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STOCK-BASED COMPENSATION | 9 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Payment Arrangement [Text Block] | NOTE 14 – STOCK-BASED COMPENSATION As of December 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, 7.5 million restricted share units (“RSUs”) fair valued at $4.3 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 December 31, 2024, the management confirmed that five milestones had been achieved, and the rest were probable to be achieved by March 31, 2028. Additionally, stock options to purchase 3.7 million shares of common stock fair valued at $928 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 2025 and Fiscal 2027. The stock options are valued using a Black-Scholes Pricing Model, and Market-based RSUs are valued based on a lattice model, with the following assumptions:
|  | Granted in Fiscal 2025 |  |  | Granted in Fiscal 2024 |
Expected life of options |  | 5 years |  |  | 5 years |
Vested options |  |  | 100 | % |  |  | 100 | %
Risk-free interest rate |  |  | 4.49 | % |  |  | 5.24 | %
Expected volatility |  |  | 174 | % |  |  | 175 | %
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, 2024, the Company’s share-based expense and option-based expense shown in Selling, general, and administrative expenses (including research and development) were $815 thousand and $435 thousand, respectively, and for the nine months ended December 31, 2023, the Company’s share-based expense and option-based expense was $1.4 million and $9 thousand, respectively.
Non-vested shares |  | Shares (in thousands) (#) |  |  | Weighted average grant date fair value ($) |
Non-vested shares as of March 31, 2024 |  |  | 7,452 |  |  |  | 0.61 |
Granted |  |  | - |  |  |  | - |
Vested |  |  | (150 | ) |  |  | 0.43 |
Cancelled/forfeited |  |  | (30 | ) |  |  | 0.30 |
Non-vested shares as of December 31, 2024 |  |  | 7,272 |  |  |  | 0.61 |
Options |  | Shares (in thousands) (#) |  |  | Weighted average grant date fair value ($) |  |  | Weighted average exercise price ($) |
Options outstanding as of March 31, 2024 |  |  | 3,710 |  |  |  | 0.25 |  |  |  | 0.29 |
Granted |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |
Cancelled/forfeited |  |  | - |  |  |  | - |  |  |  | - |
Options outstanding as of December 31, 2024 |  |  | 3,710 |  |  |  | 0.25 |  |  |  | 0.29 |
As of December 31, 2024, there was a combined unrecognized expense of $1.98 million related to non-vested shares and share options that the Company expects to be recognized over a life of up to 4 years.

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