Rasna Therapeutics (RASP) 10-Q 8 Feb 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Dec. 31, 2017	Feb. 07, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	Rasna Therapeutics Inc.
Entity Central Index Key	1,582,249
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Trading Symbol	RASP
Entity Common Stock, Shares Outstanding		68,908,003

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2017	Sep. 30, 2017
Current assets:
Cash and cash equivalents	$ 1,286,048	$ 2,537,611
Prepayments and other receivables	164,476	129,157
Related party receivable	28,931	28,931
Total current assets	1,479,455	2,695,699
Property and Equipment, net	6,037	7,047
Intellectual Property	236,269	236,269
In-process research and development	613,100	613,100
Indefinite lived intangible asset	1,300,000	1,300,000
Goodwill	2,722,985	2,722,985
Total non-current assets	4,878,391	4,879,401
Total assets	6,357,846	7,575,100
Current liabilities:
Accounts payable and accrued expenses	769,157	987,364
Related party payables	550,000	550,000
Total current liabilities	1,319,157	1,537,364
Total liabilities	1,319,157	1,537,364
Commitments and Contingencies (Note 9)
Shareholders' equity
Common stock, $0.001 and $0.01 par value, respectively; 200,000,000 shares authorized, of which 68,908,003 are issued and outstanding.	68,909	68,909
Additional paid-in capital	19,272,299	18,267,895
Accumulated deficit	(14,302,519)	(12,299,068)
Total shareholders' equity	5,038,689	6,037,736
Total liabilities and shareholders' equity	$ 6,357,846	$ 7,575,100

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares	Dec. 31, 2017	Sep. 30, 2017
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	68,908,003	68,908,003

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)		3 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Revenue		$ 0	$ 0
Cost of revenue		0	0
Gross profit		0	0
Operating expenses:
General and administrative	[1]	873,801	571,215
Research and development		176,932	366,046
Consultancy fees third parties and related parties	[2]	772,395	130,180
Legal and professional fees		176,647	310,104
Total operating expenses		1,999,775	1,377,545
Loss from operations		(1,999,775)	(1,377,545)
Other income/(expense):
Foreign currency transaction gain		(3,676)	21,461
Other income		(3,676)	21,461
Loss from operations before income taxes		(2,003,451)	(1,356,084)
Income tax provision		0	0
Net loss		$ (2,003,451)	$ (1,356,084)
Basic and diluted loss per share attributable to common shareholders (in dollars per share)		$ (0.03)	$ (0.02)
Basic and diluted weighted average common shares outstanding (in shares)		68,908,003	65,082,334
Consultancy fees related parties			$ 12,500
[1]	* Share based payments to employees have been reclassified from consultancy fees third parties to general and administrative expenses for the three months ended December 31, 2016 to conform to current year presentation.
[2]	onsultancy fees to related parties for the three months ended December 31, 2016 have been combined and included with consultancy fees third parties in both periods presented.

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED) - 3 months ended Dec. 31, 2017 - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balance at Sep. 30, 2017	$ 6,037,736	$ 68,909	$ 18,267,895	$ (12,299,068)
Balance (in shares) at Sep. 30, 2017		68,908,003
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share based compensation	224,982		224,982
Warrants issued for consulting services	779,422		779,422
Net loss	(2,003,451)			(2,003,451)
Balance at Dec. 31, 2017	$ 5,038,689	$ 68,909	$ 19,272,299	$ (14,302,519)
Balance (in shares) at Dec. 31, 2017		68,908,003

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,003,451)	$ (1,356,084)
Adjustments to reconcile net loss to net cash used in operating activities:
Share based compensation	224,982	250,540
Warrants issued for consultancy services	779,422	0
Depreciation	1,010	0
Changes in operating assets and liabilities:
Other receivables	(35,319)	72,520
Related party receivable	0	0
Accounts payable and accrued expenses	(221,883)	283,891
Related party payables	0	(12,500)
Net cash used in operating activities	(1,255,239)	(761,633)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of shares of common stock	0	2,007,500
Net cash provided by financing activities	0	2,007,500
Effect of foreign exchange rate	3,676	0
Net (decrease)/ Increase in cash and cash equivalents	(1,251,563)	1,245,867
Cash and cash equivalent, beginning of period	2,537,611	0
Cash and cash equivalent, end of period	1,286,048	1,245,867
Non-cash transactions:
Warrants earned, pending issue	0	484,009
Common stock issued for acquisition	$ 0	$ 7,675,000

