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6. SHARE-BASED COMPENSATION (Tables)

6 Months Ended

Mar. 31, 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 March 31,				For the Six Months Ended March 31,
		2020		2020		2019		2020
Expected term (years)		3.00		2.50-2.75		3.00		2.50-2.75
Expected volatility		79.0%		82.0%		79.0%		82.0%
Risk-free interest rate		1.39%		2.53%		1.39%		2.53%
Expected dividends		0.00%		0.00%		0.00%		0.00%
Estimated annual forfeiture rate		0%		0%		0%		0%

Schedule of stock option activity

The following table summarizes stock option activity during the six months ended March 31, 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			–				–
Forfeited			(56,501	)			2.41
Expired			–				–
Outstanding, March 31, 2020			1,004,397			$	1.51				3.9			$	26,800
Exercisable, March 31, 2020			736,688			$	1.64				3.6			$	26,800

Schedule of option activity by exericse price

The following table provides additional information regarding stock option awards that were outstanding and exercisable at March 31, 2020:

Options Outstanding										Options Exercisable
Exercise Price		Weighted Average Exercise Price				Outstanding Number of Options				Weighted Average Exercise Price				Weighted Average Remaining Life In Years				Exercisable Number of Options
$0.64 to $1.23		$	1.05				325,519			$	0.80				4.6				77,500
$1.44 to $1.67			1.51				605,378				1.49				3.8				585,688
$2.73 to $2.73			2.73				11,000				2.48				1.4				11,000
$3.73 to $3.79			3.74				62,500				3.74				0.9				62,500
							1,004,397								3.6				736,688

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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