Common Stock, Stock Options, Restricted Stock Awards and Warrants (Tables)
|
3 Months Ended |
12 Months Ended |
Dec. 31, 2025 |
Sep. 30, 2025 |
| Common Stock, Stock Options, Restricted Stock Awards and Warrants [Abstrsct] |
|
|
| Schedule of Fair Value of Stock Options Grants |
|
The
following assumptions were used in determining the fair value of stock option grants for the year ended September 30, 2025 and 2024:
| | | 2025 | | | 2024 | | | Risk-free interest rate | | | 4.08-4.18 | % | | | 4.66 | % | | Expected dividend yield | | | 0.00 | % | | | 0.00 | % | | Expected term | | | 5.50-6.50 years | | | | 6.50 years | | | Expected volatility | | | 85 | % | | | 87 | % |
|
| Schedule of Stock Option Activity |
A
summary of option activity under the stock plans is presented below:
| | | Shares | | | Weighted- Average Exercise Price | | | Weighted- Average Remaining Contractual Term | | Aggregate Intrinsic Value | | | Outstanding at September 30, 2025 | | | 18,100,000 | | | $ | 1.83 | | | 8.21 years | | $ | 5,386,000 | | | Granted | | | - | | | | - | | | | | | | | | Forfeited | | | - | | | | - | | | | | | | | | Outstanding at December 31, 2025 | | | 18,100,000 | | | $ | 1.83 | | | 7.76 years | | $ | - | | | Exercisable at December 31, 2025 | | | 11,316,667 | | | $ | 1.90 | | | 7.53 years | | $ | - | |
|
A
summary of option activity under the plan is presented below:
| | | Shares | | | Weighted- Average Exercise Price | | | Weighted- Average Remaining Contractual Term | | Aggregate Intrinsic Value | | | Outstanding at September 30, 2024 | | | 12,750,000 | | | $ | 2.15 | | | 8.78 years | | $ | - | | | Granted | | | 5,750,000 | | | | 1.07 | | | | | | | | | Forfeited | | | (400,000 | ) | | | 1.75 | | | | | | | | | Outstanding at September 30, 2025 | | | 18,100,000 | | | $ | 1.83 | | | 8.21 years | | $ | 5,386,000 | | | Exercisable at September 30, 2025 | | | 9,781,250 | | | $ | 2.02 | | | 7.94 years | | $ | 1,136,500 | |
|
| Schedule of Warrants Outstanding |
The following table summarizes the warrants
outstanding at December 31, 2025: | | | Exercise price | | | Number | | | Expiration Dates | | July 2025 Offering Investors | | $ | 1.32 | | | | 6,818,182 | | | July 17, 2030 | | July 2025 Offering Agent | | $ | 1.65 | | | | 272,727 | | | July 17, 2030 | | July 2025 Prior Offering Agent | | $ | 1.65 | | | | 477,273 | | | July 17, 2030 | | September 2025 Offering Investors | | $ | 1.84 | | | | 5,142,858 | | | March 10, 2031 | | September 2025 Offering Agent | | $ | 1.92 | | | | 205,714 | | | March 10, 2031 | | September 2025 Prior Offering Agent | | $ | 2.1875 | | | | 360,000 | | | March 10, 2031 | | December 2025 Offering Investors | | $ | 0.0001 | | | | 15,229,358 | | | None | | December 2025 Offering Investors | | $ | 1.09 | | | | 16,513,762 | | | February 28, 2031 | | December 2025 Placement Offering Agent | | $ | 1.3625 | | | | 1,155,963 | | | December 8, 2030 | | December 2025 Prior Offering Agent | | $ | 1.199 | | | | 660,550 | | | December 8, 2030 | | | | | | | | | 46,836,387 | | | |
|
The following table summarizes the warrants
outstanding at September 30, 2025: | | | Exercise price | | | Number | | | Expiration
Dates | | July 2025 Offering Investors | | $ | 1.32 | | | | 6,818,182 | | | July 17, 2030 | | July 2025 Offering Agent | | $ | 1.65 | | | | 272,727 | | | July 17, 2030 | | July 2025 Prior Offering Agent | | $ | 1.65 | | | | 477,273 | | | July 17, 2030 | | September 2025 Offering Investors | | $ | 1.84 | | | | 5,142,858 | | | March 10, 2031 | | September 2025 Offering Agent | | $ | 1.92 | | | | 205,714 | | | March 10, 2031 | | September 2025 Prior Offering Agent | | $ | 2.1875 | | | | 360,000 | | | March 10, 2031 | | | | | | | | | 13,276,754 | | | |
|
| Schedule of Common Stock Reserved for Future Issuances |
A
summary of common stock reserved for future issuances by the Company as of December 31, 2025 is as follows:
| Stock plan
options outstanding |
|
|
18,100,000 |
|
| Restricted stock awards |
|
|
11,600,000 |
|
| Stock plan shares available
for future grants |
|
|
15,300,000 |
|
| Warrants
outstanding |
|
|
46,836,387 |
|
| Total |
|
|
91,836,387 |
|
|
A
summary of common stock reserved for future issuances by the Company as of September 30, 2025 is as follows:
| Stock plan options outstanding | |
| 18,100,000 | |
| Restricted stock awards | |
| 11,600,000 | |
| Stock plan shares available for future grants | |
| 300,000 | |
| Warrants outstanding | |
| 13,276,754 | |
| Total | |
| 43,276,754 | |
|