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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Sep. 30, 2021

STOCK-BASED COMPENSATION

Schedule of Share-based Compensation, Stock Options, Activity

A summary of the stock option activity under the 2005, 2009 and 2014 Plans is as follows:


		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche
		9		10		11		12		13		14		15		16		17		18		19		20		21		22
		January 2,		January 2,		January 4,		April 19,		May 16,		August 3,		January 3,		October 2,		December 22,		January 2,		March 1,		January 2,		January 2,		April 14,
Grant date		2014		2015		2016		2016		2016		2016		2017		2017		2017		2018		2018		2019		2020		2021

Outstanding as of September 30, 2019		34,500		19,500		13,500		60,000		20,000		20,000		18,000		2,500		8,800		29,000		20,000		36,000		38,000		—
																												-
Number of options granted		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Options exercised		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Options cancelled/expired		(34,500)		(19,500)		—		—		—		—		—		—		—		—		—		—		—		—
Outstanding as of September 30, 2020		—		—		13,500		60,000		20,000		20,000		18,000		2,500		8,800		29,000		20,000		36,000		38,000		—

Number of options granted		—		—		—		—		—		—		—		—		—		—		—		—		—		160,000
Options exercised		—		—		—		—		—		—		—		—		(1,000)		—		—		—		—		(20,930)
Options cancelled/expired		—		—		—		(60,000)		(20,000)		(20,000)		—		(2,500)		(6,000)		(10,000)		—		—		—		—
Outstanding as of September 30, 2021		—		—		13,500		—		—		—		18,000		—		1,800		19,000		—		—		—		139,070
Options vested and exercisable
At September 30, 2020		—		—		13,500		60,000		20,000		20,000		18,000		2,500		8,800		29,000		20,000		36,000		38,000		—
At September 30, 2021		—		—		13,500		—		—		—		18,000		—		1,800		19,000		—		—		—		139,070
Weighted average fair value at the grant date (US$)		6.5		7.5		9.0		15.4		12.4		14.4		4.0		7.7		4.4		5.1		5.1		4.0		2.5		12.5

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of each option granted is estimated on the date of grant using the Black-Scholes Option Pricing Model:


		Tranche			Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche
		9			10		11		12		13		14		15		16		17		18		19		20		21		22
Exercise price (US$)		12.7			14.8		13.8		20.5		16.5		20		20.7		16.5		8		9.1		8.2		5.19		5.3		15.85
Average risk-free interest rate		0.76	%		1.07	%	1.73	%	1.79	%	1.75	%	1.55	%	1.94	%	1.94	%	2.26	%	2.25	%	2.58	%	2.49	%	1.67	%	0.87	%
Expected option life (year)		3			3		5		10		10		10		5		5		5		5		5		5		5		5
Volatility rate		79.2	%		79.67	%	80.72	%	69.27	%	69.92	%	65.37	%	63.87	%	52.40	%	63.20	%	64.60	%	68.20	%	103	%	52.60	%	109.90	%
Dividend yield		—			—		—		—		—		—		—		—		—		—		—		—		—		—