Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 15, 2014 | Mar. 31, 2014 | |
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 30-Sep-14 | ||
Trading Symbol | avxl | ||
Entity Registrant Name | ANAVEX LIFE SCIENCES CORP. | ||
Entity Central Index Key | 1314052 | ||
Current Fiscal Year End Date | -21 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 54,684,905 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Public Float | $14,865,420 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
INTERIM_CONDENSED_CONSOLIDATED
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Current | ||
Cash | $7,262,138 | $345,074 |
Prepaid expenses | 89,117 | 48,375 |
Total current assets | 7,351,255 | 393,449 |
Equipment | 2,247 | 0 |
Total assets | 7,353,502 | 393,449 |
Current | ||
Accounts payable and accrued liabilities | 1,249,084 | 1,741,797 |
Promissory notes payable | 192,065 | 210,863 |
Total current liabilities | 1,441,149 | 1,952,660 |
Non-interest bearing liabilities | 5,719,727 | 904,000 |
Total liabilties | 7,160,876 | 2,856,660 |
STOCKHOLDERS' EQUITY (CAPITAL DEFICIT) | ||
Capital stock Authorized: 150,000,000 common shares, par value $0.001 per share Issued and outstanding: 47,200,237 common shares (September 30, 2013 - 37,237,588) | 47,201 | 37,238 |
Additional paid-in capital | 52,078,750 | 38,644,523 |
Common stock to be issued | 640,000 | 60,000 |
Accumulated deficit | -52,573,325 | -41,204,972 |
Total stockholders' equity | 192,626 | -2,463,211 |
Total liabilities and stockholders' equity | $7,353,502 | $393,449 |
INTERIM_CONDENSED_CONSOLIDATED1
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock, Par Value Per Share | $0.00 | $0.00 |
Common Stock, Shares, Issued | 47,200,237 | 37,237,588 |
Common Stock, Shares, Outstanding | 47,200,237 | 37,237,588 |
INTERIM_CONDENSED_CONSOLIDATED2
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Operating expenses | ||
General and administrative - | $2,236,580 | $1,873,520 |
Research and development | 732,395 | 263,847 |
Total operating expenses | -2,968,975 | -2,137,367 |
Other income (expenses) | ||
Interest and finance expenses, net | -7,089 | -51,341 |
Gain (loss) on settlement of accounts payable | 199,655 | -976,880 |
Financing related charges and adjustments | -8,624,986 | -480,328 |
Foreign exchange loss | 33,042 | -54,130 |
Total other expenses, net | -8,399,378 | -1,562,679 |
Net loss and comprehensive loss for the period | ($11,368,353) | ($3,700,046) |
Loss per share | ||
Basic | ($0.29) | ($0.12) |
Diluted | ($0.30) | ($0.12) |
Weighted average number of shares outstanding | ||
Basic | 39,727,731 | 31,908,441 |
Diluted | 39,727,731 | 31,908,441 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (CAPITAL DEFICIT) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash Flows used in Operating Activities | ||
Net loss for the period | ($11,368,353) | ($3,700,046) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Amortization and depreciation | 768 | 576 |
Accretion of debt discount | 1,917,615 | 0 |
Stock-based compensation | 637,925 | 1,002,500 |
Amortization of deferred financing charge | 1,123,612 | 1,215 |
Change in fair value of derivative financial instruments | -2,956,000 | -15,000 |
(Gain) Loss on settlement of accounts payable | -199,655 | 976,880 |
Loss on extinguishment of debt | 8,539,759 | 495,328 |
Unrealized foreign exchange | -18,798 | -4,937 |
Changes in non-cash working capital balances related to operations: | ||
Prepaid expenses | -33,234 | 0 |
Accounts payable and accrued liabilities | -303,018 | 465,911 |
Net cash used in operating activities | -2,659,379 | -777,573 |
Cash Flows used in Investing Activities | ||
Acquisition of equipment | -3,015 | 0 |
Net cash used in investing activities | -3,015 | 0 |
Cash Flows provided by Financing Activities | ||
Issuance of common shares, net of share issue costs | 368,170 | 801,285 |
Share subscriptions received | 0 | 60,000 |
Proceeds from the issuance of promissory notes | 0 | 250,000 |
Financing fees paid | -788,712 | 0 |
Proceeds from the issuance of convertible debentures | 10,000,000 | 0 |
Net cash provided by financing activities | 9,579,458 | 1,111,285 |
Increase in cash during the period | 6,917,064 | 333,712 |
Cash, beginning of period | 345,074 | 11,362 |
Cash, end of period | $7,262,138 | $345,074 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Capital Deficit (USD $) | Common Stock [Member] | Common Stock Additional Paid-In Capital [Member] | Common Shares to be Issued [Member] | Deficit Accumulated During the Development Stage [Member] | Total |
Beginning Balance at Sep. 30, 2012 | $30,241 | $34,599,514 | ($37,504,926) | ($2,875,171) | |
Beginning Balance (Shares) at Sep. 30, 2012 | 30,240,687 | ||||
Equity units issued for settlement of loans payable on July 5, 2013 | 4,209 | 2,563,011 | 2,567,220 | ||
Equity units issued for settlement of loans payable on July 5, 2013 (Shares) | 4,208,910 | ||||
Capital stock issued for cash on July 5, 2013 - at $0.40 | 2,196 | 563,257 | 565,453 | ||
Capital stock issued for cash on July 5, 2013 - at $0.40 (Shares) | 2,196,133 | ||||
Less: Share issue costs | -112,174 | -112,174 | |||
Initial purchase shares issued under equity line on July 5, 2013 - at $0.40 | 592 | 99,750 | 100,342 | ||
Initial purchase shares issued under equity line on July 5, 2013 - at $0.40 (Shares) | 591,858 | ||||
Less: Share Issue costs 2 | -71,335 | -71,335 | |||
Common stock to be issued for cash - at $0.50 | 60,000 | 60,000 | |||
Stock based compensation | 1,002,500 | 1,002,500 | |||
Net Income (Loss) | -3,700,046 | -3,700,046 | |||
Ending Balance at Sep. 30, 2013 | 37,238 | 38,644,523 | 60,000 | -41,204,972 | -2,463,211 |
Ending Balance (Shares) at Sep. 30, 2013 | 37,237,588 | ||||
Stock based compensation | 27,925 | 610,000 | 637,925 | ||
Reclassification of derivative liability upon modification of warrant terms | 221,000 | 221,000 | |||
Equity units issued under Purchase Agreement | 400 | 187,770 | 188,170 | ||
Equity units issued under Purchase Agreement (Shares) | 400,000 | ||||
Commitment shares issued under terms of Purchase Agreement | 3 | -3 | |||
Commitment shares issued under terms of Purchase Agreement (Shares) | 2,510 | ||||
Capital stock issued for cash - at $0.50 | 120 | 59,880 | -60,000 | ||
Capital stock issued for cash - at $0.50 (Shares) | 120,000 | ||||
Capital stock issued for cash - at $0.30 | 500 | 149,500 | 30,000 | 180,000 | |
Capital stock issued for cash - at $0.30 (Shares) | 500,000 | ||||
Share issue costs, net of recovery | -2,452 | -2,452 | |||
Issuance of detachable warrants | 5,989,900 | 5,989,900 | |||
Agent's warrants issued in connection with convertible debentures | 334,900 | 334,900 | |||
Beneficial conversion feature on convertible debentures issued | 4,010,100 | 4,010,100 | |||
Capital stock issued pursuant to debt conversions at $0.30 | 6,378 | 1,907,149 | 1,913,527 | ||
Capital stock issued pursuant to debt conversions at $0.30 (Shares) | 6,378,426 | ||||
Capital stock issued pursuant to debt conversions at $0.25 | 2,562 | 548,558 | 551,120 | ||
Capital stock issued pursuant to debt conversions at $0.25 (Shares) | 2,561,713 | ||||
Net Income (Loss) | -11,368,353 | -11,368,353 | |||
Ending Balance at Sep. 30, 2014 | $47,201 | $52,078,750 | $640,000 | ($52,573,325) | $192,626 |
Ending Balance (Shares) at Sep. 30, 2014 | 47,200,237 |
Business_Description_Basis_of_
Business Description, Basis of Presentation and Liquidity | 12 Months Ended | |
Sep. 30, 2014 | ||
Business Description, Basis of Presentation and Liquidity [Text Block] | Note 1 | Business Description and Basis of Presentation |
Business | ||
Anavex Life Sciences Corp. (the “Company”) is a clinical stage biopharmaceutical company engaged in the development of drug candidates to treat Alzheimer’s disease, other central nervous system (CNS) diseases, and various types of cancer. The Company’s lead compounds ANAVEX 2-73 and ANAVEX PLUS, a combination of ANAVEX 2-73 with donepezil (Aricept), are being developed to treat Alzheimer’s disease and potentially other central nervous system (CNS) diseases. | ||
In December 2014 a Phase 2a clinical trial was initiated for ANAVEX 2-73, which is being evaluated for the treatment of Alzheimer’s disease. The randomized trial is designed to assess the safety and exploratory efficacy of ANAVEX 2-73 alone as well as in combination with donepezil (ANAVEX PLUS) in patients with mild to moderate Alzheimer’s disease. ANAVEX 2-73 targets sigma-1 and muscarinic receptors, which have been shown in preclinical studies to reduce stress levels in the brain and to reverse the pathological hallmarks observed in Alzheimer’s disease. ANAVEX 2-73 showed no serious adverse events in a previously performed Phase 1 study. In pre-clinical studies, ANAVEX 2-73 demonstrated anti-amnesic and neuroprotective properties in various animal models including the transgenic mouse model Tg2576. | ||
The Company intends to identify and initiate discussions with potential partners in the next 12 months. Further, the Company may acquire or develop new intellectual property and assign, license, or otherwise transfer our intellectual property to further its goals. | ||
Basis of Presentation | ||
These financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America and the instructions to Form 10-K. | ||
Certain amounts for the prior periods have been reclassified to conform to the current period’s presentation. These reclassifications did not impact reported results or earnings per share. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Summary of Significant Accounting Policies [Text Block] | Note 2 | Summary of Significant Accounting Policies | ||
a) | Use of Estimates | |||
The preparation of financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuations, asset impairment, conversion features embedded in convertible notes payable, derivative valuations, stock based compensation and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | ||||
b) | Principles of Consolidation | |||
These consolidated financial statements include the accounts of Anavex Life Sciences Corp. and its wholly-owned subsidiaries, Anavex Life Sciences (France) SA, a company incorporated under the laws of France and Anavex Australia Pty Limited, a company incorporated under the laws of Australia. All inter-company transactions and balances have been eliminated. | ||||
c) | Equipment | |||
Equipment is recorded at cost and is depreciated at 33% per annum on the straight-line basis. | ||||
d) | Impairment of Long-Lived Assets | |||
The Company reviews the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The estimated future cash flows are based upon, among other things, assumptions about future operating performance, and may differ from actual cash flows. Long-lived assets evaluated for impairment are grouped with other assets to the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. If the sum of the projected undiscounted cash flows (excluding interest) is less than the carrying value of the assets, the assets will be written down to the estimated fair value in the period in which the determination is made. | ||||
e) | Financial Instruments | |||
The carrying value of the Company’s financial instruments, consisting of cash and accounts payable and accrued liabilities approximate their fair value due to the short- term maturity of such instruments. Based on borrowing rates currently available to the Company for similar terms and based on the short term duration of the debt instruments, the carrying value of the promissory notes payable approximate their fair value. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. | ||||
f) | Foreign Currency Translation | |||
The functional currency of the Company is the US dollar. Monetary items denominated in a foreign currency are translated into US dollars at exchange rates prevailing at the balance sheet date and non-monetary items are translated at exchange rates prevailing when the assets were acquired or obligations incurred. Foreign currency denominated expense items are translated at exchange rates prevailing at the transaction date. Unrealized gains or losses arising from the translations are credited or charged to income in the period in which they occur. | ||||
g) | Research and Development Expenses | |||
Research and developments costs are expensed as incurred. These expenses are comprised of the costs of the Company’s proprietary research and development efforts, including salaries, facilities costs, overhead costs and other related expenses as well as costs incurred in connection with third-party collaboration efforts. Milestone payments made by the Company to third parties are expensed when the specific milestone has been achieved. | ||||
In addition, the Company incurs expenses in respect of the acquisition of intellectual property relating to patents and trademarks. The probability of success and length of time to develop commercial applications of the drugs subject to the acquired patents and trademarks is difficult to determine and numerous risks and uncertainties exist with respect to the timely completion of the development projects. There is no assurance the acquired patents and trademarks will ever be successfully commercialized. Due to these risks and uncertainties, the acquisition of patents and trademarks does not meet the definition of an asset and thus are expensed as incurred. | ||||
h) | Income Taxes | |||
The Company has adopted the provisions of FASB ASC 740 "Income Taxes" (“ASC 740”) which requires the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. | ||||
The Company follows the provisions of ASC 740 regarding accounting for uncertainty in income taxes. The Company initially recognizes tax positions in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and all relevant facts. Application requires numerous estimates based on available information. The Company considers many factors when evaluating and estimating our tax positions and tax benefits, and our recognized tax positions and tax benefits may not accurately anticipate actual outcomes. As additional information is obtained, there may be a need to periodically adjust the recognized tax positions and tax benefits. These periodic adjustments may have a material impact on the consolidated statements of operations. | ||||
i) | Basic and Diluted Loss per Share | |||
The basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Additionally, the numerator is also adjusted for changes in fair value of the derivative financial instruments where it is presumed they will be share settled. | ||||
For the year ended September 30, 2014, loss per share excludes 107,869,808 (2013 – 12,224,479) potentially dilutive common shares related to outstanding options, warrants, and convertible debentures as their effect was anti-dilutive. | ||||
