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Related Party Transactions
 12 Months Ended
Mar. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 9 – RELATED PARTY TRANSACTIONS

 

Manchester Management Company, LLC (MMC), as the general partner of Manchester Explorer, LP (Explorer), combined with the holdings of its affiliates, JEB Partners LP, James Besser and Morgan Frank, owned approximately 11% of the Company’s outstanding shares of common stock as of March 31, 2024. 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.

 

In February 2024, Explorer purchased 900,000 shares of common stock in the 2024 Offering at the public offering price per share of $1.10 for aggregate gross proceeds to the Company of $990,000.

 

The daughter of the Founder is an employee of the Company. During the years ended March 31, 2024 and 2023, the Company paid her approximately $137,000 and $201,000, respectively, which includes the aggregate grant date fair values, as determined pursuant to FASB ASC Topic 718, of stock options granted to her during each year.