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17. SUBSEQUENT EVENTS
12 Months Ended
Sep. 30, 2014
Subsequent Events [Abstract]  
17. SUBSEQUENT EVENTS

17. SUBSEQUENT EVENTS

 

In accordance with ASC 855, “Subsequent Events”, the Company has reviewed subsequent events through the date of the filing.

 

On October 24, 2014 the Company announced that it closed an underwritten public offering of 7,894,737 shares of common stock and 1,973,684 warrants to purchase shares of common stock. For every four shares of common stock sold, investors in this offering were issued a warrant to purchase one share of common stock. The common stock and warrants were sold at a combined price of $0.76 for net proceeds of approximately $5.5 million, net of underwriting discounts and commissions and offering expenses. The warrants were immediately exercisable, expire October 11, 2018 and have an exercise price of $1.25.

 

Additionally, on October 21, 2014, the Company announced that it had sold 1,320,000 shares of the Company’s common stock, as well as warrants to purchase an additional 330,000 shares of common stock. For every four shares sold, the Company issued to investors in this offering one warrant. The shares of common stock and warrants are being sold at a combined price of $0.76 per share with net proceeds from the offering of approximately $928,000, after deducting the sales and commissions and estimated expenses. The common stock and warrants will separate immediately. The warrants were immediately exercisable, expire October 11, 2018 and have an exercise price of $1.25.