GENERAL INFORMATION

GENERAL INFORMATION	3 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL INFORMATION	GENERAL INFORMATION Rasna Therapeutics, Inc. (“Rasna DE" or "Rasna Inc.”), is a company incorporated in the State of Delaware on March 28, 2016. On October 11, 2017, we changed our fiscal year end from March 31 to September 30 and we filed a Form 10-KT on November 30, 2017. On April 27, 2016, Rasna Therapeutics Limited, a private limited company incorporated in England and Wales under the U.K. Companies Act (“Rasna UK”) sold its stake in Falconridge Holdings Limited, or Falconridge, to Rasna DE for $1 . This entity had no operations, no assets or liabilities as of this date. On May 17, 2016, Rasna DE and its subsidiary Falconridge entered into an Agreement of Merger and Plan of Reorganization (“Merger Agreement”) with Arna Therapeutics Limited, a British Virgin Islands company, or Arna, which was a clinical stage biotechnology company focused on drugs to treat diseases in oncology and immunology, mainly focusing on the treatment of leukemia. Pursuant to the agreement, Arna was merged into Falconridge and the shareholders of Arna were issued shares of Rasna DE in exchange for shares of Arna. On August 15, 2016, Active With Me, Inc., or AWM, entered into an Agreement of Merger and Plan of Reorganization (the “Merger Agreement”) with Rasna DE, and Rasna Acquisition, providing for the merger of Rasna Acquisition with and into Rasna DE, (the “Merger”), with Rasna DE, surviving the Merger as a wholly-owned subsidiary of AWM. As a result of the Merger, the resulting company, Rasna Therapeutics, Inc., is a biotechnology company that is engaged in modulating the molecular targets NPM1 and LSD1, which are implicated in the disease progression of leukemia and lymphoma. The Merger has been treated as a reverse recapitalization effected by a share exchange for financial accounting and reporting purposes since substantially all of AWM’s operations were disposed of prior to the consummation of the transaction. Rasna DE is treated as the accounting acquirer as its stockholders control us after the Merger Agreement, even though AWM was the legal acquirer. As a result, the assets and liabilities and the historical operations that are reflected in our financial statements are those of Rasna DE as if Rasna DE had always been the reporting company. Since AWM had no operations upon the Merger Agreement taking place, the transaction was treated as a reverse recapitalization for accounting purposes and no goodwill or other intangible assets were recorded by us as a result of the Merger Agreement. These financial statements are presented in United States dollars (“USD”) which is also the functional currency of the primary economic environment in which the Company operates. See Note 2, Foreign currency policy.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	3 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
ACCOUNTING POLICIES	ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these unaudited condensed consolidated financial statements are set out below. These policies have been applied consistently to all the periods presented unless otherwise stated. Basis of preparation These unaudited condensed consolidated financial statements have been prepared following the requirements of the Securities and Exchange Commission (“SEC”) and United States generally accepted accounting principles (“GAAP”) for interim reporting. In the opinion of management, the accompanying consolidated financial statements include all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial information. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements as of and for the six months ended September 30, 2017, contained in the Company's annual report on Form 10-KT filed with the SEC on November 30, 2017. Principles of Consolidation In accordance with ASC 810, Consolidation, the Company consolidates any entity in which it has a controlling financial interest. Further, the Company consolidates any variable interest entity that it is deemed to be the primary beneficiary of, and have the power to direct its significant activities. Upon review of the relationship between Rasna Therapeutics Limited (“Rasna UK”) and Rasna Inc., Management noted that equity investment in Rasna UK is not sufficient to fund its operations. Accordingly, Rasna Inc. is considered to be the primary beneficiary of the assets held within Rasna UK, which primarily consist of cash received from Rasna Inc. to fund its operations, and has power to direct its significant activities. As a result, Rasna Inc. consolidates this variable interest entity. The consolidated financial statements include the financial statements of the Company and its subsidiary, Arna Therapeutics Limited as well as the operations of Rasna Inc. for the period from May 17, 2016 through December 31, 2017. All significant intercompany accounts and transactions have been eliminated in the preparation of the accompanying consolidated financial statements. Business Combinations Management accounts for business combinations under the provisions of Accounting Standards Codification ("ASC") Topic 805-10, Business Combinations ("ASC 805-10"), which requires that the acquisition method of accounting be used for all business combinations. Assets acquired and liabilities assumed, including non-controlling interests, are recorded at the date of acquisition at their respective fair values. ASC 805-10 also specifies criteria that intangible assets acquired in a business combination must meet to be recognized and reported apart from goodwill. Goodwill represents the excess purchase price over the fair value of the tangible net assets and intangible assets acquired in a business combination. Acquisition-related expenses are recognized separately from the business combinations and are expensed as incurred. The amounts reflected within the Note 3 - Acquisitions are the results of the final valuation report of the purchase price allocation. Going Concern The Company is subject to a number of risks similar to those of other pre-commercial stage companies, including its dependence on key individuals, uncertainty of product development and generation of revenues, dependence on outside sources of capital, risks associated with research, development, testing, and obtaining related regulatory approvals of its pipeline products, suppliers and collaborators, successful protection of intellectual property, competition with larger, better-capitalized companies, successful completion of the Company's development programs and, ultimately, the attainment of profitable operations are dependent on future events, including obtaining adequate financing to fulfill its development activities and generating a level of revenues adequate to support the Company's cost structure. The Company has experienced net losses and significant cash outflows from cash used in operating activities over the past years, and at December 31, 2017 , had an accumulated deficit of $14,302,519 , a net loss for the for the three months ended December 31, 2017 of $2,003,451 and net cash used in operating activities of $1,255,239 . We expect to continue to incur net losses and have significant cash outflows for at least the next twelve months. The Company has sufficient funds to continue operating until the end of November 2018, but will require significant additional cash resources to launch new development phases of existing products in its pipeline. In the event that the Company is unable to secure the necessary additional cash resources needed, the Company may slow current development phases or halt new development phases in order to mitigate the effects of the costs of development. These conditions, among others, raise substantial doubt about the Company's ability to continue as a going concern. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. This basis of accounting contemplates the recovery of the Company's assets and the satisfaction of liabilities in the normal course of business. A successful transition to attaining profitable operations is dependent upon achieving a level of positive cash flows adequate to support the Company's cost structure. 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 and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company evaluates its estimates on an ongoing basis, including those related to the fair values of stock based awards, income taxes and contingent liabilities, among others. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates and such differences could be material to the consolidated financial position and results of operations. Fair Value The carrying value of the Company’s financial instruments, including cash and cash equivalents, accounts payable and accrued liabilities, approximate fair value because of the short-term nature of such financial instruments. Management measures certain other assets at fair value on a nonrecurring basis when they are deemed to be other-than-temporarily impaired. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of related party receivables. Deposits held with banks, including those held in foreign branches of global banks, may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand and bear minimal risk. Management believes that the institutions that hold our instruments are financially sound and are subject to minimal credit risk. Cash and cash equivalents Cash and cash equivalents consists of cash on deposit with banks with an original maturity of three months or less. From time to time, the Company’s balances in its bank accounts exceed Federal Deposit Insurance Corporation limits. The Company will periodically evaluate the risk of exceeding insured levels and might transfer funds if it deems appropriate. The Company has not experienced any losses with regards to balances in excess of insured limits or as a result of other concentrations of credit risk. Prepayments and other receivables Prepayments consists of prepaid Directors and Officers liability insurance. Property and Equipment Expenditures for additions, renewals and improvements are capitalized at cost. Depreciation is computed in a straight line method based on the estimated useful lives of the related assets. The estimated useful lives of the major classes of depreciable assets are 2 to 5 years for equipment and furniture and fixtures. Expenditures for repairs and maintenance are charged to operations as incurred. The Company periodically evaluates whether current events or circumstances indicate that the carrying life of the depreciable assets may not be recoverable. Goodwill and Intangible assets Intangible assets are made up of indefinite lived intangible assets, in-process research and development, (“IPR&D”) and certain intellectual property (“IP”). The balance of the indefinite lived intangible assets represents the platform technology that was acquired in 2013, which, at the time, was determined to have alternative future uses. IPR&D assets represent the fair value assigned to acquired technologies in a business combination, which at the time of the business combination have not reached technological feasibility and have no alternative future use. IP assets represent the fair value assigned to technologies, which at the time of acquisition have reached technological feasibility, however, have not yet been put into service. Intangible assets are considered to have an indefinite useful life until the completion or abandonment of the associated research and development projects. Goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired in business combinations. Goodwill is not amortized; rather, it is subject to a periodic assessment for impairment by applying a fair value based test. Goodwill is assessed for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the asset might be impaired. An impairment charge is recognized only when the implied fair value of the Company’s reporting unit’s goodwill is less than its carrying amount. Management evaluates indefinite life intangible assets for impairment on an annual basis and on an interim basis if events or changes in circumstances between annual impairment tests indicate that the asset might be impaired. The ongoing evaluation for impairment of its indefinite life intangible assets requires significant management estimates and judgment. Management reviews indefinite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. There were no impairment charges during the three months ended December 31, 2017 and 2016. Risks and Uncertainties The Company intends to operate in an industry that is subject to rapid change. The Company’s operations will be subject to significant risk and uncertainties including financial, operational, technological, regulatory, and other risks associated with an early stage company, including the potential risk of business failure. Reclassifications Certain prior period amounts have been reclassified for comparative purposes to conform to the fiscal 2018 presentation. These reclassifications have no impact on the previously reported net loss. Research and development Expenditure on research and development is charged to the statements of operations in the year in which it is incurred with the exception of expenditures incurred in respect of the development of major new products where the outcome of those projects is assessed as being reasonably certain in regards to viability and technical feasibility. Such expenditure is capitalized and amortized straight line over the estimated period of sale for each product, commencing in the year that sales of the product are first made. To date, the Company has not capitalized any such expenditures other than certain IPR&D & IP recorded in connection with certain acquisition or equity transactions. Foreign Currency Items included in the financial statements are measured using their functional currency, being the currency of the primary economic environment in which the company operates. The financial statements are presented in United States Dollar (“USD”), which is the company’s functional and presentational currency. Foreign currency transactions are translated using the rate of exchange applicable at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-translation at the year-end of monetary assets and liabilities denominated in foreign currencies are recognized in the statements of operations. Net Loss per Share Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. The following table sets forth potential common shares issuable upon the exercise of outstanding options and the exercise of warrants, all of which have been excluded from the computation of diluted weighted average shares outstanding as they would be anti-dilutive: December 31, 2017 December 31, 2016 Stock options 4,829,875 1,662,375 Warrants 1,926,501 — Total shares issuable upon exercise or conversion 6,756,376 1,662,375 The following is the computation of net loss per share for the following periods: For the Three Months Ended December 31, 2017 (Unaudited) 2016 (Unaudited) Net loss for the period $ (2,003,451 ) $ (1,356,084 ) Weighted average number of shares 68,908,003 65,082,334 Net loss per share (basic and diluted) $ (0.03 ) $ (0.02 ) Warrants In April 2016, the Company committed to issue warrants as compensation to the placement agents relating to fundraising. On February 28, 2017, the Company issued a ten year warrant to purchase 1,440,501 shares of common stock at an exercise price of $0.37 per share. The Company had determined that the service inception date preceded the grant date, and accordingly, recorded a liability to issue warrants in the Company as of the date that the equity was issued, with an offset charge to additional paid-in capital as these are offering costs. The liability to issue warrants was marked to market each period until the grant date, at which point the Company determined that in accordance with ASC 815-40-25-7, the warrants should be classified in stockholder’s equity. See Note 7 for additional information. In July 2017, the Company committed to issue warrants as compensation to the placement agents relating to fundraising. On August 31, 2017, the Company issued a ten year warrant to purchase 112,000 shares of common stock at an exercise price of $0.65 per share. On August 31, 2017, the Company entered into consulting agreements with placement agents who were providing consulting services in the areas of capital market advisory and investor relations. In lieu of fees for these consulting services, on September 1, 2017, the Company issued ten year warrants to purchase 347,000 shares of common stock at an exercise price of $0.60 per share. The Company determined that the service inception date did not preceed the grant date, and accordingly classifies the warrants in stockholder's equity, in accordance with ASC 815-40-25-7. See Note 7 for additional information. Equity-Based Payments ASC Topic 718 “Compensation—Stock Compensation” requires companies to measure the cost of employee services received in exchange for the award of equity instruments based on the estimated fair value of the award at the date of grant. The expense is to be recognized over the period during which an employee is required to provide services in exchange for the award. The Company accounts for shares of common stock, stock options and warrants issued to employees based on the fair value of the stock, stock option or warrant, if that value is more reliably measurable than the fair value of the consideration or services received. The Company accounts for stock options issued and vesting to non-employees in accordance with ASC Topic 505-50 “Equity -Based Payment to Non-Employees” and accordingly the value of the stock compensation to non-employees is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Accordingly the fair value of these options is being “marked to market” quarterly until the measurement date is determined. Income taxes On December 22, 2017, The Tax Cuts and Jobs Act was signed into law and has resulted in significant change to the U.S corporate income tax system. These changes include a federal statutory rate reduction from 35% to 21%, a transition tax which applies to the repatriate of foreign earnings and profits, the elimination or reduction of certain domestic deductions and credits and limitations on the deductibility of interest expense and executive compensation. Changes in tax rates and tax laws are accounted for in the period of enactment. Therefore, during the three month period ended December 31, 2017, we recorded an income tax benefit totaling $4,301 related to our current estimate of the impact of the 2017 Tax Cuts and Jobs Act. Recent Accounting Pronouncements Not Yet Adopted On August 26, 2016, the FASB issued Accounting Standards Update (ASU) 2016-15, Classification of Certain Cash Receipts and Cash Payments, seeking to eliminate diversity in practice related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities, including both business entities and not-for-profit entities that are required to present a statement of cash flows under FASB Accounting Standards Codification (FASB ASC) 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in ASU 2016-15 should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company expects to adopt this ASU described above in its Consolidated Financial Statements beginning in October 1, 2018. Management has evaluated and concluded that there will be no material impact on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash a consensus of the FASB Emerging Issues Task Force (“ASU 2016-18”). ASU 2016-18 requires restricted cash and cash equivalents to be included with cash and cash equivalents on the statement cash flows. The new standard is expected to be effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted. Management has evaluated the effects of ASU 2016-18 and concluded that there will be no material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-1, Business Combinations (Topic 805): Clarifying the Definition of a Business, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual financial reporting periods beginning after December 15, 2017. The Company expects to adopt this ASU described above in its Consolidated Financial Statements beginning in October 1, 2018. Management has evaluated and concluded that there will be no material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles -Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which addresses the concerns over the cost and complexity of the two-step impairment test, and removes the second step of the test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The guidance is effective for annual and interim goodwill impairment tests performed for periods beginning after December 15, 2019 with early adoption permitted in January 2017. Management has evaluated and concluded that there will be no material impact on its consolidated financial statements. In July 2017, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral. The ASU applies to issuers of financial instruments with down-round features. It amends (1) the classification of such instruments as liabilities or equity by revising the guidance in ASC 815 on the evaluation of whether instruments or embedded features with down-round provisions must be accounted for as derivative instruments and (2) the guidance on recognition and measurement of the value transferred upon the trigger of a down-round feature for equity-classified instruments by revising ASC 260. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other companies, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. Management has evaluated and concluded that there will be no material impact on its consolidated financial statements.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS The following transactions were accounted for using the acquisition accounting method which requires, among other things, that the assets acquired and liabilities assumed are recognized at their acquisition date fair value. On May 5, 2016, Rasna UK sold its intellectual property to Falconridge, a subsidiary of Rasna, for a note payable in the amount of $236,269 . Rasna UK is considered a VIE and consolidated in these financial statements, however, is not an entity under common control as Rasna controlled both Falconridge and Rasna UK at the time of the transaction, this transaction eliminates on consolidation. On May 17, 2016, Rasna and its subsidiary Falconridge entered into an Agreement of Merger and Plan of Reorganization with Arna. Pursuant to the agreement, Arna was merged into Falconridge and the shareholders of Arna were issued shares of Rasna in exchange for shares of Arna. Arna was deemed to be the accounting acquirer because Rasna and Falconridge Holdings Limited were non-trading holding companies and Arna’s operations will comprise the ongoing operations of the combined entity and its senior management will serve as the senior management of the combined entity. Further, 65% of the voting interest in Rasna was acquired by Arna shareholders in connection with the transaction. Therefore, the assets and liabilities of the acquired entity, Rasna, were written to fair value in accordance with the Acquisition Method prescribed in ASC 805, Business Combinations. The consideration transferred was measured based upon the share price recently received during a non-public equity raise in Rasna, during which non-related investors paid $0.40 per share of common stock. During the acquisition transaction, 19,187,500 of 54,837,790 shares were issued to legacy Rasna shareholders, which results in consideration transferred to the acquiree’s shareholders of $7,675,000 . In addition, $607,159 of a related party receivable due to Arna from Rasna Uk, was forgiven as part of the consideration transferred. The purchase price allocation as of the date of acquisition is set forth in the table below. As per the purchase accounting method, the tangible and identifiable intangible assets acquired and liabilities assumed were recorded at fair value as of the date of acquisition, with the remaining purchase price recorded as goodwill. The Company’s allocation of the purchase price in connection with the acquisition was calculated as follows: Balance as of May 17, 2016 Share consideration transferred $ 7,675,000 Forgiveness of receivable 607,159 Consideration transferred $ 8,282,159 Less: Fair value of assets acquired Cash and cash equivalents (5,116,609 ) Other receivables (14,187 ) Prepayment (66,856 ) Related party receivables (20,412 ) Intellectual property (236,269 ) In-Process research and development (613,100 ) Plus: Liabilities assumed Accounts payable and accrued expenses 492,603 Related party payables 15,656 Goodwill $ 2,722,985 Of the above assets acquired and liabilities assumed, the intellectual property acquired was owned by Falconridge and the residual assets acquired and liabilities assumed comprised the VIE that was controlled by Rasna, Inc. Acquired In-Process Research and Development Acquired IPR&D is the fair value of the LSD-1 asset at the acquisition date. The Company determined that the fair value of LSD-1 was $613,100 as of the acquisition date using the cost approach. This was based on the fact that LSD-1 was not yet technologically feasible or in use as of the valuation date. Also as no prospective revenue stream could be determined, the cost approach was deemed to be the most appropriate. The Company retained a Clinical Research Organisation ("CRO") to perform all related research and development associated with LSD-1. As all research and development associated with LSD‐1 was performed by the CRO and no other contributions to LSD‐1 IPR&D were made beyond payments to the CRO, the Company considered the payments made to estimate the fair value of LSD‐1. Active With Me, Inc. On August 15, 2016, Active With Me, Inc., entered into an Agreement of Merger and Plan of Reorganization (the “Merger Agreement”) with Rasna, Inc., and Rasna Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of Active With Me, Inc. (“Merger Sub”), providing for the merger of Merger Sub with and into Rasna, Inc. (the “Merger”), with Rasna, Inc. surviving the Merger as a wholly-owned subsidiary of Active With Me, Inc. As a result of the Merger, the resulting company, Rasna Therapeutics, Inc., is a biotechnology company that is engaged in modulating the molecular targets NPM1 and LSD1, which are implicated in the disease progression of leukemia and lymphoma. The Merger was treated as a reverse recapitalization effected by a share exchange for financial accounting and reporting purposes since substantially all of Active With Me’s operations were disposed of prior to the consummation of the transaction. Rasna Successor is treated as the accounting acquirer as its stockholders control the Company after the Exchange Agreement, even though Active With Me, Inc. was the legal acquirer. As a result, the assets and liabilities and the historical operations that are reflected in these financial statements are those of Rasna Successor as if Rasna Successor had always been the reporting company. Since Active With Me, Inc. had no operations upon the Merger Agreement taking place, the transaction was treated as a reverse recapitalization for accounting purposes and no goodwill or other intangible assets were recorded by the Company as a result of the Merger Agreement. Thereafter, pursuant to a Stock Purchase Agreement, the Company transferred all of the outstanding capital stock of Rasna Successor to a former officer and director of Active With Me, Inc. in exchange for cancellation of an aggregate of 1,500,000 shares of Rasna Successor’s common stock held by such person. In connection with the share exchange, each share of Rasna, Inc was exchanged for the right to receive .33 shares in Active With Me, Inc. Once issued, the new shares were combined with the 3,305,000 common shares held by legacy Active With Me, Inc. shareholders. Immediately following the Merger, 1,500,000 shares were canceled, which related to one legacy Active With Me shareholder that effectively spun off the remaining assets of Active With Me in connection with the transaction. Finally, subsequent to the transaction, the legal acquirer executed a 3.25 for 1 stock split on its common shares. Following the closing of the Merger and Rasna Successor’s cancellation of 1,500,000 shares in the Split-Off, there were 19,901,471 shares of Rasna Successor issued and outstanding, which once effected for the 3.25 for 1 reverse stock split, resulted in 64,679,798 shares outstanding in the combined entity.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS As noted in Note 3 - Acquisitions, on May 17, 2016, there was a transaction where the Company acquired an entity and, at initial purchase price, it was determined that there was $236,269 of intellectual property, $613,100 of In-process research and development, and $2,722,985 of goodwill. Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations accounted for under the purchase method of accounting. The following table summarizes the Company’s goodwill for the periods indicated resulting from the acquisitions by the Company: December 31, September 30, 2017 2017 Goodwill $ 2,722,985 $ 2,722,985 Acquisition of Rasna and its subsidiaries — — Net Book Value $ 2,722,985 $ 2,722,985 The Company performed an impairment analysis and no impairment was determined. Therefore no impairment was recorded for the three months ended December 31, 2017 and the period ended September 30, 2017. Intangible Assets On December 17, 2013 the Company’s shareholder, Panetta Partners Limited, transferred 5,000,000 of its shares in Arna Therapeutics Limited to Eurema Consulting S.r.l. and 5,000,000 shares in Arna Therapeutics Limited to TES Pharma S.r.l. In exchange for the shares, Panetta Partners Limited obtained intellectual property ("Platform Technology") from TES Pharma S.r.l and Eurema Consulting S.r.l. Panetta Partners Limited then assigned the Platform Technology to Arna Therapeutics Limited, which was accounted for as a capital contribution. The fair value of the shares exchanged for the IPR&D was $0.13 per share; in addition the issue price for shares in October 2013 was $0.13 per share (shares issued post acquisition of the IPR&D were issued at $0.28 ) and accordingly the Company valued the Platform Technology at $1.3 million . IPR&D relating to LSD-1, was acquired in the reverse acquisition of Rasna UK by Arna as of May 17, 2016. The Company retained a Clinical Research Organisation ("CRO") to perform all related research and development associated with LSD‐1. Based on review of the license agreement dated January 1, 2015, between the CRO and Rasna, the Company agreed to pay 100,002 Euros for costs incurred to date and to perform research and development on a going forward basis. Additionally, the Company entered into an amended license agreement whereby Rasna agreed to pay TTFactor an additional 435,000 Euros as of May 17, 2016, regarding services rendered between September 9, 2014 to May 17, 2016. Based on the cost approach, the IPR&D was valued at $613,100 . At the time of the acquisition, the Company had reasonably expected to use the Platform Technology, in the asset’s then current state, in two independent research projects that had not commenced as of the date of the acquisition. The Company’s research projects applied the conclusions reached in the Platform Technology to develop treatments for AML through reformulation of certain available pharmaceuticals and independent development of a new pharmaceutical treatment. Both research projects were initiated shortly after the Platform Technology was acquired and continue through the date of the financial statements. At the time of acquisition, and at present, no legal, regulatory, contractual, competitive, economic, or other factors were present that would constrain the useful life of the asset to the Company. The agreement to purchase the asset has no provisions that would limit the timeframe of use, legally, contractually or economically, and the asset remains a competitive platform for results in the treatment of Acute Myeloid Leukemia and lymphoma. Specifically, the agreement irrevocably assigns all rights and title to the Asset, without limitation or contingencies. No limitations or alternative technology has emerged that would suggest obsolescence or a change in the competitive landscape for the Platform Technology as of the most recent reporting period. In addition, the Company has concluded that the useful life of the Platform Technology at the time of acquisition was beyond a foreseeable horizon, and therefore the asset is classified as an indefinite lived intangible asset. The IPR&D and intellectual property are considered to have an indefinite life and there were no impairment charges recognized during the three months ended December 31, 2017 and the period ended September 30, 2017. The following table summarizes the Company’s intangible assets as of the following periods: December 31, September 30, 2017 2017 Estimated Useful Life In-process research and development $ 613,100 $ 613,100 Indefinite Intellectual Property 236,269 236,269 Indefinite Indefinite lived intangible asset 1,300,000 1,300,000 Indefinite $ 2,149,369 $ 2,149,369

