STOCK BASED COMPENSATION

6 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION

The compensation expense related to restricted and non-restricted stock grants was $12,056 during the three months ended September 30, 2024, and $1,031 during the three months ended September 30, 2023. As of September 30, 2024 there was $49,271 of total unrecognized compensation cost related to non-vested shares of common stock granted. The cost is expected to be recognized over a weighted average period of 4.32 years. The compensation expense related to stock awards, which vested on the date of the award was $1,887 and $0 during the three months ended September 30, 2024 and September 30, 2023.

The Company has determined the fair value of shares awarded during the three months ended September 30, 2024, using the Monte Carlo valuation model based on the following key assumptions:

Stock awards granted	Term (years)	Volatility		Risk-free rate
July 1, 2024	4.57	36.98	%	4.47	%
July 12, 2024	1.54	37.30	%	4.64	%
August 5, 2024	4.48	37.51	%	3.64	%
August 13, 2024	4.45	37.69	%	3.70	%

The table below summarizes the activity for the Company's stock awards during the six months ended September 30, 2024:

	Shares	Weighted Average Fair Value
Outstanding, at March 31, 2024	983,205	57,598
Granted	343,626	25,039
Vested	(191,595)	(9,934)
Forfeited/cancelled/expired	—	—
Outstanding, at September 30, 2024	1,135,236	72,703