Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.7.0.1
STOCK-BASED COMPENSATION (Tables)
9 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Fair Value Assumptions for Stock Options

The fair value of the stock-options were determined using the Black Scholes valuation model with the following key assumptions:

 

    January 1, 2017  
Number of  Stock Options Awarded     33,500,000  
Stock Price:   $ 0.0278  
Exercise Price:   $ 0.0278  
Term:     4 years  
Risk Free Rate:     1.71 %
Volatility:     127 %
Summary of Stock Options Activity

The following table summarizes the Company’s stock option activity during the nine months ended June 30, 2017:

 

    Number of Options       Weighted Average Exercise Price     Weighted Average Remaining Contractual Term   
Outstanding at September 30, 2016   2,000,000     0.12      
Granted   33,500,000     $ .0278      
Exercised              —  
Cancelled              —  
Outstanding at June 30, 2017   35,500,000     $ .0330       3.4 years  
Vested and expected to vest   18,750,000     $ .0330       3.4 years  
Exercisable at June 30, 2017   18,750,000       .0330