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SUBSEQUENT EVENTS | 9 Months Ended
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Jun. 30, 2025
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS |
NOTE 12 | SUBSEQUENT EVENTS
On August 8, 2025, the Company’s shareholders approved, among other proposals, (i) of the issuance of shares of the Company’s common stock in excess of the Nasdaq 19.9% (exchange cap) limitations pursuant to the conversion of the Series B and exercise of the warrants issued pursuant to the PS Agreement, (ii) of the issuance of shares that may be issued under the ELOC without giving effect to the 19.9% (exchange cap) limitations in the underlying agreements and (iii) an amendment to the 2021 Equity Incentive Plan to increase the number of shares of the Company’s common stock available and reserved for issuance thereunder by 300,000 shares. On August 8, 2025, Forward China converted 610 shares of the Series A-1 into 81,333 shares of common stock in accordance with the Company’s Certificate of Incorporation (as amended). See Note 6. On August 11, 2025, the Company entered into subscription agreements with six investors pursuant to which it agreed to issue and sell, in a registered direct offering (the “Offering”), an aggregate of approximately 263,000 shares of its common stock at a price of $8.50 per share. The Offering closed on August 11, 2025 and the aggregate gross proceeds from the Offering were approximately $2,230,000. From July 1 – August 12, 2025, the Company received gross proceeds of $2,432,000 from the sale of 246,000 shares of common stock under the ELOC. See Note 6.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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