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CAPITAL STOCK (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2024
Class of Stock [Line Items] |
SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK PURCHASE WARRANTS | At March 31, 2024, 2023, and 2022, outstanding and exercisable stock purchase warrants consisted of the following (as restated):
|  | Number of Shares |  |  | Weighted Averaged Exercise Price |  |  | Weighted Average Life Remaining (Years) |
Outstanding at March 31, 2021 |  |  | 3,607,945 |  |  | $ | 2.31 |  |  |  | 3.24 |
Granted |  |  | 300,000 |  |  |  | 0.01 |  |  |  | 3.92 |
Exercised |  |  | (874,190 | ) |  |  | 1.76 |  |  |  | - |
Forfeited or cancelled |  |  | - |  |  |  | - |  |  |  | - |
Outstanding at March 31, 2022 |  |  | 3,033,755 |  |  | $ | 2.32 |  |  |  | 2.29 |
Exercisable at March 31, 2022 |  |  | 3,033,755 |  |  | $ | 2.32 |  |  |  | 2.29 |
|  | Number of Shares |  |  | Weighted Averaged Exercise Price |  |  | Weighted Average Life Remaining (Years) |
Outstanding at March 31, 2022 |  |  | 3,033,755 |  |  |  | 2.32 |  |  |  | 2.29 |
Granted |  |  | 150,000 |  |  |  | 0.01 |  |  |  | 4.50 |
Exercised |  |  | (300,003 | ) |  |  | 0.34 |  |  |  | - |
Forfeited or cancelled |  |  | (322,806 | ) |  |  | 2.00 |  |  |  | - |
Outstanding at March 31, 2023 |  |  | 2,560,946 |  |  | $ | 2.46 |  |  |  | 1.59 |
Exercisable at March 31, 2023 |  |  | 2,560,946 |  |  | $ | 2.46 |  |  |  | 1.59 |
|  | Number of Shares |  |  | Weighted Averaged Exercise Price |  |  | Weighted Average Life Remaining (Years) |
Outstanding at March 31, 2023 |  |  | 2,560,946 |  |  | $ | 2.46 |  |  |  | 1.59 |
Exercised |  |  | (31,750 | ) |  |  | 2.40 |  |  |  | - |
Forfeited or cancelled |  |  | (720,366 | ) |  |  | 3.19 |  |  |  | - |
Outstanding at March 31, 2024 |  |  | 1,808,830 |  |  | $ | 2.16 |  |  |  | 1.09 |
Exercisable at March 31, 2024 |  |  | 1,808,830 |  |  | $ | 2.16 |  |  |  | 1.09 |
SCHEDULE OF WARRANTS AND COMMON STOCK PURCHASE OPTIONS USING VALUATION METHODS AND ASSUMPTIONS | We valued warrants and Common Stock purchase options issued for services at their respective grants dates during the years ended March 31, 2024, 2023, and 2022 using valuation methods and assumptions that consider, among other factors, the fair value of the underlying stock, risk free interest rate, volatility, and expected life.
|  | March 31, 2024 |  |  | March 31, 2023 |  |  | March 31, 2022 |
Risk free interest rate |  |  | 4.1 | % |  |  | 3.9 | % |  |  | 1.2 | %
Expected volatility |  |  | 66.8 | % |  |  | 73.5 | % |  |  | 54.3 | %
Expected term |  | 5.8 years |  |  | 5.0 years |  |  | 5.0 years |
Expected dividend yield |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |
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 |
Stock Option Activity [Member] |
Class of Stock [Line Items] |
SUMMARY OF STOCK ACTIVITY | The following is a summary of our stock option activity during the year ended March 31, 2024:
| Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Grant Date Fair Value |  |  | Weighted Average Remaining Life in Years |
Outstanding, April 1, 2023 |  |  |  | - |  |  | $ |  | - |  |  | $ |  | - |  |  |  |  | - |
Granted |  |  |  | 400,000 |  |  |  |  | 2.08 |  |  |  |  | 1.50 |  |  |  |  | 10.00 |
Exercised |  |  |  | - |  |  |  |  | - |  |  |  |  | - |  |  |  |  | - |
Canceled/Forfeited |  |  |  | - |  |  |  |  | - |  |  |  |  | - |  |  |  |  | - |
Outstanding, March 31, 2024 |  |  |  | 400,000 |  |  | $ | 2.08 |  |  | $ | 1.5 |  |  |  |  | 9.32 |
Stock Award Activity [Member] |
Class of Stock [Line Items] |
SUMMARY OF STOCK ACTIVITY | A summary of stock award activity for the year ended March 31, 2024 is as follows:
|  | Number of Shares |  |  | Weighted-Average Grant-Date Fair Value Per Share |
Outstanding at April 1, 2023 |  |  | 2,204,659 |  |  | $ |  | 3.68 |
Granted |  |  | 2,579,901 |  |  |  |  | 2.22 |
Vested |  |  | (1,371,849 | ) |  |  |  | 2.94 |
Forfeited |  |  | (1,872,186 | ) |  |  |  | 2.82 |
Outstanding at March 31, 2024 |  |  | 1,540,525 |  |  | $ |  | 2.93 |
A summary of stock award activity for the year ended March 31, 2023 is as follows:
|  | Number of Shares |  |  | Weighted-Average Grant-Date Fair Value Per Share |
Outstanding at April 1, 2022 |  |  | 2,795,017 |  |  | $ |  | 5.79 |
Granted |  |  | 2,102,840 |  |  |  |  | 2.93 |
Vested |  |  | (573,750 | ) |  |  |  | 7.24 |
Forfeited |  |  | (2,119,448 | ) |  |  |  | 4.76 |
Outstanding at March 31, 2023 |  |  | 2,204,659 |  |  | $ |  | 3.68 |
A summary of stock award activity for the year ended March 31, 2022 is as follows:
|  | Number of Shares |  |  | Weighted-Average Grant-Date Fair Value Per Share |
Outstanding at April 1, 2021 |  |  | 1,973,004 |  |  | $ |  | 3.94 |
Granted |  |  | 3,347,200 |  |  |  |  | 6.56 |
Vested |  |  | (299,167 | ) |  |  |  | 1.98 |
Forfeited |  |  | (2,226,020 | ) |  |  |  | 5.82 |
Outstanding at March 31, 2022 |  |  | 2,795,017 |  |  | $ |  | 5.79 |

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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1 + Details
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