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CAPITAL STOCK | 12 Months Ended
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Mar. 31, 2025
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. 2017 Equity Incentive Pla n In October 2017, our Board of Directors of directors approved the 2017 Equity Incentive Plan ("2017 Plan"). Our 2017 Plan initially permitted the issuance of equity-based instruments covering up to a total of 485,000 shares of Common Stock. Our Board of Directors and stockholders approved an increase of 4,515,000 shares in October 2020 an additional increase of 1,000,000 shares in March 2023, and an additional increase of 3,000,000 shares in February 2024, bringing the total shares allowed under the plan to 9,000,000. As of March 31, 2025, there were 2,093,801 shares available to be issued under the 2017 Plan. Warrants We issued 200,003 shares to investors for exercised warrants valued for $101,506 in the year ended March 31, 2023. In addition, 99,762 shares were issued for cashless exercise of 100,000 warrants. We issued 31,750 shares to investors for exercised warrants valued for $76,200 in the year ended March 31, 2024. There were no warrants exercised during the year ended March 31, 2025. At March 31, 2025 and 2024, outstanding and exercisable stock purchase warrants consisted of the following:
|  | Number of Shares |  |  | Weighted Averaged Exercise Price |  |  | Weighted Average Life Remaining (Years) |
Outstanding at March 31, 2023 |  |  | 2,560,946 |  |  | $ | 2.46 |  |  |  | 1.59 |
Granted |  |  | — |  |  |  | — |  |  |  | — |
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 |
|  | Number of Shares |  |  | Weighted Averaged Exercise Price |  |  | Weighted Average Life Remaining (Years) |
Outstanding at March 31, 2024 |  |  | 1,808,830 |  |  | $ | 2.16 |  |  |  | 1.09 |
Granted |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |
Forfeited or cancelled |  |  | (87,574 | ) |  |  | 2.35 |  |  |  | — |
Outstanding at March 31, 2025 |  |  | 1,721,256 |  |  | $ | 2.03 |  |  |  | 0.84 |
Exercisable at March 31, 2025 |  |  | 1,721,256 |  |  | $ | 2.03 |  |  |  | 0.84 |
As of March 31, 2025, we had 1,721,256 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 100,000 shares of Common Stock at an exercise price of $0.01 per share until December 2026; (2) warrants to purchase 911 shares of Common Stock at an exercise price of $1.65 per share until April 2025; (3) warrants to purchase 59,034 shares of our Common Stock at an exercise price of $2.00 per share until October 2025; (4) warrants to purchase 675,000 shares of our Common Stock at an exercise price of $2.00 per share until February 2026; (5) warrants to purchase 500,000 shares of Common Stock at an exercise price of $2.00 per share until December 2025; and (6) warrants to purchase 386,311 shares of Common Stock at an exercise price of $2.63 until November 2025. Options Granted During the year ended March 31, 2024, 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 vested on the July 24, 2023, and (ii) 300,000 Options shall vest in equal quarterly installments of 25,000 over three years beginning on 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 of Directors (or the Compensation Committee of the Board of Directors) and set forth in a customary form of stock option agreement under the 2017 Plan. We recognized $123,935 and $430,457 in expense related to the Options for years ended March 31, 2025 and 2024, respectively.
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 |
The following is a summary of our stock option activity during the years ended March 31, 2024 and 2025:
| 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 |  |  |  |  | 1.50 |  |  |  |  | 9.32 |
Granted |  |  |  | - |  |  |  |  | - |  |  |  |  | - |  |  |  |  | - |
Exercised |  |  |  | - |  |  |  |  | - |  |  |  |  | - |  |  |  |  | - |
Canceled/Forfeited |  |  |  | - |  |  |  |  | - |  |  |  |  | - |  |  |  |  | - |
Outstanding, March 31, 2025 |  |  |  | 400,000 |  |  | $ | 2.08 |  |  | $ |  | 1.50 |  |  |  |  | 8.32 |
As of March 31, 2025, there was $48,728 of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted average vesting period of approximately 1.25 years. As of March 31, 2025 and 2024, there were 125,000 and 225,000 unvested stock options, respectively, with a grant date fair value of $1.50. Stock Awards A summary of stock award activity for the year ended March 31, 2025 is as follows:
|  | Number of Shares |  |  | Weighted-Average Grant-Date Fair Value Per Share |
Outstanding at April 1, 2024 |  |  | 1,540,525 |  |  | $ |  | 2.93 |
Granted |  |  | 510,000 |  |  |  |  | 1.77 |
Vested |  |  | (1,585,329 | ) |  |  |  | 2.74 |
Forfeited |  |  | (250,000 | ) |  |  |  | 2.32 |
Outstanding at March 31, 2025 |  |  | 215,196 |  |  | $ |  | 2.24 |
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 |
As of March 31, 2025, there wa s $481,817 of unr ecognized compensation expense related to unvested stock awards which is expected to be recognized over a weighted-average period of approximately 0.99 years. As of March 31, 2024, there was $4,510,650 of unrecognized compensation expense related to unvested stock awards which is expected to be recognized over a weighted-average period of approximately 2.41 years.

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