v3.26.1
Fair Value Measurements
 9 Months Ended
Jun. 30, 2026
Fair Value Measurements [Abstract]  
FAIR VALUE MEASUREMENTS

NOTE 5 – FAIR VALUE MEASUREMENTS

 

The following table sets forth the Company’s financial liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, at June 30, 2026 and September 30, 2025:

 

Warrant liabilities   June 30,
2026		     September 30,
2025		  
Level 1   $ —     $ —  
Level 2     —       —  
Level 3     212,364       —  
Total   $ 212,364     $           —  

 

The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended June 30, 2026:

 

Level 3 warrant liability   Amount  
Balance at September 30, 2025   $ —  
Warrants issued     198,612  
Change in fair value recognized in earnings     13,752  
Balance at June 30, 2026   $ 212,364  

 

There were no transfers into or out of Level 3, and no exercises, expirations or forfeitures of liability-classified warrants, during the nine months ended June 30, 2026.

 

The fair value of the warrant liabilities are estimated using the Black-Scholes option-pricing model. The significant unobservable inputs used in the measurement of the warrant liabilities at June 30, 2026 were as follows:

 

Significant unobservable input   June 30,
2026		  
Expected volatility     93.41 %
Underlying common stock price   $ 0.4079  
Remaining contractual term     4.79 – 4.96 years  
Risk-free interest rate     4.14 %
Expected dividend yield     0.00 %

 

A significant increase in the expected volatility or in the underlying common stock price would result in a materially higher fair value measurement of the warrant liability.