FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Sep. 30, 2022

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of the significant unobservable inputs in fair value measurement of Level 3 financial assets and liabilities

	Fair value at		Valuation	Unobservable			Weighted
	September 30, 2022		Technique	Input	Range		Average
Liabilities:
Common Warrants	$	1,477,000	Monte Carlo simulation	Annualized volatility	146.72% - 174.63	%	160.00	%
Series A Warrants	$	2,883,000	Monte Carlo simulation	Annualized volatility	146.72% - 174.63	%	160.00	%
Series B Warrants	$	779,400	Monte Carlo simulation	Annualized volatility	146.72% - 174.63	%	170	%

Schedule of change in fair value of warrants

The change in fair value of the Common Warrants for the twelve-month period ended September 30, 2022 is summarized as follows:

	Common Warrants
Fair value at issuance, February 24, 2022	$	3,350,400
Change in fair value		(1,873,400)
Fair Value at September 30, 2022	$	1,477,000

The change in fair value of the Series A and Series B Warrants for the twelve-month period ended September 30, 2022 is summarized as follows:

	Series A Warrants		Series B Warrants
Fair value at issuance August 8, 2022	$	13,414,000	$	9,174,600
Fair value of warrants exercised		—		(2,828,835)
Change in fair value		(10,531,000)		(5,566,365)
Fair Value at September 30, 2022	$	2,883,000		779,400