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Related Party Transactions
 12 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 9 – RELATED PARTY TRANSACTIONS

 

Manchester Management Company, LLC (“MMC”), as the general partner of Manchester Explorer, L.P. (“Explorer”), combined with the holdings of its affiliates, JEB Partners LP, James Besser and Morgan Frank, owned approximately 9% of the Company’s outstanding shares of common stock at March 31, 2025. Mr. Besser is the Company’s chief executive officer and a managing member of MMC. Mr. Frank is a member of the Company’s Board, and he serves as the portfolio manager of Explorer and as a managing member of MMC. Explorer purchased 900,000 shares in the February 2024 Offering for aggregate gross proceeds to the Company of $990,000. Explorer purchased 166,666 shares in the November 2024 Offering for aggregate gross proceeds to the Company of $250,000. In March 2025, Explorer purchased 260,416 units in the 2025 Placement for aggregate gross proceeds to the Company of $500,000. In addition, Mr. Besser purchased 78,125 units in the 2025 Placement for aggregate gross proceeds to us of approximately $150,000.

 

Two members of the Board purchased a total of 35,937 Units in the 2025 Placement for gross proceeds to the Company of $69,000.

 

In May 2023, a member of the Board purchased a total 117,300 shares of common stock in the 2023 Offering for gross proceeds to the Company of $249,210.

 

The daughter of an executive officer is an employee of the Company. During the years ended March 31, 2025 and 2024, the Company paid her approximately $169,000 and $137,000, respectively, which includes the aggregate grant date fair values, as determined pursuant to FASB ASC Topic 718, of stock options granted during each year.