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Stockholders' Equity
 6 Months Ended
Mar. 31, 2023
Stockholders' Equity [Abstract]  
Stockholders’ Equity

NOTE 11 – Stockholders’ Equity

 

At-The-Market Offering

 

On December 21, 2022, the Company entered into a Capital on DemandTM Sales Agreement with JonesTrading Institutional Services LLC (“JonesTrading”) to create an at-the-market offering program (“ATM”) under which the Company may offer and sell shares having an aggregate offering price of up to $14.5 million. JonesTrading is entitled to a commission at a fixed commission rate equal to up to 3% of the gross proceeds. As of March 31, 2023, 516,484 shares of common stock were issued for gross proceeds of $928,257 under the ATM, and issuance costs in the amount of $183,359 have been incurred in connection with the ATM. See Note 13 – Subsequent Events.

 

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.

 

Warrant Activity and Summary

 

There were no warrant exercises during the three and six months ended March 31, 2023 and 270,478 warrants expired during the six months ended March 31, 2023.

 

The following table summarizes information about warrants outstanding at March 31, 2023:

 

Exercise Price     Number Outstanding     Weighted Average
Remaining Contractual
life (Years)		     Number Exercisable at
March 31,
2023		  
$ 3.00       350,000       4.34       350,000  
$ 5.25       4,166,682       2.79       4,166,682  
$ 5.61       646,225       1.85       646,225  
$ 6.00       45,171       1.25       45,171  
$ 7.50       279,727       0.92       279,727  
$ 8.25       62,906       1.25       62,906  
$ 9.00       1,282,154       0.68       1,282,154  
Total       6,832,865               6,832,865