Stock Based Compensation

9 Months Ended

Jun. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 8 - Stock Based Compensation

The fair value of the stock options granted is estimated at the date of grant using the Black-Scholes option pricing model.

A summary of stock option activity for the nine months ended June 30, 2014 and 2013 is presented below:

	Options Outstanding	Weighted Average Exercise Price per Share		Weighted Average Remain Contractual Term (in Years)
Balance at September 30, 2013	630,532	$	3.33	1.06
Outstanding and exercisable at September 30, 2013	630,532	$	3.33	1.06
Granted	-		-
Exercised	-		-
Cancelled	-		-
Balance at June 30, 2014	630,532	$	3.33	0.31
Outstanding and exercisable at June 30, 2014	630,532	$	3.33	0.31

	Options Outstanding	Weighted Average Exercise Price per Share		Weighted Average Remain Contractual Term (in Years)
Balance at September 30, 2012	794,483	$	3.34		1.75
Outstanding and exercisable at September 30, 2012	794,483	$	3.34		1.75
Granted	-		-
Exercised	-		-
Cancelled	(163,951)	$	3.39
Balance at June 30, 2013	630,532	$	3.33		1.31
Outstanding and exercisable at June 30, 2013	630,532	$	3.33		1.31

A summary of restricted stock activity for the nine months ended June 30, 2014 and 2013 is presented below:

Restricted Stock Activity for the Nine Months ended June 30, 2014	Shares		Weighted-Average Grant-Date Fair Value
Nonvested at September 30, 2013		423,168	$	0.74
Granted		6,000	$	1.36
Vested		(371,168)	$	0.70
Cancelled		-	$	-
Nonvested at June 30, 2014		58,000	$	1.07

Restricted Stock Activity for the Nine Months ended June 30, 2013	Shares		Weighted-Average Grant-Date Fair Value
Nonvested at September 30, 2012		127,834	$	1.92
Granted		404,000	$	0.67
Vested		(72,166)	$	1.44
Cancelled		(20,000)	$	4.02
Nonvested at June 30, 2013		439,668	$	0.76

Stock Compensation Expense for the nine months ended June 30, 2014 and 2013 is as follows:

	Three Months Ended		Three Months Ended
Stock Compensation Expense	June 30, 2014		June 30, 2013
Stock Grants	$	111,510	$	48,125
Restricted Stock Grants		51,014		41,576
Option Grants		-		-
Employee Stock Purchase Plan		590		843
Total	$	163,114	$	90,544

	Nine Months Ended		Nine Months Ended
Stock Compensation Expense	June 30, 2014		June 30, 2013
Stock Grants	$	212,762	$	180,647
Restricted Stock Grants		187,716		107,270
Option Grants		-		9,813
Employee Stock Purchase Plan		1,861		2,912
Total	$	402,339	$	300,642

 

At June 30, 2014 there was approximately $63,000 in unrecognized stock compensation cost, which is expected to be recognized over a weighted average period of approximately six months.