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	3 Months Ended
	Dec. 31, 2017
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	ACCOUNTS PAYABLE AND ACCRUED EXPENSES The following table summarizes the Company’s accounts payable and accrued expenses as of the following periods: December 31, 2017 (Unaudited) September 30, 2017 Accounts payable $ 353,877 $ 658,921 Accrued expenses 415,280 328,443 $ 769,157 $ 987,364 Accounts payable is predominantly made up of unpaid invoices relating to research and development, accounting and professional fees. Included within the accrued expenses balance of $415,280 at December 31, 2017 is approximately $100,000 relating to vendors for research and development expenses, $75,000 relating to an accrual for directors fees, approximately $67,000 relating payroll accruals, and approximately $70,000 of accrued legal, patent and other costs. Included within the accrued expenses balance of $328,443 at September 30, 2017 is $128,000 of accrued legal, accounting and professional fees, $60,000 for payroll related expenses and $50,000 for Directors fees.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION 2016 EQUITY INCENTIVE PLAN On July 19, 2016, the Company adopted its 2016 Equity Incentive Plan (the "Equity Incentive Plan"). The plan was established to attract, motivate, retain and reward selected employees and other eligible persons. For the Equity Incentive Plan, employees, officers, directors and consultants who provide services to the Company or one of the Company’s subsidiaries may be selected to receive awards. A total of 9,750,000 shares of the Company’s common stock was authorized for issuance with respect to awards granted under the Equity Incentive Plan. The fair values of stock option grants during the three months ended December 31, 2017 were calculated on the date of the grant using the Black-Scholes option pricing model. Compensation expense is recognized over the period of service, generally the vesting period. During the three months ended December 31, 2017 , no options were granted by the Company. The following assumptions were used in the Black-Scholes options pricing model to estimate the fair value of stock options for the three months ended December 31, 2017 : Employee – Vesting Period Non- Employee – Vesting Period 1 Year 2 Years 3 Years 4Years 1 Year 2 Years 3 Years Stock Price $0.85 $0.85 $0.85 $0.85 $3.00 $3.00 $3.00 Expected life (years) 5.50 5.75 6.00 6.25 5.50 5.75 6.00 Expected volatility 82.40% 82.20% 81.90% 81.70% 86.60% 85.40% 89.00% Expected dividend yield —% —% —% —% —% —% —% Risk-free interest rate 1.57% 1.57% 1.57% 1.57% 1.57% 1.57% 1.57% The input assumptions used are as follows: Discount rate —Based on the daily yield curve rates for U.S. Treasury obligations with maturities which correspond to the expected term of the Company’s stock options. Dividend yield —The Company has not paid any dividends on common stock since its inception and does not anticipate paying dividends on its common stock in the foreseeable future. Expected volatility —Based on the historical volatility of seven different comparable Companys’ stock. Expected term —The Company has had no stock options exercised since inception. The expected option term represents the period that stock-based awards are expected to be outstanding based on the simplified method provided in Staff Accounting Bulletin (“SAB”) No. 107, Share-Based Payment , (“SAB No. 107”), which averages an award’s weighted-average vesting period and expected term for “plain vanilla” share options. Under SAB No. 107, options are considered to be “plain vanilla” if they have the following basic characteristics: (i) granted “at-the-money”; (ii) exercisability is conditioned upon service through the vesting date; (iii) termination of service prior to vesting results in forfeiture; (iv) limited exercise period following termination of service; and (v) options are non-transferable and non-hedgeable. The Company will continue to use the simplified method for the expected term until it has the historical data necessary to provide a reasonable estimate of expected life in accordance with SAB No. 107, as amended by SAB No. 110. For the expected term, the Company has “plain-vanilla” stock options, and therefore used a simple average of the vesting period and the contractual term for options granted subsequent to January 1, 2006 as permitted by SAB No. 107. Forfeitures —ASC Topic 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company has estimated zero forfeiture. The following table summarizes stock option activity for the three months ended December 31, 2017 : Number of Options Weighted Average Exercise Price Per Option Weighted Average remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding balance at September 30, 2017 4,829,875 0.56 8.60 $5,975,874 Granted — — — — Exercised — — — — Forfeited and Expired — — — — Outstanding balance at December 31, 2017 4,829,875 0.56 8.02 $ 11,806,521 Options exercisable at December 31, 2017 1,963,156 0.27 7.01 $ 5,365,467 There were no options exercised during the three months ended December 31, 2017 . As of December 31, 2017 , there was approximately $1,262,741 of total unrecognized compensation cost related to stock options. The cost is expected to be recognized over a weighted average period of 1.3 years . For the three months ended December 31, 2017, $257,207 related to share based compensation to directors and employees which has been included within the general and administrative expense category in the unaudited condensed consolidated interim financial statements. An additional ( $32,225 ) related to non-employees has been included within the Consultancy fees third parties and related parties expense category in the unaudited condensed consolidated interim financial statements. For the three months ended December 31, 2016, $159,095 related to share based compensation to directors and employees which has been included within the general and administrative expense category in the unaudited condensed consolidated interim financial statements. An additional $91,445 related to non-employees has been included within the Consultancy fees third parties and related parties expense category in the unaudited condensed consolidated interim financial statements.

