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SUBSEQUENT EVENTS
9 Months Ended
Jun. 30, 2022
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE I —SUBSEQUENT EVENTS

On August 8, 2022, the Company closed on a public offering of 3,000,000 shares of its common stock (or common stock equivalents in lieu thereof), together with Series A warrants to purchase up to 3,000,000 shares of its common stock and Series B warrants to purchase up to 3,000,000 shares of its common stock at a combined offering price to the public of $4.00 per share (or $3.9999 per common stock equivalent with an exercise price of $0.0001) and associated warrants, priced at a premium to market under Nasdaq rules. The Series A warrants have an exercise price of $4.00 per share, are exercisable immediately upon issuance, and expire five years following the date of issuance. The Series B warrants have an exercise price of $4.00 per share, are exercisable immediately upon issuance, and expire thirteen months following the date of issuance.   The gross proceeds to the Company from the offering were approximately $12 million, before deducting the placement agent’s fees and other offering expenses payable by the Company.

Warrant Exercises

On August 8, 2022, 900,000 of the Series B warrants, from the August 2022 public offering, were exercised for total gross proceeds of $3,600,000.