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STOCK OPTIONS AND WARRANTS (Tables)
9 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS FOR FAIR VALUE MEASUREMENT OF OPTIONS GRANTED

The Black-Scholes option pricing model was used with the following weighted average assumptions for options granted during the nine months ended June 30, 2022:

 

   June 30, 2022 
Risk-free interest rate   2.38%
Expected option life   6 years 
Expected volatility   70.53%
Expected dividend yield   0.00%
Exercise price  $2.16 
SUMMARY OF STOCK OPTION ACTIVITY

The following table summarizes stock option activity for the nine months ended June 30, 2022:

 

   Number of Shares  

Weighted Average
Exercise

Price

   Weighted Average Remaining Contractual Life (years)   Aggregate Intrinsic Value 
Outstanding at September 30, 2021   4,511,691   $4.73    8.4   $452,206 
Granted   100,000    2.16           
Exercised   (14,000)   0.90           
Expired   -    -           
Forfeited   (223,500)   13.16           
Outstanding at June 30, 2022   4,374,191   $4.25    7.8   $- 
Exercisable at June 30, 2022   1,932,379   $4.92    6.8   $- 
SUMMARY OF UNVESTED SHARES

A summary of the status of the Company’s nonvested options as of June 30, 2022, is presented below:

 

Nonvested options

 

   Number of
Nonvested Options
   Weighted Average
Grant Date Fair Value
 
Nonvested options at September 30, 2021   2,870,799   $5.02 
Granted   100,000    2.16 
Forfeited   (54,333)   4.43 
Vested   (474,653)   5.90 
Nonvested options at June 30, 2022   2,441,813   $4.74 
SCHEDULE OF WARRANT ACTIVITY

The following table summarizes warrant activity for the nine months ended June 30, 2022:

 

   Number of Shares Issuable Upon Exercise of Warrants   Weighted Average Exercise Price   Weighted Average Remaining Contractual Life (years)   Aggregate Intrinsic Value  
Outstanding at September 30, 2021   4,831,915   $4.98    4.5   $- 
Issued   884,778    2.00           
Exercised   (384,447)   4.51           
Expired   -    -           
Outstanding at June 30, 2022   5,332,246   $4.52    3.9    - 
Exercisable at June 30, 2022   5,332,246   $4.52    3.9   $-