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10. Stock-based Compensation | 9 Months Ended
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Jun. 30, 2017
Share-based Compensation [Abstract] |
Stock-based Compensation | From time to time, the Company grants stock options and restricted stock awards to directors, officers and employees. These awards are valued at the grant date by determining the 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, 2017:
|  |  |  |  |  | Weighted |  |  | Weighted |  |  |  |
|  |  |  |  |  | Average |  |  | Average |  |  |  |
|  |  | Number of |  |  | Exercise |  |  | Remaining |  |  |  |
|  |  | Shares |  |  | Price |  |  | Contractual Life |  |  | Intrinsic Value |
| Outstanding at September 30, 2016 |  |  |  | 175,000 |  |  | $ | 11.22 |  |  |  | 3.75 |  |  | $ | 346,500 |
| Granted |  |  |  | 36,668 |  |  |  |  |  |  |  |  |  |  |  |  |
| Exercised |  |  |  | – |  |  |  |  |  |  |  |  |  |  |  |  |
| Forfeited |  |  |  | – |  |  |  |  |  |  |  |  |  |  |  |  |
| Outstanding at June 30, 2017 |  |  |  | 211,668 |  |  | $ | 13.19 |  |  |  | 3.73 |  |  | $ | 248,500 |
| Exercisable at June 30, 2017 |  |  |  | 175,000 |  |  | $ | 9.29 |  |  |  | 2.49 |  |  | $ | 248,500 |
The Company recognized compensation expense of $67,491 and $79,824 for the three months ended June 30, 2017 and 2016, respectively. The Company recognized compensation expense of $137,011 and $254,710 during the nine months ended June 30, 2017 and 2016, respectively, related to stock option awards granted to certain employees and officers based on the grant date fair value of the awards, net of estimated forfeitures. At June 30, 2017, the Company has $428,306 of unrecognized compensation expense (net of estimated forfeitures) associated with stock option awards which the company expects to recognize as compensation expense through December of 2021. The exercise price for stock options outstanding and exercisable outstanding at June 30, 2017 is as follows:
Outstanding |  |  | Exercisable |
Number of |  |  | Exercise |  |  | Number of |  |  | Exercise |
Options |  |  | Price |  |  | Options |  |  | Price |
| 31,250 |  |  | $ | 5.00 |  |  |  | 31,250 |  |  | $ | 5.00 |
| 25,000 |  |  |  | 7.50 |  |  |  | 25,000 |  |  |  | 7.50 |
| 31,250 |  |  |  | 10.00 |  |  |  | 31,250 |  |  |  | 10.00 |
| 4,167 |  |  |  | 10.86 |  |  |  |  |  |  |  |  |
| 4,167 |  |  |  | 10.86 |  |  |  |  |  |  |  |  |
| 4,167 |  |  |  | 10.86 |  |  |  |  |  |  |  |  |
| 4,167 |  |  |  | 10.86 |  |  |  |  |  |  |  |  |
| 6,250 |  |  |  | 12.50 |  |  |  | 6,250 |  |  |  | 12.50 |
| 6,250 |  |  |  | 15.00 |  |  |  | 6,250 |  |  |  | 15.00 |
| 75,000 |  |  |  | 15.18 |  |  |  | 75,000 |  |  |  | 15.18 |
| 4,000 |  |  |  | 23.41 |  |  |  |  |  |  |  |  |
| 4,000 |  |  |  | 27.60 |  |  |  |  |  |  |  |  |
| 4,000 |  |  |  | 31.74 |  |  |  |  |  |  |  |  |
| 4,000 |  |  |  | 36.50 |  |  |  |  |  |  |  |  |
| 4,000 |  |  |  | 41.98 |  |  |  |  |  |  |  |  |
| 211,668 |  |  |  |  |  |  |  | 175,000 |  |  |  |  |
The following table summarizes information about the Company’s non-vested shares outstanding as of June 30, 2017:
|  |  |  |  |  | Weighted |
|  |  |  |  |  | Average |
|  |  | Number of |  |  | Grant-Date |
Non-vested Shares |  |  | Shares |  |  | Fair Value |
| Non-vested at September 30, 2016 |  |  |  | 6,250 |  |  | $ | 14.22 |
| Granted |  |  |  | 36,668 |  |  | $ | 17.70 |
| Vested |  |  |  | (6,250 | ) |  | $ | 14.22 |
| Non-vested at June 30, 2017 |  |  |  | 36,668 |  |  | $ | 17.70 |
Options were granted during 2017 and 2016, where the exercise price was less than the common stock price at the date of grant or where the exercise price was greater than the common stock price at the date of grant. The assumptions used in calculating the fair value of stock options granted use the Black-Scholes option pricing model for options granted were as follows:
Risk-free interest rate |  | 1.25%
Expected life of the options |  | 5.0 to 10.0 years
Expected volatility |  | 107%
Expected dividend yield |  | 0%

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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 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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