Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.10.0.1
STOCK-BASED COMPENSATION (Tables)
9 Months Ended
Jun. 30, 2018
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:

 

Date of Grant May 1, 2018 June 1, 2018
Number of  Stock Options Granted 500,000 67,500,000
Stock Price $0.065 $0.075
Exercise Price $0.065 $0.075
Expected Life of Options 4.25 years 4.25 years
Risk Free Rate 2.74% 2.675%
Volatility 145.21% 145.21%
Summary of stock options activity

The following table summarizes the Company’s stock option activity during the three months ended June 30, 2018:

 

    Number
of Options
  Weighted
Average
Exercise Price
  Weighted Average
Remaining
Contractual Term
(In years)
  Average Intrinsic
Value
Outstanding at September 30, 2017     35,500,000       0.033              
Granted     68,000,000       0.075              
Exercised     —         —                
Cancelled     —         —                
Outstanding at June 30, 2018     103,500,000     $ 0.0605       5.71     $5.1 million
Vested and expected to vest     103,500,000     $ 0.0605       5.71     $5.1 million
Exercisable at June 30, 2018     54,500,000     $ 0.0475       4.17     $3.4 million