STOCK

COMPENSATION

The Company's

2013

Omnibus Equity Plan was approved and adopted by an affirmative vote of a majority of the Company's Class A and Class B Shareholders and provides for the grant of the following types of incentive awards: stock options, stock appreciation rights, restricted shares, restricted share units, performance shares and Class A Common Shares. Those who will be eligible for awards under the

2013

Omnibus Plan include employees who provide services to the Company and its affiliates, executive officers, non-employee Directors and consultants

designated by the Compensation Committee. The Plan has

150,000

Class A Common Shares reserved for issuance. The Class A Common Shares

may

be either authorized, but unissued, common shares or treasury shares. Share-based awards of

36,333

were granted under the

2013

Omnibus Equity Plan as of

September 30, 2017.

The Company's expired Outside Directors Stock Option Plans (collectively the "Directors Plans"), have provided for the automatic grant of options to purchase up to

5,000

shares of Class A Common Stock over a

three

-year period to members of the Board of Directors who were

not

employees of the Company, at the fair market value on the date of grant. The options are exercisable for up to

years. All options granted under the Directors Plans became fully exercisable on

March 8, 2015.

Non-cash compensation expense related to stock option plans for fiscal years ended S

eptember

30,

2017,

2016

and

2015

was

$129,832,

and

$543

respectively.

Transactions involving the Directors Plans are summarized as follows:

			Weighted Average Exercise					Weighted Average Exercise					Weighted Average Exercise
	2017		Price		2016			Price		2015			Price
Option Shares
Directors Plans:
Outstanding October 1,		5,000	$	3.540		6,000		$	3.440		22,000		$	5.300
Granted		-		-		-			-		-			-
Canceled/expired		-	$	2.925		(1,000	)	$	2.925		(16,000	)	$	6.000
Exercised		-		-		-			-		-			-
Outstanding September 30,		5,000	$	3.540		5,000		$	3.540		6,000		$	3.440
Exercisable September 30,		5,000	$	3.540		5,000		$	3.540		6,000		$	3.440

The following is a summary of the range of exercise prices for stock options outstanding and exercisable under the Directors Plans at

September 30, 2017.

Directors Plans		Outstanding Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Life		Number of Stock Options Exercisable		Weighted Average Exercise Price
Range of exercise prices:
$	2.925		4,000	$	2.925		5.3		4,000	$	2.925
$	6.00		1,000	$	6.000		3.5		1,000	$	6.000
			5,000	$	3.540				5,000	$	3.540

The Company accounts for Share-Based Payments under the modified prospective method for its stock options. Compensation cost for fixed based awards is measured at the grant date, and the Company uses the Black-Scholes option pricing model to determine the fair value estimates for recognizing the cost of employee and director services received in exchange for an award of equity instruments. The Black-Scholes option pricing model requires the use of subjective assumptions which can materially affect the fair value estimates. Director's stock options under the expired Outside Directors Stock Option Plans are exercisable over a

three

-year period. The fair value of stock option grants to Directors is amortized over the

three

-year vesting period