SHARE-BASED COMPENSATION

3 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

SHARE-BASED COMPENSATION

NOTE 5     SHARE-BASED COMPENSATION

Stock Option Awards

There were no options granted during the three months ended December 31, 2015 and 2014.

The Company recognized compensation expense of approximately $4,000 and $12,000 in continuing operations for stock option awards in its condensed consolidated statements of operations and comprehensive income (loss) for the three month periods ended December 31, 2015 and 2014, respectively.

As of December 31, 2015, there was approximately $25,000 of total unrecognized compensation cost related to unvested stock option awards, which is expected to be recognized over the remainder of the weighted average vesting period of 1.6 years.

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

				Weighted
			Weighted	Average
			Average	Remaining
	Number of		Exercise	Life		Intrinsic
	Options		Price	In Years		Value
Outstanding, September 30, 2015	311,000	$	2.39
Granted	-		-
Exercised	-		-
Forfeited	-		-
Outstanding, December 31, 2015	311,000	$	2.39	5.5	$	73,325
Exercisable, December 31, 2015	235,125	$	2.84	4.3	$	17,600

The following table provides additional information regarding stock option awards that were outstanding and exercisable at December 31, 2015:

Options Outstanding					Options Exercisable
		Weighted			Weighted	Weighted
		Average	Outstanding		Average	Average	Exercisable
Exercise		Exercise	Number of		Exercise	Remaining Life	Number of
Price		Price	Options		Price	In Years	Options
$0.64 to $1.99	$	0.93	122,500	$	1.28	6.2	55,000
$2.00 to $2.99		2.46	96,000		2.46	3.6	95,750
$3.00 to $3.99		3.74	72,500		3.74	5.1	64,375
$4.00 to $6.02		6.02	20,000		6.02	0.3	20,000
			311,000			4.3	235,125

Restricted Stock Awards

On October 26, 2015, the Company granted 17,500 shares of restricted stock, pursuant to the 2007 Plan, to a director of the Company. The shares vested on December 31, 2015. The grant date value of $19,775 was recognized over the service period.

On October 26, 2015, the Company accelerated the vesting date of 35,000 shares of restricted stock that were previously granted to a director of the Company from February 23, 2016 to December 31, 2015. The Company analyzed the modification as of the modification date and determined that the modification did not result in any incremental compensation expense, however, the remaining unamortized compensation expense attributable to the original award was recognized over the modified remaining service period.

The Company recognized compensation expense of approximately $78,000 and $0 in continuing operations for restricted stock awards in its condensed consolidated statements of operations and comprehensive income (loss) for the three months ended December 31, 2015 and 2014, respectively.

As of December 31, 2015, there was approximately $53,000 of unrecognized compensation cost related to shares of unvested restricted stock, which is expected to be recognized over the remainder of the weighted average vesting period of 1 year.

The following table summarizes restricted stock activity during the three months ended December 31, 2015:

			Weighted
			Average		Total
	Number of		Grant Date		Grant Date
	Shares		Fair Value		Fair Value
Non-vested, September 30, 2015	263,332		$	0.87	$	230,165
Granted	17,500			1.13		19,775
Vested	(69,166	)		1.04		(72,158	)
Forfeited	-			-		-
Non-vested, December 31, 2015	211,666		$	0.84	$	177,782