NeuBase Therapeutics (NBSE) 10-Q 9 Feb 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2015	Feb. 08, 2016
Document And Entity Information
Entity Registrant Name	OHR PHARMACEUTICAL INC
Entity Central Index Key	1,173,281
Document Type	10-Q
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		31,461,869
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2015	Sep. 30, 2015
CURRENT ASSETS
Cash	$ 25,325,809	$ 28,697,323
Prepaid expenses and other current assets	1,777,746	338,713
Total Current Assets	27,103,555	29,036,036
EQUIPMENT, net	244,261	248,753
OTHER ASSETS
Security deposit	12,243	12,243
Intangible assets, net	16,050,165	16,332,863
Goodwill	740,912	740,912
TOTAL ASSETS	44,151,136	46,370,807
CURRENT LIABILITIES
Accounts payable and accrued expenses	$ 2,540,870	1,592,348
Notes payable		48,063
Contingent consideration	$ 2,736,016	2,239,603
Total Current Liabilities	5,276,886	3,880,014
TOTAL LIABILITIES	$ 5,276,886	$ 3,880,014
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, Series B; 6,000,000 shares authorized, $0.0001 par value, 0 shares issued and outstanding, respectively
Common stock; 180,000,000 shares authorized, $0.0001 par value, 30,956,112 and 30,331,309 shares issued and outstanding, respectively	$ 3,096	$ 3,033
Additional paid-in capital	103,528,029	100,999,173
Accumulated deficit	(64,656,875)	(58,511,413)
Total Stockholders' Equity	38,874,250	42,490,793
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 44,151,136	$ 46,370,807

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 2015	Sep. 30, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	6,000,000	6,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	180,000,000	180,000,000
Common stock, shares issued	30,956,112	30,331,309
Common stock, shares outstanding	30,956,112	30,331,309

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
OPERATING EXPENSES
General and administrative	$ 1,218,128	$ 812,469
Research and development	2,076,280	2,805,896
Depreciation and amortization	297,740	305,622
OPERATING LOSS	3,592,148	3,923,987
OTHER INCOME (EXPENSE)
Change in fair value of contingent consideration	(2,557,549)	(683,386)
Share in losses on investment in joint venture		(26,650)
Other income	3,419	35,813
Interest income (expense), net	816	(127)
Total Other Income (Expense)	(2,553,314)	(674,350)
LOSS FROM OPERATIONS BEFORE INCOME TAXES	(6,145,462)	(4,598,337)
NET LOSS	$ (6,145,462)	$ (4,598,337)
BASIC AND DILUTED LOSS PER SHARE	$ (0.20)	$ (0.18)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:
BASIC AND DILUTED	30,472,493	25,259,154

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
OPERATING ACTIVITIES
Net loss	$ (6,145,462)	$ (4,598,337)
Adjustments to reconcile net loss to net cash used by operating activities:
Common stock issued for services	137,424	28,760
Warrants issued for services		8,559
Stock option expense	316,819	362,028
Change in fair value of contingent consideration	2,557,549	683,386
Share in losses on investment in joint venture		26,650
Depreciation	15,042	7,636
Amortization of intangible assets	282,698	297,986
Changes in operating assets and liabilities
Prepaid expenses and deposits	(1,439,033)	(445,523)
Accounts payable and accrued expenses	948,522	890,450
Net Cash Used in Operating Activities	(3,326,441)	(2,738,405)
INVESTING ACTIVITIES
Purchase of property and equipment	(10,550)
Net Cash Used in Investing Activities	(10,550)
FINANCING ACTIVITIES
Proceeds from warrants exercised for cash	13,540	3,000
Repayments of short-term notes payable	(48,063)	(43,899)
Net Cash Used in Financing Activities	(34,523)	(40,899)
NET CHANGE IN CASH	(3,371,514)	(2,779,304)
CASH AT BEGINNING OF PERIOD	28,697,323	13,220,494
CASH AT END OF PERIOD	25,325,809	10,441,190
CASH PAID FOR:
Interest	406	433
NON CASH FINANCING ACTIVITIES:
Common stock issued to settle accounts payable		$ 50,000
Settlement of contingent consideration	$ 2,061,136

