Annual report pursuant to Section 13 and 15(d)

Common Stock and Options (Tables)

v3.8.0.1
Common Stock and Options (Tables)
12 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Schedule of Share-based Compensation Arrangements by Share-based Payment Award
 
 
Number of Options
 
Weighted Average Exercise Price
 
Weighted Average Remaining Contractual Term (years)
 
Aggregate Intrinsic Value
Balance - September 30, 2016
 

 

 

 

     Granted during fiscal 2017
 
750,000

 
$
3.53

 
3.33

 

     Forfeitures/expired in fiscal 2017
 

 

 

 

     Exercised during fiscal 2017
 

 

 

 

Balance - September 30, 2017
 
750,000

 
$
3.53

 
2.58

 

A summary of the status of the Company’s nonvested shares is as follows:

Nonvested Shares
 
Shares

 
Weighted-Average Grant Date Fair Value

Nonvested Shares at September 30, 2014
 

 

     Granted during fiscal 2015
 
12,500

 
$
49.49

     Vested during 2015 fiscal
 

 

     Forfeited during fiscal 2015
 

 

Nonvested Shares at September 30, 2015
 
12,500

 
$
49.49

     Granted during fiscal 2016
 

 

     Vested during 2016 fiscal
 
(2,333
)
 
$
49.50

     Forfeited during fiscal 2016
 

 

Nonvested Shares at September 30, 2016
 
10,267

 
$
49.49

     Granted during fiscal 2017
 

 

     Vested during fiscal 2017
 
(4,933
)
 
$
49.58

     Forfeited during fiscal 2017
 

 

Nonvested Shares at September 30, 2017
 
5,334

 
$
49.39

Schedule of Stock Options Using Valuation Assumptions
The fair value of the Option Grants was estimated on the date of grant using a Monte Carlo valuation model that uses the assumptions noted in the following table. The expected term of options granted is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding; the range given below results from different time-frames for the various market conditions being met.

Expected Volatility
32.19
%
Expected Term (in years)
2.6 - 4.0

Risk Free Rate
2.45
%