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SHARE-BASED COMPENSATION
 12 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION

NOTE 19 – 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 6 shares. These options have an exercise price of $117,281.88 per share, which vested upon grant, and they expire after seven years. Additionally, Mr. Govil was granted additional future options;

 

(i) 2 shares of the Corporation’s common stock, CETX at an exercise price of $140,042.00 per share vesting on September 25, 2021;

(ii) 2 shares of the Corporation’s common stock, CETX at an exercise price of $168,050.40 per share vesting on September 25, 2023; and

(iii) 2 shares of the Corporation’s common stock, CETX at an exercise price of $201,660.48 per share vesting on September 25, 2025.

 

During the years ended September 30, 2024, and 2023 the Company recognized $30,325 and $106,839 of share-based compensation expense on its outstanding options, respectively. The share-based compensation is listed under the caption “General and administrative” expenses on the Company’s Consolidated Statements of Operations.

 

As of September 30, 2024, there was $33,071 of total unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over a weighted-average period of 1.5 years.

 

  

Number of

Options

  

Weighted

Average

Exercise Price

  

Weighted

Average

Remaining

Contractual

Term (in years)

  

Aggregate

Intrinsic

Value

 
Outstanding at September 30, 2022   22   $94,038.64    3.25   $- 
Options granted   -    -    -   $     - 
Options exercised   -    -    -      
Options forfeited   -    -    -      
Options cancelled   (4)  $43,547.40        $- 
Outstanding at September 30, 2023   18   $105,258.92    2.25   $- 
Options granted   -    -    -      
Options exercised   -    -    -      
Options forfeited   -    -    -      
Options cancelled   -    -    -      
Outstanding at September 30, 2024   18   $105,258.92    1.25   $- 
Vested and exercisable at September 30, 2024   18   $105,258.92        $-