v3.26.1
SHARE-BASED COMPENSATION
6 Months Ended
Mar. 31, 2026
SHARE-BASED COMPENSATION  
SHARE-BASED COMPENSATION

17.  SHARE-BASED COMPENSATION

The Company has a stock-based compensation plan, under which restricted stock awards are available for issuance to eligible participants. Non-cash stock-based compensation expense is included within general and administrative expense in the consolidated financial statements. Share-based payments are recognized based on their grant date fair values. Forfeitures are recorded as they occur.

Grants of restricted stock awards are valued based on the closing market share price of the Company’s common stock as reported on the Nasdaq Stock Market, LLC (the “market price”) on the date of grant. Non-cash-based compensation expense arising from restricted shares is recognized on a straight-line basis over the vesting period. Grants of restricted shares generally vest one-third annually over a period of three years.

Some participants may choose the net share settlement method to cover withholding tax requirements, in which case shares withheld for taxes are not issued, but are treated as common stock repurchases in the consolidated financial statements, as they reduce the number of shares that would have been issued upon vesting. The Company then pays the corresponding withholding taxes to the appropriate taxing authorities in cash on behalf of the recipient. Withheld shares, which are valued at the market price on the date of grant, are recorded as a reduction to additional paid-in capital, and related payments to taxing authorities are reflected within financing activities in the consolidated statements of cash flows.

For the three and six months ended March 31, 2026, the Company granted 8,343 and 19,594 shares, respectively, related to restricted stock awards. The Company granted 3,970 shares related to restricted stock awards for the three and six months ended March 31, 2025.

The table below represents all unvested restricted stock awards at March 31, 2026:

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Vesting (1/3 Annual)

  ​ ​ ​

at March 31, 2026

  ​ ​ ​

Grant Date

  ​ ​ ​

Shares Granted

  ​ ​ ​

Grant Price

  ​ ​ ​

Grant Value

  ​ ​ ​

Beginning

  ​ ​ ​

Ending

  ​ ​ ​

Unvested Shares

  ​ ​ ​

Unvested Value

Award 1

2/15/2023

40,000

$

2.65

$

106,000

2/15/2024

2/15/2026

$

Award 2

 

1/17/2024

 

3,663

5.46

20,000

 

1/17/2025

 

1/17/2027

 

1,221

6,667

Award 3

 

6/20/2024

 

6,684

7.48

50,000

 

6/20/2025

 

6/20/2027

 

4,456

33,333

Award 4

 

8/21/2024

 

10,153

9.85

100,007

 

8/21/2025

 

8/21/2027

 

6,768

66,665

Award 5

 

8/21/2024

 

4,061

9.85

40,001

 

8/21/2025

 

8/21/2027

 

2,707

26,664

Award 6

 

1/15/2025

 

1,985

12.60

25,011

 

1/15/2026

 

1/15/2028

 

1,323

16,670

Award 7

1/15/2025

1,985

12.60

25,011

1/15/2026

1/15/2028

1,323

16,670

Award 8

11/18/2025

5,291

9.45

50,000

11/18/2026

11/18/2028

5,291

50,000

Award 9

12/17/2025

2,980

8.39

25,002

12/17/2026

12/17/2028

2,980

25,002

Award 10

 

12/17/2025

 

2,980

8.39

25,002

 

12/17/2026

 

12/17/2028

 

2,980

25,002

Award 11

 

1/21/2026

 

2,781

8.99

25,001

 

1/21/2027

 

1/21/2029

 

2,781

25,001

Award 12

 

1/21/2026

 

2,781

8.99

25,001

 

1/21/2027

 

1/21/2029

 

2,781

25,001

Award 13

 

1/21/2026

 

2,781

8.99

25,001

 

1/21/2027

 

1/21/2029

 

2,781

25,001

 

88,125

$

541,037

37,392

$

341,676

Weighted average grant-date fair value

  ​

$

6.14

 

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  ​

 

  ​

 

  ​

 

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The table below represents all restricted stock awards to Named Executive Officers as of March 31, 2026:

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Vesting (1/3 Annual)

  ​ ​ ​

at March 31, 2026

  ​ ​ ​

Grant Date

  ​ ​ ​

Shares Granted

  ​ ​ ​

Grant Price

  ​ ​ ​

Grant Value

  ​ ​ ​

Beginning

  ​ ​ ​

Ending

  ​ ​ ​

Unvested Shares

  ​ ​ ​

Unvested Value

Douglas Reynolds

2/15/2023

40,000

$

2.65

$

106,000

2/15/2024

2/15/2026

$

Charles Crimmel

 

1/17/2024

 

3,663

5.46

20,000

 

1/17/2025

 

1/17/2027

 

1,221

6,667

Douglas Reynolds

8/21/2024

4,061

9.85

40,001

8/21/2025

8/21/2027

2,707

26,664

Charles Crimmel

 

1/15/2025

 

1,985

12.60

25,011

 

1/15/2026

 

1/15/2028

 

1,323

16,670

Charles Crimmel

 

1/21/2026

 

2,781

8.99

25,001

 

1/21/2027

 

1/21/2029

 

2,781

25,001

 

52,490

 

$

216,013

8,032

 

75,002

Weighted average grant-date fair value

  ​

$

4.12

 

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  ​

 

  ​

 

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The table below represents the total unvested restricted stock awards and grant amounts that will vest in future periods at March 31, 2026:

  ​ ​ ​

Grant Vesting

  ​ ​ ​

Grant Amount

April 2026-March 2027

16,044

$

145,037

April 2027-March 2028

14,818

138,318

April 2028-March 2029

 

6,530

 

58,321

 

37,392

$

341,676

The table below represents the total unrecognized compensation expense for unvested restricted stock awards to be expensed in future periods at March 31, 2026:

April 2026-March 2027

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$

143,067

April 2027-March 2028

93,405

April 2028-March 2029

 

42,015

$

243,671