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SHARE-BASED COMPENSATION | 9 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
SHARE-BASED COMPENSATION | NOTE 6 SHARE-BASED COMPENSATION Stock Options In May 2023, the Company granted options to three of its non-employee directors to purchase an aggregate of 124,740 shares of its common stock at an exercise price of $1.03 per share. The options vest six months from the date of grant and expire five years from the date of grant. The options have a weighted average grant-date fair value of $0.48 per share and an aggregate grant-date fair value of $60,000, which will be recognized ratably over the vesting period. In October 2021, January 2022 and April 2022, the Company granted options to non-employee directors to purchase an aggregate of 58,000, 83,000 and 49,000 shares, respectively, of its common stock at an exercise price of $2.39, $1.56 and $1.72 per share, respectively. 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 have a weighted average grant-date fair value of $1.03, $0.72 and $0.81 per share, respectively, and an aggregate grant-date fair value of $60,000, $60,000 and $40,000, respectively, which were recognized ratably over the vesting period. In January 2022, the Company granted options to one of its employees to purchase an aggregate of 14,000 shares of its common stock at an exercise price of $1.56 per share. The options expire five years from the date of grant, approximately one-third vested immediately, approximately one-third vested one year from the date of grant and approximately one-third vest two years from the date of grant. The options have a weighted average grant-date fair value of $0.73 per share and an aggregate grant-date fair value of $10,000, which is recognized ratably over the vesting period. In February 2022, the Company granted options to one of its non-employee directors to purchase an aggregate of 31,000 shares of its common stock at an exercise price of $1.68 per share. The options vested one year from the date of grant and expire five years from the date of grant. The options have a weighted average grant-date fair value of $0.80 per share and an aggregate grant-date fair value of $25,000, which was recognized ratably over the vesting period. In February 2022, the Company granted options to one of its former non-employee directors to purchase an aggregate of 19,000 shares of its common stock at an exercise price of $1.68 per share. The options vested immediately and expire ten years from the date of grant. The options have a weighted average grant-date fair value of $1.07 per share and an aggregate grant-date fair value of $60,000, which was fully recognized on the grant date. There were no options exercised during the nine months ended June 30, 2023 or 2022. The Company recognized compensation expense for stock option awards of $17,000 and $44,000 during the three months ended June 30, 2023 and 2022, respectively, and $56,000 and $148,000 during the nine months ended June 30, 2023 and 2022, respectively, which was recorded as a component of general and administrative expenses in its condensed consolidated statements of operations. At June 30, 2023, there was $52,000 of total unrecognized compensation cost related to nonvested stock option awards that is expected to be recognized over a weighted average period of 0.4 years.

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