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	NOTE 1 - BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements include the accounts of Ohr Pharmaceutical, Inc. and its subsidiaries (the “Company”). The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X related to interim period financial statements. Accordingly, these condensed consolidated financial statements do not include certain information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at December 31, 2015, and for all periods presented herein, have been made. It is suggested that these unaudited consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2015. The results of operations for the quarterly periods ended December 31, 2015 and 2014 are not necessarily indicative of the operating results for the full years. Reclassification has been made to conform to current period presentation which included moving applicable stock option expense from general and administrative expense to research and development expense.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with GAAP 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 during the reporting period. Actual results could differ from those estimates. Estimates subject to change in the near term include impairment (if any) of long-lived assets and fair value of derivative liabilities. Fair Value of Financial Instruments In accordance with ASC 820, the carrying value of cash and cash equivalents, accounts receivable, accounts payable and notes payable approximates fair value due to the short-term maturity of these instruments. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3 - Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity’s own beliefs about the assumptions that market participants would use in pricing the asset or liability, based on the best information available in the circumstances. The following table presents assets and liabilities that are measured and recognized at fair value as of December 31, 2015 and September 30, 2015, on a recurring basis: Assets and liabilities measured at fair value on a recurring basis at December 31, 2015 Level 1 Level 2 Level 3 Total Carrying Value Contingent stock consideration $ — $ — $ 2,736,016 $ 2,736,016 $ — $ — $ 2,736,016 $ 2,736,016 Assets and liabilities measured at fair value on a recurring basis at September 30, 2015 Level 1 Level 2 Level 3 Total Carrying Value Contingent stock consideration $ — $ — 2,239,603 $ 2,239,603 $ — $ — 2,239,603 $ 2,239,603 The following table provides a summary of the changes in fair value, including net transfers in and/or out, of the financial instruments, measured at fair value on a recurring basis using significant unobservable inputs: Level 3 Reconciliation: Contingent Stock Consideration Level 3 assets and liabilities at September 30, 2015 $ 2,239,603 Purchases, sales, issuances and settlements (net) (2,061,136 ) Mark to market adjustments 2,557,549 Total Level 3 assets and liabilities at December 31, 2015 $ 2,736,016 Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of the Company’s financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	NOTE 3 - INTANGIBLE ASSETS Intangible assets at December 31, 2015 and September 30, 2015: December 31, 2015 September 30, 2015 License Rights $ 17,712,991 $ 17,712,991 Patent Costs 200,000 200,000 17,912,991 17,912,991 Accumulated Amortization (1,862,826 ) (1,580,128 ) Total Intangible Assets $ 16,050,165 $ 16,332,863 During the three months ended December 31, 2015, the Company recognized $282,698 in amortization expense on the patents and license rights. The amortization expense has been included in research and development expense.

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTE 4 - NOTES PAYABLE On February 28, 2015, the Company entered into a premium financing arrangement for its directors and officers insurance in the amount of $212,400. The financing arrangement bears interest at 6.75% per annum. As of December 31, 2015, the Company had repaid the loan in full and had paid interest of $5,950.

CAPITAL STOCK

CAPITAL STOCK	3 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
CAPITAL STOCK	NOTE 5 - CAPITAL STOCK Below is a table summarizing the capital stock activity during the three months ended December 31, 2015 and the shares outstanding as of December 31, 2015: Number Weighted-Average Outstanding at September 30, 2015 30,331,309 $ 3.33 Exercise of Warrants 6,944 1.95 Milestone 1 – SKS Acquisition 497,859 4.14 Restricted Stock Issued 120,000 7.94 Outstanding at December 31, 2015 30,956,112 $ 3.34 The Board approved the achievement of Milestone 1 from the SKS acquisition on December 11, 2015 and the Company issued 497,859 shares of its common stock to SKS. The value of the stock issued as of the grant date was $2,061,136 at $4.14 per share. On December 11, 2015, pursuant to a consulting agreement, the board granted 120,000 shares of the Company’s restricted stock under the Company’s 2014 Stock Incentive Plan, to Dr. Taraporewala, the Company’s former Chief Technology Officer. The restricted stock will vest in four equal, semiannual installments, beginning on July 16, 2016, subject to Dr. Taraporewala continuously providing consulting services to the Company from the grant date until each such vesting date. On December 29, 2015, the Company issued 6,944 shares of common stock pursuant to an exercise of warrants at $1.95, for gross proceeds of $13,540. During the three months ended December 31, 2015, the Company recognized compensation expense of $137,424 for shares issued for services during the current quarter and prior periods.

