Stock-Based Compensation

6 Months Ended

Sep. 30, 2018

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

Stock-Based Compensation

4. Stock-based Compensation

The Company recognized stock-based compensation expense of $3,006 and $5,050 in general and administrative expense in the Consolidated Statements of Operations for the three months ended September 30, 2018 and 2017, respectively. Stock-based compensation expense recognized for the six months ended September 30, 2018 and 2017 was $6,448 and $13,775, respectively. The total cost related to non-vested awards not yet recognized at September 30, 2018 totals approximately $128,219 which is expected to be recognized over a weighted average of 3.95 years.

During the six months ended September 30, 2018, the Compensation Committee of the Board of Directors approved and the Company granted 40,000 stock options exercisable at $4.84 per share. During the six months ended September 30, 2017, no stock options were granted. These options are exercisable at a price not less than the fair market value of the stock at the date of grant, have an exercise period of ten years and generally vest over four years.

Included in the following table is a summary of the grant-date fair value of stock options granted and the related assumptions used in the Binomial models for stock options granted during the six months ended September 30, 2018 and 2017. All such amounts represent the weighted average amounts.

	Six Months Ended
	September 30
	2018			2017
Grant-date fair value	$	3.25			-
Volatility factor		55.26	%		-
Dividend yield		-			-
Risk-free interest rate		2.91	%		-
Expected term (in years)		6.25			-

The following table is a summary of activity of stock options for the six months ended September 30, 2018:

	Number of Shares			Weighted Average  Exercise Price		Weighted Average Remaining Contract Life in Years
Outstanding at April 1, 2018		148,600		$	6.54		4.34
Granted		40,000			4.84
Exercised		(2,900	)		6.29
Forfeited or Expired		-			-
Outstanding at September 30, 2018		185,700		$	6.18		5.18
Vested at September 30, 2018		145,700		$	6.55		3.87
Exercisable at September 30, 2018		145,700		$	6.55		3.87

During the six months ended September 30, 2018, stock options covering 2,900 shares were exercised with a total intrinsic value of $6,575. The Company received proceeds of $18,241 from these exercises. During the six months ended September 30, 2017, no stock options were exercised.

No forfeiture rate is assumed for stock options granted to directors or employees due to the forfeiture rate history of these types of awards. There were no stock options forfeited or expired during the six months ended September 30, 2018 and 2017.

Outstanding options at September 30, 2018 expire between August 2020 and September 2028 and have exercise prices ranging from $4.84 to $7.00.