Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

Stock-Based Compensation

3 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Note 12: Stock-Based Compensation

Our 2014 Omnibus Equity Incentive Plan (the “2014 Plan”) authorizes the issuance of distribution equivalent rights, incentive stock options, non-qualified stock options, performance stock, performance units, restricted ordinary shares, restricted stock units, stock appreciation rights, tandem stock appreciation rights and unrestricted ordinary shares to our directors, officer, employees, consultants and advisors. The Company has reserved up to 300,000 shares of common stock for issuance under the 2014 Plan.

From time to time, the Company grants stock options to directors, officers, and employees. These awards are valued at the grant date by determining the fair value of the instruments. The value of each award is amortized on a straight-line basis over the requisite service period.

The following table summarizes stock option activity for the fiscal year ended September 30, 2022 and the three months ended December 31, 2022:


	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Intrinsic Value
Outstanding at September 30, 2021		87,500	$	18.81		1.78	$	1,626
Outstanding at September 30, 2022		87,500	$	18.81		0.78	$	771
Exercisable at September 30, 2022		87,500	$	18.81		0.78	$	771

Outstanding at September 30, 2022		87,500	$	18.81		0.78	$	771
Outstanding at December 31, 2022		87,500	$	18.81		0.52	$	1,201
Exercisable at December 31, 2022		87,500	$	18.81		0.52	$	1,201

The Company recognized compensation expense of $0.00 and approximately $18,000 during the three months ended December 31, 2022 and 2021, respectively, related to stock option awards granted to certain employees and officers based on the grant date fair value of the awards, and the revaluation for existing options whereby the expiration date was extended.

At December 31, 2022, the Company had no unrecognized compensation expense associated with stock option awards, and no non-vested stock options outstanding.