WARRANTS

WARRANTS	3 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
WARRANTS	WARRANTS On April 10, 2016, the Company incurred the obligation to issue warrants to placement agents relating to fundraising. The Company accounted for the obligation based on an estimate of the fair value of warrants issued using the Black-Scholes Model (“BSM”) and the Company recorded $484,009 as a liability and a reduction to proceeds of the equity offering (additional paid-in-capital). The Company assessed the fair value for each reporting period of the liability and recorded changes to additional paid-in capital. At February 28, 2017, the date the warrants were issued, the obligation was reversed to additional paid-in capital and no outstanding liability existed. Based upon the Company’s analysis of the criteria contained in ASC Topic 815-40, “Derivatives and Hedging - Contracts in an Entity’s Own Equity”, the Company determined that the warrants issued as placement agent warrants are classified as equity in additional paid in capital. On July 3, 2017, the Company entered into a finders agreement with a placement agent whereby they incurred an obligation to issue warrants once a private placement has successfully been entered into. On August 31, 2017, the performance condition had been satisfied and the Company issued the related warrants. Based upon the Company’s analysis of the criteria contained in ASC Topic 815-40, “Derivatives and Hedging - Contracts in an Entity’s Own Equity”, the Company determined that the warrants issued as placement agent warrants are classified as equity in additional paid in capital. On September 1, 2017, the Company issued warrants to placement agents in lieu of fees for consultancy services to be provided over a period of 6 months. Based upon the Company’s analysis of the criteria contained in ASC Topic 815-40, “Derivatives and Hedging - Contracts in an Entity’s Own Equity”, the Company determined that the warrants issued in lieu of consultancy fees are classified as equity in additional paid in capital. The fair value of the warrants at the date of issuance has been calculated based on the following inputs and assumptions using the Black Scholes Model: September 1, 2017 August 31, 2017 February 28, 2017 Fair value at issuance date $1,420,456 $424,179 $2,914,884 Warrants issued 374,000 112,000 1,440,501 Exercise Price $0.60 $0.65 $0.37 Stock Price $4.00 $4.00 $2.10 Expected Term (Years) 10 10 10 Volatility % 91% 91% 105% Discount Rate - Bond Equivalent Yield 2.35% 2.35% 2.55% Dividend Yield —% —% —% The input assumptions used are as follows: Discount rate —Based on the daily yield curve rates for U.S. Treasury obligations with maturities which correspond to the expected term of the Company’s stock options. Dividend yield —The Company has not paid any dividends on common stock since its inception and does not anticipate paying dividends on its common stock in the foreseeable future. Expected volatility —Based on the historical volatility of seven different comparable Companies’ stock. Expected term —The Company has used the life of the warrant. The following table summarizes warrant activity for the three months ended December 31, 2017: Number of Warrants Weighted Average Exercise Price Per Option Weighted Average remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding balance at September 30, 2017 1,926,501 0.43 8.86 6,875,819 Granted — — — — Forfeited — — — — Outstanding balance at December 31, 2017 1,926,501 0.43 8.61 $ 4,949,318 Warrants exercisable at December 31, 2017 1,926,501 0.43 8.61 $ 4,949,318 The performance related warrants issued on August 31, 2017 are fully vested and do not have any forfeiture conditions attached. The fair value of the consultancy warrants issued on September 1, 2017 was $1,418,071 at December 31, 2017, of which $307,765 was expensed during the six months ended September 30 2017. During the three months ended December 31, 2017, $779,422 of costs were recognized for consultancy related warrants. These costs are included within the Consultancy fees third parties and related parties expense category in the consolidated financial statements. There is approximately $330,884 of unrecognized costs related to warrants to be recognized over a weighted average period of 2 months.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS During the normal course of its business, the Company enters into various transactions with entities that are both businesses and individuals. The following is a summary of the related party transactions during the three months ended December 31, 2017 and 2016. Eurema Consulting Eurema Consulting S.r.l. was a significant shareholder of Arna Therapeutics Limited. During the three months ended December 31, 2017 and three months ended December 31, 2016 , Eurema Consulting S.r.l. did not supply the Company with consulting services. As of December 31, 2017 , and September 30, 2017, Eurema Consulting S.r.l was owed $200,000 and $200,000 , respectively, by the Company for past consultancy services. Gabriele Cerrone Gabriele Cerrone was a Director of Arna Therpeutics Limited. During the three months ended December 31, 2017 ,Gabriele Cerrone did not supply the Company with consulting services. During the three months ended December 31, 2016 , Gabriele Cerrone charged the Company $25,000 , relating to consultancy fees. As of December 31, 2017 , and September 30, 2017, the balance due to Gabriele Cerrone was $175,000 and $175,000 , respectively for past consultancy services. Roberto Pellicciari Roberto Pellicciari was a Director of Arna Therpeutics Limited and sole shareholder of TES Pharma Srl. During the three months ended December 31, 2017 Roberto Pellicciari did not supply the Company with consulting services. During the three months ended December 31, 2016 , Roberto Pellicciari charged the Company $25,000 , relating to consultancy fees. As of December 31, 2017 , and September 30, 2017, the balance due to Roberto Pellicciari was $175,000 and $175,000 , respectively for past consultancy services. There is no interest charged on the balances with related parties. There are no defined repayment terms and such amounts can be called for payment at any time.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES License Agreements In November 2016, the Company entered into a license agreement with Profs. Falini and Martelli, wherein it obtained the exclusive rights related to the use or reformulation of Actinomycin D and intends to utilize these rights for the development of new product. In connection with this agreement, the Company was committed to paying milestone payments, the first being a EUR 50,000 payment to be paid six months after the agreement was signed. The payment was made to Profs. Falini and Martelli in June 2017. During the three months ended December 31, 2017, the second milestone was achieved triggering a payment EUR 50,000 . This will be paid in February 2018. The specific timing of the remaining milestones cannot be predicted and depend upon research and clinical developments. The Company expects to incur further payments of EUR 400,000 in respect of this agreement once milestones are achieved. Lease Agreements In January 2017, the Company entered into a lease agreement with Bucks County Biotechnology Centre Inc in Doylestown Pennsylvania, where certain employees of the Company are based. The lease provides for annual basic lease payments from February 1, 2017 to January 31, 2018 of $13,480 , plus and utility expense estimate of $237 per month. During the three months ended December 31, 2017, the Company had incurred approximately $4 ,000 of rental expenses related to this agreement. The Company is currently in the process of renewing this lease, which has an automatic month to month renewal until the new lease agreement is signed. Employment and Consultancy Agreements In October 2015, Rasna Therapeutics Ltd entered into a consultancy agreement with James Tripp in which he agreed to consult on clinical operations for a fee of $10,000 per calendar quarter. Mr. Tripp's consultancy agreement ended in May 2017 and all outstanding obligations are settled with him. In September 2016, the board of directors awarded Mr Tripp 125,000 options to vest over a 3 year period, with an exercise price of $0.40 . Upon the end of Mr Tripp's consultancy agreement in May 2017, all options have been forfeited. In October 2016, the Company entered into a consultancy agreement with Tiziano Lazzaretti in which he agreed to serve as Chief Financial Officer for a fee of $50,000 per year. This was increased to $80,000 a year in April 2017 by the Company's compensation committee. On May 24, 2017, the Company entered into an executive employment agreement with Kunwar Shailubhai to serve as Chief Executive Officer and Chief Scientific Officer for a renumeration of $300,000 per annum. Also included within the agreement is a performance related bonus of 35% of base salary. In June 2017, the board of directors awarded Dr Shailubhai 1,700,000 options to vest over a 4 year period, with an exercise price of $0.85 . The Company has entered a number of employment agreements commencing in January 2017. These agreements relate to clinical and non clinical employees, and are reviewable on an annual basis. The Company's committed to paying approximately $180,000 of salary and bonus expenses for the 12 month period to December 2018. Shared Services Agreement The Company has entered into a shared services agreement with Tiziana Life Sciences Plc. Under the terms of this agreement, the Company will be charged for shared services including payroll and rent for the Lexington Avenue premises, on a monthly basis based on allocated costs incurred. This agreement is effective from January 1, 2017. At December 31, 2017 $0 is due to Tiziana Life Sciences PLC. During the three months ended December 31, 2017, the Company had incurred approximately $44,000 of payroll and $29,000 of rental expenses related to this agreement. Other Commitments The Company may enter into certain licensing agreements for products currently under development. The Company may be obligated in future periods to make additional payments, which would become due and payable only upon the achievement of certain research and development, regulatory, and approval milestones. The specific timing of such milestones cannot be predicted and depend upon future discretionary research and clinical developments, as well as, regulatory agency actions. Further, under the terms of certain agreements the Company may be obligated to pay commercial milestones contingent upon the realization of sales revenues and sublicense revenues. Due to the long range nature of such commercial milestones, they are neither probable at this time nor predictable, and consequently are not considered contingent milestone payment amounts.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	3 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of preparation	Basis of preparation These unaudited condensed consolidated financial statements have been prepared following the requirements of the Securities and Exchange Commission (“SEC”) and United States generally accepted accounting principles (“GAAP”) for interim reporting. In the opinion of management, the accompanying consolidated financial statements include all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial information.
Principles of Consolidation	Principles of Consolidation In accordance with ASC 810, Consolidation, the Company consolidates any entity in which it has a controlling financial interest. Further, the Company consolidates any variable interest entity that it is deemed to be the primary beneficiary of, and have the power to direct its significant activities. Upon review of the relationship between Rasna Therapeutics Limited (“Rasna UK”) and Rasna Inc., Management noted that equity investment in Rasna UK is not sufficient to fund its operations. Accordingly, Rasna Inc. is considered to be the primary beneficiary of the assets held within Rasna UK, which primarily consist of cash received from Rasna Inc. to fund its operations, and has power to direct its significant activities. As a result, Rasna Inc. consolidates this variable interest entity. The consolidated financial statements include the financial statements of the Company and its subsidiary, Arna Therapeutics Limited as well as the operations of Rasna Inc. for the period from May 17, 2016 through December 31, 2017. All significant intercompany accounts and transactions have been eliminated in the preparation of the accompanying consolidated financial statements.
Business Combinations	Business Combinations Management accounts for business combinations under the provisions of Accounting Standards Codification ("ASC") Topic 805-10, Business Combinations ("ASC 805-10"), which requires that the acquisition method of accounting be used for all business combinations. Assets acquired and liabilities assumed, including non-controlling interests, are recorded at the date of acquisition at their respective fair values. ASC 805-10 also specifies criteria that intangible assets acquired in a business combination must meet to be recognized and reported apart from goodwill. Goodwill represents the excess purchase price over the fair value of the tangible net assets and intangible assets acquired in a business combination. Acquisition-related expenses are recognized separately from the business combinations and are expensed as incurred. The amounts reflected within the Note 3 - Acquisitions are the results of the final valuation report of the purchase price allocation.
Going Concern	Going Concern The Company is subject to a number of risks similar to those of other pre-commercial stage companies, including its dependence on key individuals, uncertainty of product development and generation of revenues, dependence on outside sources of capital, risks associated with research, development, testing, and obtaining related regulatory approvals of its pipeline products, suppliers and collaborators, successful protection of intellectual property, competition with larger, better-capitalized companies, successful completion of the Company's development programs and, ultimately, the attainment of profitable operations are dependent on future events, including obtaining adequate financing to fulfill its development activities and generating a level of revenues adequate to support the Company's cost structure. The Company has experienced net losses and significant cash outflows from cash used in operating activities over the past years, and at December 31, 2017 , had an accumulated deficit of $14,302,519 , a net loss for the for the three months ended December 31, 2017 of $2,003,451 and net cash used in operating activities of $1,255,239 . We expect to continue to incur net losses and have significant cash outflows for at least the next twelve months. The Company has sufficient funds to continue operating until the end of November 2018, but will require significant additional cash resources to launch new development phases of existing products in its pipeline. In the event that the Company is unable to secure the necessary additional cash resources needed, the Company may slow current development phases or halt new development phases in order to mitigate the effects of the costs of development. These conditions, among others, raise substantial doubt about the Company's ability to continue as a going concern. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. This basis of accounting contemplates the recovery of the Company's assets and the satisfaction of liabilities in the normal course of business. A successful transition to attaining profitable operations is dependent upon achieving a level of positive cash flows adequate to support the Company's cost structure.
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 and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company evaluates its estimates on an ongoing basis, including those related to the fair values of stock based awards, income taxes and contingent liabilities, among others. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates and such differences could be material to the consolidated financial position and results of operations.
Fair Value	Fair Value The carrying value of the Company’s financial instruments, including cash and cash equivalents, accounts payable and accrued liabilities, approximate fair value because of the short-term nature of such financial instruments. Management measures certain other assets at fair value on a nonrecurring basis when they are deemed to be other-than-temporarily impaired.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of related party receivables. Deposits held with banks, including those held in foreign branches of global banks, may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand and bear minimal risk. Management believes that the institutions that hold our instruments are financially sound and are subject to minimal credit risk.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents consists of cash on deposit with banks with an original maturity of three months or less. From time to time, the Company’s balances in its bank accounts exceed Federal Deposit Insurance Corporation limits. The Company will periodically evaluate the risk of exceeding insured levels and might transfer funds if it deems appropriate. The Company has not experienced any losses with regards to balances in excess of insured limits or as a result of other concentrations of credit risk.
Prepayments and other receivables	Prepayments and other receivables Prepayments consists of prepaid Directors and Officers liability insurance.
Property and Equipment	Property and Equipment Expenditures for additions, renewals and improvements are capitalized at cost. Depreciation is computed in a straight line method based on the estimated useful lives of the related assets. The estimated useful lives of the major classes of depreciable assets are 2 to 5 years for equipment and furniture and fixtures. Expenditures for repairs and maintenance are charged to operations as incurred. The Company periodically evaluates whether current events or circumstances indicate that the carrying life of the depreciable assets may not be recoverable.
Goodwill and Intangible assets	Goodwill and Intangible assets Intangible assets are made up of indefinite lived intangible assets, in-process research and development, (“IPR&D”) and certain intellectual property (“IP”). The balance of the indefinite lived intangible assets represents the platform technology that was acquired in 2013, which, at the time, was determined to have alternative future uses. IPR&D assets represent the fair value assigned to acquired technologies in a business combination, which at the time of the business combination have not reached technological feasibility and have no alternative future use. IP assets represent the fair value assigned to technologies, which at the time of acquisition have reached technological feasibility, however, have not yet been put into service. Intangible assets are considered to have an indefinite useful life until the completion or abandonment of the associated research and development projects. Goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired in business combinations. Goodwill is not amortized; rather, it is subject to a periodic assessment for impairment by applying a fair value based test. Goodwill is assessed for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the asset might be impaired. An impairment charge is recognized only when the implied fair value of the Company’s reporting unit’s goodwill is less than its carrying amount. Management evaluates indefinite life intangible assets for impairment on an annual basis and on an interim basis if events or changes in circumstances between annual impairment tests indicate that the asset might be impaired. The ongoing evaluation for impairment of its indefinite life intangible assets requires significant management estimates and judgment. Management reviews indefinite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Risks and Uncertainties	Risks and Uncertainties The Company intends to operate in an industry that is subject to rapid change. The Company’s operations will be subject to significant risk and uncertainties including financial, operational, technological, regulatory, and other risks associated with an early stage company, including the potential risk of business failure.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified for comparative purposes to conform to the fiscal 2018 presentation. These reclassifications have no impact on the previously reported net loss.
Research and development	Research and development Expenditure on research and development is charged to the statements of operations in the year in which it is incurred with the exception of expenditures incurred in respect of the development of major new products where the outcome of those projects is assessed as being reasonably certain in regards to viability and technical feasibility. Such expenditure is capitalized and amortized straight line over the estimated period of sale for each product, commencing in the year that sales of the product are first made. To date, the Company has not capitalized any such expenditures other than certain IPR&D & IP recorded in connection with certain acquisition or equity transactions.
Foreign Currency	Foreign Currency Items included in the financial statements are measured using their functional currency, being the currency of the primary economic environment in which the company operates. The financial statements are presented in United States Dollar (“USD”), which is the company’s functional and presentational currency. Foreign currency transactions are translated using the rate of exchange applicable at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-translation at the year-end of monetary assets and liabilities denominated in foreign currencies are recognized in the statements of operations.
Net Loss per Share	Net Loss per Share Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period.
Equity-Based Payments	Equity-Based Payments ASC Topic 718 “Compensation—Stock Compensation” requires companies to measure the cost of employee services received in exchange for the award of equity instruments based on the estimated fair value of the award at the date of grant. The expense is to be recognized over the period during which an employee is required to provide services in exchange for the award. The Company accounts for shares of common stock, stock options and warrants issued to employees based on the fair value of the stock, stock option or warrant, if that value is more reliably measurable than the fair value of the consideration or services received. The Company accounts for stock options issued and vesting to non-employees in accordance with ASC Topic 505-50 “Equity -Based Payment to Non-Employees” and accordingly the value of the stock compensation to non-employees is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Accordingly the fair value of these options is being “marked to market” quarterly until the measurement date is determined.
Income taxes	Income taxes On December 22, 2017, The Tax Cuts and Jobs Act was signed into law and has resulted in significant change to the U.S corporate income tax system. These changes include a federal statutory rate reduction from 35% to 21%, a transition tax which applies to the repatriate of foreign earnings and profits, the elimination or reduction of certain domestic deductions and credits and limitations on the deductibility of interest expense and executive compensation. Changes in tax rates and tax laws are accounted for in the period of enactment. Therefore, during the three month period ended December 31, 2017, we recorded an income tax benefit totaling $4,301 related to our current estimate of the impact of the 2017 Tax Cuts and Jobs Act.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted On August 26, 2016, the FASB issued Accounting Standards Update (ASU) 2016-15, Classification of Certain Cash Receipts and Cash Payments, seeking to eliminate diversity in practice related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities, including both business entities and not-for-profit entities that are required to present a statement of cash flows under FASB Accounting Standards Codification (FASB ASC) 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in ASU 2016-15 should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company expects to adopt this ASU described above in its Consolidated Financial Statements beginning in October 1, 2018. Management has evaluated and concluded that there will be no material impact on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash a consensus of the FASB Emerging Issues Task Force (“ASU 2016-18”). ASU 2016-18 requires restricted cash and cash equivalents to be included with cash and cash equivalents on the statement cash flows. The new standard is expected to be effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted. Management has evaluated the effects of ASU 2016-18 and concluded that there will be no material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-1, Business Combinations (Topic 805): Clarifying the Definition of a Business, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual financial reporting periods beginning after December 15, 2017. The Company expects to adopt this ASU described above in its Consolidated Financial Statements beginning in October 1, 2018. Management has evaluated and concluded that there will be no material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles -Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which addresses the concerns over the cost and complexity of the two-step impairment test, and removes the second step of the test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The guidance is effective for annual and interim goodwill impairment tests performed for periods beginning after December 15, 2019 with early adoption permitted in January 2017. Management has evaluated and concluded that there will be no material impact on its consolidated financial statements. In July 2017, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral. The ASU applies to issuers of financial instruments with down-round features. It amends (1) the classification of such instruments as liabilities or equity by revising the guidance in ASC 815 on the evaluation of whether instruments or embedded features with down-round provisions must be accounted for as derivative instruments and (2) the guidance on recognition and measurement of the value transferred upon the trigger of a down-round feature for equity-classified instruments by revising ASC 260. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other companies, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. Management has evaluated and concluded that there will be no material impact on its consolidated financial statements.