j) | Stock-based Compensation | |||
The Company accounts for all stock-based payments and awards under the fair value method. | ||||
Stock-based payments to non-employees are measured at the fair value of the consideration received, or the fair value of the equity instruments issued, or liabilities incurred, whichever is more reliably measurable. The fair value of stock-based payments to non-employees is periodically re-measured until the counterparty performance is complete, and any change therein is recognized over the vesting period of the award and in the same manner as if the Company had paid cash instead of paying with or using equity based instruments. Compensation costs for stock-based payments with graded vesting are recognized on a straight-line basis. The cost of the stock-based payments to non-employees that are fully vested and non-forfeitable at the grant date is measured and recognized at that date, unless there is a contractual term for services in which case such compensation would be amortized over the contractual term. | ||||
The Company accounts for the granting of share purchase options to employees using the fair value method whereby all awards to employees will be recorded at fair value on the date of the grant. The fair value of all share purchase options are expensed over their vesting period with a corresponding increase to additional paid-in capital. | ||||
The Company uses the Black-Scholes option valuation model to calculate the fair value of share purchase options at the date of the grant. Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Changes in these assumptions can materially affect the fair value estimates. | ||||
k) | Fair Value Measurements | |||
The fair value hierarchy under GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: | ||||
Level 1 - | quoted prices (unadjusted) in active markets for identical assets or liabilities; | |||
Level 2 - | observable inputs other than Level I, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and | |||
Level 3 - | assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||
The book value of cash and accounts payable and accrued liabilities approximate their fair values due to the short term maturity of those instruments. Based on borrowing rates currently available to the Company under similar terms, the book value of promissory notes payable approximates their fair values. The Company’s promissory notes payable are based on Level 2 inputs in the ASC 820 fair value hierarchy. | ||||
At September 30, 2014, the Company’s Level 3 liabilities consisted of embedded conversion features that were required to be accounted for as liabilities pursuant to ASC 815 because the Company did not have sufficient authorized and unissued shares available to settle fully certain conversion features of such instruments. | ||||
At September 30, 2013, the Company’s Level 3 liabilities consisted of share purchase warrants that were required to be accounted for as liabilities pursuant to ASC 815 Derivatives and Hedging (“ASC 815”)because the terms of the warrants contained provisions that were not in compliance with the fixed for fixed criteria of that guidance. | ||||
The Company calculated the fair value at the inception of those instruments, at September 30, 2014 and 2013, and at the date of reclassification of the warrants into equity using the binomial option pricing model to determine the fair value. The following assumptions were used for the respective instruments: | ||||
September 30, | ||||
Embedded conversion option | At Inception | 2014 | ||
Risk–free interest rate | 3.13% | 3.21% | ||
Expected life of options (years) | 29.58 | 29.48 | ||
Annualized volatility | 100.71% | 100.07% | ||
Stock price | $0.26 | $0.18 | ||
Dividend rate | 0.00% | 0.00% | ||
September 30, | Reclassification | |||
Warrants | At Inception | 2013 | Date | |
Risk–free interest rate | 0.28% | 0.10% | 0.13% | |
Expected life of options (years) | 1.49 | 1.25 | 1.03 | |
Annualized volatility | 81.57% | 77.51% | 107.62% | |
Stock price | $0.61 | $0.65 | $0.25 | |
Dividend rate | 0.00% | 0.00% | 0.00% | |
Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis during the periods ended September 30, 2014 and 2013. | ||||
m) | Derivative Liabilities | |||
The Company evaluates its financial instruments and other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with ASC 815. The result of this accounting treatment is that the fair value of the embedded derivative is marked- to-market at each balance sheet date and recorded as a liability and the change in fair value is recorded in the consolidated statements of operations as other income or expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. | ||||
The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Derivative instruments that become subject to reclassification are reclassified at the fair value of the instrument on the reclassification date. Derivative instrument liabilities will be classified in the balance sheet as current or non-current based on whether or not settlement of the derivative instrument is expected within 12 months of the balance sheet date. | ||||
Certain of the Company’s embedded conversion features on debt and outstanding warrants are treated as derivative liabilities for accounting purposes under ASC 815 due to insufficient authorized shares to fully settle conversion features of the instruments if exercised. In this case, the Company utilizes the latest inception date sequencing method to reclassify outstanding instruments as derivative instruments. These contracts are recognized at fair value with changes in fair value recognized in earnings until such time as the conditions giving rise to such derivative liability classification have been settled. | ||||
These derivative instruments do not trade in an active securities market. The Company uses the binomial option pricing model to value derivative liabilities. This model uses Level 3 inputs in the fair value hierarchy established by ASC 820 Fair Value Measurement. | ||||
n) | Recent Accounting Pronouncements | |||
Recently Adopted Accounting Pronouncements | ||||
In June 2014, the FASB issued Accounting Standards Updated No. 2014-10, "Development Stage Entities” (“ASU 2014 - 10 ”) which removes the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the update eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. | ||||
During the year ended September 30, 2014, the Company has elected to early adopt ASU 2014 - 10. The adoption of this ASU allowed the Company to remove the inception to date information and all references to development stage. | ||||
Recent Accounting Pronouncements Not Yet Adopted | ||||
In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014 - 12 "). ASU 2014 - 12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company is currently evaluating the impact this guidance will have on its financial condition, results of operations and cash flows. | ||||
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014 - 15 ”). ASU 2014 - 15 will explicitly require management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. The Company is currently evaluating the impact this guidance will have on its financial condition, results of operations and cash flows. | ||||
In May, 2014, the FASB and the International Accounting Standards Board (IASB) issued a converged standard on revenue recognition from contracts with customers, ASU 2014-09 (Topic 606 and IFRS 15). This standard will supersede nearly all existing revenue recognition guidance. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is currently evaluating the impact this guidance will have on its financial condition, results of operations and cash flows. | ||||
Other than noted above, the Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow. |
Equipment
Equipment | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Equipment [Text Block] | Note 3 | Equipment | |||||||||
30-Sep-14 | |||||||||||
Accumulated | |||||||||||
Cost | Depreciation | Net | |||||||||
Computer equipment | $ | 3,015 | $ | 768 | $ | 2,247 | |||||
30-Sep-13 | |||||||||||
Accumulated | |||||||||||
Cost | Depreciation | Net | |||||||||
Computer equipment | $ | 5,631 | $ | 5,631 | $ | – |
Promissory_Notes_Payable
Promissory Notes Payable | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Promissory Notes Payable [Text Block] | Note 4 | Promissory Notes Payable | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Promissory note dated December 31, 2012 with a principal balance of $89,618 (CDN $100,000) bearing interest at 12% per annum, due on September 30, 2014 | 89,618 | 100,000 | |||||||||||||||
Promissory note dated January 9, 2013 with a principal balance of $77,679 (CDN $86,677), bearing interest at 12% per annum, secured by all the present and future assets of the Company; due on demand | 77,679 | 84,060 | |||||||||||||||
Promissory note dated January 9, 2013 with a principal balance of $24,768 (CDN $27,639), bearing interest at 12% per annum, secured by all the present and future assets of the Company; due on demand | 24,768 | 26,803 | |||||||||||||||
192,065 | 210,863 | ||||||||||||||||
Less: current portion | (192,065 | ) | (210,863 | ) | |||||||||||||
$ | – | $ | – | ||||||||||||||
On December 31, 2012, the Company issued a promissory note having a principal balance of $89,618 (CDN$100,000) with terms that included interest at 12% per annum and matured on June 30, 2013, in exchange for an accounts payable owing with respect to unpaid consulting fees. This note was not repaid on June 30, 2013 and the maturity date was extended to September 30, 2014. Subsequent to September 30, 2014, the Company repaid this note. | |||||||||||||||||
On January 9, 2013, the Company issued two (2) promissory notes (the “Secured Notes”); | |||||||||||||||||
a) | The Company issued a promissory note in the amount of $77,679 (CDN$86,677) to the former President, Secretary, Treasurer, CFO and director of the Company (the “President”) in exchange for unpaid consulting fees owing to the President. The note is bearing interest at 12% per annum and was due June 30, 2013. | ||||||||||||||||
b) | The Company issued a promissory note in the amount of $24,768 (CDN$27,639) to a former director of the Company (the “Director”) in exchange for unpaid consulting fees owing to the Director. The note is bearing interest at 12% per annum and was due June 30, 2013. | ||||||||||||||||
The Secured Notes are secured by a right to delay the transfer of any or all of the Company’s assets until the obligations of the Secured Notes are satisfied, including a restriction on the transfer of cash by the Company and a security interest over the intellectual property of the Company. The security interests of the Secured Notes is ranked senior to any and all security interests granted prior to the issuance of the notes and to all subsequent security interests granted, unless the holders agree in writing to other terms. | |||||||||||||||||
In addition, the Secured Notes contain a provision whereby if they are not repaid within 10 days of their maturity dates, they shall bear late fees in addition to interest accruing, at a rate of $100 per day per note. In an event of default by the Company, under the terms of the Secured Notes, the notes shall bear additional late fees of $500 per day per note. | |||||||||||||||||
Subsequent to the issuance of these Secured Notes, the former President resigned as President, Secretary, Treasurer, CFO and director of the Company and the former Director resigned as director of the Company. | |||||||||||||||||
The Company did not repay the notes on June 30, 2013. The Company has disputed the issuance and enforceability of the Secured Notes and should there be an attempt to enforce the Secured Notes or collection on them, the Company will consider a legal remedy. The Company has not accrued any late fees in connection with these Secured Notes as of September 30, 2014 or 2013, as the Company does not consider these amounts to be legally enforceable. | |||||||||||||||||
Extinguishment of promissory notes payable and accounts payable | |||||||||||||||||
During the year ended September 30, 2013, the Company issued equity units in settlement of certain of its promissory notes and trade accounts payable. Each unit consisted of one common share and common share purchase warrant entitling the holder to purchase an additional common share at $0.75 until July 5, 2018. | |||||||||||||||||
The promissory note and accounts payable settlements are summarized as follows: | |||||||||||||||||
Amount Settled | Units issued | ||||||||||||||||
Accrued | Loss on | ||||||||||||||||
Date of Note | Principal | Interest | Number | FairValue | Settlement | ||||||||||||
Promissory notes payable | |||||||||||||||||
6-Jun-12 | 49,000 | 3,200 | 130,501 | 98,205 | 46,005 | ||||||||||||
26-Jun-12 | 250,000 | 15,233 | 663,082 | 498,972 | 233,739 | ||||||||||||
17-Oct-12 | 150,000 | 5,425 | 388,562 | 292,394 | 136,969 | ||||||||||||
14-Nov-12 | 50,000 | 1,501 | 128,753 | 96,887 | 45,386 | ||||||||||||
8-Feb-13 | 50,000 | 699 | 126,747 | 95,377 | 44,678 | ||||||||||||
549,000 | 26,058 | 1,437,645 | 1,081,835 | 506,777 | |||||||||||||
Accounts payable | 1,108,506 | – | 2,771,265 | 2,085,386 | 976,880 | ||||||||||||
$ | 1,657,506 | $ | 26,058 | 4,208,910 | $ | 3,167,221 | $ | 1,483,657 | |||||||||
The fair value of each unit issued was determined to be $0.753 determined by aggregating (i) the fair value of $0.61 for the Company’s common shares based on their quoted market price on the date of settlement and (ii) the fair value of $0.143 for each warrant included in the Company’s units. The fair value of the Company’s warrants was determined using the Black Scholes option pricing model with the following assumptions: | |||||||||||||||||
Stock price | $0.61 | ||||||||||||||||
Exercise price | $0.75 | ||||||||||||||||
Expected volatility | 81.57% | ||||||||||||||||
Risk–free discountrate | 0.28% | ||||||||||||||||
Expected term | 1.49years | ||||||||||||||||
Expected dividend yield | 0.00% | ||||||||||||||||
The loss on settlement of debt was recorded on the statement of operations for the year ended September 30, 2013 and was reduced by an amount of $11,449 relating to the interest that accrued on the promissory notes that was forgiven upon settlement of the notes payable in exchange for shares. | |||||||||||||||||
As discussed in Note 5, the warrants issued were required to be accounted for as derivative liabilities pursuant to the guidance of ASC 815. Consequently, the Company allocated the proceeds from the issuance of the units first to the warrants, at their fair value of $600,000 with the remainder of $2,567,220 being allotted to equity. The fair value of the warrants of $600,000 was determined based on the binomial option pricing model using the following assumptions: risk-free interest rate 0.28%, expected life 1.49 years, expected volatility 81.57%, dividend yield 0.00% . |
Noninterest_Bearing_Liabilitie
Non-interest Bearing Liabilities | 12 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Non-interest Bearing Liabilities [Text Block] | Note 5 | Non-interest Bearing Liabilities | ||||||||
Non-interest bearing liabilities consists of the following: | ||||||||||
2014 | 2013 | |||||||||
Senior Convertible Debentures | $ | 263,727 | $ | – | ||||||
Derivative Financial Instruments | 5,456,000 | 904,000 | ||||||||
$ | 5,719,727 | $ | 904,000 | |||||||
Senior Convertible Debentures | ||||||||||
2014 | 2013 | |||||||||
Senior Convertible Debentures, non–interest bearing, unsecured, due March 18, 2044 | 7,446,044 | – | ||||||||
Less: Debt Discount | (7,182,317 | ) | – | |||||||
Total carrying value | 263,727 | – | ||||||||
Less: current portion | – | – | ||||||||
Long term liability | $ | 263,727 | $ | – | ||||||
On March 13, 2014, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain purchasers (the “Purchasers”) pursuant to which the Company issued senior convertible debentures in the aggregate principal amount of $10,000,000 (the “Debentures”). | ||||||||||
In connection with the issuance of the Debentures, the Company issued an aggregate of 67,666,666 share purchase warrants as follows: | ||||||||||
Non– | ||||||||||
Purchasers | purchasers | Total | ||||||||
Series A Warrants | 33,333,333 | 500,000 | 33,833,333 | |||||||
Series B Warrants | 33,333,333 | 500,000 | 33,833,333 | |||||||
66,666,666 | 1,000,000 | 67,666,666 | ||||||||
Each Series A warrant is exercisable into one common share of the Company at $0.30 per share until March 18, 2019. | ||||||||||
Each Series B warrant is exercisable into one common share of the Company at $0.42 per share until March 18, 2019 | ||||||||||
The Debentures are unsecured, non-interest bearing and are due on March 18, 2044. The Debentures were convertible, in whole or in part, at the option of the holder into common shares of the Company at $0.30 per share (“the Conversion Price”). The Conversion Price of the debenture will be adjusted in the event of common stock dividend, split or consolidation. The Conversion Price was later amended to $0.25 per share, as set forth below. | ||||||||||
Pursuant to the guidance of ASC 470-20 Debt with Conversion and Other Options, the Company allocated the proceeds from the issuance of the Debentures between the Debentures and the detachable Purchaser warrants using the relative fair value method. The fair value of the Purchaser warrants of $22,326,200 at issuance resulted in a debt discount at issuance of $5,989,900. | ||||||||||
The Company recorded a beneficial conversion feature discount of $4,010,100 in respect of the Debentures issued, based on the intrinsic value of the conversion feature limited to a maximum of the total proceeds of the Debentures allocated to the Debentures. | ||||||||||
The total debt discount at issuance of $10,000,000 was being amortized using the effective interest method over the term of the Debentures. During the year ended September 30, 2014, the Company recorded accretion expense of $1,914,433 (2013: $Nil) in respect of the accretion of this discount, which is included in other financing related charges and adjustments on the consolidated statement of operations. | ||||||||||
In consideration for the Debentures issued, the Company issued an aggregate of 1,000,000 share purchase warrants to non-lenders as described above. The fair value of the Non-Purchaser Warrants of $334,900, along with finder’s fees and other financing costs directly associated with the issuance of the Debentures in the amount of $788,712, was recorded as a deferred financing charge and is being amortized to income over the term of the Debentures using the effective interest method. During the year ended September 30, 2014, the Company had recorded financing expense of $13,044 (2013: $Nil) in respect of the amortization of these charges. | ||||||||||
The fair value of the Purchaser and Non-Purchaser warrants at issuance was determined using the Black Scholes option pricing model with the following weighted average assumptions: | ||||||||||
Risk-free interest rate | 1.56% | |||||||||
Expected life (years) | 5 | |||||||||
Expected volatility | 97.16% | |||||||||
Dividend yields | 0.00% | |||||||||
In connection with the Purchase Agreement, the Company also entered into a registration rights agreement with each Purchaser (the “RRA”) whereby the Company agreed to file a registration statement with the Securities and Exchange Commission (the “SEC”) covering the resale of the shares of the Company’s common stock issuable upon conversion of the Debentures and upon exercise of the Purchaser warrants. | ||||||||||
On July 23, 2014, the registration statement was declared effective by the SEC. | ||||||||||
Amendment Agreements | ||||||||||
On August 25, 2014, the Company entered into amendment agreements with each Purchaser, pursuant to which all provisions regarding liquidating damages and the accrual of damages with respect to the obligations for, and rights enforceable against, the Company, were eliminated from the RRAs. As consideration for entering into the amendment agreements and for the Purchasers agreeing to forego an amount of $459,912 in liquidating damages that had accrued and were accruing pursuant to the terms of the original RRAs, the Company agreed to adjust the fixed conversion price of the remaining outstanding debentures from $0.30 per share to $0.25 per share (the “Debenture Amendment”). | ||||||||||
The Company assessed the guidance under ASC 470-60 Troubled Debt Restructurings and determined that this guidance did not apply to the Debenture Amendment. The Debenture Amendment was considered a substantial change in the terms of the debentures pursuant to ASC 470-50 Modifications and Extinguishments and accordingly, the Company was required to apply debt extinguishment accounting. Consequently, the Company calculated a net non-cash loss on extinguishment of debt of $8,099,137 as the premium of the aggregate fair value of the amended debentures over their aggregate carrying values of $906 immediately prior to the Debenture Amendment and the gain from the forgiveness of accrued liquidating damages of $459,912. This amount is included in other financing related charges and adjustments on the consolidated statement of operations for the year ended September 30, 2014. | ||||||||||
The Company calculated the fair value of the amended Debentures by discounting future cash flows using rates representative of current borrowing rates for debt instruments without a conversion feature and by using the binomial option pricing model to determine the fair value of the conversion features, using the following assumptions: | ||||||||||
Risk-free interest rate | 3.13% | |||||||||
Expected life (years) | 29.58 | |||||||||
Expected volatility | 100.71% | |||||||||
Dividend yields | 0.00% | |||||||||
The net loss was recorded as part of financing related charges and adjustments in the consolidated statement of operations during the year ended September 30, 2014. In addition, in accordance with debt extinguishment accounting, remaining unamortized financing costs of $1,110,568 associated with the original Debentures were immediately amortized through earnings upon entering into the amendments. This amount is also included in other financing related charges and adjustments in the consolidated statement of operations for the year ended September 30, 2014. | ||||||||||
During the year ended September 30, 2014, the Company issued an aggregate of 8,940,139 shares of common stock pursuant to conversion notices received from the Purchasers as follows: | ||||||||||
(a) | An aggregate of 6,378,426 shares of common stock were issued at a conversion price of $0.30 per share pursuant to the conversion of $1,913,527 in outstanding principal amounts due under the Debentures, prior to the Debenture Amendment. | |||||||||
(b) | An aggregate of 2,561,713 shares of common stock were issued at a conversion price of $0.25 per share pursuant to the conversion of $640,428 in outstanding principal amounts due under the Debentures, subsequent to the Debenture Amendments. | |||||||||
As a result of the bifurcation of the embedded conversion option subsequent to the Debenture Amendments as discussed above, for accounting purposes, two instruments are considered outstanding and, upon exercise of the contractual conversion option, extinguishment accounting has been applied. Consequently, the embedded conversion feature is marked to fair value at the conversion date and the shares issued pursuant to conversion are recorded at their fair value on the date of issuance, determined with reference to the quoted market price of the Company’s shares on the issuance date. The resulting difference is recorded as a gain or loss on the consolidated statement of operations. During the year ended September 30, 2014, the Company recorded $19,290 (2013: $Nil) in respect of net gains on these conversion of the Debentures. | ||||||||||
Embedded conversion options and warrants | ||||||||||
The following table presents the components of the Company’s embedded conversion options and warrants being accounted for as derivative liabilities. These instruments have no observable market data and are derived using an option pricing model measured at fair value on a recurring basis, using Level 3 inputs to the fair value hierarchy: | ||||||||||
September 30, | ||||||||||
2014 | 2013 | |||||||||
Warrants | $ | – | $ | 904,000 | ||||||
Embedded conversion features | 5,456,000 | – | ||||||||
Derivative financial instruments | $ | 5,456,000 | $ | 904,000 | ||||||
These derivative financial instruments arise as a result of applying ASC 815 Derivatives and Hedging (“ASC 815 ”), which requires the Company to make a determination whether an equity-linked financial instrument, or embedded feature, is indexed to the entity’s own stock. This guidance applies to any freestanding financial instrument or embedded features that have the characteristics of a derivative, and to any freestanding financial instruments that are potentially settled in an entity’s own stock. | ||||||||||
During the year ended September 30, 2014, the Company issued debentures with fixed price embedded conversion features and, subsequent to certain amendments as discussed above, the Company did not have a sufficient number of authorized and available shares of common stock to fully settle the conversion feature of such instruments if exercised. As such, the Company was required to account for these instruments as derivative financial instruments. On the commitment date of the related convertible debentures, the Company recorded a debt discount to the extent of the fair value of the embedded conversion features required to be accounted for as liabilities under ASC 815. | ||||||||||
During the year ended September 30, 2013, the Company issued an aggregate of 6,448,966 common stock purchase warrants that were required to be accounted for as liabilities pursuant to ASC 815 as a result of certain features embedded in those instruments. During the year ended September 30, 2014, the Company amended the terms of these common stock purchase warrants. As of the modification date, these warrants were no longer required to be accounted for as liabilities. Pursuant to the guidance of ASC 815, the Company reclassified the fair value of these instruments on the date of modification into equity, with the change in fair value up to the date of modification being recorded on the consolidated statements of operations as other income. | ||||||||||
As a result of the application of ASC 815, the Company has recorded these liabilities at their fair values as follows: | ||||||||||
September 30, | ||||||||||
2014 | 2013 | |||||||||
Balance, beginning of the period | $ | 904,000 | $ | – | ||||||
Fair value at issuance | 8,277,000 | 919,000 | ||||||||
Change in fair value during the period | (2,956,000 | ) | (15,000 | ) | ||||||
Transfer to equity upon modification of warrant terms | (221,000 | ) | – | |||||||
Transfer to equity upon exercise | (548,000 | ) | – | |||||||
Balance, end of the period | $ | 5,456,000 | $ | 904,000 | ||||||
The embedded conversion features and warrants accounted for as derivative financial instruments have no observable market and the Company estimated their fair values at September 30, 2014 and 2013 using the binomial option pricing model based on the following weighted average management assumptions: | ||||||||||
2014 | 2013 | |||||||||
Risk-free interest rate | 3.21% | 0.10% | ||||||||
Expected life (years) | 29.48 | 1.25 | ||||||||
Expected volatility | 100.07% | 77.51% | ||||||||
Stock price | $0.18 | $0.65 | ||||||||
Dividend yields | 0.00% | 0.00% |
Capital_Stock
Capital Stock | 12 Months Ended | |
Sep. 30, 2014 | ||
Capital Stock [Text Block] | Note 6 | Capital Stock |
As at September 30, 2014, the Company’s authorized share capital, consisting of 150,000,000 share of common stock, was insufficient to fully settle the conversion or exercise of all outstanding convertible debentures, stock purchase warrants and stock options at that date. As a result, and in accordance with ASC 815, the Company has recorded derivative liabilities in connection with certain embedded conversion options contained in convertible debentures outstanding at September 30, 2014, as more fully described in Note 5. | ||
Year ended September 30, 2014 | ||
On February 24, 2014, the Company issued 120,000 units at $0.50 per unit for gross proceeds of $60,000, which was received during the year ended September 30, 2013. Each unit consisted of one common share and one common share purchase warrant entitling the holder to purchase additional common shares at $1.00 per share for a period of five years from the date of issuance. | ||
On February 24, 2014, the Company issued 500,000 units at $0.30 per unit for gross proceeds of $150,000. Each unit consisted of one common share and one common share purchase warrant entitling the holder to purchase additional common shares at $0.75 per share for a period of five years from the date of issuance. | ||
Year ended September 30, 2013 | ||
On July 5, 2013, the Company issued 4,208,910 units in settlement of $549,000 in promissory notes, $26,058 of accrued interest on these notes, which was included in accounts payable and accrued liabilities, and $1,108,506 in other accounts payable and accrued liabilities. Each unit consisted of one common share and one common share purchase warrant entitling the holder to purchase an additional common share at $0.75 per share until July 5, 2018. (Note 4). | ||
On July 5, 2013, the Company issued 2,196,133 units at $0.40 per unit for gross proceeds of $878,453 pursuant to private placement agreements. Each unit consisted of one common share and one common share purchase warrant entitling the holder to purchase an additional common share at $0.75 per share until July 5, 2018. As discussed in Note 5, the warrants issued were required to be accounted for as derivative liabilities pursuant to the guidance of ASC 815. Consequently, the Company allocated the proceeds from the issuance of the units first to the warrants, at their fair value of $313,000 with the remainder of $565,453 being allotted to equity. The fair value of the warrants of $313,000 was determined based on the binomial option pricing model using the following assumptions: risk-free interest rate 0.28%, expected life 1.49 years, expected volatility 81.57%, dividend yield 0.00%. | ||
In addition, the Company paid finder’s fees of $95,680 in connection with the issuance of the units, consisting of cash of $89,680 and $6,000 in warrants to purchase 43,923 shares of common stock at $0.75 per share until July 5, 2018 in connection with this private placement. The fair value of the warrants of $6,000 was determined using the binomial option pricing model using the following assumptions: risk-free interest rate 0.28%, expected life 1.49 years, expected volatility 81.57%, dividend yield 0.00%. In addition, the Company incurred share issuance costs of $16,494. | ||
Common stock to be issued | ||
On February 28, 2014, the Company received $30,000 in share subscriptions in respect of the issuance of 100,000 units at $0.30 per unit. Each unit consisted of one common share and one common share purchase warrant entitling the holder to purchase additional common shares at $0.75 per share for a period of five years from the date of issuance. |
Lincoln_Park_Purchase_Agreemen
Lincoln Park Purchase Agreement | 12 Months Ended | |
Sep. 30, 2014 | ||
Lincoln Park Purchase Agreement [Text Block] | Note 7 | Lincoln Park Purchase Agreement |
On July 5, 2013, the Company entered into a $10,000,000 purchase agreement (the “Purchase Agreement”) with Lincoln Park Capital Fund, LLC, (“Lincoln Park”) an Illinois limited liability company (the “Financing”) pursuant to which the Company may sell and issue to Lincoln Park, and Lincoln Park is obligated to purchase, up to $10,000,000 in value of its shares of common stock from time to time over a 25 month period. In connection with the Financing, the Company also entered into a registration rights agreement with Lincoln Park whereby the Company agreed to file a registration statement with the Securities and Exchange Commission (the “SEC”) covering the shares of the Company’s common stock that may be issued to Lincoln Park under the Purchase Agreement. | ||
The Company will determine, at its own discretion, the timing and amount of its sales of common stock, subject to certain conditions and limitations. The purchase price of the shares that may be sold to Lincoln Park under the Purchase Agreement will be based on the market price of the Company’s shares of common stock immediately preceding the time of sale without any fixed discount, provided that in no event will such shares be sold to Lincoln Park when the closing sale price is less than $0.50 per share. There are no upper limits on the per share price that Lincoln Park may pay to purchase such common stock. The purchase price will be equitably adjusted for any reorganization, recapitalization, non-cash dividend, stock split or similar transaction occurring during the business days used to compute such price. | ||
Pursuant to the Purchase Agreement, Lincoln Park initially purchased 250,000 shares of the Company’s common stock for $100,000. In consideration for entering into the Purchase Agreement, the Company issued to Lincoln Park 341,858 shares of common stock as a commitment fee and shall issue up to 133,409 shares pro rata, when and if, Lincoln Park purchases, at the Company’s discretion, the remaining $10,000,000 aggregate commitment. The Purchase Agreement may be terminated by the Company at any time at its discretion without any cost to the Company. | ||
On October 23, 2013, the registration statement was declared effective by the SEC. | ||
The Company incurred a net $73,787 in direct expenses in connection with the Purchase Agreement and registration statement, of which $71,335 was incurred during the year ended September 30, 2013. These were recorded as share issuance costs as a charge against additional paid in capital during the year ended September 30, 2013 and during the nine months ended June 30, 2014. | ||
During the year ended September 30, 2014, the Company issued to Lincoln Park an aggregate of 402,510 shares of common stock under the Purchase Agreement, including 400,000 shares of common stock for an aggregate purchase price of $188,170 and 2,510 commitment shares. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||
Sep. 30, 2014 | |||
Related Party Transactions [Text Block] | Note 8 | Related Party Transactions | |
During the year ended September 30, 2014, the Company was charged general and administrative expenses totaling $1,041,140 in respect of directors fees, management bonuses and share and stock option based compensation charges paid or accrued to directors and officers of the Company, inclusive of amounts noted below (2013: $81,072 in respect of consulting fees paid to directors, officers, and a company controlled by a director and officer of the Company). | |||
As at September 30, 2014, included in accounts payable and accrued liabilities was $28,232 (2013: $30,447) owing to directors and officers of the Company for director fees and reimbursable expenses, and a former director and officer of the Company for unpaid fees. | |||
During the year ended September 30, 2013, pursuant to an employment agreement with the President, Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer, and Director, of the Company, the Company: | |||
i) | granted 2,000,000 fully vested share purchase options exercisable at $0.40 per share until July 5, 2023. The Company recognized stock based compensation expense of $1,002,500 during the year ended September 30, 2013 in connection with these options. | ||
ii) | issued 4,000,000 shares of restricted common stock that vest as follows: | ||
• | 25% upon the Company starting a Phase Ib/IIb human study | ||
• | 25% upon the Company in-licensing additional assets in clinical or pre- clinical stage (vested during the year ended September 30, 2014) | ||
• | 25% upon the Company securing additional non-dilutive equity funding in 2013 of at least $5,000,000 with a share price higher than the previous funding | ||
• | 25% upon the Company obtaining a listing on a major stock exchange | ||
Included in operating results for the year ended September 30, 2014 is an amount of $610,000 relating to the vesting of 1,000,000 shares of restricted common stock upon the achievement of certain performance conditions. The fair value of $0.61 per share was determined with reference to the quoted market price of the Company’s shares on the commitment date. This amount has been included in common stock to be issued at September 30, 2014. |
Commitments
Commitments | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Commitments [Text Block] | Note 9 | Commitments | |||||||||||||||||
a) | Share Purchase Warrants | ||||||||||||||||||
A summary of the Company’s share purchase warrants outstanding is presented below: | |||||||||||||||||||
Weighted | |||||||||||||||||||
Average | |||||||||||||||||||
Exercise | |||||||||||||||||||
Number of Shares | Price | ||||||||||||||||||
Balance, October 1, 2012 | 4,250,141 | $ | 1.16 | ||||||||||||||||
Expired | (1,549,628 | ) | $ | 2.56 | |||||||||||||||
Issued | 6,448,966 | $ | 0.75 | ||||||||||||||||
Balance, September 30, 2013 | 9,149,479 | $ | 0.75 | ||||||||||||||||
Expired | (2,700,513 | ) | $ | 0.75 | |||||||||||||||
Issued | 68,466,666 | $ | 0.36 | ||||||||||||||||
Balance, September 30, 2014 | 74,915,632 | $ | 0.4 | ||||||||||||||||
At September 30, 2014, the Company has 74,915,632 currently exercisable share purchase warrants outstanding as follows: | |||||||||||||||||||
Number | Exercise Price | Expiry Date | |||||||||||||||||
6,448,966 | $ | 0.75 | 5-Jul-18 | ||||||||||||||||
500,000 | $ | 0.75 | 14-Feb-19 | ||||||||||||||||
120,000 | $ | 1 | 24-Feb-19 | ||||||||||||||||
33,833,333 | $ | 0.3 | 13-Mar-19 | ||||||||||||||||
33,833,333 | $ | 0.42 | 13-Mar-19 | ||||||||||||||||
180,000 | $ | 0.31 | 31-May-19 | ||||||||||||||||
74,915,632 | |||||||||||||||||||
All of the 6,448,966 warrants expiring on July 5, 2018 and the 500,000 warrants expiring February 14, 2019 contain a contingent call provision whereby the Company may have the option to call for cancellation of all or any portion of the warrants for consideration equal to $0.001 per share, provided the quoted market price of the Company’s common stock exceeds $1.50 for a period of twenty consecutive trading days, subject to certain minimum volume restrictions and other restrictions as provided in the warrant agreements. | |||||||||||||||||||
b) | Stock–based Compensation Plan | ||||||||||||||||||
In April, 2007, the Company adopted a stock option plan which provides for the granting of stock options to selected directors, officers, employees or consultants in an aggregate amount of up to 3,000,000 common shares of the Company and, in any case, the number of shares to be issued to any one individual pursuant to the exercise of options shall not exceed 10% of the issued and outstanding share capital. The granting of stock options, exercise prices and terms are determined by the Company's Board of Directors. If no vesting schedule is specified by the Board of Directors on the grant of options, then the options shall vest over a 4 -year period with 25% of the granted options vesting each year commencing 1 year from the grant date. For stockholders who have greater than 10% of the outstanding common shares of the Company and who have granted options, the exercise price of their options shall not be less than 110% of the fair of the stock on grant date. Otherwise, options granted shall have an exercise price equal to their fair value on grant date. | |||||||||||||||||||
On February 2, 2011, the Company amended and restated the 2007 stock option plan to increase the number of options authorized to 4,000,000. | |||||||||||||||||||
A summary of the status of Company’s outstanding stock purchase options for the years ended September 30, 2014 and 2013 is presented below: | |||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Number of | Average | Average Grant | |||||||||||||||||
Shares | Exercise Price | Date fair value | |||||||||||||||||
Outstanding at October 1, 2012 | 1,775,000 | $ | 2.94 | ||||||||||||||||
Expired | (550,000 | ) | $ | 3.86 | |||||||||||||||
Forfeited | (150,000 | ) | $ | 3.72 | |||||||||||||||
Granted | 2,000,000 | $ | 0.4 | $ | 0.5 | ||||||||||||||
Outstanding at September 30, 2013 | 3,075,000 | $ | 1.26 | ||||||||||||||||
Expired | (705,000 | ) | $ | 2.7 | |||||||||||||||
Granted | 800,000 | $ | 0.32 | $ | 0.25 | ||||||||||||||
Outstanding at September 30, 2014 | 3,170,000 | $ | 0.7 | ||||||||||||||||
Exercisable at September 30, 2014 | 2,100,000 | $ | 0.56 | ||||||||||||||||
Exercisable at September 30, 2013 | 2,305,000 | $ | 0.79 | ||||||||||||||||
At September 30, 2014, the following stock options were outstanding: | |||||||||||||||||||
Number of Shares | Aggregate | Remaining | |||||||||||||||||
Number | Exercise | Intrinsic | Contractual | ||||||||||||||||
Total | Vested | Price | ExpiryDate | Value | Life (yrs) | ||||||||||||||
100,000 | -1 | 100,000 | $ | 3.67 | 30-Mar-16 | – | 1.5 | ||||||||||||
270,000 | -2 | – | $ | 3 | 8-Feb-17 | – | 2.36 | ||||||||||||
2,000,000 | -3 | 2,000,000 | $ | 0.4 | July 5 ,2023 | – | 8.77 | ||||||||||||
300,000 | -4 | – | $ | 0.3 | 7-May-24 | – | 9.61 | ||||||||||||
500,000 | -5 | – | $ | 0.33 | 8-May-24 | – | 9.61 | ||||||||||||
3,170,000 | 2,100,000 | – | |||||||||||||||||
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted market price of the Company’s stock for the options that were in-the-money at September 30, 2014. | |||||||||||||||||||
-1 | As of September 30, 2014 and September 30, 2013, these options had fully vested. These options were granted during the year ended September 30, 2011 and vested over a period of one year from the date of grant. The fair value of these options at issuance was calculated to be $267,000. The Company did not recognize any stock-based compensation during the year ended September 30, 2014 (2013: $Nil). | ||||||||||||||||||
-2 | As of September 30, 2014 and 2013, none of these options had vested. The options vest upon one or more compounds: entering Phase II trial – 90,000 options; entering Phase III trial – 90,000 options; and receiving FDA approval – 90,000 options. No stock-based compensation has been recorded in the financial statements as none of the performance conditions have yet been met. | ||||||||||||||||||
-3 | As of September 30, 2014 and 2013 these options had fully vested. These options were granted during the year ended September 30, 2013 and vested immediately upon granting. The Company recognized stock based compensation expense of $Nil during the year ended September 30, 2014 (2013: $1,002,500) in connection with these options. These amounts have been included in general and administrative expenses on the Company’s statement of operations. | ||||||||||||||||||
-4 | As of September 30, 2014 none of these options had vested. These options were issued during the year ended September 30, 2014 and vest annually over a three year period commencing on the first anniversary of the date of the grant. The Company recognized stock based compensation expense of $9,252 during the year ended September 30, 2014, (2013: $Nil) in connection with these options. These amounts have been included in general and administrative expenses on the Company’s statement of operations. | ||||||||||||||||||
-5 | As of September 30, 2014 none of these options had vested. These options were issued during the year ended September 30, 2014 and vest annually over a four year period commencing on the first anniversary of the date of the grant. The Company recognized stock based compensation expense of $16,905 during the year ended September 30, 2014 (2013: $Nil) in connection with these options. | ||||||||||||||||||
During the year ended September 30, 2014, 705,000 options expired for which the Company had recognized stock-based compensation of $Nil (2013: $Nil) during the year ended September 30, 2014. | |||||||||||||||||||
The fair value of stock options granted has been determined using the Black-Scholes option pricing model using the following weighted average assumptions applied to stock options granted during the periods: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Risk–free interestrate | 2.17% | 2.73% | |||||||||||||||||
