6. SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Assumptions used

In applying the Black-Scholes option pricing model to options granted, the Company used the following assumptions:

	For the Three Months Ended				For the Nine Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Expected term (years)		n/a		n/a		3.00		2.50-2.75
Expected volatility		n/a		n/a		79.0%		82.0%
Risk-free interest rate		n/a		n/a		1.39%		2.53%
Expected dividends		n/a		n/a		0%		0%
Estimated annual forfeiture rate		n/a		n/a		0%		0%

Schedule of stock option activity

The following table summarizes stock option activity during the nine months ended June 30, 2020:

					Weighted
				Weighted	Average
				Average	Remaining
	Number of			Exercise	Life		Intrinsic
	Options			Price	In Years		Value
Outstanding, September 30, 2019		812,879		$1.69
Granted		248,019		$1.13
Exercised		(50,000	)	$0.64
Forfeited		(1,751	)	$1.67
Expired		(55,000	)	$2.43
Outstanding, June 30, 2020		954,147		$1.56		3.6		$ 48,288
Exercisable, June 30, 2020		686,522		$1.76		3.2		$  6,125

Schedule of option activity by exericse price

The following table provides additional information regarding stock option awards that were outstanding and exercisable at June 30, 2020:

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 $1.23	$1.12		275,519	$1.08		3.1		27,500
$1.44 to $1.67	$1.51		605,128	$1.51		3.5		585,522
$2.73 to $2.73	$2.73		11,000	$2.73		1.1		11,000
$3.73 to $3.79	$3.74		62,500	$3.74		0.6		62,500
	$1.56		954,147	$1.76		3.2		686,522