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STOCK-BASED COMPENSATION
3 Months Ended
Dec. 31, 2023
STOCK-BASED COMPENSATION [Abstract]  
STOCK-BASED COMPENSATION
9.
STOCK-BASED COMPENSATION
(in thousands, except share and per share data)

On October 30, 2013, the board of directors of the Company adopted the Company’s 2013 Non-Qualified Stock Option Plan (the “2013 Option Plan”) providing for options to purchase up to 100,000 shares of common stock for issuance to directors, officers, employees of and consultants to the Company and its subsidiaries.
 
On September 21, 2021, the board of directors of the Company adopted the Amended and Restated 2017 Janel Corporation Equity Incentive Plan (the “Amended Plan”) pursuant to which non-statutory stock options, restricted stock awards and stock appreciation rights of the Company’s Common Stock may be granted to employees, directors and consultants to the Company and its subsidiaries. The Amended Plan increased the number of shares of Common Stock that may be issued pursuant to the Amended Plan from 100,000 to 200,000 shares of Common Stock of the Company and was updated to reflect certain other non-substantive amendments.
 
Total stock-based compensation for the three months ended December 31, 2023 and 2022 amounted to $68 and $51, respectively, and is included in selling, general and administrative expense in the Company’s statements of operations.
 
Options

   
Number
of Options
   
Weighted
Average
Exercise
Price
   
Weighted
Average
Remaining
Contractual
Term (in years)
   
Aggregate
Intrinsic
Value
(in thousands)
 
Outstanding balance at September 30, 2023
   
40,993
   
$
22.53
     
6.6
   
$
482.49
 
Granted
   
12,500
   
$
28.25
     
9.8
   
$
 
Expired     (3,500 )   $
3.25           $  
Outstanding balance at December 31, 2023
   
49,993
   
$
25.31
     
7.6
   
$
305.63
 
Exercisable at December 31, 2023
   
24,162
   
$
12.63
     
6.0
   
$
298.97
 
 
The aggregate intrinsic value in the above table was calculated as the difference between the closing price of the Company’s common stock at December 31, 2023 of $25.00 per share and the exercise price of the stock options that had strike prices below such closing price.
 
As of December 31, 2023, there was approximately $479 of total unrecognized compensation expense related to the unvested employee stock options which is expected to be recognized over a weighted average period of 1.73 years.

Liability classified share-based awards
 
During the three months ended December 31, 2023 and fiscal year ended September 30, 2023, there were no options granted and no options were exercised with respect to Indco’s common stock.