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Related Party Transactions | 12 Months Ended
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Mar. 31, 2023
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | NOTE 12 – RELATED PARTY TRANSACTIONS Manchester Management Company, LLC (MMC), as the general partner of Explorer, combined with the holdings of its affiliates, JEB Partners LP, James Besser and Morgan Frank, owned approximately 25% of the Company’s outstanding shares of common stock as of March 31, 2023. Mr. Besser is the Company’s chief executive officer and a managing member of MMC. Mr. Frank is one of our directors and serves as the portfolio manager of Explorer and as a managing member of MMC. The daughter of the Founder is an employee of the Company. During the years ended March 31, 2023 and 2022, the Company paid her $201,275 and $169,589, respectively, which includes the aggregate grant date fair value, as determined pursuant to FASB ASC Topic 718, of stock options granted to her. In May 2021, a member of the Board purchased $200,000 aggregate principal amount of Notes (the Director Note). On February 14, 2022, in connection with the Offering, the Director Note and $18,805 of accrued interest thereon were converted into 45,586 shares of common stock and 45,586 Offering Warrants. In February 2021, Explorer, which is represented by Mr. Frank, and the Founder (the Related Party Holders) purchased $1,000,000 and $100,000, aggregate principal amount of the Original Notes, respectively. Effective April 30, 2021, the Related Party Holders entered into revocation agreements with the Company pursuant to which their aggregate principal amount of Original Notes and accrued interest were replaced with Notes. On February 14, 2022, the Related Party Holders held Notes in an aggregate principal amount of $1,026,630 and $102,663, respectively, with $97,881 and $9,788 of interest payable thereon. In connection with the Offering, the Related Party Holders received 234,274 and 23,429 shares of common stock, respectively, and 234,274 and 23,429 Offering Warrants, respectively.

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