Note 9 - Stock Based Compensation

9 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

NOTE 9 – STOCK BASED COMPENSATION

The fair value of each time-based award is estimated on the date of grant using the Black-Scholes option valuation model. Our weighted-average assumptions used in the Black-Scholes valuation model for equity awards with time-based vesting provisions granted during the year.

The following table summarizes stock option activity under both plans for the nine months ended June 30, 2024:

						Weighted-average
						remaining		Aggregate
				Weighted-average		contractual term		intrinsic value
	Number of shares			exercise price		(in years)		(in thousands)
Outstanding at September 30, 2023		41,765		$	144.43		3.65	$	-
Granted		8,000			-		-		-
Exercised		-			-		-		-
Forfeited		(2,447	)		166.06		-		-
Outstanding at June 30, 2024		47,318			119.00		3.36		-
Exercisable at June 30, 2024		45,651		$	122.98		3.39	$	-

As of June 30, 2024, there was approximately $3,925 of total unrecognized compensation cost related to non-vested stock options which vest over a period of approximately 0.75 years.

Restricted Stock Award transactions:

In the nine months ended June 30, 2024:

In March 2024, the company issued 16,000 of restricted stock awards to the Company’s board of directors.  The shares vest quarter on fourth on June 30, 2024, one fourth, on September 30, 2024, one fourth on December 31, 2024, and one fourth on March 31, 2025. The stock awards were valued at the fair market price of $4,296 upon issuance and will amortize over the individual vesting periods.

In the nine months ended June 30, 2023:

In February of 2023, the Company issued 445 of restricted stock awards to the Company’s board of directors. The shares vested quarterly, one fourth on June 30, 2023, one fourth on September 30, 2023, one fourth on December 31, 2023, and one fourth on March 31, 2024. The stock awards were valued at the fair market price of $5,660 upon issuance and will amortize over the individual vesting periods.

In January 2023, the Company issued 3,889 shares to a group of employees.  The shares vested upon issuance, having a fair market value upon issuance of $40,950.

In December 2022, the Company issued 1,112 shares of restricted common stock to an employee.  556 shares vested upon issuance and the Company recorded a total expense of $6,250.  556 shares vest based on meeting certain direct to consumer revenue performance hurdles prior to December 2024.