Note 10 - Stockholders' Equity

9 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Equity [Text Block]

10. STOCKHOLDERS’ EQUITY

On December 15, 2023, the Company completed a private placement (the “Private Placement”) of an aggregate of 400,000 shares (the “Private Placement Shares”) of its common stock, par value $0.02 per share (the “Common Stock”), at a price of $1.00 per share for gross proceeds of $400,000. The Private Placement Shares were issued pursuant to the exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”), provided by Section 4(a)(2) of the Securities Act to one investor, the Company’s Chairman of the Board, and pursuant to a Subscription Agreement (the “Subscription Agreement”), dated December 15, 2023. The Company incurred legal expenses of $8,000 related to this transaction. The net proceeds of $392,000 from the Private Placement were used by the Company for general working capital.

The Private Placement Shares are restricted securities under applicable federal securities laws and are subject to certain piggyback registration rights as provided for in the Subscription Agreement.