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WARRANTS

6 Months Ended

Mar. 31, 2025

NOTE F —WARRANTS

Warrants

The following table summarizes the changes in warrants outstanding. These warrants were granted as part of financing transactions, as well as in lieu of cash compensation for services performed or as financing expenses in connection with the sales of the Company’s common stock. See Note E for details on the warrant activity during the six-month period ended March 31, 2025.


		Weighted
		Average
		Exercise
	Number of	Price Per
	Shares	Share
Balance at October 1, 2024	394,965	$	139.00
Granted	17,022,826		2.48
Exercised	(2,236,362)		1.74
Cancelled or expired	(2,400,958)		3.04
Balance at March 31, 2025	12,780,471	$	3.90

During the three and six-month periods ended March 31, 2025, 1,574,224 and 1,713,698, respectively, of the May 2024 Series B Warrants were exercised cashlessly and resulted in the issuance of 4,722,672 and 5,141,091 shares of the Company’s Common Stock, respectively.

During the three and six-month periods ended March 31, 2025, an aggregate of 450,040 and 501,363 May 2024 Series A Warrants to purchase shares of the Company’s Common Stock were exercised, respectively, for aggregate total proceeds of $984,172 for the three-month period ended March 31, 2025 and aggregate total proceeds of $1,492,772 for the six-month period ended March 31, 2025. Subsequent to March 31, 2025 an additional 8,319 May 2024 Series A Warrants were exercised for aggregate total proceeds of approximately $15,000.