STOCK COMPENSATION

6 Months Ended

Sep. 30, 2024

Equity [Abstract]

STOCK COMPENSATION

7. STOCK COMPENSATION

The following tables summarize share-based compensation expenses relating to RSUs and stock options and the effect on basic and diluted loss per common share during the three- and six-month periods ended September 30, 2024 and 2023:

	Three Months Ended September 30, 2024			Three Months Ended September 30, 2023			Six Months Ended September 30, 2024			Six Months Ended September 30, 2023
Vesting of stock options and restricted stock units	$	113,493		$	257,181		$	252,821		$	507,295
Total stock-based compensation expense	$	113,493		$	257,181		$	252,821		$	507,295
Weighted average number of common shares outstanding – basic and diluted		13,937,595			2,483,649			10,715,446			2,457,711
Basic and diluted loss per common share attributable to stock-based compensation expense	$	(0.01	)	$	(0.10	)	$	(0.02	)	$	(0.21	)

All of the stock-based compensation expense recorded during the six months ended September 30, 2024 and 2023, an aggregate of $252,821 and $507,295, respectively, is included in payroll and related expense in the accompanying condensed consolidated statements of operations. Stock-based compensation expense recorded during each of the six months ended September 30, 2024 and 2023 represented an impact on basic and diluted loss per common share of $(0.02) and $(0.21), respectively.

Stock Option and RSU Activity

We did not issue any stock options during the six months ended September 30, 2024 and 2023.

Stock options outstanding that have vested as of September 30, 2024 and stock options that are expected to vest subsequent to September 30, 2024 are as follows:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years
Vested		63,828	$	17.79		6.10
Expected to vest		14,843	$	15.61		7.21
Total		78,671

A summary of stock option activity during the six months ended September 30, 2024 is presented below:

	Amount		Range of Exercise Price		Weighted Average Exercise Price
Outstanding at beginning of year		86,466	$	6.90 – 25.20	$	22.40
Granted		–	$	–	$	–
Cancelled/Expired		7,795	$	6.90-1,425.00	$	23.79
Outstanding September 30, 2024		78,671	$	12.80 – 25.20	$	17.37
Exercisable, September 30, 2024		63,828	$	12.80 – 25.20	$	17.79

There were no stock option grants during the three months ended September 30, 2024 and 2023. There were no RSUs granted during the three months September 30, 2024 and 2023. There were no stock option exercises during the three months ended September 30, 2024 and 2023. On September 30, 2024, our outstanding stock options had no intrinsic value, since the closing share price on that date of $0.47 per share was below the exercise price of our outstanding stock options.

The table below summarizes nonvested stock options as of September 30, 2024 and changes during the three months ended September 30, 2024.

	Shares			Weighted Average Grant Date Fair Value
Nonvested stock options at April 1, 2024		28,653		$	1.44
Vested		(8,778	)	$	1.67
Forfeited		(5,032	)	$	0.83
Nonvested stock options at September 30, 2024		14,843

The detail of the options outstanding and exercisable as of September 30, 2024 is as follows:

		Options Outstanding						Options Exercisable
Exercise Prices		Number Outstanding		Weighted Average Remaining Life (Years)		Weighted Average Exercise Price		Number Outstanding		Weighted Average Exercise Price
$	12.80 - 16.80		54,493		6.33 years	$	13.90		41,665	$	13.84
$	25.20		24,178		6.26 years	$	25.20		22,163	$	25.20
			78,671						63,828

The table below summarizes RSUs as of September 30, 2024 and changes during the six months ended September 30, 2024.

	Shares
Nonvested RSUs at April 1, 2024		4,885
Granted		131,576
Vested		(52,272	)
Tax withholding payments or tax equivalent payments for net share settlement of RSUs		(18,401	)
Nonvested RSUs at September 30, 2024		65,788

Our total stock-based compensation for the three months ended September 30, 2024 and 2023 included the following:

	Six Months Ended
	September 30, 2024		September 30, 2023
Vesting of restricted stock units	$	118,750	$	93,750
Vesting of stock options		134,071		413,545
Total Stock-Based Compensation	$	252,821	$	507,295

We review share-based compensation on a quarterly basis for changes to the estimate of expected award forfeitures based on actual forfeiture experience. The cumulative effect of adjusting the forfeiture rate for all expense amortization is recognized in the period the forfeiture estimate is changed. The effect of forfeiture adjustments for the six months ended September 30, 2024 was insignificant.

On September 30, 2024, our outstanding stock options had no intrinsic value since the closing price on that date of $0.47 per share was below the weighted average exercise price of our outstanding stock options.

At September 30, 2024, there was approximately $305,677 of unrecognized compensation cost related to share-based payments, which is expected to be recognized over a weighted average period of 0.96 years.