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STOCK BASED COMPENSATION
 6 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION

Stock Options
 
Information with respect to stock option activity during the six months ended March 31, 2016 follows:
 
Options
 
Weighted
Average
Exercise
Price Per
Share
 
Weighted
Average
Grant-
Date Fair
Value
Per Share
 
Weighted
Average
Remaining
Contractual
term (years)
 
Aggregate
Intrinsic
Value
Outstanding at September 30, 2015
1,370,000

 
$
6.34

 
$
1.14

 
4.12
 
$
—

Forfeited or expired
(15,500
)
 
$
5.00

 
$
2.30

 
8.04
 
$
—

Outstanding at March 31, 2016
1,354,500

 
$
6.35

 
$
1.13

 
3.44
 
$
—

Vested and exercisable at March 31, 2016
1,232,500

 
$
6.44

 
$
1.03

 
3.21
 
$
—


 
During the six months ended March 31, 2016 and 2015, the Company recognized compensation expense of $99,000 and $144,000, respectively, related to stock options and restricted stock units in 2015, and as of March 31, 2016, had approximately $102,000 of unamortized compensation costs related to non-vested options, which will be recognized by 2017.

Warrants

As of March 31, 2016, there are 43,116 vested warrants outstanding to purchase common stock at an exercise price of $5.00 per share of which 20,087 expire in each of July 2016  and 2017 and 1,471 expire in each of  October 2016 and 2017. The Company had previously reported at September 30, 2015 that  such warrants had expired.