Quarterly report pursuant to Section 13 or 15(d)

Restricted Stock Awarded Outside the 2013 Stock Incentive Plan

v3.19.1
Restricted Stock Awarded Outside the 2013 Stock Incentive Plan
6 Months Ended
Mar. 31, 2019
Restricted Stock [Abstract]  
Restricted Stock Awarded Outside the 2013 Stock Incentive Plan
5.
Restricted Stock Awarded Outside the 2013 Stock Incentive Plan
 
On May 3, 2016, the Company awarded 2,000,000 shares of Restricted Stock to members of the Board of Directors and management in a private placement in reliance upon an exemption from registration afforded by Section 4(a)(2) of the Securities Act. The shares subject to this grant are outside the 2013 Plan and 100% shall fully vest on the second anniversary of the date of grant. On May 1, 2018, the vesting date for 1,767,000 shares was amended to November 2018. In addition, in the event of a Change of Control (as such term is defined in the 2013 Plan), 100% of the grants will immediately vest. During the six months ended March 31, 2019, 1,767,000 shares of restricted stock awarded outside the 2013 Plan vested.
 
Restricted Stock activity for the six months ended March 31, 2019 and 2018 is as follows:
 
 
 
2019
 
 
2018
 
Non Vested at September 30, 2018 and 2017
 
 
1,767,000
 
 
 
2,000,000
 
Awarded
 
 
-
 
 
 
-
 
Vested
 
 
(1,767,000
)
 
 
-
 
Forfeited
 
 
-
 
 
 
-
 
Non Vested at March 31, 2019 and 2018
 
 
-
 
 
 
2,000,000
 
 
The weighted average restricted stock award date fair value information for the six months ended March 31, 2019 and 2018 follows:
 
 
 
2019
 
 
2018
 
Non Vested at September 30, 2018 and 2017
 
$
0.39
 
 
$
0.39
 
Awarded
 
 
-
 
 
 
-
 
Vested
 
 
0.39
 
 
 
-
 
Forfeited
 
 
-
 
 
 
-
 
Non Vested at March 31, 2019 and 2018
 
$
-
 
 
$
0.39
 
 
For the three months ended March 31, 2019 and 2018, compensation expense recorded for the restricted stock awards was approximately $0 and $96,000, respectively. For the six months ended March 31, 2019 and 2018, compensation expense recorded for the restricted stock awards was approximately $0 and $195,000, respectively.