Stock-based Compensation

6 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

8. Stock-based Compensation

The Company recognized stock-based compensation expense of $13,943 and $8,125 in general and administrative expense in the Consolidated Statements of Operations for the three months ended September 30, 2020 and 2019, respectively. Stock-based compensation expense recognized for the six months ended September 30, 2020 and 2019 was $27,948 and $16,250, respectively. The total cost related to non-vested awards not yet recognized at September 30, 2020 totals $141,861 which is expected to be recognized over a weighted average of 2.94 years.

The following table is a summary of activity of stock options for the six months ended September 30, 2020:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contract Life in Years
Outstanding at April 1, 2020		227,700		$	5.65		4.83
Granted		-			-
Exercised		(1,500	)		6.29
Forfeited or Expired		(35,200	)		-
Outstanding at September 30, 2018		191,000		$	5.56		5.14
Vested at September 30, 2020		130,000		$	6.37		3.35
Exercisable at September 30, 2020		130,000		$	6.37		3.35

During the six months ended September 30, 2020, stock options covering 1,500 shares were exercised with a total intrinsic value of $135. The Company received proceeds of $9,435 from these exercises. During the six months ended September 30, 2019, no stock options were exercised.

During the six months ended September 30, 2020, 1,000 unvested stock options were forfeited due to the resignation of an employee and 34,200 vested stock options expired unexercised. There were no stock options forfeited or expired during the six months ended September 30, 2019. No forfeiture rate is assumed for stock options granted to directors or employees due to the forfeiture rate history of these types of awards.

Outstanding options at September 30, 2020 expire between November 2021 and March 2030 and have exercise prices ranging from $3.34 to $7.00.