Expected life of options (years) | 6.5 | 10.0years | |||||||||||||||||
Annualized volatility | 91.21% | 71.39% | |||||||||||||||||
Dividend rate | 0.00% | 0.00% | |||||||||||||||||
There has been no stock-based compensation recognized in the financial statements for the year ended September 30, 2014 (2013: $nil) for options that will vest upon the achievement of performance milestones because the Company has determined that satisfaction of the performance milestones was not probable. Compensation relating to stock options exercisable upon achieving performance milestones will be recognized in the period the milestones are achieved. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Income Taxes [Text Block] | Note 10 | Income Taxes | ||||||
The tax effects of the temporary differences that give rise to the Company’s estimated deferred tax assets and liabilities are as follows: | ||||||||
2014 | 2013 | |||||||
Tax rate | 34% | 34% | ||||||
Net operating loss carry forwards | $ | 8,270,000 | $ | 7,141,000 | ||||
Research and development tax credits | 745,000 | 705,000 | ||||||
Foreign exchange | (23,000 | ) | (19,000 | ) | ||||
Accrued bonuses | 170,000 | 34,000 | ||||||
Intangible asset costs | 70,000 | 51,000 | ||||||
Stock–based compensation | 441,000 | 633,000 | ||||||
Valuation allowance for deferred tax assets | (9,673,000 | ) | (8,545,000 | ) | ||||
Net deferred tax assets | $ | – | $ | – | ||||
The provision for income taxes differ from the amount established using the statutory income tax rate as follows: | ||||||||
2014 | 2013 | |||||||
Income benefit at statutory rate of 34% | $ | (3,865,000 | ) | $ | (1,258,000 | ) | ||
Foreign income taxed at other rates | 13,000 | – | ||||||
Permanent differences | ||||||||
Effect of stock based compensation | 202,000 | – | ||||||
Debt extinguishment | 2,736,000 | 501,000 | ||||||
Mark–to–market deriative liability adjustment | (994,000 | ) | 7,000 | |||||
Non–deductible finance and accretion expenses | 808,000 | – | ||||||
Other permanent differences | (16,000 | ) | (5,000 | ) | ||||
Research and development tax credit | (26,000 | ) | (17,000 | ) | ||||
Adjustment and true up to prior years' tax provision | 14,000 | (161,000 | ) | |||||
Change in valuation allowance | 1,128,000 | 933,000 | ||||||
Income Tax Expense | $ | – | $ | – | ||||
As of September 30, 2014, the Company had net operating loss carry-forwards of approximately $24,000,000 (2013: $21,000,000) available to offset future taxable income. The carry-forwards will begin to expire in 2027 unless utilized in earlier years. The Company has not yet filed any tax returns in France or Australia. | ||||||||
The Company evaluates its valuation allowance requirements based on projected future operations. When circumstances change and this causes a change in management’s judgment about the recoverability of deferred tax assets, the impact of the change on the valuation allowance is reflected in current income. Because management of the Company does not currently believe that it is more likely than not that the Company will receive the benefit of these assets, a valuation allowance equal to the deferred tax asset has been established at both September 30, 2014 and 2013. | ||||||||
Uncertain Tax Positions | ||||||||
The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Company’s tax returns are subject to tax examinations by U.S. federal and state tax authorities, or examinations by foreign tax authorities until the respective statutes of limitation expire. The Company is subject to tax examinations by tax authorities for all taxation years commencing on or after 2006. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||
Sep. 30, 2014 | |||
Supplemental Cash Flow Information [Text Block] | Note 11 | Supplemental Cash Flow Information | |
Investing and financing activities that do not have a direct impact on current cash flows are excluded from the statement of cash flows. | |||
During the year ended September 30, 2014; | |||
a) | the Company reclassified an amount of $221,000 into equity upon modification of the terms of certain derivative instruments. | ||
b) | the Company issued 6,378,426 shares of common stock of the Company pursuant to the conversion of $1,913,528 face value of convertible debentures at $0.30 per share; | ||
c) | the Company issued 2,561,713 shares of common stock of the Company at a fair value of $551,120 pursuant to the conversion of convertible debentures at a conversion price of $0.25 per share. | ||
During the year ended September 30, 2013; | |||
a) | the Company issued three promissory notes in the principal amounts of $100,000, $87,865 (CDN$86,677) and $28,017 (CDN$27,639) in exchange for accounts payable owing to three vendors in respect of unpaid consulting fees. | ||
b) | The Company issued 4,208,910 units of the Company at their fair value of $1.02 per unit to settle (i) interest bearing notes payable outstanding in the amount of $549,000 ; (ii) accrued interest in connection with the notes payable of $26,058 included in accounts payable and accrued liabilities; and (iii) accounts payable of $1,108,506. Each unit consisted of one common share and one common share purchase warrant exercisable into one additional common share for $0.75 per share until July 5, 2018. In addition, in connection with the settlement of $11,449 of accrued interest with respect to the notes payable was forgiven. The Company recorded a loss on debt settlement of $1,472,208 as a result of this transaction. |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||
Sep. 30, 2014 | |||
Subsequent Events [Text Block] | Note 12 | Subsequent Events | |
Subsequent to September 30, 2014; | |||
a) | On October 22, 2014, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with one investor for an equity investment of $500,000 at a price of $0.25 per unit. Pursuant to the terms of the Purchase Agreement, the Company agreed to sell, and Lincoln Park agreed to purchase, 2,000,000 shares of common stock. In addition, the Company agreed to issue an aggregate of 4,000,000 stock purchase warrants, of which 2,000,000 are exercisable at $0.30 per share and 2,000,000 are exercisable at $0.42 per share, each for a period of five years, subject to adjustment for stock splits, combinations, and reclassification events. | ||
b) | The Company issued an aggregate of 5,484,668 shares of common stock pursuant to the conversion of $1,371,167 face value of convertible debentures at $0.25 per share. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Sep. 30, 2014 | |||
Use of Estimates [Policy Text Block] | a) | Use of Estimates | |
The preparation of financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuations, asset impairment, conversion features embedded in convertible notes payable, derivative valuations, stock based compensation and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |||
Principles of Consolidation [Policy Text Block] | b) | Principles of Consolidation | |
These consolidated financial statements include the accounts of Anavex Life Sciences Corp. and its wholly-owned subsidiaries, Anavex Life Sciences (France) SA, a company incorporated under the laws of France and Anavex Australia Pty Limited, a company incorporated under the laws of Australia. All inter-company transactions and balances have been eliminated. | |||
Equipment [Policy Text Block] | c) | Equipment | |
Equipment is recorded at cost and is depreciated at 33% per annum on the straight-line basis. | |||
Impairment of Long-Lived Assets [Policy Text Block] | d) | Impairment of Long-Lived Assets | |
The Company reviews the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The estimated future cash flows are based upon, among other things, assumptions about future operating performance, and may differ from actual cash flows. Long-lived assets evaluated for impairment are grouped with other assets to the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. If the sum of the projected undiscounted cash flows (excluding interest) is less than the carrying value of the assets, the assets will be written down to the estimated fair value in the period in which the determination is made. | |||
Financial Instruments [Policy Text Block] | e) | Financial Instruments | |
The carrying value of the Company’s financial instruments, consisting of cash and accounts payable and accrued liabilities approximate their fair value due to the short- term maturity of such instruments. Based on borrowing rates currently available to the Company for similar terms and based on the short term duration of the debt instruments, the carrying value of the promissory notes payable approximate their fair value. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. | |||
Foreign Currency Translation [Policy Text Block] | f) | Foreign Currency Translation | |
The functional currency of the Company is the US dollar. Monetary items denominated in a foreign currency are translated into US dollars at exchange rates prevailing at the balance sheet date and non-monetary items are translated at exchange rates prevailing when the assets were acquired or obligations incurred. Foreign currency denominated expense items are translated at exchange rates prevailing at the transaction date. Unrealized gains or losses arising from the translations are credited or charged to income in the period in which they occur. | |||
Research and Development Expenses [Policy Text Block] | g) | Research and Development Expenses | |
Research and developments costs are expensed as incurred. These expenses are comprised of the costs of the Company’s proprietary research and development efforts, including salaries, facilities costs, overhead costs and other related expenses as well as costs incurred in connection with third-party collaboration efforts. Milestone payments made by the Company to third parties are expensed when the specific milestone has been achieved. | |||
In addition, the Company incurs expenses in respect of the acquisition of intellectual property relating to patents and trademarks. The probability of success and length of time to develop commercial applications of the drugs subject to the acquired patents and trademarks is difficult to determine and numerous risks and uncertainties exist with respect to the timely completion of the development projects. There is no assurance the acquired patents and trademarks will ever be successfully commercialized. Due to these risks and uncertainties, the acquisition of patents and trademarks does not meet the definition of an asset and thus are expensed as incurred. | |||
Income Taxes [Policy Text Block] | h) | Income Taxes | |
The Company has adopted the provisions of FASB ASC 740 "Income Taxes" (“ASC 740”) which requires the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. | |||
The Company follows the provisions of ASC 740 regarding accounting for uncertainty in income taxes. The Company initially recognizes tax positions in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and all relevant facts. Application requires numerous estimates based on available information. The Company considers many factors when evaluating and estimating our tax positions and tax benefits, and our recognized tax positions and tax benefits may not accurately anticipate actual outcomes. As additional information is obtained, there may be a need to periodically adjust the recognized tax positions and tax benefits. These periodic adjustments may have a material impact on the consolidated statements of operations. | |||
Basic and Diluted Loss per Share [Policy Text Block] | i) | Basic and Diluted Loss per Share | |
The basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Additionally, the numerator is also adjusted for changes in fair value of the derivative financial instruments where it is presumed they will be share settled. | |||
For the year ended September 30, 2014, loss per share excludes 107,869,808 (2013 – 12,224,479) potentially dilutive common shares related to outstanding options, warrants, and convertible debentures as their effect was anti-dilutive. | |||
Stock-based Compensation [Policy Text Block] | j) | Stock-based Compensation | |
The Company accounts for all stock-based payments and awards under the fair value method. | |||
Stock-based payments to non-employees are measured at the fair value of the consideration received, or the fair value of the equity instruments issued, or liabilities incurred, whichever is more reliably measurable. The fair value of stock-based payments to non-employees is periodically re-measured until the counterparty performance is complete, and any change therein is recognized over the vesting period of the award and in the same manner as if the Company had paid cash instead of paying with or using equity based instruments. Compensation costs for stock-based payments with graded vesting are recognized on a straight-line basis. The cost of the stock-based payments to non-employees that are fully vested and non-forfeitable at the grant date is measured and recognized at that date, unless there is a contractual term for services in which case such compensation would be amortized over the contractual term. | |||
The Company accounts for the granting of share purchase options to employees using the fair value method whereby all awards to employees will be recorded at fair value on the date of the grant. The fair value of all share purchase options are expensed over their vesting period with a corresponding increase to additional paid-in capital. | |||
The Company uses the Black-Scholes option valuation model to calculate the fair value of share purchase options at the date of the grant. Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Changes in these assumptions can materially affect the fair value estimates. | |||
Fair Value Measurements [Policy Text Block] | k) | Fair Value Measurements | |
The fair value hierarchy under GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: | |||
Level 1 - | quoted prices (unadjusted) in active markets for identical assets or liabilities; | ||
Level 2 - | observable inputs other than Level I, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and | ||
Level 3 - | assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||
Derivative Liabilities [Policy Text Block] | m) | Derivative Liabilities | |
The Company evaluates its financial instruments and other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with ASC 815. The result of this accounting treatment is that the fair value of the embedded derivative is marked- to-market at each balance sheet date and recorded as a liability and the change in fair value is recorded in the consolidated statements of operations as other income or expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. | |||
