Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2014

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

The following table summarizes fair value measurements at September 30, 2014 and September 30, 2013 for assets and liabilities measured at fair value on a recurring basis:

September 30, 2014:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	132,510,610	$	—	$	—	$	132,510,610
Derivative liabilities	$	—	$	—	$	4,173,943	$	4,173,943
Contingent consideration obligations related to acquisitions	$	—	$	—	$	3,970,931	$	3,970,931

September 30, 2013:

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

Change in Fair Value of Contingent Consideration Obligations

The following is a reconciliation of contingent consideration fair value during the years ended September 30, 2014 and 2013.

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		2,375,658
Value at September 30, 2014	$	3,970,931

Exchange rights

Assumptions Used in Valuing Derivative Liabilities

The assumptions used in valuing the derivative liability as of September 30, 2014 and 2013 were as follows:

	September 30,  2014	September 30,  2013
Risk free interest rate	1.07%	1.39%
Expected life	3.3 Years	4.3 Years
Dividend yield	None	None
Volatility	100%	100%

Reconciliation of Derivative Liability

The following is a reconciliation of the derivative liability related to these exchange rights for the years ended September 30, 2014 and 2013:

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		211,860
Net settlements		—
Value at September 30, 2014	$	216,429

Warrant

Assumptions Used in Valuing Derivative Liabilities

The assumptions used in valuing the derivative liability as of September 30, 2014 and 2013 were as follows:

2010 Warrants	September 30, 2014	September 30, 2013
Risk free interest rate	0.13%	0.33%
Expected life	1.2 Years	2.2 Years
Dividend yield	None	None
Volatility	69%	69%
2012 Warrants	September 30, 2014	September 30, 2013
Risk free interest rate	1.07%	1.39%
Expected life	3.2 Years	4.2 Years
Dividend yield	None	None
Volatility	69%	69%
2013 Warrants	September 30, 2014	September 30, 2013
Risk free interest rate	1.07%	1.39%
Expected life	3.3 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 for the years ended September 30, 2014 and 2013:

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		5,821,796
Net settlements		(5,956,079)
Value at September 30, 2014	$	3,957,514