15. QUARTERLY INFORMATION (UNAUDITED)

12 Months Ended

Sep. 30, 2015

Quarterly Financial Information Disclosure [Abstract]

15. QUARTERLY INFORMATION (UNAUDITED)

The following quarterly data are derived from the Company’s statements of operations.

Financial Data

Fiscal 2015
	Three months ended December 31, 2014			Three months ended March 31, 2015			Three months ended June 30, 2015			Three months  Ended September 30, 2015			Year ended September 30, 2015
Grant income and other	$	136,838		$	197,620		$	389,223		$	(66,304	)	$	657,377
Operating expenses		10,132,579			7,956,963			8,590,698			8,273,682			34,953,922
Non-operating  (expense) income, net		(12,547	)		(14,097	)		(15,166	)		22,369			(19,441	)
Gain (loss) on derivative instruments		2,162,970			(4,782,796	)		4,428,780			(1,526,338	)		282,616
Loss on debt extinguishment		-			-			(641,276	)		-			(641,276	)
Net loss available to
common shareholders	$	(7,845,318	)	$	(12,556,236	)	$	(4,429,137	)	$	(9,843,955	)	$	(34,674,646	)
Net loss per share-basic	$	(0.11	)	$	(0.17	)	$	(0.05	)	$	(0.10	)	$	(0.42	)
Net loss per share-diluted	$	(0.14	)	$	(0.17	)	$	(0.06	)	$	(0.10	)	$	(0.42	)
Weighted average shares:
Basic		73,260,783			75,847,869			83,796,311			97,040,004			82,519,027
Diluted		73,260,783			75,847,869			85,134,107			97,040,004			82,519,027

Fiscal 2014
	Three months ended December 31, 2013				Three months ended March 31, 2014					Three months ended June 30, 2014				Three months Ended September 30, 2014				Year ended September 30, 2014
Grant income and other	$		113,144		$		67,157			$		15,914		$		67,818		$	264,033
Operating expenses			6,047,454				6,293,592					6,917,243				8,579,856			27,838,145
Non-operating  expenses, net			(10,925	)			(6,797		)			(10,927	)			(12,271	)		(40,920	)
Gain (loss) on derivative instruments			1,610,817				(7,132,348		)			4,467,776				1,302,522			248,767
Net loss			(4,334,418	)			(13,365,580		)			(2,444,480	)			(7,221,787	)		(27,366,265	)
Issuance of shares due to reset provisions		(1,117,447		)				-			-				-				(1,117,447	)
Net loss available to
common shareholders	$	(5,451,865		)		$		(13,365,580	)	$	(2,444,480		)	$	(7,221,787		)	$	(28,483,712	)
Net loss per share-basic	$	(0.11		)		$		(0.24	)	$	(0.04		)	$	(0.11		)	$	(0.48	)
Net loss per share-diluted	$	(0.15		)		$		(0.24	)	$	(0.11		)	$	(0.13		)	$	(0.49	)
Weighted average shares-basic and diluted		48,215,919						56,239,562			64,664,274				66,091,826				58,804,622

The Company has experienced large swings in its quarterly gains and losses in 2015 and 2014 caused by the changes in the fair value of warrants each quarter.