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WARRANTS AND NONEMPLOYEE OPTIONS

12 Months Ended

Sep. 30, 2024

4. WARRANTS AND NON-EMPLOYEE OPTIONS

The following warrants and non-employee options are outstanding at September 30, 2024:

Warrant/ Options	Issue Date	Shares Issuable upon Exercise of Warrants/ Options		Exercise Price		Expiration Date
Series N	8/18/2008		85,339	$	3.00	8/18/2026
Series UU	6/11/2018		93,603	$	2.80	6/30/2026
Series X	1/13/2016		120,000	$	9.25	7/13/2026
Series Y	2/15/2016		26,000	$	12.00	8/15/2026
Series MM	6/22/2017		333,432	$	1.86	6/22/2026
Series NN	7/24/2017		200,087	$	2.52	7/24/2026
Series RR	10/30/2017		234,009	$	1.65	10/30/2026
Consultant Options	7/28/2017 – 9/2/2023		110,000	$1.39 - $2.18		7/27/2027 – 9/1/2028

The following warrants and non-employee options are outstanding at September 30, 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

A. Equity Warrants

Changes in Equity Warrants

During the fiscal year ended September 30, 2024, 5,680,000 pre-funded warrants were exercised. The following equity warrants were exercised during the year ended September 30, 2023:

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 during the fiscal year ended September 30, 2024. On February 5, 2023, 600 Series TT warrants, with an exercise price of $2.24, expired.

On May 4, 2024, the Company modified the terms of Series UU, X, Y, N, MM, NN and RR warrants by extending the expiration dates by twenty-four (24) months from their current expiration dates. The incremental cost of this extension was approximately $659,455, which was recorded as a deemed dividend. The Series N, X, MM, NN, RR and UU warrants are held by current Officers of the Company.

B. Options and Shares Issued to Consultants

The Company typically enters into consulting arrangements in exchange for common stock or stock options. During the years ended September 30, 2024 and 2023, the Company issued 409,932 and 249,997 shares, respectively, of common stock to consultants, all of which were restricted shares. Under these arrangements, during the periods presented, the common stock was issued with stock prices ranging from $1.08 to $3.47 per share. The weighted average grant price was $1.69 and $1.83, respectively, for stock issued during the years ended September 30, 2024 and 2023.

During the years ended September 30, 2024 and 2023, the Company recorded total expense of approximately $681,000 and $656,000, respectively, relating to these consulting agreements, which are included in general and administrative expense on the accompanying statements of operations. At September 30, 2024 and 2023, costs of approximately $52,000 and $205,000, respectively, are included in prepaid expenses.

No options were issued to consultants during the year ended September 30, 2024. During the year ended September 30, 2023, the Company issued 100,000 options to a consultant to purchase common stock with an exercise price of $1.39. These options vest 50% on September 2, 2024 and 50% on September 2, 2025 and expire on September 1, 2028. As of September 30, 2024, 110,000 options issued to consultants as payment for services remained outstanding, all of which were issued from the Non-Qualified Stock Option Plan.