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	3 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Potential Shares Issuable Upon Exercise or Conversion	The following table sets forth potential common shares issuable upon the exercise of outstanding options and the exercise of warrants, all of which have been excluded from the computation of diluted weighted average shares outstanding as they would be anti-dilutive: December 31, 2017 December 31, 2016 Stock options 4,829,875 1,662,375 Warrants 1,926,501 — Total shares issuable upon exercise or conversion 6,756,376 1,662,375
Computation of Net Loss per Share	The following is the computation of net loss per share for the following periods: For the Three Months Ended December 31, 2017 (Unaudited) 2016 (Unaudited) Net loss for the period $ (2,003,451 ) $ (1,356,084 ) Weighted average number of shares 68,908,003 65,082,334 Net loss per share (basic and diluted) $ (0.03 ) $ (0.02 )

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Purchase Price Allocation	The Company’s allocation of the purchase price in connection with the acquisition was calculated as follows: Balance as of May 17, 2016 Share consideration transferred $ 7,675,000 Forgiveness of receivable 607,159 Consideration transferred $ 8,282,159 Less: Fair value of assets acquired Cash and cash equivalents (5,116,609 ) Other receivables (14,187 ) Prepayment (66,856 ) Related party receivables (20,412 ) Intellectual property (236,269 ) In-Process research and development (613,100 ) Plus: Liabilities assumed Accounts payable and accrued expenses 492,603 Related party payables 15,656 Goodwill $ 2,722,985

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	The following table summarizes the Company’s goodwill for the periods indicated resulting from the acquisitions by the Company: December 31, September 30, 2017 2017 Goodwill $ 2,722,985 $ 2,722,985 Acquisition of Rasna and its subsidiaries — — Net Book Value $ 2,722,985 $ 2,722,985
Intangible Assets	The following table summarizes the Company’s intangible assets as of the following periods: December 31, September 30, 2017 2017 Estimated Useful Life In-process research and development $ 613,100 $ 613,100 Indefinite Intellectual Property 236,269 236,269 Indefinite Indefinite lived intangible asset 1,300,000 1,300,000 Indefinite $ 2,149,369 $ 2,149,369

ACCOUNTS PAYABLE AND ACCRUED 20

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
	Dec. 31, 2017
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	The following table summarizes the Company’s accounts payable and accrued expenses as of the following periods: December 31, 2017 (Unaudited) September 30, 2017 Accounts payable $ 353,877 $ 658,921 Accrued expenses 415,280 328,443 $ 769,157 $ 987,364

