| 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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|
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|
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Stock price
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$
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7.28
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|
Exercise price
|
|
$
|
7.28
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|
|
Dividend yield
|
|
|
0
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%
|
|
Expected volatility
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|
60
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%
|
|
Risk-Free interest rate
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|
|
0.63
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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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|
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|
Year Ended September 30,
|
|
|
|
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2020
|
|
2019
|
|
|
Stock price
|
|
$
|
0.13
|
|
$
|
0.44 – $0.48
|
|
|
Exercise price
|
|
$
|
0.13
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|
$
|
0.44 – $0.48
|
|
|
Dividend yield
|
|
|
0
|
%
|
|
0
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%
|
|
Expected volatility
|
|
|
60
|
%
|
|
60
|
%
|
|
Risk-Free interest rate
|
|
|
0.14% – 0.44
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%
|
|
1.88% – 2.99
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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
|
|
Weighted
|
|
Weighted
|
|
|
|
|
|
Average
|
|
Average
|
|
Average
|
|
|
|
|
|
Exercise
|
|
Grant Date
|
|
Remaining
|
|
|
|
Options
|
|
Price
|
|
Fair Value
|
|
Life (years)
|
|
Outstanding – October 1, 2020
|
|
13,543,398
|
|
$
|
0.14
|
|
$
|
0.15
|
|
6.8
|
|
Granted
|
|
15,000
|
|
|
7.28
|
|
|
4.00
|
|
|
|
Exercised
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|
(77,603)
|
|
|
0.24
|
|
|
0.18
|
|
|
|
Forfeited
|
|
(157,480)
|
|
|
0.18
|
|
|
0.09
|
|
|
|
Outstanding – March 31, 2021
|
|
13,323,315
|
|
$
|
0.14
|
|
$
|
0.15
|
|
6.3
|
|
Exercisable as of March 31, 2021
|
|
9,595,015
|
|
$
|
0.14
|
|
$
|
0.14
|
|
5.5
|
|
Following is a summary of stock option activities for the years ended September 30, 2020 and 2019:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
Weighted
|
|
|
|
|
|
Average
|
|
Weighted
|
|
Average
|
|
|
|
|
|
Grant Date
|
|
Average
|
|
Remaining
|
|
|
|
Options
|
|
Fair Value
|
|
Fair Value
|
|
Life (years)
|
|
Outstanding – October 1, 2018
|
|
7,197,652
|
|
$
|
0.25
|
|
$
|
0.10
|
|
7.0
|
|
Granted
|
|
5,076,337
|
|
|
0.45
|
|
|
0.26
|
|
|
|
Exercised
|
|
(306,925)
|
|
|
0.38
|
|
|
0.21
|
|
|
|
Forfeited
|
|
(187,856)
|
|
|
0.41
|
|
|
0.24
|
|
|
|
Outstanding – September 30, 2019
|
|
11,779,208
|
|
$
|
0.33
|
|
$
|
0.17
|
|
7.3
|
|
Granted
|
|
2,200,532
|
|
|
0.13
|
|
|
0.07
|
|
|
|
Exercised
|
|
(89,966)
|
|
|
0.48
|
|
|
0.27
|
|
|
|
Forfeited
|
|
(346,376)
|
|
|
0.48
|
|
|
0.27
|
|
|
|
Outstanding – September 30, 2020
|
|
13,543,398
|
|
|
0.14
|
|
|
0.15
|
|
6.8
|
|
Exercisable as of September 30, 2020
|
|
10,040,803
|
|
$
|
0.15
|
|
$
|
0.13
|
|
5.5
|
|
| Summary of restricted stock activities |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
Shares of
|
|
Average
|
|
|
|
Restricted
|
|
Grant Date
|
|
|
|
Stock
|
|
Fair Value
|
|
Non-vested – October 1, 2020
|
|
—
|
|
$
|
—
|
|
Granted
|
|
1,085,840
|
|
|
7.28
|
|
Vested
|
|
(100,000)
|
|
|
7.28
|
|
Non-vested – March 31, 2021
|
|
985,840
|
|
$
|
7.28
|
|
|
| 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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|
|
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|
|
|
|
|
|
For the Three Months Ended March 31,
|
|
|
|
2021
|
|
2020
|
|
Software development
|
|
$
|
71
|
|
$
|
6
|
|
General and administrative
|
|
|
1,833
|
|
|
75
|
|
Selling and marketing
|
|
|
—
|
|
|
6
|
|
Total stock-based compensation expense
|
|
$
|
1,904
|
|
$
|
87
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended March 31,
|
|
|
|
2021
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
Year Ended September 30,
|
|
|
|
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
|
|