STOCK OPTIONS AND WARRANTS (Tables)

9 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement, Additional Disclosure [Abstract]

Schedule of stock option activity

The following table summarizes the stock option activity for the nine months ended June 30, 2022:

		Weighted		Weighted Average
		Average		Remaining	Aggregate
	Options	Exercise Price		Contractual Term	Intrinsic Value
Outstanding at September 30, 2021	17,833,356	$	1.04	8.30	$	25,478,339
Grants	1,471,200		2.46	9.49		4,527,654
Exercised	—		—	—		—
Expired	—		—	—		—
Forfeited	(338,251)		(2.13)	—		—
Outstanding at June 30, 2022	18,966,305	$	1.13	7.68	$	30,005,993
Exercisable at June 30, 2022	13,652,168	$	0.99	7.32	$	23,582,392

Schedule of related to stock options

The following table presents information related to stock options on June 30, 2022:

Options outstanding
			Weighted	Options
			average	exercisable
	Exercise	Number of	remaining life	number of
	price	options	in years	options
$	0.86	1,148,371	4.17	1,148,371
	0.66	4,663,935	6.34	4,663,935
	0.89	2,500,000	7.96	2,008,000
	1.10	7,882,799	8.37	4,607,142
	0.57	300,000	8.67	300,000
	2.84	250,000	8.83	250,000
	2.75	600,000	8.85	216,667
	2.35	125,000	9.22	15,278
	2.40	50,000	9.08	—
	2.50	50,000	9.09	50,000
	2.30	836,200	9.27	392,775
	2.75	425,000	9.82	—
	2.58	135,000	9.88	—
		18,966,305		13,652,168

Schedule of fair value of options

We calculated the fair value of options issued using the Black-Scholes option pricing model, with the following assumptions:

	June 30, 2022
Weighted average fair value of options granted	$	1.13
Expected life		5.00 -10.00 years
Risk-free interest rate		0.01 - 2.93	%
Expected volatility		55.80 - 73.00	%
Expected dividends yield		—	%
Forfeiture rate		—	%

Schedule of warrants outstanding and related prices

The following table summarizes the changes in warrants outstanding and the related prices for the shares of our common stock:

Warrants outstanding				Warrants exercisable
			Weighted				Weighted
			average				average
			remaining	Weighted			remaining
			contractual	average			contractual
		Number	life	exercise		Number	life
Exercise prices		outstanding	(years)	price		exercisable	(years)
$	0.86	3,850,709	4.87		0.86	3,850,709	4.87
	0.38	2,000,000	4.44		0.38	2,000,000	4.44
	0.75	2,666,667	7.70		0.75	2,666,667	7.70
	2.75	323,864	0.42		2.75	323,864	0.42
	2.80	50,000	8.82		2.80	50,000	8.82
	2.75	6,573,460	2.25		2.75	6,573,460	2.25
	2.35	187,324	4.71		2.35	62,733	4.71
	1.75	1,149,425	2.82		1.75	1,149,425	2.82
	1.75	628,575	2.87		1.75	628,575	2.87
	3.00	200,000	2.88		3.00	110,000	2.88
	2.65	300,000	2.96		2.65	—	2.96

Schedule of warrant activity

The following table summarizes the warrant activity for the nine months ended June 30, 2022:

		Weighted
		average
		exercise
	Number of	price per
	shares	share
Outstanding at September 30, 2021	15,464,700	$	1.63
Issued	2,465,324		2.01
Exercised	—		—
Expired	—		—
Outstanding at June 30, 2022	17,930,024	$	1.68

Schedule of fair value of warrants issued

	June 30, 2022
Weighted average fair value of warrants granted	$	0.74
Expected life		1.75 - 10 years
Risk-free interest rate		0.15 - 3.35	%
Expected volatility		57.30 - 73.00	%
Expected dividends yield		—	%
Forfeiture rate		—	%