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STOCK OPTIONS AND WARRANTS
 9 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK OPTIONS AND WARRANTS

6. STOCK OPTIONS AND WARRANTS

 

Options

 

During the nine months ended June 30, 2023, the Company granted no new stock options, did not issue any shares upon the exercise of outstanding stock options, and had 12,186 stock options that were forfeited and expired because of the termination of employment and expiration of options.

 

 

The following table summarizes stock option activity for the nine months ended June 30, 2023:

 

  

Number

of

Shares Issuable Upon Exercise of Warrants

  

Weighted

Average

Exercise

Price

  

Weighted

Average

Remaining

Contractual

Life (years)

  

Aggregate Intrinsic

Value

 
Outstanding at October 1, 2022   113,650   $149.88    7.4   $1,207 
Forfeited and expired   (12,186)   118.02    -    - 
Outstanding at June 30, 2023   101,464   $154.48    6.53   $- 
Exercisable at June 30, 2023   70,146   $174.03    5.94   $- 

 

The Company is expensing these stock option awards on a straight-line basis over the requisite service period. The Company recognized stock option expense of $190,380 and $2,687,529 for the nine months ended June 30, 2023 and June 30, 2022, respectively. Unamortized option expense as of June 30, 2023, for all options outstanding amounted to $110,369. These costs are expected to be recognized over a weighted average period of 1.16 years.

 

A summary of the status of the Company’s nonvested options as of June 30, 2023, is presented below:

 

Nonvested options

 

  

Number of

Nonvested

Options

  

Weighted

Average

Grant Date

Fair Value

 
Nonvested options at October 1, 2022   50,009   $154.24 
Granted   -    - 
Forfeited   (8,883)   107.79 
Vested   (9,808)   253.71 
Nonvested options at June 30, 2023   31,318   $138.20 

 

Warrants

 

During the nine months ended June 30, 2023, the Company granted no new warrants to purchase shares of common stock and did not issue any shares upon the exercise of outstanding warrants to purchase shares of common stock.

 

The following table summarizes warrant activity for the nine months ended June 30, 2023:

 

  

Number

of Shares

Issuable Upon

Exercise of

Warrants

  

Weighted

Average

Exercise

Price

  

Weighted

Average

Remaining

Contractual

Life (years)

  

Aggregate

Intrinsic

Value

 
Outstanding at September 30, 2022   152,398   $158.24    3.7   $- 
Issued   -    -           
Exercised   -    -           
Expired   -    -           
Outstanding at June 30, 2023   152,398   $158.24    2.9    - 
Exercisable at June 30, 2023   152,398   $158.24    2.9   $-