EMPLOYEE BENEFIT PLAN

12 Months Ended

Sep. 30, 2023

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN

9. EMPLOYEE BENEFIT PLAN

The Company maintains a defined contribution retirement plan, qualifying under Section 401(k) of the Internal Revenue Code, subject to the Employee Retirement Income Security Act of 1974, as amended, and covering substantially all Company employees. Each participant’s contribution is matched by the Company with shares of common stock that have a value equal to 100% of the participant’s contribution, not to exceed the lesser of $10,000 or 6% of the participant’s total compensation. The Company’s contribution of common stock is valued each quarter based upon the closing bid price of the Company’s common stock. During the year ended September 30, 2023, 97,004 shares were issued to the Company’s 401(k) plan for a cost of approximately $208,000. During the year ended September 30, 2022, 52,882 shares were issued to the Company’s 401(k) plan for a cost of approximately $223,000.