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SHARE-BASED COMPENSATION
 3 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION

NOTE 6                  SHARE-BASED COMPENSATION

 

Stock Options

 

No options were granted during the three months ended December 31, 2022. 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 vested one year from the date of grant. The options had a weighted average grant-date fair value of $1.03 per share and an aggregate grant-date fair value of $60,000, which was be recognized ratably over the vesting period.

 

There were no options exercised during the three months ended December 31, 2022 or 2021.

 

The Company recognized compensation expense for stock option awards of $24,000 and $39,000 during the three months ended December 31, 2022 and 2021, respectively, which was recorded as a component of general and administrative expenses in its condensed consolidated statements of operations. At December 31, 2022, there was $24,000 of total unrecognized compensation cost related to nonvested stock option awards that is expected to be recognized over a weighted average period of 0.5 years.