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Stock-Based Compensation | 3 Months Ended
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Jun. 30, 2024
Stock-Based Compensation [Abstract] |
STOCK-BASED COMPENSATION | NOTE 10 – STOCK-BASED COMPENSATION Warrants issued for services From time to time, the Company issues warrants to purchase its common stock. These warrants are valued using the Black-Scholes model and using the volatility, market price, exercise price, risk-free interest rate, and dividend yield appropriate at the date the warrants were issued. A total of 57,200 warrants expired in fiscal 2024. As of June 30, 2024, the Company had no outstanding warrants. Stock Options On March 21, 2018, the Board of Directors adopted the Jerash Holdings (US), Inc. 2018 Stock Incentive Plan (the “Plan”), pursuant to which the Company may grant various types of equity awards. 1,484,250 shares of common stock of the Company were reserved for issuance under the Plan. In addition, on July 19, 2019, the Board of Directors approved an amendment and restatement of the Plan, which was approved by the Company’s stockholders at its annual meeting of stockholders on September 16, 2019. The amended and restated Plan increased the number of shares reserved for issuance under the Plan by 300,000, to 1,784,250, among other changes. As of June 30, 2024, the Company had 114,110 of shares remaining available for future issuance under the Plan. All stock option activities are summarized as follows:
|  | Option to |  |  | Weighted Average |
|  | Acquire Shares |  |  | Exercise Price |
Stock options outstanding at March 31, 2024 |  |  | 150,000 |  |  | $ | 6.25 |
Granted |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |
Expired |  |  | - |  |  |  | - |
Stock options outstanding at June 30, 2024 |  |  | 150,000 |  |  | $ | 6.25 |
All these outstanding options were fully vested and exercisable. As of June 30, 2024, there were 150,000 stock options outstanding. The weighted average remaining life of the options is 4.5 years. Restricted Stock Units (“RSUs”) On February 9, 2023, the Board of Directors approved the grant of 405,800 RSUs under the Plan to 37 executive officers and employees of the Company, with a two-year vesting period. The fair value of these RSUs on February 15, 2023 was $1,937,695, based on the market price of the Company’s common stock as of the date of the grant. As of June 30, 2024, there were $605,974 unrecognized stock-based compensation expenses to be recognized through February 2025 and 405,100 RSUs remained outstanding. On March 25, 2024, the Board of Directors approved the grant of 915,040 RSUs under the Plan to 35 executive officers and employees of the Company, with a three-year vesting period. The fair value of these RSUs on March 25, 2024 was $2,745,120, based on the market price of the Company’s common stock as of the date of the grant. As of June 30, 2024, there were $2,499,438 unrecognized stock-based compensation expenses to be recognized through March 2027 and 915,040 RSUs remained outstanding. RSU activities are summarized as follows:
|  | Number of Shares |  |  | Weighted- Average Grant Date Fair Value Per Share |
RSU outstanding at March 31, 2024 |  |  | 1,320,140 |  |  | $ | 3.55 |
Granted |  |  | - |  |  |  | - |
Vested |  |  | - |  |  |  | - |
Forfeited |  |  | - |  |  |  | - |
RSU outstanding at June 30, 2024 |  |  | 1,320,140 |  |  | $ | 3.55 |
Total expenses related to the RSU issued were $468,935 and $240,802 for the three months ended June 30, 2024 and 2023, respectively.

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