STOCK WARRANTS

6 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

STOCK WARRANTS

The following is a summary of stock warrant activity during the six months ended March 31, 2018 and year ended September 30, 2017. 

	Number of Shares			Weighted Average Exercise Price
Balance, September 30, 2016		13,112,100		$	0.59
Warrants granted and assumed		—		$	—
Warrants expired		—			—
Warrants canceled		—			—
Warrants exercised		(4,500,000	)		0.083
Balance, September 30, 2017		8,612,100		$	0.85
Warrants granted and assumed		100,000		$	—
Warrants expired		—			—
Warrants canceled		—			—
Warrants exercised		(681,548	)		0.29
Balance, March 31, 2018		8,030,552		$	0.90

As of March 31, 2018, there are warrants exercisable to purchase 8,030,552 shares of common stock in the Company. 4,500,000 of the outstanding warrants require a cash investment to exercise and 3,530,552 of the outstanding warrants contain a provision allowing a cashless exercise.

On December 13, 2017, an investor exercised warrants to purchase 27,548 shares of the Company’s $0.001 par value common stock at a purchase price equal to $0.363 for each share of Common stock. The Company receive $10,000 as a result of this exercise.

On January 1, 2018, the Company issued warrants to purchase 100,000 shares of common stock at an exercise price of $0.80 per share to an advisor for business advisory services. The warrants were valued at $234,095 using the Black Scholes option pricing model based upon the following assumptions: term of 5 years, risk free interest rate of 2.01%, a dividend yield of 0% and volatility rate of 158%. The warrants vest evenly over the six month services period ending June 30, 2018. 

On January 19, 2018, an investor exercised warrants to purchase 180,000 shares of the Company’s $0.001 par value common stock at a purchase price equal to $0.083 for each share of Common stock. The Company receive $14,940 as a result of this exercise.

On January 19, 2018, an investor exercised warrants to purchase 15,000 shares of the Company’s $0.001 par value common stock at a purchase price equal to $0.363 for each share of Common stock. The Company receive $5,445 as a result of this exercise.

On January 29, 2018, an investor exercised warrants to purchase 4,500 shares of the Company’s $0.001 par value common stock at a purchase price equal to $0.363 for each share of Common stock. The Company receive $1,634 as a result of this exercise.

On February 8, 2018, an investor exercised 456,000 warrants to purchase shares of the Company’s $0.001 par value common stock at a purchase price equal to $0.367 for each share of Common stock. The investor elected to use the cashless exercise option and as a result the Company issued 387,475 shares of common stock.