STOCKBASED AWARDS |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Stock-based Awards | NOTE 6 – STOCK-BASED AWARDS:
During the year ended September 30, 2021, the Company’s shareholders approved an increase to the number of shares of common stock reserved for issuance under the Plan to 15,000,000 shares of common stock, including 10,000,000 shares of common stock reserved for incentive stock options. Upon exercise of options or other awards, shares are issued from the available authorized shares of the Company. Option awards are granted with an exercise price equal to the trading price of the Company’s stock at the date of grant.
On October 8, 2020, the Company granted a total of 1,100,000 options to purchase shares of the Company’s common stock that expire in five years with an exercise price of $0.25 in conjunction with the appointment of officers and a director. These granted options had a total fair value of $259,985. These options vested immediately, with the exception of 750,000 options that vest at 25% upon grant with the remaining 75% vesting over a three-year period. During the three months ended December 31, 2022 and 2021, $51,708 and $44,321 has been expensed to share-based compensation.
The following is a summary of options issued and outstanding:
The aggregate of options exercisable as of December 31, 2022 had an intrinsic value of $136,500 for both outstanding and vested options, based on the closing price of $0.13 per share of the Company’s common stock on December 31, 2022. |