June 30, 2018	1,926,501	0.43	8.11	$	1,288,966

- 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.

+ References + Details