Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION

v3.20.2
STOCK-BASED COMPENSATION
9 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION

NOTE 9 – STOCK-BASED COMPENSATION

 

During the nine months ended June 30, 2020, upon the passing of a member of the management team, the Company modified the vesting terms of a stock option grant previously made to this individual which vested the instrument immediately. The option was for three million shares and was originally granted in June 2018. The Company recorded approximately $8,000 in additional compensation expense related to this modification.

 

Stock-based compensation cost is measured at the grant date, based on the estimated fair value of the award using the Black Scholes option pricing model, and is recognized over the vesting period. The Company recognized approximately $240,000 and $393,000 in stock-based compensation expense for the quarters ended June 30, 2020 and 2019, respectively. A portion of these costs, approximately $124,000 and $207,000 were capitalized to unproved properties for the three months ended June 30, 2020 and 2019, respectively, with the remainder recorded as general and administrative expenses for each respective period. The Company recognized approximately $968,000 and $802,000 in stock-based compensation expense for the nine months ended June 30, 2020 and 2019, respectively. For the nine months ended June 30, 2020 and 2019 approximately $498,000 and $542,000, respectively was capitalized to unproved properties. The Company did not issue any new stock option grants during the nine months ended June 30, 2020.

  

The following table summarizes the Company’s stock option activity during the nine months ended June 30, 2020: 

 

    Number of Options     Weighted Average
Exercise Price
    Weighted Average Remaining
Contractual Term
(In years)
 
Outstanding at September 30, 2019     104,500,000     $ 0.0605          
Granted                    
Exercised                    
Cancelled                    
Outstanding at June 30, 2020     104,500,000     $ 0.0605       1.58  
Vested and expected to vest     104,500,000     $ 0.0605       1.58  
Exercisable at June 30, 2020     104,500,000     $ 0.0565       1.58  

  

As of June 30, 2020, there was no unrecognized stock-based compensation expense.