WARRANT DERIVATIVE LIABILITY |
9 Months Ended |
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Jun. 30, 2024 | |
Warrant Derivative Liability | |
WARRANT DERIVATIVE LIABILITY |
3. WARRANT DERIVATIVE LIABILITY
As of June 30, 2024 and September 30, 2023, there are no financial instruments accounted as a derivative liability.
The Company previously issued warrants (Series G and Series H warrants) that were accounted for the in accordance with ASC 815-10 as the Company is required to purchase the Series G, and Series H warrants for an amount of cash per share equal to $22.00 and $10.66, respectively, (the “Minimum Value”). Accordingly, the warrants were recorded as liabilities at the greater of the Minimum Value or fair value at each reporting period.
During the nine months ended June 30, 2023, the Company issued 49,278 in exchange for the cancellation of the Series G and Series H warrants. As a result, during the three-month ended March 31, 2023, the Company recorded a gain of $1,158,197 to account for the extinguishment of derivative liability. shares of common stock with a fair value of $
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