Quarterly report pursuant to Section 13 or 15(d)

Warrants

v3.20.2
Warrants
6 Months Ended
Mar. 31, 2020
Warrants And Rights Note Disclosure [Abstract]  
Warrants

Note 10:

  Warrants

The warrants listed below expire at various timeframes over the next two years.  However, Company and ICG entered into an agreement whereby if the warrants are not exercised on or before the applicable expiration date, the applicable expiration date is deemed automatically extended for successive two-year periods, immediately prior to such expiration. During the three and six months ended March 31, 2020, the Company recorded a fair value adjustment of $102 and $368, respectively, related to the extension of warrants that expired during this period.  There was no such adjustment during the three and six months ended March 31, 2019.  

The following table summarizes information about the Company’s warrants at March 31, 2020 and September 30, 2019, respectively:

 

 

 

Number of units -

Series B Convertible

preferred warrants

 

 

Weighted Average

Exercise Price

 

 

Weighted Average

Remaining Contractual

Term (in years)

 

 

Intrinsic Value

 

Outstanding and Exercisable at September 30,

   2019

 

 

118,029

 

 

$

20.80

 

 

 

0.53

 

 

$

 

Outstanding and Exercisable at March 31, 2020

 

 

118,029

 

 

$

20.80

 

 

 

1.85

 

 

$

 

 

The warrants may be exchanged for shares of common stock at a ratio of one share of Series B Preferred Stock into five common shares. The following table provides information assuming the warrants are exercised and exchanged for common shares:

 

 

 

Number of units -

Series B Convertible

preferred warrants

 

 

Weighted Average

Exercise Price

 

 

Weighted Average

Remaining Contractual

Term (in years)

 

 

Intrinsic Value

 

Outstanding and Exercisable at September 30,

   2019

 

 

590,147

 

 

$

4.16

 

 

 

0.53

 

 

$

2,602

 

Outstanding and Exercisable at March 31, 2020

 

 

590,147

 

 

$

4.16

 

 

 

1.85

 

 

$

649

 

 

 

The exercise price for the Series B Convertible Preferred Stock warrants outstanding and exercisable at March 31, 2020 and September 30, 2019, are as follows:

 

Series B Convertible Preferred

 

Outstanding

 

 

Exercisable

 

Number of Warrants

 

 

Exercise Price

 

 

Number of Warrants

 

 

Exercise 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