STOCK OPTIONS, RESTRICTED STOCK UNITS (RSUs) AND WARRANTS (Tables)

9 Months Ended

Jun. 30, 2023

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, 2023:

		Weighted		Weighted Average
		Average		Remaining	Aggregate
	Options	Exercise Price		Contractual Term	Intrinsic Value
Outstanding at September 30, 2022	8,174,563	$	3.78	7.42	$	9,188,491
Grants	502,431		4.35	10.00		—
Exercised	(22,462)		1.71	—		—
Expired	—		—	—		—
Forfeited	(98,972)		5.81	—		—
Outstanding at June 30, 2023	8,555,560	$	3.90	7.41		656,612
Exercisable at June 30, 2023	6,772,308		3.53	7.08		671,885

Schedule of related to stock options

The following table presents information related to stock options as of June 30, 2023:

Options outstanding
			Weighted	Options
			average	exercisable
	Exercise	Number of	remaining life	number of
	price	options	in years	options
$	2.58	382,790	3.28	382,790
	1.98	1,472,892	5.34	1,472,891
	2.67	833,333	6.96	833,333
	3.30	2,586,725	7.37	2,140,227
	1.71	77,538	7.67	99,999
	8.52	83,333	7.83	83,333
	8.25	200,000	7.85	138,888
	7.05	16,667	8.06	10,647
	7.20	16,667	8.08	10,647
	7.50	16,667	8.09	16,666
	6.90	278,727	8.27	200,607
	7.05	25,000	8.33	10,417
	8.25	108,591	8.82	—
	7.74	45,000	8.88	—
	7.05	8,333	9.04	—
	7.86	6,667	9.18	—
	4.95	1,922,990	9.24	1,232,935
	6.23	433,640	9.52	138,928
	5.24	40,000	9.83	—
		8,555,560		6,772,308

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, 2023
Weighted average fair value of options granted	$	6.15
Expected life		5.72 years
Risk-free interest rate		3.90	%
Expected volatility		52.15	%
Expected dividends yield		—	%
Forfeiture rate		—	%

Summary of the RSU activity

The following table summarizes the RSU activity for the nine months ended June 30, 2023:

		Weighted		Weighted Average
		Average		Remaining	Aggregate
	RSUs	Fair Value		Contractual Term	Intrinsic Value
Outstanding at September 30, 2022	890,000	$	5.00	3.04	$	2,127,100
Grants	212,004		6.23	2.87		506,690
Exercised	—		—	—		—
Expired	—		—	—		—
Forfeited	—		—	—		—
Outstanding at June 30, 2023	1,102,004	$	5.24	—	$	2,633,790
Exercisable at June 30, 2023	—	$	—	—	$	—

Summary of information related to RSUs

The following table presents information related to RSUs as of June 30, 2023:

RSUs outstanding
				Weighted Average
Grant Date		Number of		Remaining	Number of
Fair Value		RSUs		Life in Years	RSUs Vested
$	5.00		890,000	3.23		—
$	6.23		130,464	3.51		—
$	6.23		81,540	0.25		—
			1,102,004			—

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)
$	2.58	100,000	6.28		2.58	100,000	6.28
	2.57	666,666	3.44		2.57	666,666	3.44
	2.25	888,888	6.70		2.25	888,888	6.70
	8.25	107,952	1.42		8.25	107,952	1.42
	8.40	16,666	5.82		8.40	16,666	5.82
	8.25	2,191,149	1.25		8.25	2,191,149	1.25
	7.05	62,438	3.71		7.05	—	—
	5.25	383,141	1.82		5.25	383,141	1.82
	5.25	209,522	1.87		5.25	209,522	1.87
	9.00	66,666	1.88		9.00	—	—
	7.95	100,000	1.96		7.95	—	—
	5.25	296,329	2.08		5.25	296,329	2.08
	6.00	192,000	4.24		6.00	192,000	4.24
	6.00	18,616	4.25		6.00	18,616	4.25
	4.33	83,142	2.86		4.33	83,142	2.86

Schedule of warrant activity

The following table summarizes the warrant activity for the nine months ended June 30, 2023:

		Weighted
		average
		exercise
	Number of	price per
	shares	share
Outstanding at September 30, 2022	5,300,033	$	5.82
Issued	83,142		4.33
Exercised	—		—
Expired	—		—
Outstanding at June 30, 2023	5,383,175	$	5.80

Schedule of fair value of warrants issued

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

	June 30, 2023
Weighted average fair value of warrants granted	$	4.33
Expected life		3.00	years
Risk-free interest rate		3.90	%
Expected volatility		50.61	%
Expected dividends yield		—	%
Forfeiture rate		—	%