FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Mar. 31, 2024

FAIR VALUE OF FINANCIAL INSTRUMENTS

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

	Fair value at		Valuation	Unobservable	Volatility
	March 31, 2024		Technique	Input	Input
Liabilities:
Common Warrants	$	506,000	Monte Carlo simulation	Annualized volatility	142.50	%
Series A Warrants	$	346,000	Monte Carlo simulation	Annualized volatility	130.00	%
Series A Warrants - modified	$	304,000	Monte Carlo simulation	Annualized volatility	142.50	%
Private Common Warrants	$	4,190,000	Monte Carlo simulation	Annualized volatility	160.00	%

Summary of change in fair value of warrants

					Series A		Private
	Common		Series A		Warrants-		Common
	Warrants		Warrants		modified		Warrants		Totals
Fair value at January 1, 2024	$	581,000	$	745,500		319,500		—	$	1,646,000
Fair value at February 2, 2024								5,071,000		5,071,000
Change in fair value-warrant modification		230,000		—		164,000		—		394,000
Change in fair value		(305,000)		(399,500)		(179,500)		(881,000)		(1,765,000)
Fair Value at March 31, 2024	$	506,000	$	346,000	$	304,000	$	4,190,000	$	5,346,000

					Series A		Private
	Common		Series A		Warrants-		Common
	Warrants		Warrants		modified		Warrants		Totals
Fair value at October 1, 2023	$	1,468,000	$	1,971,900		845,100		—	$	4,285,000
Fair value at February 2, 2024		—		—		—		5,071,000		5,071,000
Change in fair value-warrant modification		230,000		—		164,000		—		394,000
Change in fair value		(1,192,000)		(1,625,900)		(705,100)		(881,000)		(4,404,000)
Fair Value at March 31, 2024	$	506,000	$	346,000	$	304,000	$	4,190,000	$	5,346,000