XML 31 R20.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION

9 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement [Text Block]

NOTE 14 – STOCK-BASED COMPENSATION

As of December 31, 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, non-employees, and advisors. In addition, 5.9 million restricted share units (RSUs) fair valued at $6.96 million with a weighted average value of $1.19 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 of both operational milestones (performance conditions) and 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 December 31, 2021, the management confirmed none of the milestones had been achieved but were considered probable to be achieved by March 31, 2027.

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, 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 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		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 nine months ended December 31, 2021, the Company’s share-based expense and option-based expense shown in Selling, general and administrative expenses (including research and development) was $1.0 million and $24 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 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.

Non-vested shares	*Shares* *(in thousands)* *(#)*			Weighted average grant date fair value ($)
Non-vested shares as of March 31, 2021		173			0.85
Granted		5,799			1.20
Vested		(114	)		(1.15	)
Cancelled/forfeited		(27	)		(1.35	)
Non-vested shares as of December 31, 2021		5,831			1.19

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 December 31, 2021

360

0.85

0.79

There was a combined unrecognized expense of $6.2 million related to non-vested shares and share options that the Company expects to be recognized over the weighted average life of 4.04 years.