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LIQUIDITY | 12 Months Ended
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Sep. 30, 2022
LIQUIDITY |
LIQUIDITY | 2. LIQUIDITY The Company has cash and cash equivalents $12,593,692 and net working capital of $11,040,123 (exclusive of convertible notes payable) as of September 30, 2022. The Company anticipates that it will record losses from operations for the foreseeable future. The Company believes that it has enough available cash to operate until December 31, 2023. As of September 30, 2022, the Company’s accumulated deficit was $101,397,738. The Company has had limited capital resources and intends to seek additional cash via equity and debt offerings. On September 20, 2022, the Company completed a public offering of the Company’s common stock pursuant to which the Company sold 4,140,000 shares of common stock, at a purchase price of $2.00 per share, for total gross proceeds of $8,280,000. After deducting underwriting commissions and other offering expenses, we received net proceeds of $7,424,679. The proceeds of warrants currently outstanding, which could be exercised on a cash basis, may generate potential proceeds of up to $15,694,288. The Company cannot provide assurance that any of these warrants will be exercised.

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- Definition The entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 40 -URI https://asc.fasb.org/subtopic&trid=51888271 + Details
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