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Subsequent Events
 3 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

10. SUBSEQUENT EVENTS  

 

At the Market Offering Agreement

 

On August 12, 2024, the Company entered into an agreement with HC Wainwright, (the “Manager’) to issue and sell through or to the Manager, as sales agent and/or principal, from time to time during the term of this Agreement the Company’s common shares. The Company completed the following sales of its common shares through the Manager in January 2025.

 

           Gross   Net 
Date  Shares   Price   Proceeds   Proceeds 1 
01/02/2025   40,465   $4.175   $168,933   $163,490 
01/03/2025   10,000   $4.156    41,556    40,028 
01/06/2025   32,173   $3.993    128,464    124,260 
01/07/2025   11,709   $4.003    46,865    45,174 
01/08/2025   28,303   $4.168    117,975    114,098 
Total   122,650        $503,793   $487,050 

 

1) Net proceeds after deducting the broker fee and trading expenses but before offering expenses.

 

Registered Direct Offering

 

On January 7, 2025, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain institutional investors for the issuance and sale, in a registered direct offering by the Company (the “Offering”), of 743,496 shares of the Company’s common stock, par value $0.001 per share (the “Shares”) and warrants (the “Warrants”) to purchase up to 743,496 shares of common stock. Gross proceeds received were approximately $3,000,000 and net proceeds were approximately $2,700,000 after deducting for fees and expenses. The Shares and Warrants were sold at a combined offering price of $4.035. The Offering closed on January 8, 2025.

 

The Warrants have an exercise price equal to $3.91 per share, are exercisable immediately upon issuance and will expire five years after the initial exercise date.

 

The Company also paid the placement agent 7% of the gross proceeds and also agreed to grant to the placement agent or its designees, placement agent warrants, to purchase up to 52,045 shares of the common stock (the “Placement Agent Warrants”). The terms of the Placement Agent Warrants are substantially the same as the terms of the Warrants, except that the exercise price is $5.0438 per share.