Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.10.0.1
Subsequent Events
 12 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

Note 15 — Subsequent Events

 

On November 20, 2018 the Company’s board of directors approved executive compensation as follows:

 

  - 30% bonus payable in December 2018 to Danny Schoening, CEO and Karen Hawkins, CFO based on exceeding the annual revenue and profit performance targets as well as increasing shareholder value during the twelve month period. The bonus was paid on December 7, 2018.

  - 8% salary increases for Danny Schoening, CEO and Karen Hawkins, CFO, effective as of January 1, 2019

  - The issuance of 150,000 and 50,000 restricted stock units with a January 2, 2019 grant date, to Danny Schoening and Karen Hawkins, respectively, and vesting as of January 1 each year subsequent to the grant date over a three year period at a rate of 34% in year one, and 33% each year thereafter.

 

On November 19, 2018, the Company announced a follow on $0.9 million order from an international customer for its patented Digital Day Digital Night (DDAN) Weapon System with deliveries through 2021.

 

On November 26, 2018, the Company announced a $1.9 million order from Defense Logistics Agency Land and Maritime for Laser Protected Periscopes for delivery in 2019 and 2020.