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Stockholders' Equity
 3 Months Ended
Dec. 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 (the “Sales Agreement”) with JonesTrading Institutional Services LLC (“JonesTrading”) that created an at-the-market offering program (“ATM”) under which the Company may offer and sell common stock having an aggregate offering price of up to $14.5 million. JonesTrading is entitled to a commission at a fixed commission rate of up to 3% of the gross proceeds. On July 24, 2023, the Company decreased the amount of common stock that can be sold pursuant to the Sales Agreement, such that the Company was offering up to an aggregate of $2.6 million of its common stock for sale under the Sales Agreement, including the shares of common stock previously sold. Subsequently on December 1, 2023, however, the Company increased the amount of common stock that can be sold pursuant to the Sales Agreement, such that the Company was offering up to an aggregate of $4.8 million of its common stock for sale under the Sales Agreement, including the shares of common stock previously sold. On January 5, 2024, the Company further increased the amount of common stock that can be sold pursuant to the Sales Agreement, such that the Company is offering up to an aggregate of $9.3 million of its common stock for sale under the Sales Agreement, including the shares of common stock previously sold. See Note 12 – Subsequent Events.

 

During the three months ended December 31, 2023, 868,243 shares of common stock were issued under the ATM for an aggregate offering price of $1,256,271. The total aggregate offering price and common stock issued since inception of the ATM though December 31, 2023 was $3,808,927 and 2,307,920 shares, respectively. Issuance costs incurred under the ATM during the three months ended December 31, 2023 were $37,698.

 

During the three months ended December 31, 2022, deferred issuance costs in the amount of $103,787 were incurred in connection with the ATM, but no shares of common stock were issued under the ATM during that period.

 

Warrant Activity and Summary 

 

   Warrants   Exercise
Price Per
Warrant		   Weighted
Average Exercise
Price		   Weighted
Average Term
(Years)		 
Outstanding and exercisable at September 30, 2023   6,202,426   $3.00-900   $5.92    2.00 
Issued   —   $—   $—    — 
Exercised   —   $—   $—    — 
Expired   (1,059,133)  $9.00   $—    — 
Outstanding and exercisable at December 31, 2023   5,143,293   $3.00-9.00   $5.29    2.11 

 

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

 

Exercise Price   Number Outstanding   Weighted Average
Remaining Contractual
life (Years)		   Number Exercisable 
$3.00    350,000    3.59    350,000 
$5.25    4,166,682    2.04    4,166,682 
$5.61    220,855    4.50    220,855 
$6.00    45,171    0.50    45,171 
$7.50    279,727    0.16    279,727 
$8.25    62,906    0.50    62,906 
$9.00    17,952    0.50    17,952 
Total    5,143,293         5,143,293