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11. Stock-based Compensation | 3 Months Ended
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Dec. 31, 2016
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 three months ended December 31, 2016:
|  |  |  |  | Weighted |  |  | Weighted |  |  |  |
|  |  |  |  | Average |  |  | Average |  |  |  |
|  | Number of |  |  | Exercise |  |  | Remaining |  |  |  |
|  | Shares |  |  | Price |  |  | Contractual Life |  |  | Intrinsic Value |
Outstanding at September 30, 2016 |  |  | 175,000 |  |  | $ | 11.24 |  |  |  | 3.75 |  |  | $ | 346,500 |
Granted |  |  | – |  |  |  |  |  |  |  |  |  |  |  |  |
Exercised |  |  | – |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited |  |  | – |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2016 |  |  | 175,000 |  |  | $ | 11.24 |  |  |  | 3.50 |  |  | $ | 2,236,875 |
Exercisable at December 31, 2016 |  |  | 168,750 |  |  | $ | 10.70 |  |  |  | 3.55 |  |  | $ | 2,236,875 |
The Company recognized compensation expense of $1,436 and $91,227 during the three months ended December 31, 2016 and 2015, 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 December 31, 2016 the Company had $2,217 of unrecognized compensation expense (net of estimated forfeitures) associated with stock option awards which the company expects will be recognized through June of 2017. The exercise price for stock options outstanding and exercisable at December 31, 2016 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 |
| 6,250 |  |  |  | 12.50 |  |  |  | 6,250 |  |  |  | 12.50 |
| 6,250 |  |  |  | 15.00 |  |  |  | – |  |  |  | 15.00 |
| 75,000 |  |  |  | 15.18 |  |  |  | 75,000 |  |  |  | 15.18 |
| 175,000 |  |  |  |  |  |  |  | 168,750 |  |  |  |  |
The following table summarizes information about the Company’s non-vested shares as of December 31, 2016:
|  |  |  |  | Weighted |
|  |  |  |  | Average |
|  | Number of |  |  | Grant-Date |
Non-vested Shares |  | Shares |  |  | Fair Value |
Non-vested at September 30, 2016 |  |  | 6,250 |  |  | $ | 14.22 |
Granted |  |  | – |  |  |  |  |
Vested |  |  | – |  |  |  |  |
Non-vested at December 31, 2016 |  |  | 6,250 |  |  | $ | 14.22 |
No options were granted during 2016 and 2015, 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 in 2015 were as follows:
Risk-free interest rate | 1.01%
Expected life of the options | 2.5 to 3.5 years
Expected volatility | 140%
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 -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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