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9. Stock Options
 3 Months Ended
Dec. 31, 2014
Share-based Compensation [Abstract]  
Stock Options

From time to time, the Company grants stock options and restricted stock awards to officers, directors, employees and consultants. These awards are valued based on the grant date fair value of the instruments, net of estimated forfeitures. The value of each award is amortized on a straight-line basis over the requisite service period.

 

Stock Options

 

The following table summarizes stock option activity for the three months ended December 31, 2014:

 

       Weighted   Weighted     
       Average   Average     
   Number of   Exercise   Remaining     
   Shares   Price   Contractual Life   Intrinsic Value 
Outstanding at September 30, 2014   600,000   $2.76        $– 
Granted   –                
Exercised   –                
Forfeited   –                
Outstanding at December 31, 2014   600,000   $2.76    4.51    372,250 
Exercisable at December 31, 2014   187,500   $1.67    4.11    276,250 

 

The Company recognized compensation expense of $29,390 and $65,875 during the three months ended December 31, 2014 and 2013, respectively, related to stock option awards granted to certain employees and executives based on the grant date fair value of the awards, net of estimated forfeitures.

 

At December 31, 2014, the Company had $70,694 of unrecognized compensation expense (net of estimated forfeitures) associated with stock option awards which the Company expects will be recognized through June 2017.

 

The following table summarizes information about the Company’s non-vested shares as of December 31, 2014:

 

       Weighted-Average 
   Number of   Grant-Date 
Non-vested Shares  Shares   Fair Value 
Nonvested at September 30, 2014   450,000   $0.73 
Granted   –      
Vested   (37,500)     
Nonvested at December 31, 2014   412,500   $0.73