OPTIONS

12 Months Ended

Mar. 31, 2022

OPTIONS

NOTE 7 - OPTIONS

NOTE 7 – OPTIONS

The Company under its 2015 option plan issues options to various officers, directors, and consultants. The options vest in equal annual installments over a five year period with the first 20% vested when the options were granted. All of the options are exercisable at a purchase price based on the last trading price of the Company’s common stock on the date of grant and have a term of 10 years.

On April 1, 2016, the Company issued 40,000 options to a consultant under the 2015 option program. The options are exercisable into the Company’s common stock at $0.30 per share, have term of 10 years and vest in 5 equal annual installments with the first installment vesting on the date of grant. This award to a nonemployee is revalued at each reporting period until completion of services.

On April 1, 2016, the Company entered a consulting agreement under which the consultant was granted 30,000 options. In addition, the consultant received additional option grants of 30,000 options on April 1, 2017 and 40,000 options on April 1, 2018. The options are exercisable into the Company’s common stock at $0.30 per share, have term of 10 years and vest in 5 equal annual installments with the first installment vesting on the date of grant.

On July 20, 2016, the Company granted from the 2015 Option Program 300,000 options each to three officers and directors for a total of 900,000 options being granted. The options are exercisable into the Company’s common stock at an exercise price of $0.301 per share and were vested and expensed at the date of issuance. The fair value at date of granted was determined to be $484,205.

On April 1, 2018, the Company granted from the 2015 Option Program 40,000 options to one consultant. The options are exercisable into the Company’s common stock at an exercise price of $0.25 per share and were vested and expensed at the date of issuance. The fair value at date of granted was determined to be $9,991.

During the years ended March 31, 2022 and 2021, the Company expensed zero, respectively related to its option awards. The unrecognized future balance to be expensed over the remaining vesting term of the options is zero as of March 31, 2022 and 2021.

The following sets forth the options granted and outstanding during the years ended March 31, 2022 and 2021:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Number of Options Exercisable			Intrinsic Value
Outstanding at March 31, 2020		1,405,000		$	0.34		6.80		1,397,000			$	-
Granted		--			--		---		--				--
Exercised		--			--		--		--				--
Forfeited		--			--		--		--				--
Outstanding at March 31, 2021		1,405,000		$	0.34		5.80		1,405,000			$	-
Granted		--			--		--		--				--
Exercised		--			--		--		--				--
Forfeited		(475,000	)	----					(475,000	)			--
Outstanding at March 31, 2022		930,000		$	0.34		4.80		930,000			$	-