Stock-based Compensation

3 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

5. Stock-based Compensation

The Company recognized compensation expense of $13,865 and $14,005 related to vesting stock options in general and administrative expense in the Consolidated Statements of Operations for the first quarter of fiscal 2022 and 2021, respectively. The total cost related to non-vested awards not yet recognized at June 30, 2021 totals $100,266, which is expected to be recognized over a weighted average of 2.10 years.

The following table is a summary of stock options activity for the three months ended June 30, 2021 and 2020:

	Number of Shares		Weighted Average Exercise Price Per Share		Weighted Aggregate Average Remaining Contract Life in Years		Intrinsic Value
Outstanding at April 1, 2021		156,000	$	5.28		5.53	$	555,100
Granted		-		-
Exercised		5,000		6.80
Forfeited or Expired		-		-
Outstanding at June 30, 2021		151,000	$	5.23		5.45	$	685,330
Vested at June 30, 2021		105,250	$	5.88		4.10	$	390,033
Exercisable at June 30, 2021		105,250	$	5.88		4.10	$	390,033

During the three months ended June 30, 2021 and 2020, no stock options were granted. Subsequently, pursuant to approval from the Compensation Committee of the Board of Directors, the Company granted options covering 31,000 shares of stock at a strike price of $8.51 effective July 26, 2021.

During the three months ended June 30, 2021, stock options covering 5,000 shares were exercised with a total intrinsic value of $15,036. The Company received proceeds of $34,000 from these exercises. During the three months ended June 30, 2020, no stock options were exercised. Subsequently, in July 2021, stock options covering 10,500 were exercised with a total intrinsic value of $36,433. The Company received proceeds of $73,500 from these exercises.

No forfeiture rate is assumed for stock options granted to directors or employees due to the forfeiture rate history for these types of awards. During the three months ended June 30, 2021 and 2020, there were no stock options forfeited or expired.

Outstanding options at June 30, 2021 expire between April 2023 and March 2030 and have exercise prices ranging from $3.34 to $7.00.