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Equity and Stock-Based Compensation (Tables)
12 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Equity Compensation Plans

Equity compensation plans as of September 30, 2025 are summarized in the table below:

 

Name of Plan

 

Shares
Authorized

 

 

Shares
Available for Grant

 

 

Options
Outstanding

 

 

Unvested RSUs Outstanding

 

 

Plan
Expiration

2022 Plan

 

 

1,000,000

 

 

 

825,647

 

 

 

821,116

 

 

 

168,024

 

 

Mar. 2032

2007 Plan

 

 

3,000,000

 

 

 

 

 

 

44,625

 

 

 

 

 

Mar. 2024

Non-Employee Directors Stock Option Plan

 

 

500,000

 

 

 

 

 

 

54,000

 

 

 

 

 

Mar. 2024

 

 

 

 

 

825,647

 

 

 

919,741

 

 

 

168,024

 

 

 

Schedule of Fair Value of Stock Option Using Black-Scholes Option Pricing Model We estimated the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model using the following assumptions:

 

 

 

Years Ended September 30,

 

 

2025

 

2024

Risk free interest rate

 

4%

 

4%

Expected life

 

5 years

 

5 years

Dividend rate

 

0%

 

0%

Volatility

 

60%

 

60%

Summary of Stock Option Activity

The following table summarizes our stock option activity:

 

 

 

Years Ended September 30,

 

 

 

2025

 

 

2024

 

 

 

Options

 

 

Weighted
Average
Exercise
Price

 

 

Options

 

 

Weighted
Average
Exercise
Price

 

Outstanding at beginning of
   period

 

 

1,087,016

 

 

$

6.97

 

 

 

672,924

 

 

$

8.76

 

Granted

 

 

120,000

 

 

$

5.14

 

 

 

620,500

 

 

$

5.66

 

Exercised

 

 

(71,521

)

 

$

5.11

 

 

 

(15,000

)

 

$

5.67

 

Forfeited/expired

 

 

(215,754

)

 

$

7.86

 

 

 

(191,408

)

 

$

9.12

 

Outstanding at end of period

 

 

919,741

 

 

$

6.67

 

 

 

1,087,016

 

 

$

6.97

 

Exercisable at end of period

 

 

741,727

 

 

$

7.05

 

 

 

532,185

 

 

$

7.64

 

Weighted average grant-date
   fair value of options
   granted during the period

 

$

2.66

 

 

 

 

 

$

2.50

 

 

 

 

Summary of Stock Options Outstanding and Exercisable

The following table summarizes information for stock options outstanding and exercisable as of September 30, 2025:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Range of Exercise Prices

 

Number
Outstanding

 

 

Remaining
Contractual
Life
(in years)

 

 

Weighted
Average
Exercise
Price Per
Share

 

 

Number
Exercisable

 

 

Weighted
Average
Exercise
Price Per
Share

 

 $4.32-$5.07

 

 

80,666

 

 

 

7.52

 

 

$

4.74

 

 

 

35,318

 

 

$

4.77

 

 $5.09-$5.09

 

 

100,000

 

 

 

4.85

 

 

$

5.09

 

 

 

 

 

$

 

 $5.25-$5.75

 

 

83,825

 

 

 

6.08

 

 

$

5.42

 

 

 

53,825

 

 

$

5.47

 

 $6.00-$6.00

 

 

400,000

 

 

 

3.42

 

 

$

6.00

 

 

 

400,000

 

 

$

6.00

 

 $7.40-$8.82

 

 

41,750

 

 

 

6.15

 

 

$

8.12

 

 

 

41,750

 

 

$

8.12

 

 $9.00-$9.00

 

 

150,000

 

 

 

7.87

 

 

$

9.00

 

 

 

150,000

 

 

$

9.00

 

 $9.27-$9.99

 

 

23,500

 

 

 

6.84

 

 

$

9.45

 

 

 

20,834

 

 

$

9.48

 

 $10.22-$10.22

 

 

18,000

 

 

 

6.42

 

 

$

10.22

 

 

 

18,000

 

 

$

10.22

 

 $11.51-$11.51

 

 

12,000

 

 

 

5.48

 

 

$

11.51

 

 

 

12,000

 

 

$

11.51

 

 $15.43-$15.43

 

 

10,000

 

 

 

6.13

 

 

$

15.43

 

 

 

10,000

 

 

$

15.43

 

 $4.32-$15.43

 

 

919,741

 

 

 

5.23

 

 

$

6.67

 

 

 

741,727

 

 

$

7.05

 

Summary of RSU activity

The following table summarizes our RSU activity during the year ended September 30, 2025:

 

 

 

Number

 

 

Weighted
Average
Grant Date
Fair Value

 

 

Fair Value

 

 

Nonvested at beginning of year

 

 

24,897

 

 

$

4.82

 

 

 

 

 

Granted

 

 

207,524

 

 

 

4.98

 

 

 

1,033,470

 

 

Vested, including shares withheld to cover taxes

 

 

(24,897

)

 

 

4.82

 

 

 

120,004

 

(1)

Forfeited

 

 

(39,500

)

 

 

4.99

 

 

 

197,105

 

 

Nonvested at end of period

 

 

168,024

 

 

$

4.98

 

 

$

1,555,902

 

(2)

 

(1) The aggregate fair value of vested RSU's represent the total pre-tax fair value, based on the closing stock price on the day of vesting, which would have been received by holders of RSU's had all such holders sold their underlying shares on that date.

(2) The aggregate fair value of the nonvested RSU's and represents the total pre-tax fair value, based on our closing stock price of $9.26 as of September 30, 2025, the last trading day of our fiscal year, which would have been received by holders of RSU's had all such holders sold their underlying shares on that date.