STOCKHOLDERS'EQUITY (DEFICIT) (Tables) - Equity-classified share options

6 Months Ended

Mar. 31, 2021

Share-based compensation

Summary of the Activity in Share Options

A summary of the activity in Barnwell’s equity-classified share options from October 1, 2020 through March 31, 2021 is presented below:

Options	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at October 1, 2020	—	$	—
Granted	665,000	3.36
Exercised	—	—
Expired/Forfeited	—	—
Outstanding at March 31, 2021	665,000	$	3.36	9.4	$	—
Exercisable at March 31, 2021	—	$	—	—	$	—

Schedule of Assumptions Used in Estimating Fair Value

The following assumptions were used in estimating the fair value of the equity-classified share options granted on February 9, 2021:

	> 10% Owner-Employee	Others
Number of shares	60,000	605,000
Expected volatility	127.4%	105.8%
Expected dividends	None	None
Expected term (in years)	3.5	6.0
Risk-free interest rate	0.19%	0.82%
Expected forfeitures	None	None
Fair value per share	$2.51	$2.70