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SUBSEQUENT EVENTS
9 Months Ended
Jun. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

NOTE 9:  SUBSEQUENT EVENTS


The following notes to the consolidated financial statements contain disclosures as noted with respect to transactions occurring after June 30, 2015:


       Note 1 (compensation and other cost reductions after June 30, 2015; impact of certain debt and other obligations coming due after June 30, 2015 and after the issuance of these financial statements; funding commitment letter received after June 30, 2015; December 2015 agreement with Sigma to repay portion of New Sigma Note and to extend the maturity date on the balance; actual and anticipated sales of Infinite customer accounts to Partners after June 30, 2015; liquidity information as of September 30, 2015 and for the twelve months then ended; liquidity information as of June 30, 2016 and for the nine months then ended; management’s post June 30, 2015 exploration of the financial potential of the granted patents and the patents pending)


      Note 2 (patent application and issuance activity after June 30, 2015; management’s post September 30, 2015 exploration of the financial potential of the granted patents and the patents pending; actual and anticipated sales of Infinite customer accounts to Partners after June 30, 2015; impact of change in ONSM common share price through February 19, 2016)


      Note 3 (write-down of capitalized webcasting development costs after June 30, 2015)


      Note 4 (renewal of the Line in February 2016 and status of the Line after June 30, 2015, until such renewal; extensions and other modifications to various notes after June 30, 2015 including payment of fees in cash and shares; early repayment of certain notes after June 30, 2015; borrowings from Sigma and J&C after June 30, 2015; impact of change in ONSM common share price through February 19, 2016)


        Note 5 (status of issuance of Executive Shares and payment of cash compensation to the Executives through April 5, 2016; issuance of Executive Incentive Shares after June 30, 2015; status of office lease renewal negotiations in Florida as of April 5, 2016; impact of change in ONSM common share price through February 19, 2016)


     Note 6 (status through April 5, 2016 of communications with respect to June 30, 2015 shortfall reimbursement obligation; actual and anticipated sales of Infinite customer accounts to Partners after June 30, 2015, including issuance of common shares for management services)


During July 2015, we issued 200,000 unregistered common shares for investor relations and financial consulting services valued at approximately $38,000, which will be recognized as professional fees expense over a service period of twelve months.


During July 2016 we issued 215,000 unregistered common shares for professional investor relations and financial consulting services valued at approximately $34,000, which will be recognized as professional fees expense over a service period of twelve months.


During August 2016 we issued 25,000 unregistered common shares for financial advisory services valued at approximately $3,000, which will be expensed at the time of issuance.


During September 2016 we issued 125,000 unregistered common shares as a finders fee valued at approximately $16,000, which will be expensed at the time of issuance.


The operating lease for our Infinite Conferencing location in New Jersey expires January 31, 2022, after considering the most recent lease amendment executed in October 2016 with an effective date of February 1, 2017. The monthly base rental is approximately $17,700 through January 31, 2017, then, based on a mutual agreement to a reduction in the square footage, is $10,000 per month for the next twelve months and then increases by $500 per month for each of the next four twelve-month lease periods. The lease provides for one five-year renewal option at no less than the base rental at the time of renewal ($12,000), but not to exceed fair market value at the time of renewal. The lease is also cancellable by us any time after November 1, 2016 in the event of the sale of Infinite Conferencing or Onstream Media Corporation, such cancellation effective six months after notice is given by us to landlord after such sale.