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STOCK-BASED COMPENSATION | 6 Months Ended
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Sep. 30, 2022
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION | NOTE 7 – STOCK-BASED COMPENSATION The 2016 TechPrecision Equity Incentive Plan, or the “2016 Plan”, is designed to reflect our commitment to having best practices in both compensation and corporate governance. The 2016 Plan provides for a share reserve of 5,000,000 shares of common stock. The 2016 Plan authorizes the award of incentive and non-qualified stock options, restricted stock awards, restricted stock units, and performance awards to employees, directors, consultants, and other individuals who provide services to TechPrecision or its affiliates. The purpose of the 2016 Plan is to: (a) enable TechPrecision and its affiliated companies to recruit and retain highly qualified employees, directors and consultants; (b) provide those employees, directors and consultants with an incentive for productivity; and (c) provide those employees, directors and consultants with an opportunity to share in the growth and value of the Company. Subject to adjustment as provided in the 2016 Plan, the maximum number of shares of common stock that may be issued with respect to awards under the 2016 Plan is 5,000,000 shares (inclusive of awards issued under the 2006 Long-Term Incentive Plan, or the “2006 Plan”, that remained outstanding as of the effective date of the 2016 Plan). Shares of our common stock subject to awards that expire unexercised or are otherwise forfeited shall again be available for awards under the 2016 Plan. At September 30, 2022, there were 1,350,000 shares available for grant under the 2016 Plan. The following table summarizes information about options granted during the most recently completed periods: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Weighted | ​ | Aggregate | ​ | Remaining
​ | ​ | Number Of | ​ | Average | ​ | Intrinsic | ​ | Contractual Life
​ |  | Options |  | Exercise Price |  | Value |  | (in years)
Outstanding at 3/31/2021 | ​ | 2,719,000 | ​ | $ | 0.372 | ​ | $ | 2,476,300 | ​ | 5.62
Canceled |  | (49,000) | ​ | ​ | ​ | ​ |  | ​ | ​ | ​
Outstanding at 3/31/2022 | ​ | 2,670,000 | ​ | $ | 0.343 | ​ | $ | 3,597,700 | ​ | 4.66
Outstanding at 9/30/2022 |  | 2,670,000 | ​ | $ | 0.343 | ​ | $ | 3,277,300 | ​ | 4.17
Vested or expected to vest at 9/30/2022 |  | 2,670,000 | ​ | $ | 0.343 | ​ | $ | 3,277,300 | ​ | 4.17
Exercisable and vested at 9/30/2022 | ​ | 2,670,000 | ​ | $ | 0.343 | ​ | $ | 3,277,300 | ​ | 4.17
​ The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price on the last trading day of the second quarter of fiscal 2023 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on September 30, 2022. This amount changes based on the fair market value of the Company’s common stock. The maximum contractual term is ten years for option grants. Other information relating to stock options outstanding at September 30, 2022 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Remaining | ​ | Weighted | ​ | ​ | ​ | Weighted
​ | ​ | Options | ​ | Contractual | ​ | Average | ​ | Options | ​ | Average
Range of Exercise Prices: |  | Outstanding |  | Term |  | Exercise Price |  | Exercisable |  | Exercise Price
$0.01‑$0.49 | ​ | 1,270,000 | ​ | 3.10 | ​ | $ | 0.12 | ​ | 1,270,000 | ​ | $ | 0.12
$0.50‑$0.99 |  | 1,400,000 |  | 4.65 | ​ | $ | 0.55 |  | 1,400,000 | ​ | $ | 0.55
Totals |  | 2,670,000 |  | ​ | ​ |  | ​ |  | 2,670,000 | ​ |  | ​
​ Board of Directors Common Stock Award ​ On September 15, 2022, the board of directors granted each non-employee director 25,000 shares of common stock for a total of 100,000 shares of common stock in the aggregate, of fully vested stock awards under the Plan in recognition of such directors’ service and in lieu of the annual grant to purchase Company common stock previously approved by the Board as annual director compensation. The fair value of the award was $144,000 based on the closing market price of the Company’s common stock on the grant date. ​ Restricted Stock Awards Our board periodically authorizes the issuance of restricted stock as service-based awards measured at fair value on the date of grant based on the number of shares expected to vest and the quoted market price of the Company’s common stock. The shares of restricted stock fully vest and cease to be subject to forfeiture one year from the grant date. Each grantee is required to have been serving as a director on the vesting date and must have been continuously serving in such capacity from the grant date through the vesting date for the shares of restricted stock to vest. Prior to the vesting date, the grantee is not permitted to sell, transfer, pledge, assign or otherwise encumber the shares of restricted stock and if the grantee’s service with the Company has terminated prior to the vesting date, subject to certain exceptions, the grantee’s restricted stock is forfeited automatically. On September 17, 2021, we granted a total of 100,000 shares of restricted stock under the 2016 Plan to the members of the board of directors. The stock-based compensation expense of $175,000 for service-based restricted stock was measured at fair value on the date of grant based on the number of shares expected to vest and the quoted market price of the Company’s common stock. On January 24, 2022, the board of directors, in recognition of their special efforts in completing the previously disclosed acquisition of Stadco, granted (a) an aggregate total of 20,000 shares of restricted stock under the Company’s 2016 Equity Incentive Plan and (b) a cash award of $35,000, to each of Alexander Shen, the Company’s chief executive officer, and Thomas Sammons, the Company’s chief financial officer. The shares were measured at fair value at $34,000 on the date of grant based on the number of shares expected to vest and the quoted market price of the Company’s common stock. The shares of restricted stock fully vest and cease to be subject to forfeiture on January 24, 2023, or the vesting date, one year following the grant date. Each grantee must be serving as an executive officer on the vesting date and must have been continuously serving in such capacity from the grant date through the vesting date for the shares of restricted stock to vest. Prior to the vesting date, the grantee is not permitted to sell, transfer, pledge, assign or otherwise encumber the shares of restricted stock and if the grantee’s service with the Company terminates prior to the vesting date, the grantee’s restricted stock will be forfeited automatically, subject to certain exceptions. Total recognized compensation cost related to the restricted stock awards for the three and six months ended September 30, 2022 was $46,539 and $98,646, respectively. On September 30, 2022, there was $10,433 of unrecognized compensation cost related to the restricted stock awards.

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