XML 22 R13.htm IDEA: XBRL DOCUMENT
v3.24.0.1

STOCK-BASED COMPENSATION | 9 Months Ended
--- | ---
Dec. 31, 2023
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION | NOTE 6 – 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 1,250,000 shares of common stock. On July 13, 2023, our former CFO exercised an option to purchase 125,000 shares of the Company’s common stock pursuant to option awards previously granted under the 2016 Plan. The option was exercised as a cashless net settlement transaction and resulted in the delivery of 109,024 shares of common stock on July 13, 2023. 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 March 31, 2023 | ​ | 667,500 | ​ | $ | 1.37 | ​ | $ | 3,804,625 | ​ | 3.70
Exercised | ​ | (125,000) | ​ | $ | 0.68 | ​ | ​ | 846,250 | ​ | —
Outstanding at December 31, 2023 | ​ | 542,500 | ​ | $ | 1.53 | ​ | $ | 1,980,550 | ​ | 3.16
Vested or expected to vest at December 31, 2023 |  | 542,500 | ​ | $ | 1.53 | ​ | $ | 1,980,550 |  | 3.16
Exercisable and vested at December 31, 2023 |  | 542,500 | ​ | $ | 1.53 | ​ | $ | 1,980,550 |  | 3.16
​ 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 third quarter of fiscal 2024 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 December 31, 2023. 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 December 31, 2023 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-$0.99 |  | 192,500 |  | 1.61 | ​ | $ | 0.32 |  | 192,500 | ​ | $ | 0.32
$2.00-$2.99 |  | 350,000 |  | 3.41 | ​ | $ | 2.19 |  | 350,000 | ​ | $ | 2.19
Totals |  | 542,500 |  | ​ | ​ |  |  |  | 542,500 | ​ |  |
​ On August 3, 2023 the Company issued 15,000 shares of restricted common stock to the Company’s new CFO. Under the terms of the employment agreement, provided she remains employed by the Company from the grant date through the applicable vesting dates, 5,000 shares of the restricted stock will vest on each of the first, second, and third anniversaries of the effective employment date of July 17, 2023. Fair value of $110,700 was measured 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. Stock-based compensation expense will be recognized ratably over the vesting period. On October 11, 2023, we granted a total of 25,000 shares of restricted common stock under the 2016 Plan to the board of directors. The stock-based compensation expense of $177,750 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. Total recognized compensation cost related to the restricted stock awards for the three and nine months ended December 31, 2023, was $186,975 and $196,200, respectively. On December 31, 2023, there was $92,250 of unrecognized compensation cost related to the restricted stock awards. Total recognized compensation cost related to the restricted stock awards for the three and nine months ended December 31, 2022, was $8,663 and $107,309, respectively. At December 31, 2023, there were 272,500 shares available for grant under the 2016 Plan.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration