|9 Months Ended|
Jun. 30, 2020
|Share-based Payment Arrangement [Abstract]|
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:
As of June 30, 2020, there was no unrecognized stock-based compensation expense.
The entire disclosure for share-based payment arrangement.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef