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Commitments and Contingencies (Tables)
 6 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of exercisable share purchase warrants outstanding

A summary of the status of the Company’s outstanding share purchase warrants is presented below:

 

    Number of Shares   Weighted Average Exercise Price ($)
Balance, September 30, 2019       350,000       4.19  
Granted       150,000       3.17  
Balance, September 30, 2020 and March 31, 2021       500,000       3.88  

 
Schedule of share purchase warrants outstanding

At March 31, 2021, the Company had share purchase warrants outstanding as follows:

 

Number   Exercise Price   Expiry Date
  350,000     $ 4.19     June 30, 2021
  150,000     $ 3.17     May 6, 2024
  500,000              

 
Schedule of outstanding stock purchase options

A summary of the status of Company’s outstanding stock purchase options is presented below:

 

    Number of Shares   Weighted Average Exercise Price ($)   Weighted Average Grant Date Fair Value ($)   Aggregate intrinsic value ($)
Outstanding, September 30, 2019       8,462,933       3.58               4,115,032  
Granted       1,695,000       2.96       2.27          
Forfeited       (68,332 )     3.01                  
Exercised       (13,335 )     3.15                  
Outstanding, September 30, 2020       10,076,266       3.48               14,982,581  
Granted       1,305,000       5.93       4.47          
Forfeited       (29,167 )     1.44                  
Exercised       (346,900 )     2.88                  
Outstanding, March 31, 2021       11,005,199       3.79               122,805,858  
Exercisable, March 31, 2021       7,513,533       3.65               84,890,710  
Schedule of general and administrative expenses and research and development expenses

These amounts have been included in general and administrative expenses and research and development expenses on the Company’s statements of operations as follows:

 

    Three months ended March 31,   Six months ended March 31,
    2021   2020   2021   2020
General and administrative   $ 793,957     $ 810,309     $ 1,216,780     $ 1,291,410  
Research and development   $ 1,052,199     $ 890,444     $ 1,568,690     $ 1,673,767  
Total share based compensation   $ 1,846,156     $ 1,700,753     $ 2,785,470     $ 2,965,177  
Schedule of weighted average assumptions for fair value of each option award

The fair value of each option award granted during the six months ended March 31, 2021 and 2020 is estimated on the date of grant using the Black Scholes option pricing model based on the following weighted average assumptions:

 

    2021   2020
Risk-free interest rate     0.64 %     1.68 %
Expected life of options (years)     5.64       5.44  
Annualized volatility     96.26 %     97.61 %
Dividend rate     0.00 %     0.00 %