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SUBSEQUENT EVENTS | 6 Months Ended
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Sep. 30, 2023
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | NOTE 16 – SUBSEQUENT EVENTS On October 11, 2023, we granted a total of 25,000 shares of restricted stock under the 2016 Plan to the board of directors. The stock-based compensation expense for service-based restricted stock will be 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 October 30, 2023, the Company and one of its employees were named as defendants in an action alleging individual claims of discrimination and wage and hour violations, along with representative wage and hour claims brought pursuant to the Labor Code Private Attorneys General Act of 2004 (“PAGA”) in the Superior Court of the State of California of the County of Los Angeles – Central District. In the complaint, captioned Ibarra v. Stadco (23ST- CV-26591), a former employee of Stadco, seeks to recover alleged damages, unpaid wages, penalties, and attorney’s fees on behalf of himself. In addition, the former employee seeks to recover PAGA penalties going back one year, along with his attorney’s fees, on behalf of all individuals currently and formerly employed by the Company’s Stadco subsidiary in California as non-exempt or hourly paid employees, for certain violations of the California Labor Code. Stadco has retained outside legal counsel to defend this action. The claim is in early stage of discovery and the amount of any loss cannot be reasonably estimated at this date.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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