STOCK BASED COMPENSATION

6 Months Ended

Sep. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK-BASED COMPENSATION

NOTE 14 – STOCK BASED COMPENSATION

Our board of directors, upon the recommendation of the previously constituted compensation committee of our board of directors, approved the 2016 TechPrecision Equity Incentive Plan, or the 2016 Plan, on November 10, 2016. Our stockholders approved the 2016 Plan at the Company’s Annual Meeting of Stockholders on December 8, 2016, and it applies to awards granted after that date. The 2016 Plan provides for a share reserve of 5,000,000 shares of common stock.

On July 11, 2018, we granted stock options to our CEO and CFO to collectively purchase 150,000 shares of common stock at an exercise price of $0.80 per share. The options vested immediately on the grant date. The aggregate fair value of the stock options expensed during the three months ended September 30, 2018 was $46,658.

At September 30, 2018, there were 1,457,332 shares available for grant under the 2016 Plan. The following table summarizes information and option activity for the six months ended September 30, 2018:   

	Number Of			Weighted Average		Aggregate Intrinsic		Weighted Average Remaining Contractual Life
	Options			Exercise Price		Value		(in years)
Outstanding at 3/31/2018		3,394,668		$	0.417	$	698,200		6.72
Granted		150,000		$	0.800		--		--
Canceled		(2,000	)	$	1.960		--		--
Outstanding at 9/30/2018		3,542,668		$	0.432	$	1,405,417		6.45
Vested or expected to vest at 9/30/2018		3,542,668		$	0.432	$	1,405,417		6.45
Exercisable and vested at 9/30/2018		3,542,668		$	0.432	$	1,405,417		6.45

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price on the last trading day of the second quarter of fiscal 2019 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on September 30, 2018. This amount changes based on the fair market value of the Company’s common stock.

The total fair value of shares vested during the period was $96,518. The following table summarizes the status of our stock options outstanding but not vested for the six months ended September 30, 2018:  

	Number of Options			Weighted Average Exercise Price
Outstanding but not vested at 3/31/2018		100,000		$	0.60
Granted		150,000		$	0.80
Vested		(250,000	)	$	0.72
Outstanding but not vested at 9/30/2018		--		$	--

Other information relating to stock options outstanding at September, 30, 2018 is as follows: 

Range of Exercise Prices:	Options Outstanding		Weighted Average Remaining Contractual Term (in years)		Weighted Average Exercise Price		Options Exercisable		Weighted Average Exercise Price
$0.01-$1.00		3,371,668		6.98	$	0.37		3,371,668	$	0.37
$1.01-$1.96		171,000		2.10	$	1.58		171,000	$	1.58
Totals		3,542,668						3,542,668