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STOCK BASED COMPENSATION | 3 Months Ended
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Jun. 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 $10,615 during the three months ended June 30, 2024, and $1,233 during the three months ended June 30, 2023. As of June 30, 2024 there was $49,256 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 3.48 years. The compensation expense related to stock awards, which vested on the date of the award was $3,230 and $0 during the three months ended June 30, 2024 and June 30, 2023. The Company has determined the fair value of shares awarded during the three months ended June 30, 2024, using the Monte Carlo valuation model based on the following key assumptions:
Stock awards granted | Term (years) | Volatility | Risk-free rate
April 1, 2024 | 4.82 | 36.62 | % | 4.36 | %
April 23, 2024 | 4.76 | 36.68 | % | 4.65 | %
June 24, 2024 | 4.59 | 36.89 | % | 4.31 | %
The table below summarizes the activity for the Company's stock awards outstanding during the three months ended June 30, 2024:
| Shares |  | Weighted Average Fair Value
Outstanding, at March 31, 2024 | 983,205 |  |  | 57,598 |
Granted | 186,967 |  |  | 12,969 |
Vested | (168,797) |  |  | (8,047) |
Forfeited/cancelled/expired | — |  |  | — |
Outstanding, at June 30, 2024 | 1,001,375 |  |  | 62,520 |

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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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