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STOCK-BASED COMPENSATION
 12 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement [Text Block]

NOTE 14 – STOCK-BASED COMPENSATION

 

As of March 31, 2024, under both the Company’s previous 2008 and current 2018 Omnibus Incentive Plans approximately 9.1 million shares of common stock have been issued to employees, non-employees, and advisors. In addition, 7.6 million restricted share units (“RSUs”) fair valued at $4.6 million with a weighted average value of $0.61 per share, have been granted but not yet issued from different Incentive Plans and Grants. This includes 4.9 million RSUs granted to employees and directors, which consists of a vesting schedule based entirely on the attainment of 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 for upon certification by the management, confirming the probability of achievement of milestones. As of March 31, 2024, the management confirmed that five milestones had been achieved, and the rest were probable to be achieved by March 31, 2028.

 

Additionally, options held by advisors and directors to purchase 3.7 million shares of common stock fair valued at $925 thousand with a weighted average of $0.25 per share, which have been granted but are to be issued over a vesting period between Fiscal 2022 and Fiscal 2027. 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 a lattice model with the following assumptions:

 

   

Granted in

Fiscal 2024

    

Granted in

Fiscal 2023

  

Expected life of options

  

5 years

    

5 years

  

Vested options

     100 %     100 %

Risk free interest rate

     5.24 %     2.42 %

Expected volatility

     175 %     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 2024, the Company’s share-based expense and option-based expense shown in Selling, general, and administrative expenses (including research and development) were $1.7 million and $59 thousand, respectively.

 

For Fiscal 2023, the Company’s share-based expenses and option-based expenses shown in Selling, general, and administrative expenses (including research and development) were $2.8 million and $29 thousand, respectively.

 

Non-vested shares

  

Shares

(in thousands)

(#)

    

Weighted average

grant date fair value

($)

  

Non-vested shares as of March 31, 2023

     4,429       1.01  

Granted

     5,848       0.28  

Vested

     (2,535 )     0.58  

Cancelled/Forfeited

     (290 )     0.31  

Non-vested shares as of March 31, 2024

     7,452       0.61  

 

Options

  

Shares

(in thousands)

(#)

    

Weighted average

grant date fair value

($)

    

Weighted average

exercise price

($)

  

Options outstanding as of March 31, 2023

     150       0.46       0.39  

Granted

     3,560       0.24       0.27  

Exercised

     -       -       -  

Cancelled/forfeited

     -       -       -  

Options outstanding as of March 31, 2024

     3,710       0.25       0.29  

 

There was a combined unrecognized expense of $3.21 million related to non-vested shares and share options that the Company expects to be recognized over a life of up to 5 (five) years.