Financials

v3.24.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Dec. 31, 2023
Sep. 30, 2023
Current assets:    
Cash $ 205,850 $ 222,720
Inventory 1,335,849 1,364,504
Prepaid expenses and other current assets 272,799 362,866
Total current assets 1,814,498 1,950,090
Long-term assets:    
Property and equipment, net 3,949 4,599
Other assets 3,500 3,500
Total long-term assets 7,449 8,099
Total assets 1,821,947 1,958,189
Accrued expenses and other liabilities 486,062 467,496
Accounts payable 2,772,424 2,304,207
Accrued interest, current portion 856,584 823,128
Total current liabilities 11,397,463 9,465,921
Commitments and Contingencies  
Stockholders’ equity (deficit):    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, none issued and outstanding as of December 31, 2023 and September 30, 2023 0 0
Common stock, $0.001 par value, 350,000,000 authorized as of December 31, 2023 and September 30, 2023, 4,742,364 and 4,689,446 shares issued and outstanding as of December 31, 2023 and September 30, 2023 4,742 4,689
Additional paid-in capital 55,157,003 54,543,188
Accumulated deficit (64,737,261) (62,055,609)
Total stockholders’ deficit (9,575,516) (7,507,732)
Total liabilities and stockholders’ deficit 1,821,947 1,958,189
Bridge Financing [Member]    
Long-term assets:    
Short-term debt 950,000 0
Insurance Premium Financing [Member]    
Long-term assets:    
Short-term debt 139,020 243,285
Senior Secured Convertible Notes [Member]    
Long-term assets:    
Current Portion of convertible note 4,183,035 3,519,103
Unsecured Convertible Notes [Member]    
Long-term assets:    
Current Portion of convertible note 2,010,338 1,658,702
Convertible Notes Payable Series Two [Member]    
Long-term assets:    
Current Portion of convertible note $ 0 $ 450,000
v3.24.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Revenue $ 45,867 $ 6,261
Operating expenses:    
Cost of revenues 23,606 17,635
Selling, general and administrative expenses 1,311,350 1,102,916
Research and development expenses 205,580 161,453
Total operating expenses 1,540,536 1,282,004
Loss from operations (1,494,669) (1,275,743)
Other income (expense):    
Interest expense (1,186,983) (524,313)
Net loss $ (2,681,652) $ (1,800,056)
Loss per share - basic and diluted    
Net loss per common share - basic and diluted (in dollars per share) $ (0.57) $ (1.44)
Weighted common shares - basic and diluted (in shares) 4,707,473 1,249,432
v3.24.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (2,681,652) $ (1,800,056)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 650 663
Stock-based compensation 25,909 104,026
Accretion of discount and debt issuance costs on convertible notes payable 1,015,568 371,755
Changes in operating assets and liabilities:    
Inventory 28,655 3,211
Prepaid expenses and other current assets 90,067 147,492
Accounts payable 468,217 433,482
Accrued interest 171,414 152,558
Accrued expenses and other liabilities 18,567 (63,196)
Net cash used in operating activities (862,605) (650,065)
Cash flows from financing activities:    
Repayment of insurance premium financing (104,265) (106,257)
Proceeds from shareholders and third-party advances related to bridge financing 950,000 0
Proceeds from issued common stock and warrants, net of financing costs 0 20,000
Net cash provided by (used in) financing activities 845,735 (86,257)
Net decrease in cash (16,870) (736,322)
Cash, beginning of year 222,720 746,940
Cash, end of period 205,850 10,618
Conversion of Series 2 Convertible Notes and Interest Into Common Stock [Member]    
Non-cash financing activities:    
Conversion of Series 2 convertible notes and accrued interest into common stock $ 587,959 $ 0