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Share-Based Compensation

12 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

NOTE 18 – SHARE-BASED COMPENSATION

On September 25, 2019, the Company cancelled all outstanding options granted to Saagar Govil, the Company’s Chairman and CEO and granted a stock option for 400,000 shares. These options have an exercise price of $1.90 per share, which vested upon grant and they expire after seven years. Additionally, Mr. Govil was granted additional future options;

(i) 100,000 shares of the Corporation’s common stock, CETX at an exercise price of $1.92 per share on September 25, 2021;

(ii) 100,000 shares of the Corporation’s common stock, CETX at an exercise price of $2.30 per share on September 25, 2023; and

(iii) 100,000 shares of the Corporation’s common stock, CETX at an exercise price of $2.76per share on September 25, 2025.

On September 25, 2019, the Company granted to Aron Govil, the Company’s Executive Director and CFO a stock option for 200,000 shares. These options have an exercise price of $1.90 per share, which vested upon grant and they expire after seven years. Additionally, Mr. Govil was granted additional future options;

(i) 50,000 shares of the Corporation’s common stock, CETX at an exercise price of $1.92 per share on September 25, 2021;

(ii) 50,000 shares of the Corporation’s common stock, CETX at an exercise price of $2.30 per share on September 25, 2023; and

(iii) 50,000 shares of the Corporation’s common stock, CETX at an exercise price of $2.76 per share on September 25, 2025.

The following weighted-average assumptions were used to estimate the fair value of the common stock option liability at September 30, 2019;

	September 30, 2019
Expected term	5 Years
Risk-free interest rate		1.56%
Expected volatility		94.74%
Expected dividend yield		0%

During the years ended September 30, 2019 and 2018 the Company recognized $622,232 and $401,300 of share-based compensation expense on its outstanding options, respectively.

As of September 30, 2019, there was $405,094 of total unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over a weighted-average period of 5 years.

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at September 30, 2017		54,687		$	22.96
Options granted		25,000		$	21.12
Options exercised		(576	)	$	14.40			$	16.08
Options forfeited		-			-
Outstanding at September 30, 2018		79,111		$	22.40		4.09	$	-
Options granted		1,050,000
Options exercised		-
Options forfeited		(4,111	)
Options cancelled		(75,000	)
Outstanding at September 30, 2019		1,050,000						$	-
Exercisable at September 30, 2018		600,000		$	1.90		6.99	$	-