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CAPITAL STOCK | 3 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
CAPITAL STOCK | NOTE 13 – 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 Plan In October 2017, our Board 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 June 30, 2024, there were 3,008,401 s hares available to issue under the 2017 Plan. Warrants At June 30, 2024, outstanding and exercisable stock purchase warrants consisted of the following:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Life Remaining (Years) |
Outstanding at March 31, 2024 |  |  | 1,808,830 |  |  | $ | 2.04 |  |  |  | 1.18 |
Granted |  | - |  |  | - |  |  | - |
Exercised |  | - |  |  | - |  |  | - |
Forfeited or cancelled |  |  | (77,500 | ) |  |  | 2.40 |  |  | - |
Outstanding at June 30, 2024 |  |  | 1,731,330 |  |  | $ | 2.03 |  |  |  | 0.91 |
Exercisable at June 30, 2024 |  |  | 1,731,330 |  |  | $ | 2.03 |  |  |  | 0.91 |
As of June 30, 2024, we had 1,768,830 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 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; and (4) 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, 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 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 (or the Compensation Committee of the Board) and set forth in a customary form of stock option agreement under the 2017 Plan. We recognized $41,055 in expense related to the Options for the three months ended June 30, 2024. The following is a summary of our stock option activity during the three months ended June 30, 2024:
| Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Grant Date Fair Value |  |  | Weighted Average Remaining Life in Years |
Outstanding, April 1, 2024 |  |  |  | 400,000 |  |  | $ |  | 2.08 |  |  | $ |  | 1.50 |  |  |  |  | 9.32 |
Granted |  |  |  | - |  |  |  |  | - |  |  |  |  | - |  |  |  |  | - |
Exercised |  |  |  | - |  |  |  |  | - |  |  |  |  | - |  |  |  |  | - |
Canceled/Forfeited |  |  |  | - |  |  |  |  | - |  |  |  |  | - |  |  |  |  | - |
Outstanding, June 30, 2024 |  |  |  | 400,000 |  |  | $ | 2.08 |  |  | $ |  | 1.50 |  |  |  |  | 9.07 |
As of June 30, 2024, there was $131,608 of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted average vesting period of approximately 2.0 years. Stock Awards A summary of stock award activity for the three months ended June 30, 2024 is as follows:
|  | Number of Shares |  |  | Weighted-Average Grant-Date Fair Value Per Share |
Outstanding at April 1, 2024 |  |  | 1,540,524 |  |  | $ |  | 2.93 |
Granted |  |  | 142,500 |  |  |  |  | 2.61 |
Vested |  |  | (475,833 | ) |  |  |  | 2.93 |
Forfeited |  |  | (175,000 | ) |  |  |  | 1.76 |
Outstanding at June 30, 2024 |  |  | 1,032,191 |  |  | $ |  | 3.08 |
As of June 30, 2024, there was $3,179,442 of unrecognized compensation expense related to unvested stock awards which is expected to be recognized over a weighted-average period of approximately 2.4 1 years.

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