Restricted Stock Awarded Outside the 2013 Stock Incentive Plan
|6 Months Ended|
Mar. 31, 2018
|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 six months ended March 31, 2018 and 2017 is as follows:
The weighted average restricted stock award date fair value information for the six months ended March 31, 2018 and 2017 follows:
For the three months ended March 31, 2018 and 2017, compensation expense recorded for the restricted stock awards was approximately $96,000. For the six months ended March 31, 2018 and 2017, compensation expense recorded for the restricted stock awards was approximately $195,000.
The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction.
No definition available.