STOCK OPTION PLAN

9 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

STOCK OPTION PLAN

12. STOCK OPTION PLAN

Effective February 27, 2015, the Company established the 2015 Stock Option Plan (the “Plan”). The Board of Directors of the Company has the authority and discretion to grant stock options. The maximum number of shares of stock that may be issued pursuant to the exercise of options under the Plan is 9,000,000. Eligible individuals include any employee of the Company or any director, consultant, or other person providing services to the Company. The expiration date and exercise price are as established by the Board of Directors of the Company. No option may be issued under the Plan after February 27, 2018.

Effective November 22, 2016, the Company established the 2016 Stock Option Plan (the “2016 Plan”). The Board of Directors of the Company has the authority and discretion to grant stock options, stock appreciation rights (SARs), and other forms of equity grants. The maximum number of shares of stock that may be issued pursuant to the exercise of options under the 2016 Plan is 20,000,000. Eligible individuals include any employee of the Company or any director, consultant, or other person providing services to the Company. The expiration date and exercise price are as established by the Board of Directors of the Company. No option may be issued under the Plan after ten years from the date of adoption of the 2016 Plan.

	Shares under Option Plan			Value of Shares under Option Plan			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Outstanding - September 30, 2021		7,310,196		$	1,106,764			0.24	95 months
Granted		60,866			5,844			0.5	108 months
Exercised		–			–			–
Canceled or expired		(1,420,500	)		(164,068	)		0.28
Outstanding - June 30, 2022		5,950,562			948,520			0.23	92 months
Exercisable - June 30, 2022		3,044,564			425,021			0.22	90 months

Unamortized share-based compensation was $523,370 and $382,874 at June 30, 2022 and 2021, respectively, and will be recognized over the next 7.9 years. During the nine months ended June 30, 2022 and 2021, 60,866 and 0 options and SARs were granted, respectively. 60,866 in SAR grants have a participation price that was always above the market value and therefore there is no current value. SARs are recorded as a liability because there is a cash settlement option.