COMMON STOCK WARRANTS

COMMON STOCK WARRANTS	3 Months Ended
	Dec. 31, 2015
Common Stock Warrants
COMMON STOCK WARRANTS	NOTE 6 - COMMON STOCK WARRANTS Below is a table summarizing the warrants issued and outstanding as of December 31, 2015: Number Weighted-Average Outstanding at September 30, 2015 746,869 $ 4.75 Granted — — Exercised (6,944 ) 1.95 Forfeited/ Expired (26,667 ) 7.94 Outstanding at December 31, 2015 713,258 $ 4.66 The outstanding warrants as of December 31, 2015 have an intrinsic value of approximately $1,451,513.

COMMON STOCK OPTIONS

COMMON STOCK OPTIONS	3 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
COMMON STOCK OPTIONS	NOTE 7 - COMMON STOCK OPTIONS During the three months ended December 31, 2015 the Company recognized $316,819 of expense related to options granted. Unamortized option expense as of December 31, 2015 for all options outstanding amounted to approximately $3,490,373. Below is a table summarizing the options issued and outstanding as of December 31, 2015: Number Weighted - Average Outstanding at September 30, 2015 2,761,001 $ 7.27 Granted 120,000 3.28 Forfeited (181,250 ) 10.12 Outstanding at December 31, 2015 2,699,751 $ 6.90 Exercisable at December 31, 2015 1,560,667 $ 5.69 As of December 31, 2015, the outstanding options have an intrinsic value of approximately $3,187,200. The fair value of options granted during the three months ended December 31, 2015 are estimated at the date of grant using the Black-Scholes option-pricing model and the following assumptions: stock price at valuation of $3.28; expected term of 2.75 years, exercise price of $3.28, a risk free interest rate of 1.22 percent, a dividend yield of 0 percent and volatility of 108 percent. The average vesting period of options issued during the three month period ended December 31, 2015 is six months with 50% of the options vesting at the date of the grant.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 8 - COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company may become involved in certain legal proceedings and claims which arise in the normal course of business. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on the Company’s results of operations, prospects, cash flows, financial position and brand. To the best knowledge of the Company’s management, at December 31, 2015, there are no legal proceedings which the Company believes will have a material adverse effect on its business, results of operations, cash flows or financial condition. Contingent Stock Consideration On May 30, 2014, the Company completed the acquisition of certain assets of SKS Ocular, LLC (“SKS Parent”), and SKS Ocular 1, LLC (“SKS 1” and SKS Parent referred to herein as “SKS”), including licenses, patents and contracts relating to micro-fabrication polymer-based sustained delivery platforms related to ocular therapeutics and dry age-related macular degeneration animal models, together with biomarkers to support such models. The purchase price consisted of: (a) cash in the amount of $3,500,000; (b) 1,194,862 shares of the Company’s common stock (valued at $10,180,224 based on the closing sale price of the common stock of the Company on May 30, 2014 of the Company’s common stock) and (c) an additional 1,493,577 shares (the “contingent shares”) that will be issued contingent to achievement of certain milestones. This contingent consideration has been recorded as a liability of the Company and is reviewed by management for probability and likelihood of the milestones being achieved at each reporting period. The liability is adjusted according to management’s assessment. On December 11, 2015, the Board approved the achievement of Milestone 1 and consequently, the Company issued 497,859 shares of its common stock to SKS as partial settlement of the contingent consideration. The value of the stock issued was $2,061,136, as determined by the $4.14 per share closing sale price of the Company’s common stock on the date of Board approval.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 9 - SUBSEQUENT EVENTS On January 7, 2016, the Company issued options to purchase 240,000 shares of common stock to directors of the Company. One third of the options vested immediately, and one third of the options will vest on each of January 7, 2017 and January 7, 2018. The options have an exercise price of $5.14 and term of 5 years. On January 14, 2016, the Company issued options to purchase 149,275 shares of common stock to employees of the Company. One third of the options vested immediately, and one third of the options will vest on each of January 14, 2017 and January 14, 2018. The options have an exercise price of $3.85 and term of 5 years. On January 22, 2016, the Company issued 480,358 shares of restricted stock to employees of the Company. One half of the shares will vest on each of January 7, 2017, and January 7, 2018, subject to accelerated vesting under certain conditions. On January 22, 2016, the Company issued options to purchase 80,000 shares of common stock to a director. One third of the options vested immediately, and one third of the options will vest on each of January 22, 2017 and January 22, 2018. The options have an exercise price of $3.62 and term of 5 years. On January 26, 2016, the Company issued 25,399 shares of restricted stock to a consultant of the Company, all of which vested immediately.

