Stock-Based Compensation

9 Months Ended

Dec. 31, 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 $8,104 and $3,489 in general and administrative expense in the Consolidated Statements of Operations for the three months ended December 31, 2018 and 2017, respectively. Stock-based compensation expense recognized for the nine months ended December 31, 2018 and 2017 was $14,552 and $17,265, respectively. The total cost related to non-vested awards not yet recognized at December 31, 2018 totals approximately $120,115 which is expected to be recognized over a weighted average of 3.70 years.

During the nine months ended December 31, 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 nine months ended December 31, 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 nine months ended December 31, 2018 and 2017. All such amounts represent the weighted average amounts.

	Nine Months Ended
	December 31
	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 nine months ended December 31, 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 December 31, 2018		185,700		$	6.18		4.93
Vested at December 31, 2018		145,700		$	6.55		3.62
Exercisable at December 31, 2018		145,700		$	6.55		3.62

During the nine months ended December 31, 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 nine months ended December 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 nine months ended December 31, 2018 and 2017.

Outstanding options at December 31, 2018 expire between August 2020 and September 2028 and have exercise prices ranging from $4.84 to $7.00.