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SUBSEQUENT EVENTS
9 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

NOTE 9:  SUBSEQUENT EVENTS


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 following notes to the consolidated financial statements contain disclosures as noted with respect to transactions occurring after June 30, 2016:


  • Note 1 (compensation and other cost reductions after June 30, 2016; impact of certain debt and other obligations coming due after June 30, 2016; funding commitment letter extended after June 30, 2016; anticipated sale of Infinite customer accounts to Partners after June 30, 2016; management’s post June 30, 2016 exploration of the financial potential of the granted patents and the patents pending)

  • Note 2 (patent application and issuance activity after June 30, 2016; management’s post June 30, 2016 exploration of the financial potential of the granted patents and the patents pending; anticipated sale of Infinite customer accounts to Partners after June 30, 2016; impact of change in ONSM common share price through October 7, 2016)

  • Note 4 (status of the Line after June 30, 2016; extensions and other modifications to various notes after June 30, 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 June 30, 2016 shortfall reimbursement obligation; anticipated sale of Infinite customer accounts to Partners after June 30, 2016)