SHARE-BASED COMPENSATION

3 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

NOTE 6 SHARE-BASED COMPENSATION

Stock Options

In October 2021, the Company granted options to non-employee directors to purchase an aggregate of 58,000 shares of its common stock at an exercise price of $2.39 per share. The options expire five years from the date of grant, approximately half vested immediately and approximately half vest one year from the date of grant. The options have a weighted average grant-date fair value of $1.03 per share and an aggregate grant-date fair value of $60,000, which will be recognized ratably over the vesting period. There were no options granted during the three months ended December 31, 2020.

There were no options exercised during the three months ended December 31, 2021. During the three months ended December 31, 2020, the Company issued 2,500 shares of its common stock pursuant to the exercise of stock options for aggregate cash proceeds of $2,000, which had an aggregate intrinsic value of $2,000.

The Company recognized compensation expense for stock option awards of $39,000 and $41,000 during the three months ended December 31, 2021 and 2020, respectively, in its condensed consolidated statements of operations. At December 31, 2021, there was $25,000 of total unrecognized compensation cost related to nonvested stock option awards that is expected to be recognized over a weighted average period of 0.7 years.