NOTE 15 – STOCK-BASED COMPENSATION

As of December 31, 2020, under both the Company’s previous 2008 and current 2018 Omnibus Incentive Plans, a total of 8,327,627 shares of common stock have been issued to employees and advisors. In addition, 1.8 million restricted share units fair valued at $771 thousand with a weighted average value of $0.42 per share, have been granted but not yet issued from different Incentive Plans and Grants. Additionally, options held by advisors to purchase 210,000 shares of common stock fair valued at $96 thousand with a weighted average of $0.46 per share, that have been granted but are to be issued over a vesting period, between Fiscal 2023 and Fiscal 2024. Options granted and issued before the vesting period are expensed when issued.

The options are fair valued using a Black-Scholes Pricing Model with the following assumptions:

	Granted in Fiscal 2021			Granted in Fiscal 2020
Expected life of options	5 years			5 years
Vested options		100	%		100	%
Risk free interest rate		0.68	%		2.57	%
Expected volatility		249	%		249	%
Expected dividend yield	Nil			Nil

The expense associated with share-based payments to employees, directors, advisors, and contractors is allocated over the vesting or service period and recognized in the Selling, general and administrative expenses (including research and development). For the nine months ended December 31, 2020, the Company’s share-based expense and option-based expense shown in Selling, general and administrative expenses (including research and development) was $459 thousand and $64 thousand, respectively.

The expense associated with share-based payments to employees, directors, advisors and contractors is allocated over the vesting or service period and recognized in the Common Stock and Additional Paid in Capital. For the nine months ended December 31, 2019, the Company’s share-based expense and option-based expense shown in Selling, general and administrative expenses (including research and development) was $525 thousand and $17 thousand respectively.

Non-vested shares	Shares (in thousands) (#)			Weighted average grant date fair value ($)
Non-vested shares as of March 31, 2020		1,851			0.40
Granted		45			1.04
Vested		(70	)		0.45
Cancelled/Forfeited		-			-
Non-vested shares as of December 31, 2020		1,826			0.42

Options	Shares (in thousands) (#)			Weighted average grant date fair value ($)		Weighted average exercise price ($)
Options outstanding as of March 31, 2020		160			0.40		0.39
Granted		150			0.64		0.30
Exercised		(100	)		0.64		0.30
Cancelled/Forfeited		-			-		-
Options outstanding as of December 31, 2020		210			0.46		0.36

There was a combined unrecognized expense of $277 thousand related to non-vested shares and share options that the Company expects to be recognized over weighted average life of 0.65 years.