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12. Stock-based Compensation | 12 Months Ended
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Sep. 30, 2018
Share-based Compensation [Abstract] |
Stock-based Compensation | Note 12: 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 years ended September 30, 2018 and 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 |  |  |  | 15.32 |  |  |  | 6.89 |  |  |  |  |
| Exercised |  |  |  | – |  |  |  |  |  |  |  |  |  |  |  |  |
| Forfeited |  |  |  | – |  |  |  |  |  |  |  |  |  |  |  |  |
| Outstanding at September 30, 2017 |  |  |  | 211,668 |  |  | $ | 13.19 |  |  |  | 3.47 |  |  | $ | 454,417 |
| Exercisable at September 30, 2017 |  |  |  | 175,000 |  |  | $ | 11.22 |  |  |  | 2.75 |  |  | $ | 428,750 |
| Outstanding at September 30, 2017 |  |  |  | 211,668 |  |  | $ | 13.19 |  |  |  | 3.47 |  |  | $ | 454,417 |
| Granted |  |  |  | 20,000 |  |  |  | 32.24 |  |  |  | 9.02 |  |  |  |  |
| Exercised |  |  |  | – |  |  |  |  |  |  |  |  |  |  |  |  |
| Forfeited |  |  |  | – |  |  |  |  |  |  |  |  |  |  |  |  |
| Outstanding at September 30, 2018 |  |  |  | 231,668 |  |  | $ | 14.84 |  |  |  | 3.04 |  |  | $ | 162,500 |
| Exercisable at September 30, 2018 |  |  |  | 190,639 |  |  | $ | 11.89 |  |  |  | 2.08 |  |  | $ | 162,500 |
The Company recognized compensation expense of $226,917 and $203,690 during the years ended September 30, 2018 and 2017, 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. No forfeitures are estimated. At September 30, 2018 the Company had $286,805 of unrecognized compensation expense (net of estimated forfeitures) associated with stock option awards which the Company expects will be recognized through December of 2021. The exercise price for stock options outstanding and exercisable at September 30, 2018 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 |  |  |  | 3,472 |  |  |  | 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 |
| 8,000 |  |  |  | 23.41 |  |  |  | 8,000 |  |  |  | 23.41 |
| 8,000 |  |  |  | 27.60 |  |  |  | – |  |  |  | – |
| 8,000 |  |  |  | 31.74 |  |  |  | – |  |  |  | – |
| 8,000 |  |  |  | 36.50 |  |  |  | – |  |  |  | – |
| 8,000 |  |  |  | 41.98 |  |  |  | – |  |  |  | – |
| 231,668 |  |  |  |  |  |  |  | 190,639 |  |  |  |  |
The following table summarizes information about the Company’s non-vested shares as of September 30, 2018:
|  |  |  |  |  | Average |
|  |  | Number of |  |  | Grant-Date |
Non-vested Shares |  |  | Shares |  |  | Fair Value |
| Non-vested at September 30, 2017 |  |  |  | 36,668 |  |  | $ | 17.70 |
| Granted |  |  |  | 20,000 |  |  | $ | 10.14 |
| Vested |  |  |  | (15,639 | ) |  | $ | 15.72 |
| Non-vested at September 30, 2018 |  |  |  | 41,029 |  |  | $ | 12.88 |
For stock options granted during fiscal 2018 where the exercise price equaled the stock price at the date of the grant, the weighted-average fair value of such options was $10.14, and the weighted-average exercise price of such options was $32.24. For stock options granted during 2017 where the exercise price was above the stock price at the date of the grant, the weighted-average fair value of such options was $21.07, and the weighted-average exercise price for such options was $23.41. The assumptions used in calculating the fair value of stock options granted use the Black-Scholes option pricing model for options granted in fiscal 2018 and 2017 are as follows:
Risk-free interest rate |  |  | 1.25% |
Expected life of the options |  |  | 5 and 10 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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