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Stock-Based Compensation (Tables)
 12 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Fair value of options issued assumptions

The Company used the Black-Scholes option-pricing model to estimate the fair value of options issued using the following assumptions:


 

 

Fiscal 2019

 

 

Fiscal 2018

 

Price of Common Stock

 

$

0.29

 

 

$

0.65

 

Volatility

 

 

60%

 

 

 

55%

 

Expected term (in years)

 

 

5.25 – 7.00

 

 

 

5.50 – 7.00

 

Risk free rate

 

 

1.53% – 2.88%

 

 

 

2.81% – 2.96%
Stock option activity

The following table summarizes the Company’s stock option activity and related information for the period indicated:


 

 

Number of Shares

 

 

Weighted Average Remaining Contractual Term (in years)

 

 

Weighted Average Exercise Price ($)

 

Outstanding at October 1, 2017

 

 

1,191,014

 

 

 

9.54

 

 

$

0.09

 

Granted

 

 

847,922

 

 

 

9.76

 

 

 

0.65

 

Forfeited

 

 

(368,472

)

 

 

8.84

 

 

 

0.21

 

Outstanding at September 30, 2018

 

 

1,670,464

 

 

 

9.80

 

 

$

0.35

 

Granted

 

 

1,885,369

 

 

 

8.73

 

 

 

0.27

 

Forfeited

 

 

(134,836

)

 

 

8.90

 

 

 

0.65

 

Cancelled

 

 

(736,280

)

 

 

8.48

 

 

 

0.53

 

Outstanding at September 30, 2019

 

 

2,684,717

 

 

 

9.47

 

 

$

0.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at September 30, 2019

 

 

734,929

 

 

 

7.84

 

 

$

0.19