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Stock-Based Compensation (Tables)

9 Months Ended

Dec. 31, 2023

Stock-Based Compensation [Abstract]

Schedule of Assumptions were used in the Fair-Value Method

The weighted-average grant date fair value of options granted was $0.98 and $3.58 per share for the nine months ended December 31, 2023 and 2022, respectively, and $0.97 and $1.86 for the three months ended December 31, 2023 and 2022, respectively. The following assumptions were used in the fair-value method calculations:

		Three Months Ended December 31,								Nine Months Ended December 31,
		2023				2022				2023				2022
Risk-free interest rates			3.8% - 4.7	%			3.93% - 3.99	%			3.5% - 4.7	%			2.82% - 4.06	%
Volatility			123.4% - 127.6	%			149	%			82.5% - 152.2	%			149% - 223	%
Expected life (years)			5.0 – 5.4				5.0 – 5.7				5.0 – 6.2				5.0 – 5.7

Schedule of Summarizes the Activity in the Shares

The following table summarizes the activity in the shares available for grant under the Plan during the nine months ended December 31, 2023:

						Options Outstanding
		Shares				Number				Weighted
		Available				of				Average
		for Grant				Shares				Exercise Prices
Balance at March 31, 2023			2,132,292				2,481,090			$	5.19
Options granted			(373,375	)			373,375				1.27
Share awards			(6,375	)			—				—
Options cancelled and returned to the Plan			30,272				(30,272	)			4.29
Balance at June 30, 2023			1,782,814				2,824,193				4.68
Options granted			(101,875	)			101,875				1.16
Share awards			(6,265	)			—				—
RSUs granted			(250,000	)			—				—
Options cancelled and returned to the Plan			13,404				(13,404	)			9.05
Balance at September 30, 2023			1,438,078				2,912,664				4.54
Options granted			(941,408	)			941,408				1.11
Share awards			(6,375	)			—				—
Options cancelled and returned to the Plan			155,679				(155,679	)			3.77
Balance at December 31, 2023			645,974				3,698,393			$	3.70

Schedule of RSU Activity under the Plan

A summary of RSU activity under the Plan is presented below.

		Number				Weighted Average Grant-
		of Shares				Date Fair Value
Balance at June 30, 2023			—			$	—
Granted			250,000			$	0.91
Vested			(20,834	)		$	0.91
Non-vested shares at September 30, 2023			229,166			$	0.91
Vested			(20,834	)		$	0.91
Non-vested shares at December 31, 2023			208,332			$	0.91

Schedule of Outstanding and Exercisable Options

The following table summarizes the range of outstanding and exercisable options as of December 31, 2023:

		Options Outstanding												Options Exercisable
Range of Exercise Price		Number Outstanding				Weighted Average Remaining Contractual Life (in Years)				Weighted Average Exercise Price				Number Exercisable				Weighted Average Exercise Price				Aggregate Intrinsic value
$0.93 - $2.00			2,246,118				8.55			$	1.48				653,549			$	1.83			$	62,794
$3.95 - $7.51			943,145				7.45			$	5.29				734,459			$	5.59				—
$8.61 - $17.70			509,130				7.48			$	10.53				448,562			$	10.35				—
$0.93 - $17.70			3,698,393				8.12			$	3.70				1,836,570			$	5.47			$	62,794

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