Stock Options (Tables)

12 Months Ended

Mar. 31, 2019

Share-based Payment Arrangement [Abstract]

Summary of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binomial Models

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 in fiscal 2019 and 2018. All such amounts represent the weighted average amounts for each period.

	For the year ended March 31,
	2019			2018
Grant-date fair value	$	3.25			-
Volatility factor		55.26	%		-
Dividend yield		-			-
Risk-free interest rate		2.91	%		-
Expected term (in years)		6.25			-

Summary of Stock Options Activity

The following table is a summary of activity of stock options for the years ended March 31, 2019 and 2018:

	Number of Shares			Weighted Average Exercise Price Per Share		Weighted Aggregate Average Remaining Contract Life in Years
Outstanding at April 1, 2017		149,600		$	6.54		5.34
Granted		-			-
Exercised		-			-
Forfeited or Expired		(1,000	)		5.98
Outstanding at March 31, 2018		148,600		$	4.84		4.34
Granted		40,000			-
Exercised		2,900			8.56
Forfeited or Expired		-			-
Outstanding at March 31, 2019		185,700		$	6.18		4.68
Vested at March 31, 2019		145,700		$	6.55		3.37
Exercisable at March 31, 2019		145,700		$	6.55		3.37

Schedule of Other Information Pertaining to Option Activity

Other information pertaining to option activity was as follows during the year ended March 31:

	2019		2018
Weighted average grant-date fair value of stock options granted (per share)	$	3.25	$	-
Total fair value of options vested	$	55,900	$	91,525
Total intrinsic value of options exercised	$	6,575	$	-

Summary of Information About Options Outstanding

The following table summarizes information about options outstanding at March 31, 2019:

Range of Exercise Prices	Number of Options		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contract Life in Years
$ 4.84 – 5.97		40,000	$	4.84
5.98 – 6.26		40,000		6.00
6.26 – 6.50		25,700		6.29
6.51 – 6.80		40,000		6.80
6.81 – 7.00		40,000		7.00
$ 5.98 – 7.00		185,700	$	6.18		4.68