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STOCK-BASED COMPENSATION | 12 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Share-Based Payment Arrangement [Text Block] | NOTE 14 – STOCK-BASED COMPENSATION As of March 31, 2023, under both the Company’s previous 2008 and current 2018 Omnibus Incentive Plans, a total of 8,412,627 shares of common stock have been issued to employees, non-employees, and advisors. In addition, 5.5 million restricted share units (RSUs) fair valued at $5.5 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 2.9 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, 2023, the management confirmed two milestones had been achieved, and the rest were probable to be achieved by March 31, 2027. Additionally, options held by advisors and directors to purchase 150 thousand shares of common stock fair valued at $69 thousand with a weighted average of $0.46 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 2023 |  |  | Granted in Fiscal 2022 |
Expected life of options |  | 5 years |  |  | 5 years |
Vested options |  |  | 100 | % |  |  | 100 | %
Risk free interest rate |  |  | 3.49 | % |  |  | 2.42 | %
Expected volatility |  |  | 280 | % |  |  | 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 Fiscal 2023, the Company’s common stock-based compensation and expenses shown in Selling, general and administrative expenses (including research and development) was $2.8 million. For Fiscal 2022, the Company’s common stock-based compensation and expenses shown in Selling, general and administrative expenses (including research and development) was $2.2 million.
Non-vested shares |  | Shares (in thousands) (#) |  |  | Weighted average grant date fair value ($) |
Non-vested shares as of March 31, 2022 |  |  | 5,283 |  |  |  | 1.17 |
Granted |  |  | 1,615 |  |  |  | 0.43 |
Vested |  |  | (2,224 | ) |  |  | 1.01 |
Cancelled/Forfeited |  |  | (245 | ) |  |  | 0.77 |
Non-vested shares as of March 31, 2023 |  |  | 4,429 |  |  |  | 1.01 |
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 |  |  | (150 | ) |  |  | 1.39 |  |  |  | 0.30 |
Options outstanding as of March 31, 2023 |  |  | 150 |  |  |  | 1.39 |  |  |  | 0.30 |
There was a combined unrecognized expense of $2.7 million related to non-vested shares and share options that the Company expects to be recognized over a life of four years.

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