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STOCK BASED COMPENSATION | 3 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION During the three months ended June 30, 2023 no restricted shares were awarded to key employees. The compensation expense related to restricted stock grants was $1,233 during the three months ended June 30, 2023, and $3,698 during the three months ended June 30, 2022. As of June 30, 2023 there was $6,817 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 2.83 years. There are no compensation expense related to stock grants, which vested on the date of the award during the three months ended June 30, 2023 and June 30, 2022. The Company has determined the fair value of restricted shares awarded as of grant date, using the Monte Carlo valuation model based on the following key assumptions:
Term (years) | 2.83
Volatility | 35.1 | %
Risk-free rate | 4.18 | %
The table below summarizes the activity for the Company’s restricted stock outstanding during the three months ended June 30, 2023:
| Shares |  | Weighted Average Fair Value
Outstanding, at March 31, 2023 | 467,058 |  |  | 18,035 |
Granted | — |  |  | — |
Vested | (134,558) |  | (5,138) |
Forfeited/cancelled/expired | — |  |  | — |
Outstanding, at June 30, 2023 | 332,500 |  |  | 12,897 |

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- Definition The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//710/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 710 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482969/710-10-50-1 + Details
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