The Company sponsors a stock-based incentive compensation plan known as the 2017 Incentive Plan (the “Plan”), which was established by the Board of Directors of the Company on June 19, 2017. As of September 2022, an aggregate of 3,500,000 shares of common stock were authorized for issuance under the Plan.

In March 2023, the stockholders approved an amendment to the Plan, as amended to date, to (i) increase the number of shares authorized for issuance thereunder from 3,500,000 shares of common stock to 11,512,000 shares and (ii) add an evergreen provision to, on April 1st and October 1st of each year, automatically increase the maximum number of shares of common stock available under the Plan to fifteen percent (15% ) of the Company's outstanding shares of common stock, in each case as of the last day of the immediately preceding month. On March 31, 2023, there were 96,950,555 outstanding shares of common stock, and accordingly on April 1, 2023, the shares available under the Plan increased to 14,542,583.

As of March 31, 2023, there were 1,815,187 shares available for issuance under the Plan. Effective April 1, 2023 after giving effect to the evergreen provision and the effectiveness of grants of equity awards that were conditioned on stockholder approval of the amendment to the Plan, there were 4,845,770 shares available for issuance under the Plan.

The following is a summary of stock option activity during the six months ended March 31, 2023:


	Number of Option Shares			Weighted Average Exercise Price ($)
Balance, September 30, 2022		1,418,938			19.11
Options granted		50,000			3.27
Options expired		(44,600	)		6.05
Options canceled/forfeited		(134,656	)		12.73
Options exercised		—			—
Balance, March 31, 2023		1,289,682		$	19.61

As of March 31, 2023, there were options exercisable to purchase 813,553 shares of common stock in the Company and 476,129 unvested options outstanding that cannot be exercised until vesting conditions are met. As of March 31, 2023, the outstanding options have a weighted average remaining term of 3.67 years and an intrinsic value of $2.

For the six months ended March 31, 2023, the Company also granted 50,000 options to purchase shares of common stock to employees with a total fair value of $158.

The Black-Scholes model utilized the following inputs to value the options granted during the six months ended March 31, 2023:


Fair value assumptions Options:	March 31, 2023
Risk free interest rate	2.65% - 4.23%
Expected term (years)	5.50 - 5.77
Expected volatility	180.09% - 194.90%
Expected dividends		0	%

The Company recognized stock based compensation expense relating to stock options of $1,487 and $2,503 for the three months ended March 31, 2023 and 2022 and $3,145 and $4,915 for the six months ended March 31, 2023 and 2022. As of March 31, 2023, the Company expects to recognize $9,504 of stock-based compensation for the non-vested outstanding options over a weighted-average period of approximately one-year.

The following table summarizes the performance-based restricted stock units at the maximum award amounts based upon the respective performance share agreements. Actual shares that will vest depend on the attainment of the performance-based criteria.


	Number of Shares			Weighted Average Fair Value Per Share		Aggregate Intrinsic Value
Outstanding at September 30, 2022		5,448,548		$	4.93	$	17,326
Granted		390,552			2.55
Vested		(1,539,776	)		4.59
Forfeited		(4,048	)		29.34
Outstanding at March 31, 2023		4,295,276		$	4.81	$	11,941

During the six months ended March 31, 2023, the Company granted 390,552 RSUs, of which 360,552 are service period based and 30,000 were based on performance conditions. Included in these grants were 355,552 RSUs granted to members of the Board of Directors, which were granted for fiscal 2023 and were effectively granted upon shareholder approval of an increase in the number of shares available under the Company’s equity incentive plan in March 2023. The RSU awards to the Board of Directors vest quarterly over fiscal year 2023 and have a combined grant date fair value of $800.

The Company recognized stock based compensation expense relating to restricted stock units of $4,256 and $4,051 for the three months ended March 31, 2023 and 2022 and $8,476 and $7,388 for the six months ended March 31, 2023 and 2022. As of March 31, 2023, the Company had $18,466 in unrecognized compensation costs related to RSU awards that it expects to recognize over a weighted average period of 1.3 years.