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12. Stock-Based Compensation (Tables)

9 Months Ended

Jun. 30, 2019

Share-based Payment Arrangement, Noncash Expense [Abstract]

Stock option activity

The following table summarizes stock option activity for the twelve months ended September 30, 2018 and the nine months ended June 30, 2019:

						Weighted				Weighted
						Average				Average
		Number of				Exercise				Remaining
		Shares				Price				Contractual Life				Intrinsic Value
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
Outstanding at September 30, 2018			231,668			$	14.84				3.04			$	162,500
Granted			–
Exercised			–
Forfeited			(31,250	)
Outstanding at June 30, 2019			200,418			$	15.88				2.63			$	–
Exercisable at June 30, 2019			169,820			$	13.65				1.64			$	–

Stock option exercise price

The exercise price for stock options outstanding and exercisable outstanding at June 30, 2019 is as follows:

Outstanding								Exercisable
Number of				Exercise				Number of				Exercise
Options				Price				Options				Price
	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
	4,167				10.86				2,430				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				27.60
	8,000				31.74
	8,000				36.50
	8,000				41.98
	200,418								170,514

Non-vested share activity

The following table summarizes information about the Company’s non-vested shares outstanding as of June 30, 2019 and 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
Non-vested at September 30, 2018			41,029			$	12.88
Granted			–			$	–
Vested			(11,125	)		$	13.88
Non-vested at June 30, 2019			29,904			$	14.14

Assumptions used

The assumptions used in calculating the fair value of stock options granted in fiscal 2018 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 and 10 years
Expected volatility	107%
Expected dividend yield	0%

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Tabular disclosure of the changes in outstanding nonvested shares.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
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