Annual report pursuant to Section 13 and 15(d)

15. Common Stock

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15. Common Stock
12 Months Ended
Sep. 30, 2016
Notes  
15. Common Stock

15.                Common Stock

In April 2014, the Company amended its Certificate of Incorporation increasing the total number of authorized shares of common stock from 50,000,000 shares to 200,000,000 shares.

During fiscal 2016, the Company issued the following shares of common stock:

·         20,165,401 shares to settle notes payable and related accrued interest; the value on the date of grant was $1,666,710;

·         1,008,047 shares for employee compensation for past services and bonuses; the value on the date of grant was $39,063;

·         1,850,000 shares for services provided by independent consultants; the value on the date of grant was $235,100;

·         10,000,000 shares as part of the redemption of Series F preferred stock (see Note 14); the value on the date of grant was $1,600,000;

·         2,422,866 shares for notes payable origination and financing fees; the value on the date of grant was $229,558;

·         1,041,666 shares were reissued, which were returned and cancelled in the same period; the original value was $121,250;

·         1,000,000 shares issued to an entity controlled by an officer of the Company for a related-party note payable origination fee; the value on the date of grant was $70,000;

·         250,000 shares for the extension of notes payable; the value on the date of grant was $31,250;

·         302,517 shares to settle accrued dividends for Series D preferred stock; the value on the date of grant was $18,617.

The fair value of unvested common stock as of September 30, 2016 was $405,000.