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Note 14 - Stockholders' Equity
 12 Months Ended
Sep. 30, 2020
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
NOTE
14.
STOCKHOLDERS' EQUITY
 
Share Repurchase
 
In
August 2015,
the Company's Board of Directors authorized the repurchase of up to
$2
million of the Company's common stock. Share repurchases, if any, will be made using a variety of methods, which
may
include open market purchases, privately negotiated transactions or block trades, or any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The Company's Board did
not
stipulate an expiration date for this repurchase and the purchase decisions are at the discretion of the Company's management. During the years ended
September 30, 2020
and
2019
, the Company did
not
repurchase any shares.
 
Restricted Stock Units
 
A summary of the Company's non-vested restricted stock units for the years ended
September 30, 2020
and
2019
are as follows:
 
   
Shares
    
Weighted Average Grant Due Fair Value
  
Non-vested restricted stock units at September 30, 2018
    
2,207,242
      
7,302,000
  
Granted
    
1,810,017
      
5,400,000
  
Vested
    
(563,711
 )    
(2,261,000
 )
Forfeited
    
(134,908
 )    
(435,000
 )
Non-Vested restricted stock units at September 30, 2019
    
3,318,640
      
10,006,000
  
Granted
    
904,616
      
2,188,000
  
Vested
    
(663,736
 )    
(2,357,000
 )
Forfeited
    
(61,205
 )    
(142,000
 )
Non-vested restricted stock units at September 30, 2020
    
3,498,315
      
9,695,000
  
 
In
November 2018,
the Company granted
1,447,292
RSUs to certain employees of the Company. RSUs vest based on service and certain performance and market conditions. The fair value of the RSUs awards issued in
November 2018
was
$4,289,000.
 
In
February 2019,
the Company granted
265,960
RSUs to certain directors and employees of the Company. RSUs vest based on service and certain performance and market conditions. The fair value of the RSUs awards issued in
February 2019
was
$843,000.
 
In
April 2019,
the Company granted
58,277
restricted stock awards (“RSAs”) to an employee of the Company. RSAs vest based on service condition. The fair value of the RSAs issued in
April 2019
was
$173,000.
 
In
July 2019,
the Company granted
17,925
RSAs to an employee of the Company. RSAs vest based on service condition. The fair value of the RSAs issued in
July 2019
was
$48,000.
 
In
August 2019,
the Company granted
20,563
RSAs to an employee of the Company. RSAs vest based on service condition. The fair value of the RSAs issued in
August 2019
was
$47,000
 
In
December 2019,
the Company granted
702,000
RSUs to certain employees of the Company. RSUs vest based on certain performance conditions. The fair value of the RSU awards issued in
December 2019
was
$1,839,000.
 
In
January 2020,
the Company granted
39,216
RSUs to an employee of the Company. RSUs vest based on certain service conditions. The fair value of the RSU awards issued in
January 2020
was
$99,000.
 
In
April 2020,
the Company granted
163,400
RSUs to certain directors of the Company. RSUs vest based on certain service conditions. The fair value of the RSU awards issued in
April 2020
was
$250,000.
 
One RSU and RSA gives the right to
one
share of the Company's common stock. RSU and RSAs that vest based on service and performance are measured based on the fair values of the underlying stock on the date of grant. The Company used a Lattice model to determine the fair value of the RSU with a market condition. Compensation with respect to RSU and RSA awards is expensed on a straight-line basis over the vesting period.
 
For the years ended
September 30, 2020
and
2019
, the Company recognized compensation expense of $
3,108,000
 and $
4,282,000
, respectively, related to RSUs and RSAs. At
September 30, 2020
, unrecognized compensation with respect to RSUs and RSAs amounted to
$4,106,000,
which will be recognized over a weighted average period of
2.5
 years, assuming all performance-based compensation will vest.
 
Stock Options
 
The Company's stock option plans provide for the granting of stock options to certain key employees, directors and investment executives. Generally, options outstanding under the Company's stock option plan are granted at prices equal to or above the market value of the stock on the date of grant, vest either immediately or ratably over up to
five
years, and expire
five
years subsequent to award.
 
The following option activity occurred under the Company's plan during the years ended
September 30, 2020
and
2019
:
 
     
 
    
Weighted
    
Weighted
    
Weighted
      
 
  
     
 
    
Average
    
Average
    
Average
      
 
  
     
 
    
Exercise
    
Grant-Date
    
Remaining
    
Aggregate
  
     
 
    
Price
    
Fair Value
    
Contractual
    
Intrinsic
  
   
Options
    
Per Share
    
Per Share
    
Term
    
Value
  
Outstanding at September 30, 2018
    
612,000
     $
6.23
     $
1.59
      
3.27
      
 
  
Forfeited or expired
    
(7,800
 )    
5.54
      
2.69
      
 
      
 
  
Outstanding at September 30, 2019
    
604,200
      
6.19
      
1.58
      
2.29
      
 
  
Forfeited or expired
    
(335,000
 )    
6.97
      
1.08
      
 
      
 
  
Outstanding at September 30, 2020
    
269,200
      
5.22
      
2.19
      
2.83
      
 
  
Vested and exercisable at September 30, 2020
    
269,200
     $
5.22
     $
2.19
      
2.83
     $
—
  
 
There was
no
recognized compensation expense in
2020
or 
2019.
 
Warrants
 
The following tables summarize information about warrant activity during
2020
and 
2019
:
 
     
 
  
 
  
Weighted
    
Weighted
  
     
 
  
 
  
Average
    
Average
  
     
 
  
 
  
Exercise
    
Remaining
  
     
 
  
 
  
Price
    
Contractual
  
   
Warrants
  
 
  
Per Share
    
Term
  
Outstanding at September 30, 2018
    
12,436,427
  
 
    
3.25
      
3.30
  
Exercised
    
(38
 )
 
    
3.25
      
 
  
Forfeited or expired
    
(7,037,482
 )
(a)
    
3.25
      
 
  
Outstanding at September 30, 2019
    
5,398,907
  
 
    
3.25
      
2.30
  
Exercised
    
—
  
 
    
—
      
 
  
Forfeited or expired
    
—
  
 
    
—
      
 
  
Outstanding and exercisable at September 30, 2020
    
5,398,907
  
 
   $
3.25
      
1.30
  
 
(a)
7,037,482
warrants held by FBIO Acquisition were forfeited due to the FBIO sale. See note
19.