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SUBSEQUENT EVENTS
12 Months Ended
Sep. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

NOTE 9:  SUBSEQUENT EVENTS


During June and July 2016 we issued an aggregate of 300,000 unregistered common shares for professional IR and PR/marketing services valued at approximately $45,000, which will be recognized as professional fees expense over service periods of up to twelve months.


During June 2016 we issued 100,000 unregistered common shares for financial advisory services valued at approximately $14,000, which will be expensed at the time of issuance.


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


  • Note 1 (compensation and other cost reductions after September 30, 2015; impact of certain debt and other obligations coming due after September 30, 2015 and after the issuance of these financial statements; funding commitment letter received after September 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 September 30, 2015; liquidity information as of June 30, 2016 and for the nine months then ended; management’s post September 30, 2015 exploration of the financial potential of the granted patents and the patents pending)

  • Note 2 (patent application and issuance activity after September 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 September 30, 2015; impact of change in ONSM common share price through October 7, 2016)

  • Note 4 (renewal of the Line in February 2016 and status of the Line after September 30, 2015 and after such renewal; extensions and other modifications to various notes after September 30, 2015 including payment of fees in cash and shares; early repayment of certain notes after September 30, 2015; borrowings from J&C after September 30, 2015; impact of change in ONSM common share price through October 7, 2016)

  • Note 5 (status of issuance of Executive Shares and payment of cash compensation to the Executives through October 28, 2016; issuance of Executive Incentive Shares after September 30, 2015; status of office lease renewal negotiations in Florida as of October 28, 2016; October 2016 amendment to New Jersey office lease; impact of change in ONSM common share price through October 7, 2016; status of recommended changes to USF through October 28, 2016)

  • Note 6 (status through October 28, 2016 of communications with respect to September 30, 2015 shortfall reimbursement obligation; actual and anticipated sales of Infinite customer accounts to Partners after September 30, 2015 and related transactions, including issuance of common shares for management services)