SUMMARY OF SIGNIFICANT ACCOUN15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP 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 during the reporting period. Actual results could differ from those estimates. Estimates subject to change in the near term include impairment (if any) of long-lived assets and fair value of derivative liabilities.
Fair Value of Financial Instruments	Fair Value of Financial Instruments In accordance with ASC 820, the carrying value of cash and cash equivalents, accounts receivable, accounts payable and notes payable approximates fair value due to the short-term maturity of these instruments. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3 - Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity’s own beliefs about the assumptions that market participants would use in pricing the asset or liability, based on the best information available in the circumstances. The following table presents assets and liabilities that are measured and recognized at fair value as of December 31, 2015 and September 30, 2015, on a recurring basis: Assets and liabilities measured at fair value on a recurring basis at December 31, 2015 Level 1 Level 2 Level 3 Total Carrying Value Contingent stock consideration $ — $ — $ 2,736,016 $ 2,736,016 $ — $ — $ 2,736,016 $ 2,736,016 Assets and liabilities measured at fair value on a recurring basis at September 30, 2015 Level 1 Level 2 Level 3 Total Carrying Value Contingent stock consideration $ — $ — 2,239,603 $ 2,239,603 $ — $ — 2,239,603 $ 2,239,603 The following table provides a summary of the changes in fair value, including net transfers in and/or out, of the financial instruments, measured at fair value on a recurring basis using significant unobservable inputs: Level 3 Reconciliation: Contingent Stock Consideration Level 3 assets and liabilities at September 30, 2015 $ 2,239,603 Purchases, sales, issuances and settlements (net) (2,061,136 ) Mark to market adjustments 2,557,549 Total Level 3 assets and liabilities at December 31, 2015
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of the Company’s financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

SUMMARY OF SIGNIFICANT ACCOUN16

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of assets and liabilities measured and recognized at fair value	The following table presents assets and liabilities that are measured and recognized at fair value as of December 31, 2015 and September 30, 2015, on a recurring basis: Assets and liabilities measured at fair value on a recurring basis at December 31, 2015 Level 1 Level 2 Level 3 Total Carrying Value Contingent stock consideration $ — $ — $ 2,736,016 $ 2,736,016 $ — $ — $ 2,736,016 $ 2,736,016 Assets and liabilities measured at fair value on a recurring basis at September 30, 2015 Level 1 Level 2 Level 3 Total Carrying Value Contingent stock consideration $ — $ — 2,239,603 $ 2,239,603 $ — $ — 2,239,603 $ 2,239,603
Schedule of fair value of financial instruments by caption on balance sheet	The following table provides a summary of the changes in fair value, including net transfers in and/or out, of the financial instruments, measured at fair value on a recurring basis using significant unobservable inputs: Level 3 Reconciliation: Contingent Stock Consideration Level 3 assets and liabilities at September 30, 2015 $ 2,239,603 Purchases, sales, issuances and settlements (net) (2,061,136 ) Mark to market adjustments 2,557,549 Total Level 3 assets and liabilities at December 31, 2015 $ 2,736,016

