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SIMPLE AGREEMENTS FOR FUTURE EQUITY | 12 Months Ended
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Sep. 30, 2022
SIMPLE AGREEMENTS FOR FUTURE EQUITY |
SIMPLE AGREEMENTS FOR FUTURE EQUITY | 8. SIMPLE AGREEMENTS FOR FUTURE EQUITY Through August 9, 2021, $1,125,000 had been raised through the sale of SAFE instruments. On this date, certain investors elected to convert their SAFE instruments balance and accrued interest into the Company’s common stock. The Company issued 480,600 shares of common stock at an average price of $2.00 per share, or $961,200 related to the conversion into the Company’s common stock. The exercise price was below the fair market value of the Company’s common stock, as such the Company recorded a beneficial conversion feature of $72,090. The Company also issued five-year warrants to these investors for 240,000 shares of the Company’s common stock. The warrants are exercisable at $2.40 per share. The warrants were valued at $1.641 per share, or $394,332, and were expensed during the year ended September 30, 2021. The Company repaid $253,800 to investors that elected to redeem their SAFE instruments for cash. The Company recorded interest expense of $90,000 and paid $54,108 to Boustead Securities LLC in fees during the year ended September 30, 2021 related to this transaction. The Company also issued a five-year warrant to Boustead Securities LLC for 43,254 shares of the Company’s common stock. The warrant is exercisable at $2.40 per share and was valued at $1.641 per share or $70,980.

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