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Stockholders’ Equity
 6 Months Ended
Mar. 31, 2022
Stockholders' Equity Note [Abstract]  
Stockholders’ Equity

NOTE 12 – Stockholders’ Equity

 

Public Offering

 

On October 13, 2021, the Company, entered into an Underwriting Agreement (the “Underwriting Agreement”) with Craig-Hallum Capital Group LLC, as underwriter (the “Underwriter”), relating to the issuance and sale of 3,750,000 shares of the Company’s common stock at a price to the public of $3.20 per share. In addition, under the terms of the Underwriting Agreement, the Company granted the Underwriter an option, exercisable for 30 days, to purchase up to an additional 562,500 shares of common stock on the same terms. The base offering closed on October 15, 2021, and the sale of 422,057 shares of common stock subject to the Underwriter’s overallotment option closed on November 15, 2021.

 

The gross proceeds to the Company from this offering were approximately $13.4 million prior to deducting underwriting discounts and other offering expenses payable by the Company in the amount of approximately $1.4 million in the aggregate.

 

2021 Private Placement

 

On January 12, 2021, the Company entered into a Common Stock and Warrant Purchase Agreement with certain accredited investors (the “Purchasers”), pursuant to which the Company agreed to issue and sell an aggregate of 4,166,682 shares common stock, and warrants to purchase an aggregate of 4,166,682 shares of Common Stock (the “2021 Warrants”) at an aggregate purchase price of $3.00 per share of Common Stock and corresponding warrant, resulting in total gross proceeds of $12.5 million before deducting placement agent fees and estimated offering expenses. The 2021 Warrants have an initial exercise price of $5.25 per share. The 2021 Warrants are exercisable beginning on the date of issuance and will expire on the fifth anniversary of such date. The 2021 Private Placement closed on January 14, 2021.

 

Warrant Activity and Summary

 

The following table summarizes warrant activity during the six month period ended March 31, 2022:

 

       Exercise       Weighted
Average		   Weighted
Average		 
   Warrants  Price Per
Warrant		   Exercise
Price		   Term (years) 
Outstanding and exercisable at September 30, 2021   7,503,808    $5.25- $9.00    $6.06    3.23 
Issued   
—
    $—   $
—
    
—
 
Exercised   
—
    $—   $
—
    
—
 
Forfeited/Expired   (750,364)   $5.40   $5.40    
—
 
Outstanding and exercisable at March 31, 2022   6,753,444    $5.25-$9.00   $6.14    3.07