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STOCK-BASED COMPENSATION

6 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement [Text Block]

NOTE 14 – STOCK-BASED COMPENSATION

As of September 30, 2021, under both the Company’s previous 2008 and current 2018 Omnibus Incentive Plans, a total of 8,337,627 shares of common stock have been issued to employees and advisors. In addition, 1.9 million restricted share units fair valued at $2.5 million with a weighted average value of $1.33 per share, have been granted but not yet issued from different Incentive Plans and Grants. Additionally, options held by advisors and directors to purchase 360 thousand shares of common stock fair valued at $305 thousand with a weighted average of $0.85 per share, that have been granted but are to be issued over a vesting period, between Fiscal 2022 and Fiscal 2026. 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 2022			Granted in Fiscal 2021
Expected life of options	5 years			5 years
Vested options		100	%		100	%
Risk free interest rate		1.61	%		0.68	%
Expected volatility		281	%		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 six months ended September 30, 2021, the Company’s share-based expense and option-based expense shown in Selling, general and administrative expenses (including research and development) was $535 thousand and $14 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 Selling, general and administrative expenses (including research and development). For the six months ended September 30, 2020, the Company’s share-based expense and option-based expense shown in selling, general and administrative expenses (including research and development) was $305 thousand and $60 thousand, respectively.

Non-vested shares	*Shares* *(in thousands)* *(#)*			Weighted average grant date fair value ($)
Non-vested shares as of March 31, 2021		173			0.85
Granted		1,799			1.38
Vested		(114	)		(1.15	)
Cancelled/forfeited		(27	)		(1.35	)
Non-vested shares as of September 30, 2021		1,831			1.35

Options

Shares

(in thousands)

(#)

Weighted average

grant date fair value

($)

Weighted average

exercise price

($)

Options outstanding as of March 31, 2021

210

0.46

0.36

Granted

150

1.39

Exercised

Cancelled/forfeited

Options outstanding as of September 30, 2021

360

0.85

0.79

There was a combined unrecognized expense of $2.07 million related to non-vested shares and share options that the Company expects to be recognized over weighted average life of 1.43 years.