Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

Stock-Based Compensation

6 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

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, 2023 and the six months ended March 31, 2024:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Intrinsic Value
Outstanding at September 30, 2022	87,500	$	18.81	0.78	$	771
Outstanding at March 31, 2023	87,500	$	18.81	0.85	$	1,160
Exercisable at March 31, 2023	87,500	$	18.81	0.85	$	1,160

Outstanding at September 30, 2023	53,750	$	21.51	1.54	$	540


Outstanding at March 31, 2024	53,750	$	21.51	1.04	$	499
Exercisable at March 31, 2024	53,750	$	21.51	1.04	$	499

The Company recognized compensation expense of approximately $50,000 and $109,000 during the three months ended March 31, 2024 and 2023, respectively, and approximately $100,000 and $109,000 during the six months ended March 31, 2024 and 2023, 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 March 31, 2024, the Company had no unrecognized compensation expense associated with stock option awards.