Quarterly report pursuant to Section 13 or 15(d)

11. Warrants

11. Warrants
6 Months Ended
Mar. 31, 2018
Warrants and Rights Note Disclosure [Abstract]  

The Company issued several notes in prior periods and converted them  resulting in the issuance of warrants. The following table summarizes information about the Company’s warrants at March 31, 2018:




Number of

units -
Series B

(in years)
Outstanding at March 31, 2018     118,029     $ 20.80       0.63     $ 4,720,595  
Exercisable at March 31, 2018     118,029     $ 20.80       0.63     $ 4,720,595  


As of September 30, 2016, the Company had 590,146 common stock warrants outstanding with weighted average exercise price, weighted average remaining contractual term and intrinsic value of $4.14, 1.73 years and $4,307,493, respectively. On December 27, 2016, ICG and the Company agreed to amend and exchange the common stock warrants for warrants to purchase shares of Series B Convertible Preferred Stock, and the number of warrants held adjusted by an exchange ratio of 5:1 shares of common stock for shares of Series B Convertible Preferred Stock. ICG, the holder of the warrants outstanding, is not permitted to sell, transfer, assign, hypothecate, pledge, margin, hedge, trade or otherwise obtain or attempt to obtain any economic value from the shares of Series B Convertible Preferred Stock should the warrants be exercised prior to December 31, 2021.


Warrants for 10,914, 12,383, 54,396 and 17,857 shares of Series B Convertible Preferred Stock were set to expire on September 10, 2017, December 11, 2017, March 27, 2018 and March 28, 2018, respectively. On January 16, 2018, the Company memorialized an agreement reached prior to any of the warrants expiring, to extend the expiration date for two years, just prior to expiration for all warrants listed. Warrants outstanding and exercisable as of March 31, 2018 and September 30, 2017 reflect the time extended warrants in addition to 22,479 warrants for shares of Series B Convertible Preferred Stock with an original expiration date of December 3, 2019.


The exercise price for the Series B Convertible Preferred Stock warrants outstanding and exercisable at March 31, 2018 is as follows:


Series B Convertible Preferred  
Outstanding     Exercisable  
Number of     Exercise     Number of     Exercise  
Warrants     Price     Warrants     Price  
  54,396     $ 16.60       54,396     $ 16.60  
  17,857       16.80       17,857       16.80  
  12,383       24.30       12,383       24.30  
  33,393       28.50       33,393       28.50  
  118,029               118,029