| Summary of fair value of stock options granted based upon the assumptions |
The Company determined the fair value of stock options granted during the six months ended March 31, 2021 based upon the assumptions as provided below.
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Stock price
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$
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7.28
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Exercise price
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$
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7.28
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Dividend yield
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0
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%
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Expected volatility
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60
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%
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Risk-Free interest rate
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0.63
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%
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Expected life (in years)
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6.08
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The Company determined the fair value of stock options granted (including the accounting for the modification of option awards) based upon the assumptions as provided below.
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Year Ended September 30,
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2020
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2019
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Stock price
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$
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0.13
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$
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0.44 – $0.48
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Exercise price
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$
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0.13
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$
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0.44 – $0.48
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Dividend yield
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0
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%
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0
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%
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Expected volatility
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60
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%
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60
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%
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Risk-Free interest rate
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0.14% – 0.44
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%
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1.88% – 2.99
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%
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Expected life (in years)
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2.4 – 6.08
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5.48 – 6.08
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| Summary of stock option activities |
Following is a summary of stock option activities for the six months ended March 31, 2021:
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Weighted
|
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Weighted
|
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Weighted
|
|
|
|
|
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Average
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Average
|
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Average
|
|
|
|
|
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Exercise
|
|
Grant Date
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Remaining
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Options
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Price
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Fair Value
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Life (years)
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Outstanding – October 1, 2020
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13,543,398
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$
|
0.14
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$
|
0.15
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6.8
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Granted
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15,000
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7.28
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4.00
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Exercised
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(77,603)
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0.24
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|
0.18
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Forfeited
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(157,480)
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0.18
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|
|
0.09
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Outstanding – March 31, 2021
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13,323,315
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$
|
0.14
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$
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0.15
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|
6.3
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Exercisable as of March 31, 2021
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9,595,015
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$
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0.14
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$
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0.14
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5.5
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|
Following is a summary of stock option activities for the years ended September 30, 2020 and 2019:
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Weighted
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|
|
Weighted
|
|
|
|
|
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Average
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Weighted
|
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Average
|
|
|
|
|
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Grant Date
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Average
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Remaining
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|
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Options
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Fair Value
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Fair Value
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Life (years)
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Outstanding – October 1, 2018
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7,197,652
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$
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0.25
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$
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0.10
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7.0
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Granted
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5,076,337
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0.45
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0.26
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Exercised
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(306,925)
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0.38
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0.21
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Forfeited
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(187,856)
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0.41
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0.24
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Outstanding – September 30, 2019
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11,779,208
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$
|
0.33
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$
|
0.17
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|
7.3
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Granted
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2,200,532
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|
0.13
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|
0.07
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Exercised
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(89,966)
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|
0.48
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|
0.27
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Forfeited
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(346,376)
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|
0.48
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|
0.27
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Outstanding – September 30, 2020
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13,543,398
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0.14
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0.15
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|
6.8
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Exercisable as of September 30, 2020
|
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10,040,803
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$
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0.15
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$
|
0.13
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|
5.5
|
|
| Summary of stock-based compensation expense |
Stock-based compensation expense for stock options and restricted stock in the condensed consolidated statements of operations is summarized as follows:
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For the Three Months Ended March 31,
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2021
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2020
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Software development
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$
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71
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$
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6
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General and administrative
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1,833
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75
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Selling and marketing
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—
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6
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Total stock-based compensation expense
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$
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1,904
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|
$
|
87
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|
|
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For the Six Months Ended March 31,
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2021
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|
2020
|
|
Software development
|
|
$
|
88
|
|
$
|
12
|
|
General and administrative
|
|
|
3,091
|
|
|
154
|
|
Selling and marketing
|
|
|
—
|
|
|
12
|
|
Total stock-based compensation expense
|
|
$
|
3,179
|
|
$
|
178
|
|
Stock-based compensation expense in the consolidated statements of operations is summarized as follows:
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Year Ended September 30,
|
|
|
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2020
|
|
2019
|
|
Software development expenses
|
|
$
|
29
|
|
$
|
35
|
|
Sales and marketing expenses
|
|
|
—
|
|
|
12
|
|
General and administrative expenses
|
|
|
461
|
|
|
270
|
|
Total stock-based compensation expense
|
|
$
|
490
|
|
$
|
317
|
|