STOCKHOLDERS DEFICIT |
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Sep. 30, 2023 |
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STOCKHOLDERS DEFICIT |
7. STOCKHOLDERS DEFICIT
Common Stock
In January 2024 certain shareholders of the Company exchanged a total of 0.001 per share, and expire in 5 years. shares of Company’s Common Stock for of pre-funded warrants to purchase shares of Common Stock. At the date of the exchange, the fair value of the common stock received approximates the fair value of the warrants issued. The pre-funded warrants are fully vested, exercisable at $
2013 Stock Incentive Plan
On September 1, 2023, a majority of shareholders approved the 2023 Stock Plan with common shares reserved to be issued under the plan. As of March 31, 2024, there were issuances under the new plan.
On June 18, 2013, the Company established the 2013 Stock Incentive Plan (the “2013 Plan”). Under the 2013 Plan, the Company can issue or grant a total of shares, as amended. On June 18, 2023, the 2013 Stock Incentive Plan expired, and no shares are available for grants under the 2013 Plan.
Common Stock Options
During the six months ended March 31, 2024 and 2023, the Company recorded stock compensation expense of $ and $ to account the fair value of the stock options that vested.
As of March 31, 2024, there is approximately $ of unrecognized compensation expense related to unvested stock-based compensation arrangements granted under the 2013 Plan. That cost is expected to be recognized over a weighted average period of years.
Restricted Stock
For the three months ended March 31, 2024 and 2023, compensation expense recorded for the restricted stock awards was approximately $ and $ , respectively. For the six months ended March 31, 2024 and 2023, compensation expense recorded for the restricted stock awards was approximately $ and $ , respectively.
As of March 31, 2023, there was no unrecognized compensation expense related to unvested stock-based compensation arrangements granted under the 2013 Plan.
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10. STOCKHOLDERS DEFICIT
Common Stock
During the year ended September 30, 2023, the Company issued 2,209,839 (the “Bridge Offering”); (iii) inducement shares issued in connection with the closing of the Second Notes and Third Notes; (iv) shares issued in connection with the exchange of Series G and Series H warrants for Common Stock; and (v) shares issued in connection with the conversion of the Company’s outstanding Series 1 Notes into Common stock. shares of Common Stock, par value $ , as follows: (i) shares issued in connection with the vesting of a restricted stock grant; (ii) shares issued in connection with certain financing activities involving the sale of Common Stock and warrants to certain accredited investors in exchange for the net cash proceeds of $
Common Stock Options
During the year ended September 30, 2022, the Company granted options to employees and directors and options to consultants to purchase shares of common stock under the 2013 Plan. The stock options issued to employees and directors vest over a period of months, and options issued to consultants vest over a period of months. The weighted average exercise price for all options was $ . Options issued to employees and consultants expire in years. Options issued to management and directors expire after years. Total fair value of the stock options issued was $ using the Black-Scholes Option Pricing Model. The following assumptions were used to calculate the fair value - expected volatility, % - %, risk-free interest rate, % - %, expected dividend yield, %, expected term, - years.
During the year ended September 30, 2023, the Company granted options to employees and directors and options to consultants to purchase shares of common stock under the 2013 Plan. The stock options issued to employees vest over a period of months, and options issued to consultants and directors vest over a period of months. The exercise price for all options granted was $ . Options issued to employees and consultants expire in years. Options issued to management and directors expire after years. Total fair value of the stock options issued $ using the Black-Scholes Option Pricing Model. The following assumptions were used to calculate the fair value - expected volatility, % - %, risk-free interest rate, % - %, expected dividend yield, %, expected term, – years.
Pursuant to the vesting terms of the stock options, Share-based compensation expense recorded in the Company’s Consolidated Statements of Operations for the year ended September 30, 2023 and 2022 resulting from stock options awarded to the Company’s employees, directors and consultants was approximately $ and $ , respectively. Of this amount during the years ended September 30, 2023 and 2022, $ and $ , respectively, were recorded as research and development expenses, and $ and $ , respectively were recorded as general and administrative expenses in the Company’s Consolidated Statements of Operations.
As of September 30, 2023, there is approximately $ of unrecognized compensation expense related to unvested stock-based compensation arrangements granted under the 2013 Plan. That cost is expected to be recognized over a weighted average period of years. As of September 30, 2023, shares are available for future grants under the 2013 Plan as the plan is now expired.
Common Stock Warrants
Restricted Stock
On July 30, 2021, the Company awarded shares of Restricted Stock to an employee. The shares subject to this grant were awarded under the 2013 Plan and shares vest on each of the following dates: January 12, 2022, July 12, 2022, and January 12, 2023.
On September 27, 2021, the Company awarded shares of Restricted Stock to a consultant. The shares subject to this grant were awarded under the 2013 Plan and vested in three separate tranches on January 12, 2022, July 12, 2022 and January 12, 2023.
For the years ended September 30, 2023 and 2022 compensation expense recorded for the restricted stock awards was approximately $ and $ , respectively. As of September 30, 2023, there is no unrecognized compensation expense related to unvested stock-based compensation arrangements granted under the 2013 Plan.
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