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	Intangible assets at December 31, 2015 and September 30, 2015: December 31, 2015 September 30, 2015 License Rights $ 17,712,991 $ 17,712,991 Patent Costs 200,000 200,000 17,912,991 17,912,991 Accumulated Amortization (1,862,826 ) (1,580,128 ) Total Intangible Assets $ 16,050,165 $ 16,332,863

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)	3 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Schedule of common stock outstanding	Below is a table summarizing the capital stock activity during the three months ended December 31, 2015 and the shares outstanding as of December 31, 2015: Number Weighted-Average Outstanding at September 30, 2015 30,331,309 $ 3.33 Exercise of Warrants 6,944 1.95 Milestone 1 – SKS Acquisition 497,859 4.14 Restricted Stock Issued 120,000 7.94 Outstanding at December 31, 2015 30,956,112 $ 3.34

COMMON STOCK WARRANTS (Tables)

COMMON STOCK WARRANTS (Tables)	3 Months Ended
	Dec. 31, 2015
Common Stock Warrants
Schedule of outstanding warrants	Below is a table summarizing the warrants issued and outstanding as of December 31, 2015: Number Weighted-Average Outstanding at September 30, 2015 746,869 $ 4.75 Granted — — Exercised (6,944 ) 1.95 Forfeited/ Expired (26,667 ) 7.94 Outstanding at December 31, 2015 713,258 $ 4.66

COMMON STOCK OPTIONS (Tables)

COMMON STOCK OPTIONS (Tables)	3 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of options issued and outstanding	Below is a table summarizing the options issued and outstanding as of December 31, 2015: Number Weighted - Average Outstanding at September 30, 2015 2,761,001 $ 7.27 Granted 120,000 3.28 Forfeited (181,250 ) 10.12 Outstanding at December 31, 2015 2,699,751 $ 6.90 Exercisable at December 31, 2015 1,560,667 $ 5.69

SUMMARY OF SIGNIFICANT ACCOUN21

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Recurring [Member] - USD ($)	Dec. 31, 2015	Sep. 30, 2015
Assets and liabilities measured at fair value on a recurring basis
Contingent stock consideration - fair value	$ 2,736,016	$ 2,239,603
Total	2,736,016	2,239,603
Fair Value, Inputs, Level 3 [Member]
Assets and liabilities measured at fair value on a recurring basis
Contingent stock consideration - fair value	2,736,016	2,239,603
Total	$ 2,736,016	$ 2,239,603

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	3 Months Ended
	Dec. 31, 2015USD ($)
Level 3 Reconciliation:
Level 3 assets and liabilities, beginning	$ 2,239,603
Purchases, sales, issuances and settlements (net)	(2,061,136)
Mark to market adjustments	2,557,549
Level 3 assets and liabilities, ending	$ 2,736,016

INTANGIBLE ASSETS (Details Narr

INTANGIBLE ASSETS (Details Narrative) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Amortization of intangible assets	$ 282,698	$ 297,986
Patents [Member]
Amortization of intangible assets	$ 282,698

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($)	Dec. 31, 2015	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
License Rights	$ 17,712,991	$ 17,712,991
Patent Costs	200,000	200,000
Total Intangible Assets,Gross	17,912,991	17,912,991
Accumulated Amortization	(1,862,826)	(1,580,128)
Total Intangible Assets,Net	$ 16,050,165	$ 16,332,863

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Interest Paid	$ 406	$ 433
Financing Arrangement Directors and Officers Insurance [Member]
Debt issuance date	Feb. 28, 2015
Face amount of notes	$ 212,400
Notes payable, interest rate	6.75%
Interest Paid	$ 5,950

