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STOCK-BASED COMPENSATION
 12 Months Ended
Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement [Text Block]

NOTE 14 – STOCK-BASED COMPENSATION

 

As of March 31, 2022, 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, non-employees, and advisors. In addition, 6 million restricted share units (RSUs) fair valued at $7 million with a weighted average value of $1.18 per share, have been granted but not yet issued from different Incentive Plans and Grants. This includes 4 million RSUs granted to employees and directors, which consists of a vesting schedule based entirely on the attainment either operational milestones (performance conditions) or market conditions, assuming continued employment either as an employee, or director with the Company. The performance based RSUs are accounted upon certification by the management confirming the probability of achievement of milestones. As of March 31, 2022, the management confirmed none of the milestones had been achieved but were considered probable to be achieved by September 30, 2024.

 

Additionally, options held by advisors and directors to purchase 300 thousand shares of common stock fair valued at $278 thousand with a weighted average of $0.93 per share, which 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 and market based RSU are valued based on lattice 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

     2.42

%

     0.68

%

Expected volatility

     282

%

     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 Fiscal 2022, the Company’s share-based expense and option-based expense shown in Selling, general and administrative expenses (including research and development) was $2.1 million and $8 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 Fiscal 2021, the Company’s share-based expense and option-based expense shown in Selling, general and administrative expenses (including research and development) was $589 thousand and $69 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

     5,949       1.20  

Vested

     (812 )     (1.26 )

Cancelled/Forfeited

     (27 )     (1.35 )

Non-vested shares as of March 31, 2022

     5,283       1.17  

 

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       1.39  

Exercised

     -       -       -  

Cancelled/forfeited

     (60 )     (0.45 )     (0.30 )

Options outstanding as of March 31, 2022

     300       0.93       0.89  

 

There was a combined unrecognized expense of $5.35 million related to non-vested shares and share options that the Company expects to be recognized over weighted average life of 4.23 years.