STOCKHOLDERS’ EQUITY |
9 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity [Abstract] | |
| STOCKHOLDERS’ EQUITY | 7. STOCKHOLDERS’ EQUITY
Upon formation, the authorized capital of the Company was 100,000,000 shares consisting of shares of common stock, par value $.
Common Stock
The Company’s common shares do not include any dividend or liquidation preferences, participation rights, call prices or unusual voting rights.
Common Stock Sales
During the three months ended June 30, 2026, the Company sold shares of Company stock for net proceeds of $255,000. The shares of common stock were not issued as of the date of this filing.
During the three months ended the Company collected $100,000 for prior quarter common stock sales and issuances.
During the nine months ended June 30, 2026, the Company sold shares of Company stock for net proceeds of $577,000. Of these shares of common stock, shares of common stock were not issued as of the date of this filing.
Share Cancellation
During October of 2025, certain founders and other Company shareholders voluntarily surrendered an aggregate of shares of Common Stock to the Company for no consideration. The cancellation was not given retroactive effect on the balance sheet as, pursuant to SAB Topic 4.C, it was not a stock dividend, stock split or reverse split.
Stock Option Cancellations
During October of 2025, the Company cancelled stock options that were issued to five individuals. The Company recorded an immaterial amount of incremental stock-based compensation expense related to these cancellations.
Stock Option Exercises
During the nine months ended June 30, 2026, stock options were exercised at a weighted average exercise price of $, resulting in proceeds of $65,000.
Common Stock Issued for Services
During the three months ended March 31, 2026, the Company entered into an agreement with a service provider for to settle an existing obligation through the future issuance of shares resulting in the settlement of liabilities totaling $51,533. No gain or loss was recognized from recognition of the transaction. These shares of common stock were issued during the three months ended June 30, 2026.
During the three months ended March 31, 2026, the Company entered into agreements with various service providers to settle existing obligations through the future issuance of shares resulting in the settlement of liabilities totaling $432,450. No gain or loss was recognized from recognition of the transaction. These shares were issued during the three months ended June 30, 2026.
During the three months ended March 31, 2026, the Company entered into agreements with two employees for the payment of bonuses through the future issuance of shares resulting in the settlement of liabilities totaling $180,000. No gain or loss was recognized from the transaction. These shares were issued during the three months ended June 30, 2026.
During the three months ended June 30, 2026, the Company entered into agreements with various service providers to settle existing obligations through the issuance of shares resulting in the settlement of liabilities totaling $190,080. No gain or loss was recognized from recognition of the transaction.
During the three months ended June 30, 2026, the Company issued shares of common stock in the form of a restricted stock awards to a service provider. The total grant date fair value of the award was $ and is being expensed on a ratable basis over the vesting period.
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