The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Derivative instruments that become subject to reclassification are reclassified at the fair value of the instrument on the reclassification date. Derivative instrument liabilities will be classified in the balance sheet as current or non-current based on whether or not settlement of the derivative instrument is expected within 12 months of the balance sheet date. | |||
Certain of the Company’s embedded conversion features on debt and outstanding warrants are treated as derivative liabilities for accounting purposes under ASC 815 due to insufficient authorized shares to fully settle conversion features of the instruments if exercised. In this case, the Company utilizes the latest inception date sequencing method to reclassify outstanding instruments as derivative instruments. These contracts are recognized at fair value with changes in fair value recognized in earnings until such time as the conditions giving rise to such derivative liability classification have been settled. | |||
These derivative instruments do not trade in an active securities market. The Company uses the binomial option pricing model to value derivative liabilities. This model uses Level 3 inputs in the fair value hierarchy established by ASC 820 Fair Value Measurement. | |||
Recent Accounting Pronouncements [Policy Text Block] | n) | Recent Accounting Pronouncements | |
Recently Adopted Accounting Pronouncements | |||
In June 2014, the FASB issued Accounting Standards Updated No. 2014-10, "Development Stage Entities” (“ASU 2014 - 10 ”) which removes the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the update eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. | |||
During the year ended September 30, 2014, the Company has elected to early adopt ASU 2014 - 10. The adoption of this ASU allowed the Company to remove the inception to date information and all references to development stage. | |||
Recent Accounting Pronouncements Not Yet Adopted | |||
In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014 - 12 "). ASU 2014 - 12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company is currently evaluating the impact this guidance will have on its financial condition, results of operations and cash flows. | |||
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014 - 15 ”). ASU 2014 - 15 will explicitly require management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. The Company is currently evaluating the impact this guidance will have on its financial condition, results of operations and cash flows. | |||
In May, 2014, the FASB and the International Accounting Standards Board (IASB) issued a converged standard on revenue recognition from contracts with customers, ASU 2014-09 (Topic 606 and IFRS 15). This standard will supersede nearly all existing revenue recognition guidance. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is currently evaluating the impact this guidance will have on its financial condition, results of operations and cash flows. | |||
Other than noted above, the Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | ||||||
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | September 30, | September 30, | Reclassification | ||||
Embedded conversion option | At Inception | 2014 | Warrants | At Inception | 2013 | Date | |
Risk–free interest rate | 3.13% | 3.21% | Risk–free interest rate | 0.28% | 0.10% | 0.13% | |
Expected life of options (years) | 29.58 | 29.48 | Expected life of options (years) | 1.49 | 1.25 | 1.03 | |
Annualized volatility | 100.71% | 100.07% | Annualized volatility | 81.57% | 77.51% | 107.62% | |
Stock price | $0.26 | $0.18 | Stock price | $0.61 | $0.65 | $0.25 | |
Dividend rate | 0.00% | 0.00% | Dividend rate | 0.00% | 0.00% | 0.00% |
Equipment_Tables
Equipment (Tables) | 12 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | |||||||||||||||||||||
Schedule of Property, Plant and Equipment [Table Text Block] | 30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||
Accumulated | Accumulated | |||||||||||||||||||||
Cost | Depreciation | Net | Cost | Depreciation | Net | |||||||||||||||||
Computer equipment | $ | 3,015 | $ | 768 | $ | 2,247 | Computer equipment | $ | 5,631 | $ | 5,631 | $ | – |
Promissory_Notes_Payable_Table
Promissory Notes Payable (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Schedule of Debt [Table Text Block] | 2014 | 2013 | |||||||||||||||
Promissory note dated December 31, 2012 with a principal balance of $89,618 (CDN $100,000) bearing interest at 12% per annum, due on September 30, 2014 | 89,618 | 100,000 | |||||||||||||||
Promissory note dated January 9, 2013 with a principal balance of $77,679 (CDN $86,677), bearing interest at 12% per annum, secured by all the present and future assets of the Company; due on demand | 77,679 | 84,060 | |||||||||||||||
Promissory note dated January 9, 2013 with a principal balance of $24,768 (CDN $27,639), bearing interest at 12% per annum, secured by all the present and future assets of the Company; due on demand | 24,768 | 26,803 | |||||||||||||||
192,065 | 210,863 | ||||||||||||||||
Less: current portion | (192,065 | ) | (210,863 | ) | |||||||||||||
$ | – | $ | – | ||||||||||||||
Schedule of promissory note settlements [Table Text Block] | Amount Settled | Units issued | |||||||||||||||
Accrued | Loss on | ||||||||||||||||
Date of Note | Principal | Interest | Number | FairValue | Settlement | ||||||||||||
Promissory notes payable | |||||||||||||||||
6-Jun-12 | 49,000 | 3,200 | 130,501 | 98,205 | 46,005 | ||||||||||||
26-Jun-12 | 250,000 | 15,233 | 663,082 | 498,972 | 233,739 | ||||||||||||
17-Oct-12 | 150,000 | 5,425 | 388,562 | 292,394 | 136,969 | ||||||||||||
14-Nov-12 | 50,000 | 1,501 | 128,753 | 96,887 | 45,386 | ||||||||||||
8-Feb-13 | 50,000 | 699 | 126,747 | 95,377 | 44,678 | ||||||||||||
549,000 | 26,058 | 1,437,645 | 1,081,835 | 506,777 | |||||||||||||
Accounts payable | 1,108,506 | – | 2,771,265 | 2,085,386 | 976,880 | ||||||||||||
$ | 1,657,506 | $ | 26,058 | 4,208,910 | $ | 3,167,221 | $ | 1,483,657 | |||||||||
Schedule of fair value of warrants assumption [Table Text Block] | Stock price | $0.61 | |||||||||||||||
Exercise price | $0.75 | ||||||||||||||||
Expected volatility | 81.57% | ||||||||||||||||
Risk–free discountrate | 0.28% | ||||||||||||||||
Expected term | 1.49years | ||||||||||||||||
Expected dividend yield | 0.00% |
Noninterest_Bearing_Liabilitie1
Non-interest Bearing Liabilities (Tables) | 12 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Non-interest bearing liabilities [Table Text Block] | 2014 | 2013 | ||||||||
Senior Convertible Debentures | $ | 263,727 | $ | – | ||||||
Derivative Financial Instruments | 5,456,000 | 904,000 | ||||||||
$ | 5,719,727 | $ | 904,000 | |||||||
Schedule Of Convertible Debt [Table Text Block] | 2014 | 2013 | ||||||||
Senior Convertible Debentures, non–interest bearing, unsecured, due March 18, 2044 | 7,446,044 | – | ||||||||
Less: Debt Discount | (7,182,317 | ) | – | |||||||
Total carrying value | 263,727 | – | ||||||||
Less: current portion | – | – | ||||||||
Long term liability | $ | 263,727 | $ | – | ||||||
Company Issuance of Share Purchase Warrants [Table Text Block] | Non– | |||||||||
Purchasers | purchasers | Total | ||||||||
Series A Warrants | 33,333,333 | 500,000 | 33,833,333 | |||||||
Series B Warrants | 33,333,333 | 500,000 | 33,833,333 | |||||||
66,666,666 | 1,000,000 | 67,666,666 | ||||||||
Fair Value of the Purchaser and Non-Purchaser Warrants at Issuance [Table Text Block] | Risk-free interest rate | 1.56% | ||||||||
Expected life (years) | 5 | |||||||||
Expected volatility | 97.16% | |||||||||
Dividend yields | 0.00% | |||||||||
Embedded conversion options and warrants [Table Text Block] | September 30, | |||||||||
2014 | 2013 | |||||||||
Warrants | $ | – | $ | 904,000 | ||||||
Embedded conversion features | 5,456,000 | – | ||||||||
Derivative financial instruments | $ | 5,456,000 | $ | 904,000 | ||||||
Schedule of Fair Value of Liabilities Activity [Table Text Block] | September 30, | |||||||||
2014 | 2013 | |||||||||
Balance, beginning of the period | $ | 904,000 | $ | – | ||||||
Fair value at issuance | 8,277,000 | 919,000 | ||||||||
Change in fair value during the period | (2,956,000 | ) | (15,000 | ) | ||||||
Transfer to equity upon modification of warrant terms | (221,000 | ) | – | |||||||
Transfer to equity upon exercise | (548,000 | ) | – | |||||||
Balance, end of the period | $ | 5,456,000 | $ | 904,000 | ||||||
Amendment Agreements [Member] | ||||||||||
Fair Value of the Purchaser and Non-Purchaser Warrants at Issuance [Table Text Block] | Risk-free interest rate | 3.13% | ||||||||
Expected life (years) | 29.58 | |||||||||
Expected volatility | 100.71% | |||||||||
Dividend yields | 0.00% | |||||||||
Embedded conversion options and warrants [Member] | ||||||||||
Fair Value of the Purchaser and Non-Purchaser Warrants at Issuance [Table Text Block] | 2014 | 2013 | ||||||||
Risk-free interest rate | 3.21% | 0.10% | ||||||||
Expected life (years) | 29.48 | 1.25 | ||||||||
Expected volatility | 100.07% | 77.51% | ||||||||
Stock price | $0.18 | $0.65 | ||||||||
Dividend yields | 0.00% | 0.00% |
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity [Table Text Block] | Weighted | ||||||||||||||||||
Average | |||||||||||||||||||
Exercise | |||||||||||||||||||
Number of Shares | Price | ||||||||||||||||||
Balance, October 1, 2012 | 4,250,141 | $ | 1.16 | ||||||||||||||||
Expired | (1,549,628 | ) | $ | 2.56 | |||||||||||||||
Issued | 6,448,966 | $ | 0.75 | ||||||||||||||||
Balance, September 30, 2013 | 9,149,479 | $ | 0.75 | ||||||||||||||||
Expired | (2,700,513 | ) | $ | 0.75 | |||||||||||||||
Issued | 68,466,666 | $ | 0.36 | ||||||||||||||||
Balance, September 30, 2014 | 74,915,632 | $ | 0.4 | ||||||||||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number | Exercise Price | Expiry Date | ||||||||||||||||
6,448,966 | $ | 0.75 | 5-Jul-18 | ||||||||||||||||
500,000 | $ | 0.75 | 14-Feb-19 | ||||||||||||||||
120,000 | $ | 1 | 24-Feb-19 | ||||||||||||||||
33,833,333 | $ | 0.3 | 13-Mar-19 | ||||||||||||||||
33,833,333 | $ | 0.42 | 13-Mar-19 | ||||||||||||||||
180,000 | $ | 0.31 | 31-May-19 | ||||||||||||||||
74,915,632 | |||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted | Weighted | |||||||||||||||||
Number of | Average | Average Grant | |||||||||||||||||
Shares | Exercise Price | Date fair value | |||||||||||||||||
Outstanding at October 1, 2012 | 1,775,000 | $ | 2.94 | ||||||||||||||||
Expired | (550,000 | ) | $ | 3.86 | |||||||||||||||
Forfeited | (150,000 | ) | $ | 3.72 | |||||||||||||||
Granted | 2,000,000 | $ | 0.4 | $ | 0.5 | ||||||||||||||
Outstanding at September 30, 2013 | 3,075,000 | $ | 1.26 | ||||||||||||||||
Expired | (705,000 | ) | $ | 2.7 | |||||||||||||||
Granted | 800,000 | $ | 0.32 | $ | 0.25 | ||||||||||||||
Outstanding at September 30, 2014 | 3,170,000 | $ | 0.7 | ||||||||||||||||
Exercisable at September 30, 2014 | 2,100,000 | $ | 0.56 | ||||||||||||||||
Exercisable at September 30, 2013 | 2,305,000 | $ | 0.79 | ||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2014 | 2013 | |||||||||||||||||
Risk–free interestrate | 2.17% | 2.73% | |||||||||||||||||
Expected life of options (years) | 6.5 | 10.0years | |||||||||||||||||
Annualized volatility | 91.21% | 71.39% | |||||||||||||||||
Dividend rate | 0.00% | 0.00% | |||||||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | Number of Shares | Aggregate | Remaining | ||||||||||||||||
Number | Exercise | Intrinsic | Contractual | ||||||||||||||||
Total | Vested | Price | ExpiryDate | Value | Life (yrs) | ||||||||||||||
100,000 | -1 | 100,000 | $ | 3.67 | 30-Mar-16 | – | 1.5 | ||||||||||||
270,000 | -2 | – | $ | 3 | 8-Feb-17 | – | 2.36 | ||||||||||||
2,000,000 | -3 | 2,000,000 | $ | 0.4 | July 5 ,2023 | – | 8.77 | ||||||||||||
300,000 | -4 | – | $ | 0.3 | 7-May-24 | – | 9.61 | ||||||||||||
500,000 | -5 | – | $ | 0.33 | 8-May-24 | – | 9.61 | ||||||||||||
3,170,000 | 2,100,000 | – |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2014 | 2013 | ||||||
Tax rate | 34% | 34% | ||||||
Net operating loss carry forwards | $ | 8,270,000 | $ | 7,141,000 | ||||
Research and development tax credits | 745,000 | 705,000 | ||||||
Foreign exchange | (23,000 | ) | (19,000 | ) | ||||
Accrued bonuses | 170,000 | 34,000 | ||||||
Intangible asset costs | 70,000 | 51,000 | ||||||
Stock–based compensation | 441,000 | 633,000 | ||||||
Valuation allowance for deferred tax assets | (9,673,000 | ) | (8,545,000 | ) | ||||
Net deferred tax assets | $ | – | $ | – | ||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2014 | 2013 | ||||||
Income benefit at statutory rate of 34% | $ | (3,865,000 | ) | $ | (1,258,000 | ) | ||
Foreign income taxed at other rates | 13,000 | – | ||||||
Permanent differences | ||||||||
Effect of stock based compensation | 202,000 | – | ||||||
Debt extinguishment | 2,736,000 | 501,000 | ||||||
Mark–to–market deriative liability adjustment | (994,000 | ) | 7,000 | |||||
Non–deductible finance and accretion expenses | 808,000 | – | ||||||
Other permanent differences | (16,000 | ) | (5,000 | ) | ||||
Research and development tax credit | (26,000 | ) | (17,000 | ) | ||||
Adjustment and true up to prior years' tax provision | 14,000 | (161,000 | ) | |||||
Change in valuation allowance | 1,128,000 | 933,000 | ||||||
Income Tax Expense | $ | – | $ | – |
Business_Description_Basis_of_1
Business Description, Basis of Presentation and Liquidity (Narrative) (Details) | 12 Months Ended |
Sep. 30, 2014 | |
M | |
Business Description, Basis Of Presentation And Liquidity 1 | 12 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended |
Sep. 30, 2014 | |
M | |
Summary Of Significant Accounting Policies 1 | 33.00% |
Summary Of Significant Accounting Policies 2 | 50.00% |
Summary Of Significant Accounting Policies 3 | 107,869,808 |
Summary Of Significant Accounting Policies 4 | 12,224,479 |
Summary Of Significant Accounting Policies 5 | 12 |
Summary Of Significant Accounting Policies 6 | 2,014 |
Summary Of Significant Accounting Policies 7 | 10 |
Summary Of Significant Accounting Policies 8 | 2,014 |
Summary Of Significant Accounting Policies 9 | 10 |
Summary Of Significant Accounting Policies 10 | 2,014 |
Summary Of Significant Accounting Policies 11 | 12 |
Summary Of Significant Accounting Policies 12 | 2,014 |
Summary Of Significant Accounting Policies 13 | 12 |
Summary Of Significant Accounting Policies 14 | 2,014 |
Summary Of Significant Accounting Policies 15 | 15 |
Summary Of Significant Accounting Policies 16 | 2,014 |
Summary Of Significant Accounting Policies 17 | 15 |
Promissory_Notes_Payable_Narra
Promissory Notes Payable (Narrative) (Details) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | |
