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SHARE-BASED COMPENSATION | 9 Months Ended
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Jun. 30, 2021
Share-based Payment Arrangement [Abstract] |
SHARE-BASED COMPENSATION | NOTE 6 SHARE-BASED COMPENSATION 2021 Equity Incentive Plan In February 2021, shareholders of the Company approved the 2021 Equity Incentive Plan (the “2021 Plan”), which is administered by the Compensation Committee of the Board of Directors and authorizes 1,291,000 shares of common stock for grants of various types of equity awards to officers, directors, employees and consultants. Upon approval of the 2021 Plan, no additional awards were granted under the 2011 Long Term Incentive Plan (the “2011 Plan”), which expired according to its terms in March 2021. Shares authorized under the 2021 Plan include 1,000,000 new shares and 291,000 shares that remained available under the 2011 Plan. Awards which are forfeited or expire are eligible for regrant under the 2021 Plan. The exercise prices of stock options granted may not be less than the fair market value of the common stock as quoted on the Nasdaq stock market on the grant date and the expiration date of option awards may not exceed 10 years. Stock Options No options were granted during the three or nine months ended June 30, 2021. In February 2020, the Company granted options to non-employee directors to purchase an aggregate of 248,000 shares of its common stock at an exercise price of $1.13 per shares. The options vested one year from the date of grant, expire five years from the date of grant and had an aggregate grant date fair value of $145,000, which was recognized ratably over the vesting period. These options, which were the only options granted during the nine months ended June 30, 2020, had a grant-date fair value of $0.58 per share. During the nine months ended June 30, 2021 and 2020, the Company issued 147,000 and 50,000 shares, respectively, of its common stock pursuant to the exercise of stock options for aggregate cash proceeds of $234,000 and $32,000, respectively, which had an aggregate intrinsic value of $265,000 and $33,000, respectively. The Company recognized compensation expense for stock option awards of $4,000 and $38,000 during the three months ended June 30, 2021 and 2020, respectively, and $66,000 and $107,000 during the nine months ended June 30, 2021 and 2020, respectively, in its condensed consolidated statements of operations. At June 30, 2021, there was $7,000 of total unrecognized compensation cost related to nonvested stock option awards that is expected to be recognized over a weighted average period of 0.9 years.

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