CAPITAL STOCK (Details Narrativ

CAPITAL STOCK (Details Narrative)	3 Months Ended
	Dec. 31, 2015USD ($)
Stockholders' Equity Note [Abstract]
Value of stock issued for acquisitions	$ 2,061,136
Value of stock issued for conversation	$ 13,540

CAPITAL STOCK (Details)

CAPITAL STOCK (Details)	3 Months Ended
	Dec. 31, 2015$ / sharesshares
Outstanding Common Shares
Outstanding, beginning	30,331,309
Number of warrants exercised	6,944
Milestone SKS Acquisitions	497,859
Restricted Stock Issued	120,000
Common stock shares outstanding, ending	30,956,112
Weighted Average Exercise/Stock Price
Exercise price of warrants | $ / shares	$ 1.95
Stock price of issued stock for acquisition | $ / shares	4.14
Stock price of restricted stock issued | $ / shares	7.94
Stock price, ending | $ / shares	$ 3.34

COMMON STOCK WARRANTS (Details

COMMON STOCK WARRANTS (Details Narrative)	Dec. 31, 2015USD ($)
Warrants [Member]
Intrinsic value of warrants	$ 1,451,513

COMMON STOCK WARRANTS (Details)

COMMON STOCK WARRANTS (Details) - Warrants [Member]	3 Months Ended
	Dec. 31, 2015$ / sharesshares
Outstanding Warrants
Outstanding, beginning | shares	746,869
Exercised | shares	(6,944)
Forfeited | shares	(26,667)
Outstanding, ending | shares	713,258
Weighted Average Exercise Price
Outstanding, beginning | $ / shares	$ 4.75
Exercised | $ / shares	1.95
Expired | $ / shares	7.94
Outstanding, ending | $ / shares	$ 4.66

COMMON STOCK OPTIONS (Details N

COMMON STOCK OPTIONS (Details Narrative)	3 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2015USD ($)$ / shares
Fair Value assumptions:
Stock price | $ / shares	$ 3.34	$ 3.34
Compensation expense related to options granted | $		$ 316,819
Unamortized option expense | $	$ 3,490,373	3,490,373
Intrinsic value of awards | $	$ 3,187,200	$ 3,187,200
Stock Option [Member]
Fair Value assumptions:
Stock price | $ / shares	$ 3.28	$ 3.28
Expected term	2 years 9 months
Exercise Price | $ / shares	$ 3.28	$ 3.28
Risk free interest rate	1.22%
Dividend yield	0.00%
Volatility rate	50.00%

COMMON STOCK OPTIONS (Details)

COMMON STOCK OPTIONS (Details)	3 Months Ended
	Dec. 31, 2015$ / sharesshares
Options Outstanding
Outstanding, beginning | shares	2,761,001
Granted | shares	120,000
Forfeited | shares	(181,250)
Outstanding, ended | shares	2,699,751
Exercisable, ended | shares	1,560,667
Weighted Average Exercise Price
Exercise price, beginning | $ / shares	$ 7.27
Granted | $ / shares	3.28
Forfeited | $ / shares	10.12
Exercise price, ending | $ / shares	6.90
Exercisable, ended | $ / shares	$ 5.69

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative)	3 Months Ended
	Dec. 31, 2015USD ($)shares
Commitments and Contingencies Disclosure [Abstract]
Cash in acquisition | $	$ 3,500,000
Shares of stock issued in acquisition | shares	1,194,862
Shares of stock issued in acquisition, value | $	$ 10,180,224
Number of contingent shares issuable for acquisition | shares	1,493,577

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - $ / shares	Jan. 26, 2016	Jan. 22, 2016	Jan. 14, 2016	Jan. 07, 2016	Dec. 31, 2015
Options issued					120,000
Options issued, exercise price					$ 3.28
Subsequent Event [Member]
Options issued		80,000	149,275	240,000
Options issued, exercise price		$ 3.62	$ 3.85	$ 5.14
Options issued, term		5 years	5 years	5 years
Option vesting rights		33.00%	33.00%	33.00%
Subsequent Event [Member] | Restricted Stock [Member]
Options issued	25,399	480,358
Option vesting rights		50.00%