On March 2, 2022, the Company awarded shares of Common Stock in the form of time-based and market-based restricted stock to the directors, employees and officers of the Company. Non-employee directors received 138,249 time-based shares with a fair value on the award date of $387,095. These shares vest in December 2022. Officers were awarded 402,086 market-based shares with a fair value on their award date of $1,679,757. Upon vesting, the market-based shares that do not meet certain performance criteria are forfeited. Both employees and certain officers were also awarded 126,013 time-based shares with a fair value on the award date of $352,838. The shares issued to employees time-vest ratably over a three-year period ending in December 2024, and the shares awarded to the officers cliff vest at the end of a three-year period ending in December 2024. All shares awarded on March 2, 2022 have voting rights during the vesting period.

On April 1, 2022, the Company awarded shares of common stock in the form of time-based restricted stock to a new director. The non-employee director received 20,737 time-based shares with a fair value on the award date of $62,004. These shares vest in December of 2022.

Compensation expense for the restricted stock awards is recognized in G&A. Forfeitures of awards are recognized when they occur. The following table summarizes the Company’s pre-tax compensation expense for the three and nine months ended June 30, 2022 and 2021 related to the Company’s market-based, time-based and performance-based restricted stock:

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Market-based, restricted stock	$	313,728	$	79,118	$	705,082	$	168,483
Time-based, restricted stock		216,338		179,408		513,965		374,191
Performance-based, restricted stock		-		-		-		-
Total compensation expense	$	530,066	$	258,526	$	1,219,047	$	542,674

A summary of the Company’s unrecognized compensation cost for its unvested market-based, time-based and performance-based restricted stock and the weighted-average periods over which the compensation cost is expected to be recognized is shown in the following table:

	As of June 30, 2022
	Unrecognized Compensation Cost		Weighted Average Period (in years)
Market-based, restricted stock	$	1,621,184		1.50
Time-based, restricted stock		649,773		1.37
Performance-based, restricted stock		-
Total	$	2,270,957