Quarterly report pursuant to Section 13 or 15(d)

9. Stock Options

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9. Stock Options
3 Months Ended
Dec. 31, 2014
Share-based Compensation [Abstract]  
Stock Options

From time to time, the Company grants stock options and restricted stock awards to officers, directors, employees and consultants. These awards are valued based on the grant date 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, 2014:

 

          Weighted     Weighted        
          Average     Average        
    Number of     Exercise     Remaining        
    Shares     Price     Contractual Life     Intrinsic Value  
Outstanding at September 30, 2014     600,000     $ 2.76             $  
Granted                              
Exercised                              
Forfeited                              
Outstanding at December 31, 2014     600,000     $ 2.76       4.51       372,250  
Exercisable at December 31, 2014     187,500     $ 1.67       4.11       276,250  

 

The Company recognized compensation expense of $29,390 and $65,875 during the three months ended December 31, 2014 and 2013, respectively, related to stock option awards granted to certain employees and executives based on the grant date fair value of the awards, net of estimated forfeitures.

 

At December 31, 2014, the Company had $70,694 of unrecognized compensation expense (net of estimated forfeitures) associated with stock option awards which the Company expects will be recognized through June 2017.

 

The following table summarizes information about the Company’s non-vested shares as of December 31, 2014:

 

          Weighted-Average  
    Number of     Grant-Date  
Non-vested Shares   Shares     Fair Value  
Nonvested at September 30, 2014     450,000     $ 0.73  
Granted              
Vested     (37,500 )        
Nonvested at December 31, 2014     412,500     $ 0.73