Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY (Tables)

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STOCKHOLDERS' EQUITY (Tables)
9 Months Ended
Jun. 30, 2012
Stockholders Equity Note [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The Black-Scholes assumptions are shown in the following table:

 

    For the Three     For the Nine  
    Months Ended     Months Ended  
    June 30,     June 30,  
    2012     2012  
Stock Price   0.08 - $0.19     0.08 - $0.31  
Expected life (range)     6.50       5.50 - 6.50  
Volatility     164% - 170     164% - 170
Risk-free interest rate     7.1% - 8.9     7.1% - 1.06
Dividend yield     0 %     0 %
Fair value of options   0.08 - $0.18     0.08 - $0.23  

 

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of the status of the Company’s stock option plan and the changes during the nine months ended June 30, 2012, is presented in the table below:

 

                Weighted        
                Average      
          Weighted     Remaining      Aggregate  
    Number     Average     Contractual     Intrinsic  
    Of Options     Exercise Price     Life     Value  
                         
Options Outstanding at October 1, 2011     3,684,696     $ 1.42                  
Granted     3,308,750       0.86                  
Forfeited     (1,340,310 )     (1.24 )                
Options Outstanding at June 30, 2012     5,653,136       1.04       8.50     $ -  
Options Exercisable at June 30, 2012     2,133,129     $ 0.93       7.23     $ -