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STOCK-BASED COMPENSATION

3 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement [Text Block]

NOTE 14 – STOCK-BASED COMPENSATION

As of June 30, 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, 6.9 million restricted share units (RSUs) fair valued at $6.9 million with a weighted average value of $1 per share, have been granted but not yet issued from different Incentive Plans and Grants. This includes 3.9 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 Management confirming the probability of achievement of milestones. As of June 30, 2022, Management confirmed two of the milestones had been achieved and rest were considered probable to be achieved by March 31, 2027.

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 have been granted but are to be exercised over a service period ending in Fiscal 2031. Options exercised before the service period are expensed when exercised.

The options are valued using a Black-Scholes Pricing Model and Market based RSU are valued based on a lattice model, with the following assumptions:

		Granted in Fiscal 2023				Granted in Fiscal 2022
Expected life of options		5 years				5 years
Vested options			100	%			100	%
Risk free interest rate			2.64	%			2.42	%
Expected volatility			285	%			282	%
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 three months ended June 30, 2022, the Company’s share-based expense and option-based expense shown in Selling, General and Administrative expenses (including research and development) was $1.14 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 Selling, General and Administrative expenses (including research and development). For the three months ended June 30, 2021, the Company’s share-based expense and option-based expense shown in Selling, General and Administrative expenses (including research and development) was $120 thousand and $5 thousand, respectively.

Non-vested shares		*Shares* *(in thousands)* *(#)*				Weighted average grant date fair value ($)
Non-vested shares as of March 31, 2022			5,283				1.17
Granted			1,660				0.43
Vested			(1,022	)			(1.12	)
Cancelled/forfeited			-				-
Non-vested shares as of June 30, 2022			5,921				0.98

Options		*Shares* *(in thousands)* *(#)*				Weighted average grant date fair value ($)				Weighted average exercise price ($)
Options outstanding as of March 31, 2022			300				0.93				0.34
Granted			-				-				-
Exercised			-				-				-
Cancelled/forfeited			-				-				-
Options outstanding as of June 30, 2022			300				0.93				0.34

There was a combined unrecognized expense of $5 million related to non-vested shares and share options that the Company expects to be recognized over the weighted average life of 3.25 years.