Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

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Stock-based Compensation
 6 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Stock-based Compensation
Note 11. Stock-based Compensation
Effective January 27, 2015, the Company’s Board of Directors adopted the 2015 Stock Incentive Plan (the “2015 Plan”) which provides for up to 1,250 common shares available for issuance to provide a long-term incentive plan for officers, employees, directors and/or consultants to directly link incentives to stockholder value. The 2015 Plan was approved by the Company’s stockholders in February 2015. The Company’s 2015 Plan provides for grants to eligible participants in various forms including restricted shares of the Company’s common stock and stock options. Awards are discretionary and are determined by the Compensation Committee of the Board of Directors. Awards vest based upon service conditions. Non-vested restricted shares generally vest over requisite service periods of one to six years from the date of grant.
The Company recognizes stock-based compensation expense for (i) Board of Directors fees (generally paid in treasury stock), and (ii) other awards under the 2015 Plan (paid in restricted stock and stock options). Stock-based compensation expense is recognized in general and administrative expenses in the Condensed Consolidated Statements of Operations.
Stock Compensation – Board of Directors
The Board of Directors can either elect to receive stock compensation or cash for their fees for services provided. Stock-based compensation expense relating to the Board of Directors fees was $119 and $257 for the three and six months ended March 31, 2024, respectively, and $156 and $313 for the three and six months ended March 31, 2023.
Restricted Stock
Stock compensation expense related to the Restricted Stock was $56 and $112 for the three and six months ended March 31, 2024, respectively, and $61 and $191 for the three and six months ended March 31, 2023, respectively. There was $264 and $376 of total unrecognized stock compensation costs related to unvested stock compensation for the Restricted Stock grants at March 31, 2024 and September 30, 2023, respectively.
Restricted Stock Awards
Restricted Stock Awards Shares Weighted-
Average
Grant Date
Fair Value
Outstanding at September 30, 2023 17,540 $ 37.82 
Vested (35) 32.30 
Forfeited (5) 32.30 
Outstanding at March 31, 2024 (a)
17,500 $ 37.82 
a.The weighted average remaining contractual term is 1.3 years and the aggregate intrinsic value of RSAs expected to vest is $512.

Stock Option Grants
Number of
Options		 Weighted
Average
Exercise
Price		 Weighted
Average
Remaining
Contractual
Term
(years)		 Aggregate
Intrinsic
Value
Vested and outstanding – March 31, 2024 38,000 $ 33.75  2.8 —
Stock compensation expense related to the options of $0 and $0 was recognized for the three and six months ended March 31, 2024, respectively, and $0 and $18 for the three and six months ended March 31, 2023, respectively. At March 31, 2024 and September 30, 2023, there were no unrecognized stock compensation costs related to unvested share-based compensation for the option grants.
Forfeitures of RSAs and stock options were recognized as incurred.
Total stock-based compensation expense for the three and six months ended March 31, 2024, which was recognized in general and administrative expense, was $175 and $369, respectively, and $228 and $533 for the three and six months ended March 31, 2023, respectively.