Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.23.2
Stock-Based Compensation
 9 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation 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 nine months ended June 30, 2023:
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 
Granted 17,500 $ 35.00 
Exercised (31,250) $ 14.64 
Outstanding at June 30, 2023 73,750 $ 24.42  1.38 $ 762 
Exercisable at June 30, 2023 73,750 $ 24.42  1.38 $ 762 
The following table presents the number and weighted average fair value ("WAFV") of unvested restricted stock awards:
Series A Restricted Stock Awards WAFV
Outstanding at September 30, 2022 — $ — 
Granted 27,307 $ 36.62 
Vested — $ — 
Canceled — $ — 
Non-vested at June 30, 2023 27,307 $ 36.62 
The Company recognized compensation expense of approximately $287,000 and $0 during the three months ended June 30, 2023 and 2022, respectively, and approximately $396,000 and $37,000 during the nine months ended June 30, 2023 and 2022, respectively, related to stock option awards and restricted stock 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.
As of June 30, 2023, the Company had approximately $911,000 of unrecognized compensation expense associated with stock option awards and Restricted Stock Units outstanding.