Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.4
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net income (loss) $ (37,801,426) $ (93,152,692)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 268,177 269,874
Impairment of intangible assets 0 3,900,000
Provision for credit losses 0 3,911,714
Gain on sale of ENTADFI® assets (1,222,908) (5,723,623)
Noncash change in right-of-use assets 770,700 741,257
Noncash interest expense, net of interest paid (97,130) 1,872,223
Share-based compensation 13,644,405 17,918,603
Deferred income taxes 367,182 177,499
Provision for obsolete inventory 1,566,830 185,499
Change in fair value of derivative liabilities 239,000 (2,963,000)
Change in fair value of equity securities 176,077 0
Loss on disposal of fixed assets 184,267 290
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable 546,203 (4,153,327)
Decrease in inventories 986,108 648,628
Decrease in prepaid expenses and other assets 862,039 9,810,245
Decrease in accounts payable (5,432,411) (9,072,222)
Increase (decrease) in accrued expenses and other liabilities 3,944,381 (11,717,919)
Decrease in operating lease liabilities (683,827) (666,863)
Net cash used in operating activities (21,682,333) (88,013,814)
INVESTING ACTIVITIES    
Cash proceeds from sale of ENTADFI® assets 304,536 7,000,000
Capital expenditures (158,322) (665,700)
Net cash provided by investing activities 146,214 6,334,300
FINANCING ACTIVITIES    
Proceeds from stock option exercises 3,280 389,058
Payment of deferred equity financing issuance costs 0 (263,757)
Proceeds from premium finance agreement 0 1,425,174
Installment payments on premium finance agreement (132,975) (1,292,199)
Net cash provided by financing activities 36,826,910 11,114,333
Net increase (decrease) in cash and cash equivalents 15,290,791 (70,565,181)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 9,625,494 80,190,675
CASH AND CASH EQUIVALENTS AT END OF YEAR 24,916,285 9,625,494
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 368,820 247,361
Cash paid for interest 704,600 554,818
Schedule of non-cash investing and financing activities:    
Equity securities received for sale of ENTADFI® assets 918,372 0
Shares issued in connection with common stock purchase agreement 0 1,008,000
Amortization of deferred costs related to common stock purchase agreement 164,313 138,182
Right-of-use assets recorded in exchange for lease liabilities 0 286,815
Public Offering [Member]    
FINANCING ACTIVITIES    
Proceeds from sale of shares 35,228,564 0
Jefferies Sales Agreement [Member]    
FINANCING ACTIVITIES    
Proceeds from sale of shares 66,551 1,040,321
Common Stock Purchase Agreement [Member]    
FINANCING ACTIVITIES    
Proceeds from sale of shares 1,661,490 4,846,691
Frost Gamma Investments Trust Purchase Agreement [Member]    
FINANCING ACTIVITIES    
Proceeds from sale of shares $ 0 $ 4,969,045