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Subsequent Events | 6 Months Ended
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Mar. 31, 2019
Subsequent Events [Abstract] |
Subsequent Events |
Note 6 | Subsequent Events
Subsequent to March 31, 2019,
| i) | The Company filed a Certificate of Amendment with the Secretary of State of Nevada to amend the Company’s articles of incorporation to authorize the issuance of 10,000,000 shares of preferred stock having a par value of $0.001 per share. The Board of Directors of the Company shall have the authority to issue shares of preferred stock in one or more series and shall have the authority to establish by duly appointed resolution such voting powers, designations, preferences, limitations and restrictions and relative rights of the preferred shares it deems necessary or advisable.
| ii) | On January 15, 2019, the Board approved, subject to stockholder approval, the 2019 Omnibus Incentive Plan (the “2019 Plan”) and, on April 5, 2019, the 2019 Plan was approved the Company’s stockholders. Under the terms of the 2019 Plan, 6,000,000 additional shares of Common Stock are available for issuance under the 2019 Plan, in addition to the shares available under the 2015 Plan. Any awards outstanding under the 2015 Plan or the Company’s 2007 Stock Option Plan (the “2007 Plan”) will remain subject to and be paid under the 2015 Plan or the 2007 Plan, respectively, and any shares subject to outstanding awards under the 2015 Plan or the 2007 Plan that subsequently cease to be subject to such awards (other than by reason of settlement of the awards in shares) will automatically become available for issuance under the 2019 Plan.
| i) | On May 3, 2019 (the “Effective Date”), the Company entered into a Second Amendment to the Employment Agreement (the “Amendment”) with the Company’s Chief Executive Officer (the “CEO”) in his continuing capacity as Chief Executive Officer of the Company. The Amendment amends the Employment Agreement by and between the Company and the CEO, effective July 5, 2013 (the “Employment Agreement”), as amended, and extends the term of the Employment Agreement through July 5, 2022, unless earlier terminated as provided in the Amendment. Pursuant to the terms of the Amendment, the CEO shall receive an annual base salary of $550,000 and is eligible to earn an annual cash target bonus for each whole or partial calendar year of twenty percent of his base salary. Subject to the terms of the Amendment, the CEO will also receive on the Effective Date 750,000 options for shares of the Company’s common stock, one-third of which shall vest on each of July 5, 2020, July 5, 2021 and July 5, 2022. The options shall have an exercise price equal to the closing price of the Company’s common stock on the Effective Date.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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