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Assumptions Used in Black-Scholes Options Pricing Model	The following assumptions were used in the Black-Scholes options pricing model to estimate the fair value of stock options for the three months ended December 31, 2017 : Employee – Vesting Period Non- Employee – Vesting Period 1 Year 2 Years 3 Years 4Years 1 Year 2 Years 3 Years Stock Price $0.85 $0.85 $0.85 $0.85 $3.00 $3.00 $3.00 Expected life (years) 5.50 5.75 6.00 6.25 5.50 5.75 6.00 Expected volatility 82.40% 82.20% 81.90% 81.70% 86.60% 85.40% 89.00% Expected dividend yield —% —% —% —% —% —% —% Risk-free interest rate 1.57% 1.57% 1.57% 1.57% 1.57% 1.57% 1.57%
Stock Options Activity	The following table summarizes stock option activity for the three months ended December 31, 2017 : Number of Options Weighted Average Exercise Price Per Option Weighted Average remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding balance at September 30, 2017 4,829,875 0.56 8.60 $5,975,874 Granted — — — — Exercised — — — — Forfeited and Expired — — — — Outstanding balance at December 31, 2017 4,829,875 0.56 8.02 $ 11,806,521 Options exercisable at December 31, 2017 1,963,156 0.27 7.01 $ 5,365,467

WARRANTS (Tables)

WARRANTS (Tables)	3 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value Of Warrant Obligation	The following table summarizes warrant activity for the three months ended December 31, 2017: Number of Warrants Weighted Average Exercise Price Per Option Weighted Average remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding balance at September 30, 2017 1,926,501 0.43 8.86 6,875,819 Granted — — — — Forfeited — — — — Outstanding balance at December 31, 2017 1,926,501 0.43 8.61 $ 4,949,318 Warrants exercisable at December 31, 2017 1,926,501 0.43 8.61 $ 4,949,318 The fair value of the warrants at the date of issuance has been calculated based on the following inputs and assumptions using the Black Scholes Model: September 1, 2017 August 31, 2017 February 28, 2017 Fair value at issuance date $1,420,456 $424,179 $2,914,884 Warrants issued 374,000 112,000 1,440,501 Exercise Price $0.60 $0.65 $0.37 Stock Price $4.00 $4.00 $2.10 Expected Term (Years) 10 10 10 Volatility % 91% 91% 105% Discount Rate - Bond Equivalent Yield 2.35% 2.35% 2.55% Dividend Yield —% —% —%

GENERAL INFORMATION (Details)

GENERAL INFORMATION (Details)	Apr. 27, 2016USD ($)
Falconridge Holdings Limited | Rasna DE
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Consideration transferred	$ 1

ACCOUNTING POLICIES - Narrativ

ACCOUNTING POLICIES - Narrative (Details) - USD ($)	Sep. 01, 2017	Aug. 31, 2017	Feb. 28, 2017	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2017
Accounting Policies [Line Items]
Accumulated deficit				$ (14,302,519)		$ (12,299,068)
Net loss				(2,003,451)	$ (1,356,084)
Net cash used in operating activities				(1,255,239)	(761,633)
Impairment charge				$ 0	$ 0
Exercise price (in dollars per share)	$ 0.60	$ 0.65	$ 0.37	$ 0.43		$ 0.43
Income tax benefit from tax cuts				$ 4,301
Minimum
Accounting Policies [Line Items]
Useful life				2 years
Maximum
Accounting Policies [Line Items]
Useful life				5 years
Placement Agent
Accounting Policies [Line Items]
Warrant term	10 years	10 years	10 years
Warrant to purchase number of shares (in shares)	347,000	112,000	1,440,501
Exercise price (in dollars per share)	$ 0.60	$ 0.65	$ 0.37

ACCOUNTING POLICIES - Antidilu

ACCOUNTING POLICIES - Antidilutive Shares (Details) - shares	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Line Items]
Total shares issuable upon exercise or conversion	6,756,376	1,662,375
Warrants
Accounting Policies [Line Items]
Total shares issuable upon exercise or conversion	1,926,501	0
Stock options
Accounting Policies [Line Items]
Total shares issuable upon exercise or conversion	4,829,875	1,662,375

ACCOUNTING POLICIES - Net Loss

ACCOUNTING POLICIES - Net Loss per Share (Details) - USD ($)	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Net loss for the period	$ (2,003,451)	$ (1,356,084)
Weighted average number of shares (in shares)	68,908,003	65,082,334
Net loss per share (basic and diluted) (in dollars per share)	$ (0.03)	$ (0.02)

ACQUISITIONS - Narrative (Deta

ACQUISITIONS - Narrative (Details)	Aug. 15, 2016shares	May 17, 2016USD ($)shareholder$ / sharesshares	Dec. 31, 2017	May 05, 2016USD ($)
Business Acquisition [Line Items]
Shares issued (in shares)	3,305,000
Related party receivable forgiven | $		$ 607,159
Cancellation of shares (in shares)	1,500,000
Shares issued in exchange (in shares)	0.33
Number of legacy shareholders with canceled shares following Merger | shareholder		1
Reverse stock split			3.25 for 1
Shares outstanding (in shares)	64,679,798
Conversion ratio	3.25
Arna Therapeutics Limited
Business Acquisition [Line Items]
Voting interests acquired (as percent)		65.00%
Share price (in dollars per share) | $ / shares		$ 0.40
Shares issued (in shares)		19,187,500
Stock issued (in shares)		54,837,790
Consideration transferred | $		$ 7,675,000
Rasna, Inc.
Business Acquisition [Line Items]
Consideration transferred | $		8,282,159
Rasna, Inc. | IPR&D
Business Acquisition [Line Items]
Indefinite-lived intangible asset | $		$ 613,100
Rasna Therapeutics Inc. | Post Merger
Business Acquisition [Line Items]
Shares cancelled as result of split-off (in shares)	1,500,000
Shares outstanding (in shares)	19,901,471
Falconridge Holdings Limited
Business Acquisition [Line Items]
Notes payable | $				$ 236,269

ACQUISITIONS - Allocation of P

ACQUISITIONS - Allocation of Purchase Price (Details) - USD ($)	May 17, 2016	Dec. 31, 2017	Sep. 30, 2017	Sep. 30, 2016
Plus: Liabilities assumed
Goodwill		$ 2,722,985	$ 2,722,985	$ 2,722,985
Rasna, Inc.
Business Acquisition [Line Items]
Share consideration transferred	$ 7,675,000
Forgiveness of receivable	607,159
Consideration transferred	8,282,159
Less: Fair value of assets acquired
Cash and cash equivalents	(5,116,609)
Other receivables	(14,187)
Prepayment	(66,856)
Related party receivables	(20,412)
Plus: Liabilities assumed
Accounts payable and accrued expenses	492,603
Related party payables	15,656
Goodwill	2,722,985
Rasna, Inc. | Intellectual property
Less: Fair value of assets acquired
Indefinite-lived intangible asset	(236,269)
Rasna, Inc. | In-process research and development
Less: Fair value of assets acquired
Indefinite-lived intangible asset	$ (613,100)

GOODWILL AND INTANGIBLE ASSET29

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details)	Dec. 17, 2013USD ($)project$ / sharesshares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	May 17, 2016EUR (€)	May 17, 2016USD ($)	Jan. 01, 2015EUR (€)
Indefinite-lived Intangible Assets [Line Items]
Goodwill		$ 2,722,985		$ 2,722,985	$ 2,722,985
Goodwill impairment		0		$ 0
Number of independent research projects | project	2
Impairment charge		$ 0	$ 0
IPR&D
Indefinite-lived Intangible Assets [Line Items]
Price per share (in dollars per share) | $ / shares	$ 0.13
Shares issued (in dollars per share) | $ / shares	$ 0.28
Indefinite-lived intangible asset acquired	$ 1,300,000
IPR&D | Eurema Consulting S.r.l.
Indefinite-lived Intangible Assets [Line Items]
Stock issued (in shares) | shares	5,000,000
IPR&D | TES Pharma S.r.l.
Indefinite-lived Intangible Assets [Line Items]
Stock issued (in shares) | shares	5,000,000
Clinical Research Organization | IPR&D
Indefinite-lived Intangible Assets [Line Items]
IPR&D costs | €								€ 100,002
Amended License Agreement | IPR&D
Indefinite-lived Intangible Assets [Line Items]
IPR&D costs | €						€ 435,000
Rasna, Inc.
Indefinite-lived Intangible Assets [Line Items]
Goodwill							$ 2,722,985
Rasna, Inc. | Intellectual property
Indefinite-lived Intangible Assets [Line Items]
IPR&D costs							236,269
Rasna, Inc. | IPR&D
Indefinite-lived Intangible Assets [Line Items]
IPR&D costs							$ 613,100

GOODWILL AND INTANGIBLE ASSET30

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($)	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Goodwill [Roll Forward]
Goodwill	$ 2,722,985	$ 2,722,985
Acquisition of Rasna and its subsidiaries	0	$ 0
Net Book Value	$ 2,722,985

GOODWILL AND INTANGIBLE ASSET31

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($)	Sep. 30, 2017	Sep. 30, 2016
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 2,149,369	$ 2,149,369
In-process research and development
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	613,100	613,100
Intellectual Property
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	236,269	236,269
Indefinite lived intangible asset
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 1,300,000	$ 1,300,000

ACCOUNTS PAYABLE AND ACCRUED 32

ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Summary of Accounts Payable and Accrued Expenses (Details) - USD ($)	Dec. 31, 2017	Sep. 30, 2017
Payables and Accruals [Abstract]
Accounts payable	$ 353,877	$ 658,921
Accrued expenses	415,280	328,443
Accounts payable and accrued expenses	$ 769,157	$ 987,364

