Restricted Stock Awarded Outside the 2013 Stock Incentive Plan |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. 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. Restricted Stock activity for the three months ended December 31, 2017 and 2016 is as follows:
The weighted average restricted stock award date fair value information for the three months ended December 31, 2017 and 2016 follows:
For the three months ended December 31, 2017 and 2016, compensation expense recorded for the restricted stock awards was approximately $98,000 and $98,000, respectively. |