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12. STOCK WARRANTS

12 Months Ended

Sep. 30, 2021

The following is a summary of stock warrant activity during the years ended September 30, 2021 and September 30, 2020.

	Number of Warrant Shares			Weighted Average Exercise Price ($)
Balance, September 30, 2019		1,314,065		$	21.70
Warrants granted		—			—
Warrants expired		—			—
Warrants canceled		—			—
Warrants exercised		(15,000	)		8.00
Balance, September 30, 2020		1,299,065			21.78
Warrants granted		—			—
Warrants expired		(432,721	)		15.00
Warrants canceled		—			—
Warrants exercised		(250,790	)		11.77
Balance, September 30, 2021		615,554			30.72

As of September 30, 2021, the outstanding warrants have a weighted average remaining term of 0.71 years and an intrinsic value of $389,243.

During the year ended September 30, 2021, a total of 173,990 shares of the Company’s common stock were issued in connection with the exercise of common stock warrants at exercise prices ranging from $3.36 and $20.00, for total consideration of $2,883,623.

On September 30, 2021, a total of 74,437 shares of the Company’s common stock were issued in connection with the cashless exercise of 76,800 common stock warrants at exercise prices ranging from $0.83 to $3.67.

As of September 30, 2021, there are warrants exercisable to purchase 609,840 shares of common stock in the Company and 5,714 unvested warrants outstanding that cannot be exercised until vesting conditions are met. 418,834 of the warrants require a cash investment to exercise as follows: 2,500 required a cash investment of $8.00 per share. 103,000 require a cash investment of $25.00 per share, 200,000 require a cash investment of $35.00 per share, 10,000 require a cash investment of $40.00 per share, 60,000 require a cash investment of $50.00 per share, 38,334 require a cash investment of $75.00 per share and 5,000 require a cash investment of $100.00 per share. 196,720 of the outstanding warrants contain provisions allowing a cashless exercise at their respective exercise prices.

Warrant activity for the year ended September 30, 2020

On September 25, 2020, a total of 6,913 shares of the Company’s common stock were issued in connection with the cashless exercise of 15,000 common stock warrants at an exercise price of $8.00.