ACCOUNTS PAYABLE AND ACCRUED 33

ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Narrative (Details) - USD ($)	Dec. 31, 2017	Sep. 30, 2017
Accounts Payable and Accrued Liabilities [Line Items]
Accrued expenses	$ 415,280	$ 328,443
Accrual for director fees	75,000	50,000
Payroll accruals	67,000	60,000
Accrued legal, accounting and professional fees	70,000	$ 128,000
Vendors for research and development expenses
Accounts Payable and Accrued Liabilities [Line Items]
Accrued expenses	$ 100,000

STOCK-BASED COMPENSATION - Nar

STOCK-BASED COMPENSATION - Narrative (Details)	3 Months Ended
	Dec. 31, 2017USD ($)companyshares	Dec. 31, 2016USD ($)	Sep. 30, 2017company	Jul. 19, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of comparable companies | company	7		7
Estimated forfeitures (in shares) | shares	0
Option exercised in period (in shares) | shares	0
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) | shares				9,750,000
Cost expected to be recognized over a weighted average period | $	$ 1,262,741
Total unrecognized compensation cost related to stock options	1 year 3 months
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation | $	$ 257,207	$ 159,095
Consultancy Fees Third Parties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation | $	$ 32,225	$ 91,445

STOCK-BASED COMPENSATION - Fai

STOCK-BASED COMPENSATION - Fair Value Assumptions (Details) - $ / shares	3 Months Ended
	Dec. 31, 2017	Sep. 01, 2017	Aug. 31, 2017	Feb. 28, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price (in dollars per share)		$ 4	$ 4	$ 2.10
1 Year | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price (in dollars per share)	$ 0.85
Expected life (years)	5 years 6 months
Expected volatility	82.40%
Expected dividend yield	0.00%
Risk-free interest rate	1.57%
1 Year | Non-Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price (in dollars per share)	$ 3
Expected life (years)	5 years 6 months
Expected volatility	86.60%
Expected dividend yield	0.00%
Risk-free interest rate	1.57%
2 Years | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price (in dollars per share)	$ 0.85
Expected life (years)	5 years 9 months
Expected volatility	82.20%
Expected dividend yield	0.00%
Risk-free interest rate	1.57%
2 Years | Non-Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price (in dollars per share)	$ 3
Expected life (years)	5 years 9 months
Expected volatility	85.40%
Expected dividend yield	0.00%
Risk-free interest rate	1.57%
3 Years | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price (in dollars per share)	$ 0.85
Expected life (years)	6 years
Expected volatility	81.90%
Expected dividend yield	0.00%
Risk-free interest rate	1.57%
3 Years | Non-Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price (in dollars per share)	$ 3
Expected life (years)	6 years
Expected volatility	89.00%
Expected dividend yield	0.00%
Risk-free interest rate	1.57%
4Years | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price (in dollars per share)	$ 0.85
Expected life (years)	6 years 3 months
Expected volatility	81.70%
Expected dividend yield	0.00%
Risk-free interest rate	1.57%

STOCK-BASED COMPENSATION - Sto

STOCK-BASED COMPENSATION - Stock Options (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017
Number of Options
Number of Options, Outstanding balance (in shares)	4,829,875
Number of Options, Granted (in shares)	0
Number of Options, Exercised (in shares)	0
Number of Options, Forfeited and Expired (in shares)	0
Number of Options, Outstanding balance (in shares)	4,829,875	4,829,875
Number of Options, Options exercisable (in shares)	1,963,156
Weighted Average Exercise Price Per Option
Weighted Average Exercise Price Per Option, Outstanding balance (in dollars per share)	$ 0.56
Weighted Average Exercise Price Per Option, Granted (in dollars per share)	0
Weighted Average Exercise Price Per Option, Exercised (in dollars per share)	0
Weighted Average Exercise Price Per Option, Forfeited and Expired (in dollars per share)	0
Weighted Average Exercise Price Per Option, Outstanding balance (in dollars per share)	0.56	$ 0.56
Weighted Average Exercise Price Per Option exercisable (in dollars per share)	$ 0.27
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average remaining Contractual Life (years), Outstanding balance	8 years 7 days	8 years 7 months 6 days
Weighted Average remaining Contractual Life (years) Options exercisable	7 years 4 days
Aggregate Intrinsic Value Outstanding balance	$ 11,806,521	$ 5,975,874
Aggregate Intrinsic Value Options exercisable	$ 5,365,467

WARRANTS - Narrative (Details)

WARRANTS - Narrative (Details)	Sep. 01, 2017USD ($)	Apr. 10, 2016USD ($)	Dec. 31, 2017USD ($)company	Sep. 30, 2017USD ($)company	Aug. 31, 2017USD ($)	Feb. 28, 2017USD ($)
Class of Warrant or Right [Line Items]
Warrants issued for consulting services		$ 484,009	$ 779,422
Warrants provided for services, period for issue	6 months
Number of comparable companies | company			7	7
Fair value at issuance date	$ 1,420,456		$ 1,418,071		$ 424,179	$ 2,914,884
Unrecognized costs related to warrant			$ 330,884
Cost recognition period			2 months
Consultancy Fees Third Parties
Class of Warrant or Right [Line Items]
Warrant cost			$ 779,422
Warrants
Class of Warrant or Right [Line Items]
Warrant expense				$ 307,765

WARRANTS - Fair Value of Warra

WARRANTS - Fair Value of Warrant Obligation (Details) - USD ($)	Sep. 01, 2017	Aug. 31, 2017	Feb. 28, 2017	Dec. 31, 2017	Sep. 30, 2017
Class of Warrant or Right [Line Items]
Fair value at issuance date	$ 1,420,456	$ 424,179	$ 2,914,884	$ 1,418,071
Warrants to be issued and Issued respectively (in shares)	374,000	112,000	1,440,501	1,926,501	1,926,501
Exercise Price (in dollars per share)	$ 0.60	$ 0.65	$ 0.37	$ 0.43	$ 0.43
Stock Price (in dollars per share)	$ 4	$ 4	$ 2.10
Warrants
Class of Warrant or Right [Line Items]
Expected Term (Years)	10 years	10 years	10 years
Volatility %	91.00%	91.00%	105.00%
Discount Rate - Bond Equivalent Yield	2.35%	2.35%	2.55%
Dividend Yield	0.00%	0.00%	0.00%

WARRANTS - Warrant Activity (De

WARRANTS - Warrant Activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017
Number of Warrants
Beginning balance (in shares)	1,926,501
Granted (in shares)	0
Forfeited (in shares)	0
Ending balance (in shares)	1,926,501	1,926,501
Warrants exercisable (in shares)	1,926,501
Weighted Average Exercise Price Per Option
Beginning balance (in dollars per share)	$ 0.43
Granted, Weighted Average Exercise Price Option (in dollars per share)	0
Forfeited, Weighted Average Exercise Price Option (in dollars per share)	0
Ending balance (in dollars per share)	0.43	$ 0.43
Warrants exercisable (in dollars per share)	$ 0.43
Outstanding, Weighted Average remaining Contractual Life (years)	8 years 7 months 10 days	8 years 10 months 10 days
Outstanding, Aggregate Intrinsic Value	$ 4,949,318	$ 6,875,819
Warrants exercisable, Weighted Average remaining Contractual Life (years)	8 years 7 months 10 days
Warrants exercisable, Aggregate Intrinsic Value	$ 4,949,318

RELATED PARTY TRANSACTIONS - N

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2017
Related Party Transaction [Line Items]
Interest expense	$ 0
Eurema Consulting S.r.l.
Related Party Transaction [Line Items]
Due to related party	200,000		$ 200,000
Gabriele Cerrone
Related Party Transaction [Line Items]
Due to related party	175,000		175,000
Amounts of transaction		$ 25,000
Roberto Pellicciari
Related Party Transaction [Line Items]
Due to related party	$ 175,000		$ 175,000
Amounts of transaction		$ 25,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details)	May 24, 2017USD ($)	Jun. 30, 2017$ / sharesshares	Apr. 30, 2017USD ($)	Jan. 31, 2017USD ($)	Nov. 30, 2016EUR (€)	Oct. 31, 2016USD ($)	Sep. 30, 2016$ / sharesshares	Dec. 31, 2017EUR (€)$ / sharesshares	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Oct. 31, 2015USD ($)
Expected future payments | €								€ 400,000
Options granted (in shares) | shares								0
Exercise price of options granted (in dollars per share) | $ / shares								€ 0
Accrued expenses									$ 415,280	$ 328,443
Bucks County Biotechnology Centre Inc. | Lease agreement
Future minimum payments due				$ 13,480
Expense estimate				237
Rent expense									4,000
License Agreement
Amount payable for making milestone | €					€ 50,000
Agreement term					6 months
Employment and Consultancy Agreements
Other commitment				$ 180,000
Employment and Consultancy Agreements | James Tripp
Cash award granted											$ 10,000
Options granted (in shares) | shares							125,000
Vesting period							3 years
Exercise price of options granted (in dollars per share) | $ / shares							$ 0.40
Employment and Consultancy Agreements | Chief Financial Officer
Officer's compensation			$ 80,000			$ 50,000
Employment and Consultancy Agreements | Chief Executive Officer
Officer's compensation	$ 300,000
Performance bonus (as percent)	35.00%
Employment and Consultancy Agreements | Dr. Shailubhai
Options granted (in shares) | shares		1,700,000
Vesting period		4 years
Exercise price of options granted (in dollars per share) | $ / shares		$ 0.85
Shared Services Agreement | Tiziana Life Sciences PLC
Rent expense									29,000,000
Accrued expenses									0
Payroll									$ 44,000,000