Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.22.4
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (5,275,854) $ (6,240,482)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 3,196 2,587
Stock-based compensation 499,583 496,066
Decrease to fair value of derivative (1,000,000) (108,944)
Inventory obsolescence charge 248,073 181,988
Accretion of discount and debt issuance costs on 2022 Notes 302,049 0
Gain on forgiveness of loan 0 (178,229)
Changes in operating assets and liabilities:    
Inventory (569,156) (307,760)
Prepaid expenses and other current assets 225,124 (91,668)
Accounts payable 846,869 66,033
Accrued interest 265,000 151,285
Accrued expenses and other liabilities (959) 70,496
Net cash used in operating activities (4,456,075) (5,958,628)
Cash flows from investing activities:    
Purchases of property and equipment 0 (3,275)
Net cash used in investing activities 0 (3,275)
Cash flows from financing activities:    
Repayment of insurance premium financing (106,257) 0
Proceeds received from convertible notes 0 1,050,000
Proceeds received from senior secured convertible notes 3,525,000 0
Proceeds from issued common stock and warrants, net of financing costs 0 6,219,233
Payment of 2022 Financing debt issuance costs (482,367) 0
Net cash provided by financing activities 2,936,376 7,269,233
Net (decrease) increase in cash (1,519,699) 1,307,330
Cash, beginning of year 2,266,639 959,309
Cash, end of year 746,940 2,266,639
Non-cash financing activities:    
Financing of insurance premium 354,190 0
Issuance of restricted stock 8,959 0
Exchange of Series 2 Convertible Notes into Senior Secured Notes (See Note 10) 699,781 0
Issuance of restricted stock in consideration for services performed 30,840 103,750
Unpaid issuance costs in accounts Payable 73,048 $ 0
Inducement Shares 2022 [Member]    
Non-cash financing activities:    
Fair value of 2022 Inducement Shares issued (see Note 10) 314,523  
Warrant 2022 [Member]    
Non-cash financing activities:    
Fair value of 2022 Warrants issued (see Note 10) 1,470,133  
Placement Agent Warrants [Member]    
Non-cash financing activities:    
Fair value of 2022 Warrants issued (see Note 10) $ 219,894