Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION

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STOCK-BASED COMPENSATION
9 Months Ended
Jun. 30, 2022
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 nil and approximately $33,000 for the three months ended June 30, 2022 and 2021, respectively. Of the $33,000 of stock compensation expense for the three months ended June 30, 2021 all was recorded as general and administrative expense. The Company recognized stock-based compensation of approximately $32,000 and $65,000 for the nine months ended June 30, 2022 and 2021, respectively. All of these amounts were recorded as general and administrative expense for each respective period.

 

The following table summarizes the Company’s stock option activity during the nine months ended June 30, 2022:

 

    Number of Options     Weighted Average
Exercise Price
    Weighted Average
Remaining
Contractual Term
(In years)
 
Outstanding at September 30, 2021     146,000,000     $ 0.0444          
Granted                    
Exercised                    
Cancelled                    
Outstanding at June 30, 2022     146,000,000     $ 0.0444       3.02  
Vested and expected to vest     146,000,000     $ 0.0444       3.02  
Exercisable at June 30, 2022     146,000,000     $ 0.0444       3.02  

 

As of June 30, 2022, there was no unrecognized stock-based compensation expense.