XML 58 R26.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2013

Fair Value Measurements for Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes fair value measurements at December 31, 2013 and September 30, 2013 for assets and liabilities measured at fair value on a recurring basis:

December 31, 2013:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	59,713,424	$	—	$	—	$	59,713,424
Derivative assets	$	—	$	—	$	—	$	—
Derivative liabilities	$	—	$	—	$	5,097,442	$	5,097,442
Acquisition related contingent consideration obligations	$	—	$	—	$	1,595,273	$	1,595,273

September 30, 2013:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	19,114,444	$	—	$	—	$	19,114,444
Derivative assets	$	—	$	—	$	—	$	—
Derivative liabilities	$	—	$	—	$	4,096,363	$	4,096,363
Acquisition related contingent consideration obligations	$	—	$	—	$	1,595,273	$	1,595,273

Assumptions Used in Valuing Derivative Asset

The assumptions used in valuing the derivative asset were not applicable as the value has been determined to be zero at December 31, 2013 and September 30, 2013.

	December 31, 2013	September 30, 2013
Risk free interest rate	—	—
Expected life	—	—
Dividend yield	—	—
Volatility	—	—

Reconciliation of Derivative Asset

The following is a reconciliation of the derivative asset:

Value at September 30, 2012	$	250,250
Receipt of instruments		—
Decrease in value		(250,250	)
Net settlements		—
Value at September 30, 2013	$	—
Receipt of instruments		—
Decrease in value		—
Net settlements		—
Value at December 31, 2013	$	—

Change in Fair Value of Contingent Consideration Obligations

The following is a reconciliation of contingent consideration fair value.

Value at September 30, 2012	$	173,621
Purchase price contingent consideration		—
Contingent consideration payments		—
Change in fair value of contingent consideration		1,421,652
Value at September 30, 2013	$	1,595,273
Purchase price contingent consideration		—
Contingent consideration payments		—
Change in fair value of contingent consideration		—
Value at December 31, 2013	$	1,595,273

Warrant

Assumptions Used in Valuing Derivative Liabilities

The assumptions used in valuing the derivative liability were as follows:

2010 Warrants	December 31, 2013	September 30, 2013
Risk free interest rate	0.38%	0.33%
Expected life	2.0 Years	2.2 Years
Dividend yield	None	None
Volatility	69%	69%

2012 Warrants	December 31, 2013	September 30, 2013
Risk free interest rate	1.27%	1.39%
Expected life	4.0 Years	4.2 Years
Dividend yield	None	None
Volatility	69%	69%

2013 Warrants	December 31, 2013	September 30, 2013
Risk free interest rate	1.27%	1.39%
Expected life	4.1 Years	4.3 Years
Dividend yield	None	None
Volatility	69%	69%

Reconciliation of Derivative Liability

The following is a reconciliation of the derivative liability related to these warrants:

Value at September 30, 2012	$	626,195
Issuance of instruments		2,153,819
Change in value		5,066,591
Net settlements		(3,754,808	)
Value at September 30, 2013	$	4,091,797
Issuance of instruments		—
Change in value		3,507,496
Net settlements		(2,518,502)
Value at December 31, 2013	$	5,080,791

Exchange rights

Assumptions Used in Valuing Derivative Liabilities

The assumptions used in valuing the derivative liability were as follows:

	December 31, 2013	September 30, 2013
Risk free interest rate	1.27%	1.39%
Expected life	4.0 Years	4.3 Years
Dividend yield	None	None
Volatility	69%	69%

Reconciliation of Derivative Liability

The following is a reconciliation of the derivative liability related to these exchange rights:

Value at September 30, 2012	$	10,375
Issuance of instruments		—
Change in value		(5,806	)
Net settlements		—
Value at September 30, 2013	$	4,569
Issuance of instruments		—
Change in value		12,082
Net settlements		—
Value at December 31, 2013	$	16,651

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References+ Details