Stock-based Compensation (Tables)

6 Months Ended

Sep. 30, 2022

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 during the six months ended September 30, 2022 and 2021. All such amounts represent the weighted average amounts.

	Six Months Ended
	September 30
	2022			2021
Grant-date fair value	$	18.05		$	6.05
Volatility factor		57.3	%		65.38	%
Dividend yield		-			-
Risk-free interest rate		3.15	%		0.92	%
Expected term (in years)		6.25			6.25

Summary of Activity of Stock Options

The following table is a summary of activity of stock options for the six months ended September 30, 2022:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contract Life in Years		Intrinsic Value
Outstanding at April 1, 2022		114,250	$	5.51		7.40	$	1,221,670
Granted		31,000		18.05
Exercised		-		-
Forfeited or Expired		-		-
Outstanding at September 30, 2022		145,250	$	8.18		7.54	$	1,167,225
Vested at September 30, 2022		70,500	$	5.15		6.11	$	780,658
Exercisable at September 30, 2022		70,500	$	5.15		6.11	$	780,658