STOCKHOLDERS' EQUITY (DEFICIT)

9 Months Ended

Jun. 30, 2014

Equity [Abstract]

STOCKHOLDERS' EQUITY (DEFICIT)

Preferred stock

 At June 30, 2014, the Company had 10,000,000 shares authorized and no shares issued and outstanding of its $0.001 par value preferred stock.

Common stock

 At June 30, 2014 and September 30, 2013, the Company had 800,000,000 and 400,000,000 shares authorized and 2,338,077 and 1,384,721 shares issued and outstanding, respectively, of its $0.001 par value common stock. On March 19, 2014 the holders of the Company’s outstanding voting capital approved an amendment to the Company’s Articles of Incorporation to increase the number of shares of common stock authorized to be issued by the Company from 400,000,000 to 800,000,000.

Transactions during the nine months ended June 30, 2014

 Common Stock

 During the nine months ended June 30, 2014, the Company issued 178,225 shares of common stock to athletes and consultants for endorsement and consulting services valued at approximately $1,019,000.

 During the nine months ended June 30, 2014, the Company issued 245,150 shares of common stock upon conversion of convertible notes payable with principal and accrued interest totaling $252,272.

 Warrants

 During the nine months ended June 30, 2014, the holders of the Advisory Warrants exercised 4,141 Advisory Warrants for 120,000 shares of common stock which generated an expense on inducement of warrant exchange of $480,000 (see Note 7).

 During the nine months ended June 30, 2014, the holders of the March 2013 Notes exercised 1,336 of series B Warrants issued in connection therewith for common stock which generated $14,691 in cash.

 On December 13, 2013, the Company reached agreements with the holders of the series A Warrants that were issued in conjunction with the March 2013 Notes, and the holders of the exchange warrants. The terms of the agreements resulted in the exchange of the 99,045 series A Warrants and 43,009 exchange warrants for 408,645 shares of common stock which generated an expense on inducement of warrant exchange of $170,616 (see Note 7). 

Transactions during the nine months ended June 30, 2013

 Common Stock

 During the nine months ended June 30, 2013, the Company issued 121,781 shares of common stock upon conversion of convertible notes payable with a principal balance and accrued interest totaling $2,356,207.

 During the nine months ended June 30, 2013, the company issued 25,500 shares of common stock to athletes and consultants for endorsement and consulting services valued at approximately $1,151,000.

 Warrants

 During the nine months ended June 30, 2013, the holders of the February 2012 Notes exercised 69,150 of series B Warrants issued in connection therewith for common stock which generated $1,521,324 in cash. In addition, during the period there were cashless exercises in the amount of 4,595 shares from our series A warrants issued in connection with the February 2012 Notes. 

 On March 14, 2013, the Company reached agreements with the holders of the Series A Warrants that were issued in conjunction with the February 2012 Notes. The terms of the agreements resulted in the exchange of the 134,420 Series A Warrants for 233,648 shares of common stock and 43,009 new five-year Warrants having an exercise price of $60.00 per share.

 During the nine months ended June 30, 2013, the holders of the March 2013 notes exercised 20,935 of series B warrants issued in connection therewith for common stock which generated $529,386 in cash.

 Options

 During the nine months ended June 30, 2013, a former employee and several consultants exercised their stock options for 13,277 shares, which generated cash in the amount of $270,825.