14. NET LOSS PER COMMON SHARE

12 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

14. NET LOSS PER COMMON SHARE

Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period. The Company’s potentially dilutive shares, which include outstanding common stock options, common stock warrants, restricted stock and shares issuable on convertible debt, have not been included in the computation of diluted net loss per share for all periods presented, as the result would be anti-dilutive. For the years presented, the gain on derivative instruments is not included in net loss available to common shareholders for purposes of computing dilutive loss per share because its effect is anti-dilutive.

The following table provides a reconciliation of the numerators and denominators of the basic and diluted per-share computations:

	2016	2015	2014
Net loss available to common shareholders – Restated (1)	$  (11,512,492)	$  (34,692,210)	$  (28,470,126)
Less:  Gain on derivative instruments	-	-	(248,767)
Net loss available to common shareholders – diluted (restated)	$  (11,512,492)	$  (34,692,210)	$  (28,718,893)
Weighted average number of shares - basic and diluted	4,866,204	3,300,761	2,352,185
Loss per share – basic (restated)	$             (2.37)	$           (10.51)	$           (12.10)
Loss per share – diluted (restated)	$             (2.37)	$           (10.51)	$           (12.21)

(1) See Note 17 Restatement 

For the years ended September 30, 2016 and 2015, the gain on derivatives is not excluded from the numerator in calculating diluted loss per share because the gain relates to derivative warrants that were priced higher than the average market price during the period.

In accordance with the contingently issuable shares guidance of FASB ASC Topic 260, Earnings Per Share, the calculation of diluted net loss per share excludes the following dilutive securities because their inclusion would have been anti-dilutive as of September 30:

	2016	2015	2014
Options and Warrants	3,675,281	2,336,842	1,599,788
Convertible Debt	-	74,851	11,041
Unvested Restricted Stock	604,000	604,000	628,000
Total	4,279,281	3,015,693	2,238,829