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Stockholders' Deficit | 12 Months Ended
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Sep. 30, 2020
Stockholders' Equity Note [Abstract] |
Stockholders' Deficit | NOTE 10 - Stockholders' Deficit 2020 Common Stock Offering On July 28, 2020, the Company entered into securities purchase agreements with an accredited investor in a private placement, pursuant to which the Company has issued and sold 75,000 shares to such investor, at $1.80 per share for gross proceeds amounting to $135,000. 2019 Common Stock Offering On October 23, 2019, the Company entered into Securities Purchase Agreements with certain accredited investors, pursuant to which the Company, in a private placement, has issued and sold 141,666 shares of the Company's common stock to the accredited investors at a price of $1.80 per share, for gross proceeds amounting to $255,000. The Company filed a registration statement with the SEC covering the resale of the shares of common stock sold in the private placement on August 11, 2020. 2019 Private Placement From December 28, 2018 through July 1, 2019, the Company entered into Subscription Agreements (each, a "2019 Purchase Agreement") with certain accredited investors (the "New Purchasers"), pursuant to which the Company, in a new private placement (the "2019 Unit Private Placement"), agreed to issue and sell Units (the "2019 Units"), each consisting of (i) 1 share of common stock and (ii) a warrant to purchase 1 share of common stock at an initial exercise price of $3.00 per share (the "2019 Warrants"), to the New Purchasers. The 2019 Warrants are exercisable beginning on the date of issuance and will expire on December 28, 2023, five years from the date of the first closing of the 2019 Unit Private Placement. The initial closing of the 2019 Unit Private Placement was consummated on December 28, 2018. The Company issued and sold an aggregate of 2,338,179 of the 2019 Units at $2.50 per Unit to the New Purchasers, for total gross proceeds to the Company of $5,845,448 before deducting offering expenses during the year ended September 30, 2019. In connection with the 2019 Unit Private Placement, the Company recorded issuance costs in the amount of $1,150,359. The 2019 Unit Private Placement was terminated on July 1, 2019. 2018 Private Placement From July 9, 2018 through November 30, 2018 (the final closing), the Company entered into subscription agreements (each, a "Purchase Agreement") with certain accredited investors (the "Purchasers"), pursuant to which the Company, in a private placement (the "2018 Private Placement"), agreed to issue and sell to the Purchasers units (each, a "2018 Unit"), each consisting of (i) 1 share (each, a "Share") of common stock and (ii) a warrant to purchase 1 share of common stock at an initial exercise price of $3.00 per share (the "2018 Warrants"). The 2018 Warrants are exercisable beginning on the date of issuance and will expire on July 9, 2023, five years from the date of the first closing. The 2018 Warrants were accounted for as free-standing equity instruments and classified as additional paid-in capital in the accompanying balance sheets based on their relative fair value to the underlying common shares issued. The initial closing of the 2018 Private Placement was consummated on July 9, 2018 and was terminated on December 12, 2018. As of the termination of the 2018 Private Placement on December 12, 2018, the Company had issued and sold an aggregate of 615,200 of the 2018 Units at a price of $2.50 per Unit to the Purchasers, for total gross proceeds to the Company of $1,538,000 before deducting offering expenses (170,000 of the 2018 Units were sold during the year ended September 30, 2019). In connection with the 2018 Private Placement, the Company recorded issuance costs in the amount of $191,387 ($18,320 recorded during the year ended September 30, 2019). Warrant Activity and Summary The following table summarizes warrant activity during the years ended September 30, 2020 and 2019:
|  | Warrants |  |  | Exercise Price Per Warrant |  |  | Weighted Average Exercise Price |  |  | Weighted Average Term (years) |
Outstanding and exercisable at September 30, 2018 |  |  | 2,927,572 |  |  | $ | 1.80 - 3.00 |  |  | $ | 1.98 |  |  |  | 3.39 |
Issued |  |  | 4,569,322 |  |  | $ | 2.00 - 3.00 |  |  | $ | 2.87 |  |  |  | — |
Exercised |  |  | (231,296 | ) |  | $ | 1.80 |  |  | $ | 1.80 |  |  |  | — |
Forfeited |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |
Outstanding and exercisable at September 30, 2019 |  |  | 7,265,598 |  |  | $ | 1.80 - 3.00 |  |  | $ | 2.55 |  |  |  | 3.60 |
Issued |  |  | 2,904,990 |  |  | $ | 1.87 |  |  | $ | 1.87 |  |  |  | — |
Exercised |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |
Forfeited |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |
Outstanding and exercisable at September 30, 2020 |  |  | 10,170,588 |  |  | $ | 1.80 - 3.00 |  |  | $ | 2.35 |  |  |  | 2.89 |
The following table summarizes information about warrants outstanding at September 30, 2020:
Exercise Price |  |  | Number Outstanding |  |  | Weighted Average Remaining Contractual life (Years) |  | Number Exercisable at September 30, 2020 |
$ | 1.80 |  |  |  | 2,251,076 |  |  | 1.14 |  |  | 2,251,076 |
$ | 1.87 |  |  |  | 2,904,990 |  |  | 3.63 |  |  | 2,904,990 |
$ | 2.00 |  |  |  | 135,512 |  |  | 3.75 |  |  | 135,512 |
$ | 2.50 |  |  |  | 839,179 |  |  | 3.41 |  |  | 839,179 |
$ | 2.75 |  |  |  | 193,417 |  |  | 3.75 |  |  | 193,417 |
$ | 3.00 |  |  |  | 3,846,414 |  |  | 3.18 |  |  | 3,846,414 |
Total |  |  |  | 10,170,588 |  |  |  |  |  | 10,170,588

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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