USD ($) | CAD | |
Y | ||
D | ||
Promissory Notes Payable 1 | $89,618 | |
Promissory Notes Payable 2 | 100,000 | |
Promissory Notes Payable 3 | 12.00% | 12.00% |
Promissory Notes Payable 4 | 77,679 | |
Promissory Notes Payable 5 | 86,677 | |
Promissory Notes Payable 6 | 12.00% | 12.00% |
Promissory Notes Payable 7 | 24,768 | |
Promissory Notes Payable 8 | 27,639 | |
Promissory Notes Payable 9 | 12.00% | 12.00% |
Promissory Notes Payable 10 | 10 | 10 |
Promissory Notes Payable 11 | 100 | |
Promissory Notes Payable 12 | 500 | |
Promissory Notes Payable 13 | 0.75 | |
Promissory Notes Payable 14 | 0.753 | |
Promissory Notes Payable 15 | 0.61 | |
Promissory Notes Payable 16 | 0.143 | |
Promissory Notes Payable 17 | 11,449 | |
Promissory Notes Payable 18 | 600,000 | |
Promissory Notes Payable 19 | 2,567,220 | |
Promissory Notes Payable 20 | $600,000 | |
Promissory Notes Payable 21 | 0.28% | 0.28% |
Promissory Notes Payable 22 | 1.49 | 1.49 |
Promissory Notes Payable 23 | 81.57% | 81.57% |
Promissory Notes Payable 24 | 0.00% | 0.00% |
Noninterest_Bearing_Liabilitie2
Non-interest Bearing Liabilities (Narrative) (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Non-interest Bearing Liabilities 1 | $10,000,000 |
Non-interest Bearing Liabilities 2 | 67,666,666 |
Non-interest Bearing Liabilities 3 | $0.30 |
Non-interest Bearing Liabilities 4 | $0.42 |
Non-interest Bearing Liabilities 5 | $0.30 |
Non-interest Bearing Liabilities 6 | $0.25 |
Non-interest Bearing Liabilities 7 | 22,326,200 |
Non-interest Bearing Liabilities 8 | 5,989,900 |
Non-interest Bearing Liabilities 9 | 4,010,100 |
Non-interest Bearing Liabilities 10 | 10,000,000 |
Non-interest Bearing Liabilities 11 | 1,914,433 |
Non-interest Bearing Liabilities 12 | 0 |
Non-interest Bearing Liabilities 13 | 1,000,000 |
Non-interest Bearing Liabilities 14 | 334,900 |
Non-interest Bearing Liabilities 15 | 788,712 |
Non-interest Bearing Liabilities 16 | 13,044 |
Non-interest Bearing Liabilities 17 | 0 |
Non-interest Bearing Liabilities 18 | 459,912 |
Non-interest Bearing Liabilities 19 | $0.30 |
Non-interest Bearing Liabilities 20 | $0.25 |
Non-interest Bearing Liabilities 21 | 8,099,137 |
Non-interest Bearing Liabilities 22 | 906 |
Non-interest Bearing Liabilities 23 | 459,912 |
Non-interest Bearing Liabilities 24 | 1,110,568 |
Non-interest Bearing Liabilities 25 | 8,940,139 |
Non-interest Bearing Liabilities 26 | 6,378,426 |
Non-interest Bearing Liabilities 27 | $0.30 |
Non-interest Bearing Liabilities 28 | 1,913,527 |
Non-interest Bearing Liabilities 29 | 2,561,713 |
Non-interest Bearing Liabilities 30 | $0.25 |
Non-interest Bearing Liabilities 31 | 640,428 |
Non-interest Bearing Liabilities 32 | 19,290 |
Non-interest Bearing Liabilities 33 | $0 |
Non-interest Bearing Liabilities 34 | 815 |
Non-interest Bearing Liabilities 35 | 6,448,966 |
Capital_Stock_Narrative_Detail
Capital Stock (Narrative) (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Y | |
Capital Stock 1 | 150,000,000 |
Capital Stock 2 | 120,000 |
Capital Stock 3 | $0.50 |
Capital Stock 4 | $60,000 |
Capital Stock 5 | $1 |
Capital Stock 6 | 500,000 |
Capital Stock 7 | $0.30 |
Capital Stock 8 | 150,000 |
Capital Stock 9 | $0.75 |
Capital Stock 10 | 4,208,910 |
Capital Stock 11 | 549,000 |
Capital Stock 12 | 26,058 |
Capital Stock 13 | 1,108,506 |
Capital Stock 14 | $0.75 |
Capital Stock 15 | 2,196,133 |
Capital Stock 16 | $0.40 |
Capital Stock 17 | 878,453 |
Capital Stock 18 | $0.75 |
Capital Stock 19 | 313,000 |
Capital Stock 20 | 565,453 |
Capital Stock 21 | 313,000 |
Capital Stock 22 | 0.28% |
Capital Stock 23 | 1.49 |
Capital Stock 24 | 81.57% |
Capital Stock 25 | 0.00% |
Capital Stock 26 | 95,680 |
Capital Stock 27 | 89,680 |
Capital Stock 28 | 6,000 |
Capital Stock 29 | 43,923 |
Capital Stock 30 | $0.75 |
Capital Stock 31 | 6,000 |
Capital Stock 32 | 0.28% |
Capital Stock 33 | 1.49 |
Capital Stock 34 | 81.57% |
Capital Stock 35 | 0.00% |
Capital Stock 36 | 16,494 |
Capital Stock 37 | $30,000 |
Capital Stock 38 | 100,000 |
Capital Stock 39 | $0.30 |
Capital Stock 40 | $0.75 |
Lincoln_Park_Purchase_Agreemen1
Lincoln Park Purchase Agreement (Narrative) (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
M | |
Lincoln Park Purchase Agreement 1 | $10,000,000 |
Lincoln Park Purchase Agreement 2 | 10,000,000 |
Lincoln Park Purchase Agreement 3 | 25 |
Lincoln Park Purchase Agreement 4 | $0.50 |
Lincoln Park Purchase Agreement 5 | 250,000 |
Lincoln Park Purchase Agreement 6 | 100,000 |
Lincoln Park Purchase Agreement 7 | 341,858 |
Lincoln Park Purchase Agreement 8 | 133,409 |
Lincoln Park Purchase Agreement 9 | 10,000,000 |
Lincoln Park Purchase Agreement 10 | 73,787 |
Lincoln Park Purchase Agreement 11 | 71,335 |
Lincoln Park Purchase Agreement 12 | 402,510 |
Lincoln Park Purchase Agreement 13 | 400,000 |
Lincoln Park Purchase Agreement 14 | $188,170 |
Lincoln Park Purchase Agreement 15 | 2,510 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions 1 | $1,041,140 |
Related Party Transactions 2 | 81,072 |
Related Party Transactions 3 | 28,232 |
Related Party Transactions 4 | 30,447 |
Related Party Transactions 5 | 2,000,000 |
Related Party Transactions 6 | $0.40 |
Related Party Transactions 7 | 1,002,500 |
Related Party Transactions 8 | 4,000,000 |
Related Party Transactions 9 | 25.00% |
Related Party Transactions 10 | 25.00% |
Related Party Transactions 11 | 25.00% |
Related Party Transactions 12 | 5,000,000 |
Related Party Transactions 13 | 25.00% |
Related Party Transactions 14 | $610,000 |
Related Party Transactions 15 | 1,000,000 |
Related Party Transactions 16 | $0.61 |
Commitments_Narrative_Details
Commitments (Narrative) (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Y | |
Commitments 1 | 74,915,632 |
Commitments 2 | 6,448,966 |
Commitments 3 | 500,000 |
Commitments 4 | $0.00 |
Commitments 5 | $1.50 |
Commitments 6 | 3,000,000 |
Commitments 7 | 10.00% |
Commitments 8 | 4 |
Commitments 9 | 25.00% |
Commitments 10 | 1 |
Commitments 11 | 10.00% |
Commitments 12 | 110.00% |
Commitments 13 | 4,000,000 |
Commitments 14 | 267,000 |
Commitments 15 | 0 |
Commitments 16 | 90,000 |
Commitments 17 | 90,000 |
Commitments 18 | 90,000 |
Commitments 19 | 0 |
Commitments 20 | 1,002,500 |
Commitments 21 | 9,252 |
Commitments 22 | 0 |
Commitments 23 | 16,905 |
Commitments 24 | 0 |
Commitments 25 | 705,000 |
Commitments 26 | 0 |
Commitments 27 | 0 |
Commitments 28 | $0 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Income Taxes 1 | $24,000,000 |
Income Taxes 2 | $21,000,000 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Narrative) (Details) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | |
USD ($) | CAD | |
Supplemental Cash Flow Information 1 | $221,000 | |
Supplemental Cash Flow Information 2 | 6,378,426 | 6,378,426 |
Supplemental Cash Flow Information 3 | 1,913,528 | |
Supplemental Cash Flow Information 4 | $0.30 | |
Supplemental Cash Flow Information 5 | 2,561,713 | 2,561,713 |
Supplemental Cash Flow Information 6 | 551,120 | |
Supplemental Cash Flow Information 7 | $0.25 | |
Supplemental Cash Flow Information 8 | 100,000 | |
Supplemental Cash Flow Information 9 | 87,865 | |
Supplemental Cash Flow Information 10 | 86,677 | |
Supplemental Cash Flow Information 11 | 28,017 | |
Supplemental Cash Flow Information 12 | 27,639 | |
Supplemental Cash Flow Information 13 | 4,208,910 | 4,208,910 |
Supplemental Cash Flow Information 14 | $1.02 | |
Supplemental Cash Flow Information 15 | 549,000 | |
Supplemental Cash Flow Information 16 | 26,058 | |
Supplemental Cash Flow Information 17 | 1,108,506 | |
Supplemental Cash Flow Information 18 | $0.75 | |
Supplemental Cash Flow Information 19 | 11,449 | |
Supplemental Cash Flow Information 20 | $1,472,208 |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Subsequent Events 1 | $500,000 |
Subsequent Events 2 | $0.25 |
Subsequent Events 3 | 2,000,000 |
Subsequent Events 4 | 4,000,000 |
Subsequent Events 5 | 2,000,000 |
Subsequent Events 6 | $0.30 |
Subsequent Events 7 | 2,000,000 |
Subsequent Events 8 | $0.42 |
Subsequent Events 9 | 5,484,668 |
Subsequent Events 10 | $1,371,167 |
Subsequent Events 11 | $0.25 |
Fair_Value_Liabilities_Measure
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 1 | 3.13% | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 2 | 3.21% | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 3 | 29.58 | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 4 | 29.48 | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 5 | 100.71% | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 6 | 100.07% | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 7 | $0.26 | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 8 | 0.18 | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 9 | 0.00% | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 10 | 0.00% | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 1 | 0.28% | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 2 | 0.10% | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 3 | 0.13% | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 4 | 1.49 | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 5 | 1.25 | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 6 | 1.03 | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 7 | 81.57% | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 8 | 77.51% | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 9 | 107.62% | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 10 | 0.61 | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 11 | 0.65 | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 12 | $0.25 | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 13 | 0.00% | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 14 | 0.00% | |
Summary Of Significant Accounting Policies Fair Value, Liabilities Measured On Recurring And Nonrecurring Basis 15 | 0.00% |
Schedule_of_Property_Plant_and
Schedule of Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Equipment Schedule Of Property, Plant And Equipment 1 | $3,015 | |
Equipment Schedule Of Property, Plant And Equipment 2 | 768 | |
Equipment Schedule Of Property, Plant And Equipment 3 | 2,247 | |
Equipment Schedule Of Property, Plant And Equipment 1 | 5,631 | |
Equipment Schedule Of Property, Plant And Equipment 2 | 5,631 | |
Equipment Schedule Of Property, Plant And Equipment 3 | $0 |
Schedule_of_Debt_Details
Schedule of Debt (Details) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | |
USD ($) | CAD | |
Promissory Notes Payable Schedule Of Debt 1 | $89,618 | |
Promissory Notes Payable Schedule Of Debt 2 | 100,000 | |
Promissory Notes Payable Schedule Of Debt 3 | 12.00% | 12.00% |
Promissory Notes Payable Schedule Of Debt 4 | 89,618 | |
Promissory Notes Payable Schedule Of Debt 5 | 100,000 | |
Promissory Notes Payable Schedule Of Debt 6 | 77,679 | |
Promissory Notes Payable Schedule Of Debt 7 | 86,677 | |
Promissory Notes Payable Schedule Of Debt 8 | 12.00% | 12.00% |
Promissory Notes Payable Schedule Of Debt 9 | 77,679 | |
Promissory Notes Payable Schedule Of Debt 10 | 84,060 | |
Promissory Notes Payable Schedule Of Debt 11 | 24,768 | |
Promissory Notes Payable Schedule Of Debt 12 | 27,639 | |
Promissory Notes Payable Schedule Of Debt 13 | 12.00% | 12.00% |
Promissory Notes Payable Schedule Of Debt 14 | 24,768 | |
Promissory Notes Payable Schedule Of Debt 15 | 26,803 | |
Promissory Notes Payable Schedule Of Debt 16 | 192,065 | |
Promissory Notes Payable Schedule Of Debt 17 | 210,863 | |
Promissory Notes Payable Schedule Of Debt 18 | -192,065 | |
Promissory Notes Payable Schedule Of Debt 19 | -210,863 | |
Promissory Notes Payable Schedule Of Debt 20 | 0 | |
Promissory Notes Payable Schedule Of Debt 21 | $0 |
Schedule_of_promissory_note_se
Schedule of promissory note settlements (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Promissory Notes Payable Schedule Of Promissory Note Settlements 1 | $49,000 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 2 | 3,200 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 3 | 130,501 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 4 | 98,205 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 5 | 46,005 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 6 | 250,000 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 7 | 15,233 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 8 | 663,082 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 9 | 498,972 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 10 | 233,739 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 11 | 150,000 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 12 | 5,425 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 13 | 388,562 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 14 | 292,394 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 15 | 136,969 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 16 | 50,000 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 17 | 1,501 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 18 | 128,753 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 19 | 96,887 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 20 | 45,386 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 21 | 50,000 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 22 | 699 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 23 | 126,747 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 24 | 95,377 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 25 | 44,678 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 26 | 549,000 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 27 | 26,058 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 28 | 1,437,645 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 29 | 1,081,835 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 30 | 506,777 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 31 | 1,108,506 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 32 | 0 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 33 | 2,771,265 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 34 | 2,085,386 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 35 | 976,880 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 36 | 1,657,506 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 37 | 26,058 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 38 | 4,208,910 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 39 | 3,167,221 |
Promissory Notes Payable Schedule Of Promissory Note Settlements 40 | $1,483,657 |
Schedule_of_fair_value_of_warr
Schedule of fair value of warrants assumption (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Promissory Notes Payable Schedule Of Fair Value Of Warrants Assumption 1 | $0.61 |
Promissory Notes Payable Schedule Of Fair Value Of Warrants Assumption 2 | $0.75 |
Promissory Notes Payable Schedule Of Fair Value Of Warrants Assumption 3 | 81.57% |
