XML 38 R24.htm IDEA: XBRL DOCUMENT

SALE OF PREFERRED SHARES AND WARRANTS (Tables)

12 Months Ended

Sep. 30, 2015

Schedule of Stockholders' Equity Note, Warrants or Rights

The following table summarizes the change in the estimated fair value of the Company’s Class A warrants as of September 30 (in thousands):

	2015		2014
Balance at beginning of year	$	676	$	612
Fair value of Class A warrants exercised		—		(854)
Increase (decrease) in fair value of Class A warrants		(487)		918
Balance at end of year	$	189	$	676

Class Of Warrant A And Warrant B [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

The assumptions used to compute the fair value of the warrants at the time of issuance were as follows:

	Warrant A			Warrant B
Risk-free interest rate		1.87	%		0.18	%
Dividend yield		0.00	%		0.00	%
Volatility of the Company's common shares		106.91	%		116.01	%
Expected life of the warrants (years)		5.0			1.0

Fair value per unit	$	1.433		$	0.779

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details