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9. Stock Options | 9 Months Ended
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Jun. 30, 2016
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 nine months ended June 30, 2016:
|  |  |  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |  |  | Intrinsic Value |
Outstanding at September 30, 2015 |  |  |  | 1,050,000 |  |  | $ | 1.87 |  |  |  | 4.76 |  |  | $ | 225,750 |
Granted |  |  |  | – |  |  |  |  |  |  |  |  |  |  |  |  |
Exercised |  |  |  | – |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited |  |  |  | – |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at June 30, 2016 |  |  |  | 1,050,000 |  |  | $ | 1.87 |  |  |  | 4.01 |  |  | $ | 162,500 |
Exercisable at June 30, 2016 |  |  |  | 1,012,500 |  |  | $ | 1.85 |  |  |  | 3.94 |  |  | $ | 162,500 |
The Company recognized compensation expense of $254,710 and $621,311 during the nine months ended June 30, 2016 and 2015, 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 June 30, 2016, the Company had $5,089 of unrecognized compensation expense (net of estimated forfeitures) associated with stock option awards which the Company expects will be recognized through June 2017. The exercise price for options outstanding and exercisable at June 30, 2016 is as follows:
Outstanding |  |  | Exercisable |
Number of |  |  | Exercise |  |  | Number of |  |  | Exercise |
Options |  |  | Price |  |  | Options |  |  | Price |
187,500 |  |  | $ | 0.83 |  |  |  | 187,500 |  |  | $ | 0.83 |
150,000 |  |  |  | 1.25 |  |  |  | 150,000 |  |  |  | 1.25 |
187,500 |  |  |  | 1.67 |  |  |  | 187,500 |  |  |  | 1.67 |
37,500 |  |  |  | 2.08 |  |  |  | 37,500 |  |  |  | 2.08 |
37,500 |  |  |  | 2.50 |  |  |  | – |  |  |  | 2.50 |
450,000 |  |  |  | 2.53 |  |  |  | 450,000 |  |  |  | 2.53 |
1,050,000 |  |  |  |  |  |  |  | 1,012,500 |  |  |  |  |
The following table summarizes information about the Company’s non-vested shares as of June 30, 2016:
|  |  |  |  | Weighted- Average |
|  | Number of |  |  | Grant-Date |
Non-vested Shares |  | Shares |  |  | Fair Value |
Nonvested at September 30, 2015 |  |  | 375,000 |  |  | $ | 1.44 |
Granted |  |  | – |  |  |  |  |
Vested |  |  | (337,500 | ) |  |  |  |
Nonvested at June 30, 2016 |  |  | 37,500 |  |  | $ | 1.44 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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