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CAPITAL STOCK | 9 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
CAPITAL STOCK | NOTE 12 – CAPITAL STOCK Our authorized capital consists of 200,000,000 shares of common stock with a par value of $0.001 per share. During the nine month period ended December 31, 2023, we issued 1,431,227 shares of common stock as follows:
| ● | 1,431,227 shares valued at $2,977,845 were issued to employees, members of the Board of Directors, and members of the Advisory Committee as compensation
AMMO, Inc. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS At December 31, 2023, outstanding and exercisable stock purchase warrants consisted of the following: SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK PURCHASE WARRANTS
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Life Remaining (Years) |
Outstanding at March 31, 2023 |  |  | 2,460,946 |  |  | $ | 2.46 |  |  |  | 1.59 |
Granted |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or cancelled |  |  | (204,650 | ) |  |  | 2.00 |  |  |  | - |
Outstanding at December 31, 2023 |  |  | 2,256,296 |  |  | $ | 2.51 |  |  |  | 1.05 |
Exercisable at December 31, 2023 |  |  | 2,256,296 |  |  | $ | 2.51 |  |  |  | 1.05 |
As of December 31, 2023, we had 2,256,296 warrants outstanding. Each warrant provides the holder the right to purchase up to one share of our Common Stock at a predetermined exercise price. The outstanding warrants consist of (1) warrants to purchase 911 shares of Common Stock at an exercise price of $1.65 per share until April 2025; (2) warrants to purchase 1,244,108 shares of our Common Stock at an exercise price of $2.00 per share consisting of 1% of the warrants until August 2024, and 99% until February 2026; (3) warrants to purchase 474,966 shares of Common Stock at an exercise price of $2.40 until September 2024; (4) warrants to purchase 386,311 shares of Common Stock at an exercise price of $2.63 until November 2025, and (5) warrants to purchase 150,000 shares of Common Stock at an exercise price of $6.72 until February 2024. Option Granted During the nine months ended December 31, 2023, we granted stock options (“Options”) to purchase 400,000 shares of our Common Stock to our Chief Executive Officer, of which (i) 100,000 Options shall vest on the Effective Date, and (ii) 300,000 Options shall vest in equal quarterly installments of 25,000 over 3 years beginning on the first quarter ended September 30, 2023. The Options shall (a) be exercisable at an exercise price per share equal to the closing market price of the Company’s common stock on the date of the grant, (b) have a term of ten years, and (c) be on such other terms as shall be determined by the Board (or the Compensation Committee of the Board) and set forth in a customary form of stock option agreement under the Plan evidencing the Options. We recognized $380,045 in expense related to the Options for the three and nine months ended December 31, 2023. SCHEDULE OF SHARE BASED COMPENSATION ARRANGEMENTS
Number of Options |  |  | 400,000 |
Option Vesting Period |  |  | Up to 3 years |
Per share grant price |  | $ | 2.08 |
Dividend yield |  |  | - |
Expected volatility |  |  | 83.5 | %
Risk-free interest rate |  |  | 4.13 | %
Expected life (years) |  |  | 5.75 |
Weighted average fair value |  | $ | 1.50 |

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