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SUBSEQUENT EVENTS
 9 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 24 – SUBSEQUENT EVENTS

 

On August 2, 2024, we filed a Certificate of Amendment to our Certificate of Incorporation with the Secretary of State of Delaware to increase our authorized shares of common stock from 50,000,000 shares to 70,000,000 shares, par value $0.001 per share.

 

On July 22, 2024, the Board of Directors of the Company approved, and the holders of an excess of a majority of the outstanding shares of our classes of voting stock of the Company have executed a written consent in lieu of a special meeting approving a Certificate of Amendment to our Certificate of Incorporation to authorize a reverse split of our outstanding shares of common stock, par value $0.001 per share, with a split ratio of between 1 for 10 and 1 for 20, which will be determined by the Board of Directors at any time or times for a period of 12 months after the date of the written consent. Pursuant to Rule 14c-2 under the Exchange Act, this corporate action will not be effected until at least twenty (20) calendar days after the mailing of the Information Statement to our stockholders.

 

The following table, which is for illustrative purposes only, illustrates the effects of Reverse Split at certain exchange ratios within the foregoing range, without giving effect to any adjustments for fractional shares of common stock, on our outstanding shares of common stock and authorized shares of capital stock as of the Balance Sheet date.

 

SCHEDULE SHARES OF COMMON STOCK AND AUTHORIZED SHARES OF CAPITAL STOCK

       1-for-10   1-for-20 
   Before Reverse Split   After Reverse Stock Split 
       1-for-10   1-for-20 
Common Stock Authorized (1)   70,000,000    70,000,000    70,000,000 
                
Preferred Stock Authorized   10,000,000    10,000,000    10,000,000 
                
Common Stock Issued and Outstanding   16,352,270    1,635,227    817,614 
                
Common Stock Underlying Options and Warrants   50,637,843    5,063,784    2,531,892 
                
Common Stock Available for Grant under 2020 Equity Compensation Plan   1,991,207    199,121    99,560 

 

(1)Considers the increase in authorized shares which became effective on August 2, 2024.

 

On July 11, 22, and 23, 2024, the Company issued an aggregate of 900,000 shares of common stock to satisfy the exercise of 300,000 Series A Warrants under the alternative cashless exercise.

 

On August 8, 2024, the Company issued 185,186 shares of common stock in exchange for services rendered.