401K Plan and Employee Stock Ownership Plan ("ESOP")

12 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement, Disclosure [Abstract]

401K Plan and Employee Stock Ownership Plan ("ESOP")

8. 401K PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN (“ESOP”)

The Company’s ESOP was established in 1984 and is a tax qualified, defined contribution plan. Company contributions were made at the discretion of the Board, and, to date, all contributions have been made in shares of Company Common Stock. For contributions of Common Stock, the Company recorded as expense the fair market value of the stock contributed. Effective January 1, 2021, the Company terminated the ESOP and established a new defined contribution 401K only plan. All ESOP participants were fully vested in all Company Common Stock held in their accounts, and those shares were transferred to their new 401K accounts. The Company began matching up to 5% of 401K contributions in cash starting January 1, 2021.

Contributions to the plans consisted of:

Year	Plan	Shares		Amount
2022	401K		-	$	85,444
2021	401K		-	$	79,015
2020	ESOP		72,101	$	103,104