Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2016

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

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

The following table summarizes fair value measurements at December 31, 2016 and September 30, 2016 for assets and liabilities measured at fair value on a recurring basis:

December 31, 2016:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	102,105,569	$	—	$	—	$	102,105,569
Derivative liabilities	$	—	$	—	$	118,795	$	118,795

September 30, 2016:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	85,366,448	$	—	$	—	$	85,366,448
Derivative liabilities	$	—	$	—	$	1,602,626	$	1,602,626

Exchange rights

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Assumptions Used in Valuing Derivative Liabilities

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

	December 31, 2016	September 30, 2016
Risk-free interest rate	0.85%	0.68%
Expected life	1.2 Years	1.5 Years
Dividend yield	—	—
Volatility	79%	89%

Reconciliation of Derivative Liability

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

Value at September 30, 2016	$	36,752
Issuance of instruments		—
Change in value		(29,000	)
Net settlements		—
Value at December 31, 2016	$	7,752

Warrant

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Assumptions Used in Valuing Derivative Liabilities

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

2012 Warrants	December 31, 2016	September 30, 2016
Risk-free interest rate	0.85%	0.68%
Expected life	0.9 Years	1.2 Years
Dividend yield	—	—
Volatility	79%	89%
2013 Warrants	December 31, 2016	September 30, 2016
Risk-free interest rate	0.85%	0.68%
Expected life	1.0 Years	1.3 Years
Dividend yield	—	—
Volatility	79%	89%

Reconciliation of Derivative Liability

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

Value at September 30, 2016	$	1,565,874
Issuance of instruments		—
Change in value		(1,454,831	)
Net settlements		—
Value at December 31, 2016	$	111,043