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Stock Options and Warrants (Tables)

3 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Weighted Average Assumptions for Fair Value Measurement of Options Granted

The Black-Scholes option pricing model was used with the following weighted average assumptions for options granted during the three months ended December 31, 2020:

For non-employees and independent Board members		December 31, 2020
Risk-free interest rate			0.81 – 0.88	%
Expected option life			10 years
Expected volatility			310 - 311	%
Expected dividend yield			0.00	%
Exercise price			$10.15 - $16.79

Summary of Stock Option Activity

The following table summarizes stock option activity for three months ended December 31, 2020:

		Number of Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (years)				Aggregate Intrinsic Value
Outstanding at September 30, 2020			1,620,667			$	5.74				7.3			$	19,112,118
Granted			699,969				10.29
Exercised			(6,000	)			1.53
Expired			-				-
Forfeited			(40,833	)			19.50
Outstanding at December 31, 2020			2,273,803			$	6.05				7.9				11,043,375
Exercisable at December 31, 2020			1,160,902			$	6.81				4.9			$	5,793,130

Summary of Unvested Shares

A summary of the status of the Company’s nonvested options as of December 31, 2020, is presented below:

Nonvested options

		Number of nonvested shares				Weighted average grant date fair value
Nonvested shares at September 30, 2020			762,917			$	10.60
Granted			699,969				10.29
Forfeited			(7,500	)			19.50
Vested			(342,485	)			10.15
Nonvested shares at December 31, 2020			1,112,901			$	10.48

Schedule of Warrant Activity

The following table summarizes warrant activity for the three months ended December 31, 2020:

		Number of Warrants				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (years)				Aggregate Intrinsic Value
Outstanding at September 30, 2020			40,250			$	9.00				4.7			$	321,598
Granted			-				-
Exercised			-				-
Expired			-				-
Forfeited			-				-
Outstanding December 31, 2020			40,250			$	9.00				4.5				64,400
Exercisable at December 31, 2020			40,250			$	9.00				4.5			$	64,400

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the weighted-average grant-date fair value of equity options or other equity instruments granted during the year.

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Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares.

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