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9. Stock Options
 3 Months Ended
Dec. 31, 2015
Share-based Compensation [Abstract]  
Stock Options

From time to time, the Company grants stock options and restricted stock awards to officers, directors, employees and consultants. These awards are valued based on the grant date fair value of the instruments, net of estimated forfeitures. The value of each award is amortized on a straight-line basis over the requisite service period.

 

Stock Options

 

The following table summarizes stock option activity for the three months ended December 31, 2015:

 

    Number of Shares  

Weighted Average

Exercise Price

  

Weighted Average Remaining

Contractual Life

   Intrinsic Value 
 Outstanding at September 30, 2015    1,050,000   $1.87    4.76   $225,750 
 Granted     –                
 Exercised    –                
 Forfeited    –                
 Outstanding at December 31, 2015    1,050,000   $1.87    4.50   $149,000 
 Exercisable at December 31, 2015    675,000   $1.73    4.01   $149,000 

  

The Company recognized compensation expense of $91,227 and $29,390 during the three months ended December 31, 2015 and 2014, respectively, related to stock option awards granted to certain employees and executives based on the grant date fair value of the awards, net of estimated forfeitures.

 

At December 31, 2015, the Company had $168,571 of unrecognized compensation expense (net of estimated forfeitures) associated with stock option awards which the Company expects will be recognized through June 2017.

 

The exercise price for options outstanding and exercisable at December 31, 2015 is as follows:

 

 Outstanding   Exercisable  
 Number of    Exercise    Number of    Exercise 
 Options    Price    Options    Price 
 187,500   $0.83    187,500   $0.83 
 150,000    1.25    150,000    1.25 
 187,500    1.67    37,500    1.67 
 37,500    2.08    –    2.08 
 37,500    2.50    –    2.50 
 450,000    2.53    300,000    2.53 
 1,050,000         675,000      

 

The following table summarizes information about the Company’s non-vested shares as of December 31, 2015:

 

Non-vested Shares   Number of Shares   Weighted-Average Grant-Date Fair Value
 Nonvested at September 30, 2015    375,000   $1.44
 Granted     –     
 Vested    –     
 Nonvested at December 31, 2015    375,000   $1.44