Stockholders’ Equity

9 Months Ended

Jun. 30, 2024

Stockholders’ Equity [Abstract]

Stockholders’ Equity

NOTE 11 – Stockholders’ Equity

At-The-Market Offering

On December 21, 2022, the Company entered into a Capital on Demand^TM Sales Agreement (the “Sales Agreement”) with JonesTrading Institutional Services LLC (“JonesTrading”) that created an at-the-market offering program (“ATM”) under which the Company may offer and sell common stock having an aggregate offering price of up to $14.5 million. JonesTrading is entitled to a commission at a fixed commission rate of up to 3% of the gross proceeds. On July 24, 2023, the Company decreased the amount of common stock that can be sold pursuant to the Sales Agreement, such that the Company was offering up to an aggregate of $2.6 million of its common stock for sale under the Sales Agreement, including the shares of common stock previously sold. Subsequently on December 1, 2023, however, the Company increased the amount of common stock that can be sold pursuant to the Sales Agreement, such that the Company was offering up to an aggregate of $4.8 million of its common stock for sale under the Sales Agreement, including the shares of common stock previously sold. On January 5, 2024, the Company further increased the amount of common stock that can be sold pursuant to the Sales Agreement, such that the Company is offering up to an aggregate of $9.3 million of its common stock for sale under the Sales Agreement, including the shares of common stock previously sold.

During the three and nine months ended June 30, 2024, 1,419,317 and 3,748,913 shares of common stock were issued, respectively, under the ATM for an aggregate offering price of $1,683,439 and $5,033,906, respectively. Issuance costs incurred under the ATM during the three and nine months ended June 30, 2024 were $50,519 and $236,599, respectively.

During the three and nine months ended June 30, 2023, 923,193 and 1,439,677 shares of common stock were issued, respectively, under the ATM for an aggregate offering price of $1,624,399 and $2,552,656 during these periods, respectively. Issuance costs incurred during the three and nine months ended June 30, 2023 was $51,366 and 234,725, respectively.

The total aggregate offering price and common stock issued since inception of the ATM though June 30, 2024 was $7,586,562 and 5,188,590 shares, respectively. Cumulative issuance costs incurred under the ATM through June 30, 2024 were $471,323.

Warrant Activity and Summary

There were no warrant exercises and 1,338,860 warrants expired during the nine months ended June 30, 2024, respectively. The following table summarizes information about warrants outstanding at June 30, 2024:

	Warrants			Exercise Price Per Warrant		Weighted Average Exercise Price		Weighted Average Term (Years)
Outstanding and exercisable at September 30, 2023		6,202,426		$	3.00-9.00	$	5.92		2.00
Issued		—		$	—	$	—		—
Exercised		—		$	—	$	—		—
Expired		(1,338,860	)	$	7.50-9.00	$	8.69		—
Outstanding and exercisable at June 30, 2024		4,863,566		$	3.00-9.00	$	5.16		1.73

The following table summarizes information about warrants outstanding at June 30, 2024:

Exercise Price		Number Outstanding		Weighted Average Remaining Contractual life (Years)		Number Exercisable
$	3.00		350,000		3.09	350,000
$	5.25		4,166,682		1.54	4,166,682
$	5.61		220,855		4.00	220,855
$	6.00		45,171		0.00*	45,171
$	8.25		62,906		0.00*	62,906
$	9.00		17,952		0.00*	17,952
Total			4,863,566			4,863,566

* Under 0.001