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STOCKHOLDERS EQUITY | 3 Months Ended
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Dec. 31, 2023
STOCKHOLDERS EQUITY |
STOCKHOLDERS' EQUITY | C. STOCKHOLDERS’ EQUITY Proceeds from the Sale of Common Stock In November 2023, the Company sold 2,490,000 shares of common stock at a public offering price of $2.00 per share and received aggregate gross proceeds of approximately $5.0 million. Equity Compensation Underlying share information for equity compensation plans as of December 31, 2023 is as follows:
Name of Plan |  | Total Shares Reserved Under Plans |
Incentive Stock Option Plans |  |  | 138,400 |
Non-Qualified Stock Option Plans |  |  | 15,787,200 |
Stock Bonus Plans |  |  | 1,283,760 |
Stock Compensation Plans |  |  | 634,000 |
Incentive Stock Bonus Plan |  |  | 640,000 |
Stock option activity:
|  | Three Months Ended December 31, |
|  | 2023 |  |  | 2022 |
Options granted |  |  | - |  |  |  | 2,500 |
Options exercised |  |  | - |  |  |  | - |
Options forfeited |  |  | 11,000 |  |  |  | 96,832 |
Options expired |  |  | - |  |  |  | 45,400 |
Share-Based Compensation Expense:
|  | Three Months Ended December 31, |
|  | 2023 |  |  | 2022 |
Employees |  | $ | 1,383,909 |  |  | $ | 1,692,831 |
Non-employees |  | $ | 218,386 |  |  | $ | 148,858 |
Employee compensation expense includes the expense related to options and restricted stock that is expensed over the vesting periods. Non-employee expense includes the expense related to options and stock issued to consultants expensed over the period of the related service contracts. Warrants and Non-Employee Options The following chart represents the warrants and non-employee options outstanding at December 31, 2023:
Warrant/ Options |  | Issue Date |  | Shares Issuable upon Exercise of Warrants/ Options |  |  | Exercise Price |  |  | Expiration Date |
Series N |  | 8/18/2008 |  |  | 85,339 |  |  | $ | 3.00 |  |  | 8/18/2024 |
Series UU |  | 6/11/2018 |  |  | 93,603 |  |  | $ | 2.80 |  |  | 6/30/2024 |
Series X |  | 1/13/2016 |  |  | 120,000 |  |  | $ | 9.25 |  |  | 7/13/2024 |
Series Y |  | 2/15/2016 |  |  | 26,000 |  |  | $ | 12.00 |  |  | 8/15/2024 |
Series MM |  | 6/22/2017 |  |  | 333,432 |  |  | $ | 1.86 |  |  | 6/22/2024 |
Series NN |  | 7/24/2017 |  |  | 200,087 |  |  | $ | 2.52 |  |  | 7/24/2024 |
Series RR |  | 10/30/2017 |  |  | 234,009 |  |  | $ | 1.65 |  |  | 10/30/2024 |
Consultant Options |  | 7/28/2017 – 9/2/2023 |  |  | 110,000 |  |  | $ | 1.39 - $2.18 |  |  | 7/27/2027 - 9/1/2028 |
1. Equity Warrants Changes in Equity Warrants No warrants recorded as equity were exercised during the three months ended December 31, 2023. The following warrants recorded as equity were exercised during the three months ended December 31, 2022.
Warrants |  | Warrants Exercised |  |  | Exercise Price |  |  | Proceeds |
Series RR |  |  | 17,752 |  |  | $ | 1.65 |  |  | $ | 29,291 |
Series SS |  |  | 200,000 |  |  | $ | 2.09 |  |  |  | 418,000 |
|  |  | 217,752 |  |  |  |  |  |  | $ | 447,291 |
No warrants recorded as equity expired or were extended during the three months ended December 31, 2023. On October 28, 2022, the expiration date of the Series RR warrants was extended two years from October 30, 2022 to October 30, 2024. The incremental cost of this extension was approximately $172,000, which was recorded as a deemed dividend in the financial statements for the three months ended December 31, 2022. The Series RR warrants are held by Geert Kersten, Patricia Prichep (current Officers of the Company) and the de Clara Trust, of which the Company’s CEO, Geert Kersten, is a beneficiary. 2. Options and Shares Issued to Consultants During the three months ended December 31, 2023 and 2022, the Company issued 88,573 and 40,236 shares, respectively, of restricted common stock to consultants for services. The weighted average grant date fair value of the shares issued to consultants was $1.56 and $2.53 during the three months ended December 31, 2023 and 2022, respectively. No options were issued to a consultant during the three months ended December 31, 2023. During the three months ended December 31, 2022, 5,000 options with an exercise price of $11.61 issued to a consultant expired. During the three months ended December 31, 2023 and 2022, the Company recorded total expense of approximately $218,000 and $149,000, respectively, relating to the share-based compensation under various consulting agreements. On December 31, 2023 and September 30, 2023, consulting fees of approximately $134,000 and $205,000, respectively, are included in current assets as prepaid expenses and will be amortized over the remaining service periods.

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