Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION

v3.21.2
STOCK-BASED COMPENSATION
9 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION

NOTE 9 – STOCK-BASED COMPENSATION 

 

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 stock-based compensation of approximately $65,000 and $961,000 for the nine months ended June 30, 2021 and 2020, respectively. Of the $65,000 of stock compensation expense for the nine months ended June 30, 2021, all was recorded as general and administrative expense, and of the approximately $961,000 of stock-based compensation recognized for the nine months ended June 30, 2020, approximately $498,000 was capitalized to unproved oil and gas properties, with the remainder recorded as general and administrative expense.

 

During the nine months ended June 30, 2020, upon the passing of a member of the management team, the Company modified a stock option grant for three million shares made to said management team member in June 2018 to vest such award immediately. The Company recorded approximately $8,000 in additional compensation expense related to this modification. 

 

The following table summarizes the Company’s stock option activity during the nine months ended June 30, 2021:

 

                         

 

 

Number of

Options

 

 

Weighted Average
Exercise Price

 

 

Weighted Average
Remaining
Contractual Term
(In years)

 

Outstanding at September 30, 2020

 

 

104,500,000

 

 

$

0.0604

 

 

 

4.5

 

Granted

 

 

41,500,000

 

 

 

0.004

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

Cancelled

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2021

 

 

146,000,000

 

 

$

0.0444

 

 

 

4.0

 

Vested and expected to vest

 

 

146,000,000

 

 

$

0.0444

 

 

 

4.0

 

Exercisable at June 30, 2021

 

 

104,500,000

 

 

$

0.0604

 

 

 

3.8

 

 

As of June 30, 2021, there was approximately $0.06 million of unrecognized stock-based compensation expense.