v3.26.1
STOCKHOLDERS’ EQUITY
 6 Months Ended
Mar. 31, 2026
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 9 – STOCKHOLDERS’ EQUITY

 

Common Stock

 

As of March 31, 2026, and September 30, 2025, we had 4,572,757 and 4,446,713 shares of common stock outstanding, respectively.

 

The authorized shares and par value per share of common stock were unchanged by the Reverse Split and remain at 681,000,000 shares and $0.001 per share, respectively.

 

We restated our common shares outstanding (shares and amount) and the value of our APIC to reflect the number of shares outstanding after the Reverse Split. The outstanding shares were retroactively restated for the effect of the Reverse Split from 231,229,054 to 4,446,713 for September 30, 2025.

 

Common Stock Issued Under Equity Incentive Plan

 

During the six months ended March 31, 2026, 141,870 Restricted Stock Units (“RSUs”) vested for which we issued 105,550 shares of common stock and 36,320 RSUs were sold by employees to fund payroll taxes.

 

During the six months ended March 31, 2025, 123,062 RSUs vested for which we issued 94,180 shares of common stock and 28,882 RSUs were sold by employees to fund payroll taxes.

 

Preferred Stock

 

As of March 31, 2026, we had zero (0) shares of preferred stock outstanding and were authorized to issue 10,000,000 shares of preferred stock at a par value of $0.001 per share.

 

Warrants

 

We have four categories of warrants outstanding which are summarized below along with exercise prices and expiration dates.

 

(in thousands, except prices and dates) 

Number of

Warrants

   Exercise Price   Expiration Date
2018 Placement Agent   106   $52.00   Aug 7, 2028
2021 Private Placement   130    18.72   Apr 16, 2026
2021 Placement Agent   160    9.36   Apr 16, 2031
2023 Warrant Exchange   335    9.36   Dec 29, 2028
Total Outstanding Warrants   731         

 

The following table summarizes warrant activity for the six months ended March 31, 2026:

 

(in thousands, except prices and lives) 

Number of

Warrants

  

Weighted

Average

Exercise Price

  

Weighted

Average

Remaining Life

 
Outstanding at September 30, 2025   832   $17.40    2.89 
Granted   —    —    — 
Exercised   —    —    — 
Canceled/Forfeited   (101)   (18.72)   — 
Outstanding at March 31, 2026   731   $17.22    2.73 

 

Approximately 101 thousand of 2021 Private Placement warrants expired on March 31, 2026. The remaining 130 thousand 2021 Private Placement warrants outstanding at March 31, 2026, expired between April 1, 2026, and April 16, 2026. Following the expiration of 2021 Private Placement warrants on April 16, 2026, the total warrants outstanding were 601 thousand with average exercise price $16.90 and remaining life of 3.3 years, respectively. The 2021 Private Placement Warrants contained terms that significantly restricted our options for raising capital. The expiration of these warrants provides us with more options to increase liquidity.