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SUBSEQUENT EVENTS
6 Months Ended
Mar. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

NOTE 9:  SUBSEQUENT EVENTS


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 June and July 2016 we issued an aggregate of 300,000 unregistered common shares for professional investor relations 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 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 March 31, 2016:


  • Note 1 (compensation and other costs reductions after March 31, 2016; impact of certain debt and other obligations coming due after March 31, 2016; funding commitment letter extended after March 31, 2016; actual and anticipated sales of Infinite customer accounts to Partners after March 31, 2016; management’s post March 31, 2016 exploration of the financial potential of the granted patents and the patents pending)

  • Note 2 (patent application and issuance activity after March 31, 2016; management’s post March 31, 2016 exploration of the financial potential of the granted patents and the patents pending; actual and anticipated sales of Infinite customer accounts to Partners after March 31, 2016; impact of change in ONSM common share price through October 7, 2016)

  • Note 4 (status of the Line after March 31, 2016; extensions and other modifications to various notes after March 31, 2016 including payment of fees in cash and shares; impact of change in ONSM common share price through October 7, 2016)

  • Note 5 (status of issuance of Executive Shares through October 28, 2016; 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 March 31, 2016 shortfall reimbursement obligation; actual and anticipated sales of Infinite customer accounts to Partners after March 31, 2016)