XML 29 R18.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Stockholders' Equity
 6 Months Ended
Mar. 31, 2024
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.

 

During the three and six months ended March 31, 2024, 1,461,353 and 2,329,596 shares of common stock were issued, respectively, under the ATM for an aggregate offering price of $2,094,196 and $3,350,467, respectively. The total aggregate offering price and common stock issued since inception of the ATM though March 31, 2024 was $5,903,123 and 3,769,273 shares, respectively. Issuance costs incurred under the ATM during the three and six months ended March 31, 2024 were $148,382 and $186,080, respectively.

 

During the three and six months ended March 31, 2023, 516,484 shares of common stock were issued under the ATM for an aggregate offering price of $928,257. Issuance costs incurred during the three and six months ended March 31, 2023 was $183,359. See “Note 12 – Subsequent Events”.

 

Warrant Activity and Summary

 

There were no warrant exercises during the three and six months ended March 31, 2024, and 279,727 and 1,338,860 warrants expired during the three and six months ended March 31, 2024, respectively.

 

The following table summarizes information about warrants outstanding at March 31, 2024:

 

   Warrants   Exercise
Price Per
Warrant		   Weighted
Average Exercise
Price		   Weighted
Average Term
(Years)		 
Outstanding and exercisable at September 30, 2023   6,202,426   $3.00-9.00   $5.92    2.00 
Issued   
—
   $
—
   $
—
    
—
 
Exercised   
—
   $
—
   $
—
    
—
 
Expired   (1,338,860)  $7.50-9.00   $8.69    
—
 
Outstanding and exercisable at March 31, 2024   4,863,566    $3.00-9.00   $5.16    1.97 

  

The following table summarizes information about warrants outstanding at March 31, 2024:

 

Exercise Price   Number Outstanding   Weighted Average
Remaining Contractual
life (Years)		   Number Exercisable 
$3.00    350,000   3.34    350,000 
$5.25    4,166,682   1.79    4,166,682 
$5.61    220,855   4.25    220,855 
$6.00    45,171   0.25    45,171 
$8.25    62,906   0.25    62,906 
$9.00    17,952   0.25    17,952 
Total    4,863,566        4,863,566