SHARE-BASED COMPENSATION

9 Months Ended

Jun. 30, 2026

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

17.  SHARE-BASED COMPENSATION

The Company has a stock-based compensation plan, under which restricted stock awards are available for issuance to eligible participants. Non-cash stock-based compensation expense is included within general and administrative expense in the consolidated financial statements. Share-based payments are recognized based on their grant date fair values. Forfeitures are recorded as they occur.

Grants of restricted stock awards are valued based on the closing market share price of the Company’s common stock as reported on the Nasdaq Stock Market, LLC (the “market price”) on the date of grant. Non-cash-based compensation expense arising from restricted shares is recognized on a straight-line basis over the vesting period. Grants of restricted shares generally vest one-third annually over a period of three years.

Some participants may choose the net share settlement method to cover withholding tax requirements, in which case shares withheld for taxes are not issued, but are treated as common stock repurchases in the consolidated financial statements, as they reduce the number of shares that would have been issued upon vesting. The Company then pays the corresponding withholding taxes to the appropriate taxing authorities in cash on behalf of the recipient. Withheld shares, which are valued at the market price on the date of grant, are recorded as a reduction to additional paid-in capital, and related payments to taxing authorities are reflected within financing activities in the consolidated statements of cash flows.

For the three and nine months ended June 30, 2026, the Company granted 0 and 19,594 shares, respectively, related to restricted stock awards. The Company granted 0 and 3,970 shares, respectively, related to restricted stock awards for the three and nine months ended June 30, 2025.

The table below represents all unvested restricted stock awards at June 30, 2026:

							Vesting (1/3 Annual)		at June 30, 2026
	Grant Date	Shares Granted	Grant Price		Grant Value		Beginning	Ending	Unvested Shares	Unvested Value
Award 1	2/15/2023	40,000	$	2.65	$	106,000	2/15/2024	2/15/2026	—	$	—
Award 2	1/17/2024	3,663		5.46		20,000	1/17/2025	1/17/2027	1,221		6,667
Award 3	6/20/2024	6,684		7.48		50,000	6/20/2025	6/20/2027	2,228		16,667
Award 4	8/21/2024	10,153		9.85		100,007	8/21/2025	8/21/2027	6,768		66,665
Award 5	8/21/2024	4,061		9.85		40,001	8/21/2025	8/21/2027	2,707		26,664
Award 6	1/15/2025	1,985		12.60		25,011	1/15/2026	1/15/2028	1,323		16,670
Award 7	1/15/2025	1,985		12.60		25,011	1/15/2026	1/15/2028	1,323		16,670
Award 8	11/18/2025	5,291		9.45		50,000	11/18/2026	11/18/2028	5,291		50,000
Award 9	12/17/2025	2,980		8.39		25,002	12/17/2026	12/17/2028	2,980		25,002
Award 10	12/17/2025	2,980		8.39		25,002	12/17/2026	12/17/2028	2,980		25,002
Award 11	1/21/2026	2,781		8.99		25,001	1/21/2027	1/21/2029	2,781		25,001
Award 12	1/21/2026	2,781		8.99		25,001	1/21/2027	1/21/2029	2,781		25,001
Award 13	1/21/2026	2,781		8.99		25,001	1/21/2027	1/21/2029	2,781		25,001
		88,125			$	541,037			35,164	$	325,010
Weighted average grant-date fair value			$	6.14

The table below represents all restricted stock awards to Named Executive Officers as of June 30, 2026:

							Vesting (1/3 Annual)		at June 30, 2026
	Grant Date	Shares Granted	Grant Price		Grant Value		Beginning	Ending	Unvested Shares	Unvested Value
Douglas Reynolds	2/15/2023	40,000	$	2.65	$	106,000	2/15/2024	2/15/2026	—	$	—
Charles Crimmel	1/17/2024	3,663		5.46		20,000	1/17/2025	1/17/2027	1,221		6,667
Douglas Reynolds	8/21/2024	4,061		9.85		40,001	8/21/2025	8/21/2027	2,707		26,664
Charles Crimmel	1/15/2025	1,985		12.60		25,011	1/15/2026	1/15/2028	1,323		16,670
Charles Crimmel	1/21/2026	2,781		8.99		25,001	1/21/2027	1/21/2029	2,781		25,001
		52,490			$	216,013			8,032		75,002
Weighted average grant-date fair value			$	4.12

The table below represents the total unvested restricted stock awards and grant amounts that will vest in future periods at June 30, 2026:

	Grant Vesting	Grant Amount
July 2026-June 2027	16,044	$	145,037
July 2027-June 2028	12,590		121,652
July 2028-June 2029	6,530		58,321
	35,164	$	325,010

The table below represents the total unrecognized compensation expense for unvested restricted stock awards to be expensed in future periods at June 30, 2026:

July 2026-June 2027	$	141,498
July 2027-June 2028		73,861
July 2028-June 2029		27,431
	$	242,790