Promissory Notes Payable Schedule Of Fair Value Of Warrants Assumption 4 | 0.28% |
Promissory Notes Payable Schedule Of Fair Value Of Warrants Assumption 5 | 0.00% |
Recovered_Sheet1
Non-interest bearing liabilities (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Non-interest Bearing Liabilities Non-interest Bearing Liabilities 1 | $263,727 |
Non-interest Bearing Liabilities Non-interest Bearing Liabilities 2 | 0 |
Non-interest Bearing Liabilities Non-interest Bearing Liabilities 3 | 5,456,000 |
Non-interest Bearing Liabilities Non-interest Bearing Liabilities 4 | 904,000 |
Non-interest Bearing Liabilities Non-interest Bearing Liabilities 5 | 5,719,727 |
Non-interest Bearing Liabilities Non-interest Bearing Liabilities 6 | $904,000 |
Schedule_Of_Convertible_Debt_D
Schedule Of Convertible Debt (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Non-interest Bearing Liabilities Schedule Of Convertible Debt 1 | $7,446,044 |
Non-interest Bearing Liabilities Schedule Of Convertible Debt 2 | 0 |
Non-interest Bearing Liabilities Schedule Of Convertible Debt 3 | -7,182,317 |
Non-interest Bearing Liabilities Schedule Of Convertible Debt 4 | 0 |
Non-interest Bearing Liabilities Schedule Of Convertible Debt 5 | 263,727 |
Non-interest Bearing Liabilities Schedule Of Convertible Debt 6 | 0 |
Non-interest Bearing Liabilities Schedule Of Convertible Debt 7 | 0 |
Non-interest Bearing Liabilities Schedule Of Convertible Debt 8 | 0 |
Non-interest Bearing Liabilities Schedule Of Convertible Debt 9 | 263,727 |
Non-interest Bearing Liabilities Schedule Of Convertible Debt 10 | $0 |
Company_Issuance_of_Share_Purc
Company Issuance of Share Purchase Warrants (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Non-interest Bearing Liabilities Company Issuance Of Share Purchase Warrants 1 | $33,333,333 |
Non-interest Bearing Liabilities Company Issuance Of Share Purchase Warrants 2 | 500,000 |
Non-interest Bearing Liabilities Company Issuance Of Share Purchase Warrants 3 | 33,833,333 |
Non-interest Bearing Liabilities Company Issuance Of Share Purchase Warrants 4 | 33,333,333 |
Non-interest Bearing Liabilities Company Issuance Of Share Purchase Warrants 5 | 500,000 |
Non-interest Bearing Liabilities Company Issuance Of Share Purchase Warrants 6 | 33,833,333 |
Non-interest Bearing Liabilities Company Issuance Of Share Purchase Warrants 7 | 66,666,666 |
Non-interest Bearing Liabilities Company Issuance Of Share Purchase Warrants 8 | 1,000,000 |
Non-interest Bearing Liabilities Company Issuance Of Share Purchase Warrants 9 | $67,666,666 |
Fair_Value_of_the_Purchaser_an
Fair Value of the Purchaser and Non-Purchaser Warrants at Issuance (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Amendment Agreements [Member] | |
Non-interest Bearing Liabilities Fair Value Of The Purchaser And Non-purchaser Warrants At Issuance 1 | 3.13% |
Non-interest Bearing Liabilities Fair Value Of The Purchaser And Non-purchaser Warrants At Issuance 2 | 29.58 |
Non-interest Bearing Liabilities Fair Value Of The Purchaser And Non-purchaser Warrants At Issuance 3 | 100.71% |
Non-interest Bearing Liabilities Fair Value Of The Purchaser And Non-purchaser Warrants At Issuance 4 | 0.00% |
Embedded conversion options and warrants [Member] | |
Non-interest Bearing Liabilities Fair Value Of The Purchaser And Non-purchaser Warrants At Issuance 1 | 3.21% |
Non-interest Bearing Liabilities Fair Value Of The Purchaser And Non-purchaser Warrants At Issuance 2 | 0.10% |
Non-interest Bearing Liabilities Fair Value Of The Purchaser And Non-purchaser Warrants At Issuance 3 | 29.48 |
Non-interest Bearing Liabilities Fair Value Of The Purchaser And Non-purchaser Warrants At Issuance 4 | 1.25 |
Non-interest Bearing Liabilities Fair Value Of The Purchaser And Non-purchaser Warrants At Issuance 5 | 100.07% |
Non-interest Bearing Liabilities Fair Value Of The Purchaser And Non-purchaser Warrants At Issuance 6 | 77.51% |
Non-interest Bearing Liabilities Fair Value Of The Purchaser And Non-purchaser Warrants At Issuance 7 | 0.184 |
Non-interest Bearing Liabilities Fair Value Of The Purchaser And Non-purchaser Warrants At Issuance 8 | 0.65 |
Non-interest Bearing Liabilities Fair Value Of The Purchaser And Non-purchaser Warrants At Issuance 9 | 0.00% |
Non-interest Bearing Liabilities Fair Value Of The Purchaser And Non-purchaser Warrants At Issuance 10 | 0.00% |
Embedded_conversion_options_an
Embedded conversion options and warrants (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Non-interest Bearing Liabilities Embedded Conversion Options And Warrants 1 | $0 |
Non-interest Bearing Liabilities Embedded Conversion Options And Warrants 2 | 904,000 |
Non-interest Bearing Liabilities Embedded Conversion Options And Warrants 3 | 5,456,000 |
Non-interest Bearing Liabilities Embedded Conversion Options And Warrants 4 | 0 |
Non-interest Bearing Liabilities Embedded Conversion Options And Warrants 5 | 5,456,000 |
Non-interest Bearing Liabilities Embedded Conversion Options And Warrants 6 | $904,000 |
Schedule_of_Fair_Value_of_Liab
Schedule of Fair Value of Liabilities Activity (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Non-interest Bearing Liabilities Schedule Of Fair Value Of Liabilities Activity 1 | $904,000 |
Non-interest Bearing Liabilities Schedule Of Fair Value Of Liabilities Activity 2 | 0 |
Non-interest Bearing Liabilities Schedule Of Fair Value Of Liabilities Activity 3 | 8,277,000 |
Non-interest Bearing Liabilities Schedule Of Fair Value Of Liabilities Activity 4 | 919,000 |
Non-interest Bearing Liabilities Schedule Of Fair Value Of Liabilities Activity 5 | -2,956,000 |
Non-interest Bearing Liabilities Schedule Of Fair Value Of Liabilities Activity 6 | -15,000 |
Non-interest Bearing Liabilities Schedule Of Fair Value Of Liabilities Activity 7 | -221,000 |
Non-interest Bearing Liabilities Schedule Of Fair Value Of Liabilities Activity 8 | 0 |
Non-interest Bearing Liabilities Schedule Of Fair Value Of Liabilities Activity 9 | -548,000 |
Non-interest Bearing Liabilities Schedule Of Fair Value Of Liabilities Activity 10 | 0 |
Non-interest Bearing Liabilities Schedule Of Fair Value Of Liabilities Activity 11 | 5,456,000 |
Non-interest Bearing Liabilities Schedule Of Fair Value Of Liabilities Activity 12 | $904,000 |
Schedule_of_Stockholders_Equit
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 1 | $4,250,141 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 2 | 1.16 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 3 | -1,549,628 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 4 | 2.56 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 5 | 6,448,966 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 6 | 0.75 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 7 | 9,149,479 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 8 | 0.75 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 9 | -2,700,513 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 10 | 0.75 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 11 | 68,466,666 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 12 | 0.36 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 13 | $74,915,632 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 14 | 0.4 |
Schedule_of_Stockholders_Equit1
Schedule of Stockholders' Equity Note, Warrants or Rights (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 1 | $6,448,966 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 2 | 0.75 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 3 | 500,000 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 4 | 0.75 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 5 | 120,000 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 6 | 1 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 7 | 33,833,333 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 8 | 0.3 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 9 | 33,833,333 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 10 | 0.42 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 11 | 180,000 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 12 | 0.31 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 13 | $74,915,632 |
Schedule_of_Sharebased_Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 1 | $1,775,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 2 | 2.94 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 3 | -550,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 4 | 3.86 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 5 | -150,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 6 | 3.72 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 7 | 2,000,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 8 | 0.4 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 9 | 0.5 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 10 | 3,075,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 11 | 1.26 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 12 | -705,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 13 | 2.7 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 14 | 800,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 15 | 0.32 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 16 | 0.25 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 17 | 3,170,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 18 | 0.7 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 19 | 2,100,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 20 | 0.56 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 21 | $2,305,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 22 | 0.79 |
Schedule_of_Sharebased_Payment
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 12 Months Ended |
Sep. 30, 2014 | |
Commitments Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 1 | 2.17% |
Commitments Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 2 | 2.73% |
Commitments Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 3 | 6.5 |
Commitments Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 4 | 91.21% |
Commitments Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 5 | 71.39% |
Commitments Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 6 | 0.00% |
Commitments Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 7 | 0.00% |
Schedule_of_Nonvested_Share_Ac
Schedule of Nonvested Share Activity (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Commitments Schedule Of Nonvested Share Activity 1 | $100,000 |
Commitments Schedule Of Nonvested Share Activity 2 | 100,000 |
Commitments Schedule Of Nonvested Share Activity 3 | 3.67 |
Commitments Schedule Of Nonvested Share Activity 4 | 0 |
Commitments Schedule Of Nonvested Share Activity 5 | 1.5 |
Commitments Schedule Of Nonvested Share Activity 6 | 270,000 |
Commitments Schedule Of Nonvested Share Activity 7 | 0 |
Commitments Schedule Of Nonvested Share Activity 8 | 3 |
Commitments Schedule Of Nonvested Share Activity 9 | 0 |
Commitments Schedule Of Nonvested Share Activity 10 | 2.36 |
Commitments Schedule Of Nonvested Share Activity 11 | 2,000,000 |
Commitments Schedule Of Nonvested Share Activity 12 | 2,000,000 |
Commitments Schedule Of Nonvested Share Activity 13 | 0.4 |
Commitments Schedule Of Nonvested Share Activity 14 | 0 |
Commitments Schedule Of Nonvested Share Activity 15 | 8.77 |
Commitments Schedule Of Nonvested Share Activity 16 | 300,000 |
Commitments Schedule Of Nonvested Share Activity 17 | 0 |
Commitments Schedule Of Nonvested Share Activity 18 | 0.3 |
Commitments Schedule Of Nonvested Share Activity 19 | 0 |
Commitments Schedule Of Nonvested Share Activity 20 | 9.61 |
Commitments Schedule Of Nonvested Share Activity 21 | 500,000 |
Commitments Schedule Of Nonvested Share Activity 22 | 0 |
Commitments Schedule Of Nonvested Share Activity 23 | 0.33 |
Commitments Schedule Of Nonvested Share Activity 24 | 0 |
Commitments Schedule Of Nonvested Share Activity 25 | 9.61 |
Commitments Schedule Of Nonvested Share Activity 26 | 3,170,000 |
Commitments Schedule Of Nonvested Share Activity 27 | 2,100,000 |
Commitments Schedule Of Nonvested Share Activity 28 | $0 |
Schedule_of_Deferred_Tax_Asset
Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 1 | 34.00% |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 2 | 34.00% |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 3 | $8,270,000 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 4 | 7,141,000 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 5 | 745,000 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 6 | 705,000 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 7 | -23,000 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 8 | -19,000 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 9 | 170,000 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 10 | 34,000 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 11 | 70,000 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 12 | 51,000 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 13 | 441,000 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 14 | 633,000 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 15 | -9,673,000 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 16 | -8,545,000 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 17 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 18 | $0 |
Schedule_of_Effective_Income_T
Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 1 | 34.00% |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 2 | ($3,865,000) |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 3 | -1,258,000 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 4 | 13,000 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 5 | 0 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 6 | 202,000 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 7 | 0 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 8 | 2,736,000 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 9 | 501,000 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 10 | -994,000 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 11 | 7,000 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 12 | 808,000 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 13 | 0 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 14 | -16,000 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 15 | -5,000 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 16 | -26,000 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 17 | -17,000 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 18 | 14,000 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 19 | -161,000 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 20 | 1,128,000 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 21 | 933,000 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 22 | 0 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 23 | $0 |