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STOCK-BASED COMPENSATION

3 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement [Text Block]

NOTE 14 – STOCK-BASED COMPENSATION

As of June 30, 2025, 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, approximately 8.7 million restricted share units (RSUs) fair valued at approximately $4.7 million with a weighted average value of $0.54 per share, have been granted but not yet issued from different Incentive Plans and Grants.

Additionally, options held by advisors and directors to purchase approximately 5.6 million shares of common stock fair valued at approximately $1.4 million with a weighted average of $0.26 per share, which have been granted but are to be issued over an exercise period between Fiscal 2023 and Fiscal 2028. Options granted and issued before the vesting period are expensed when issued.

The above awards include approximately 4.7 million RSUs and 2 million options granted to employees and directors, which consist 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 awards are accounted for upon certification by the Company’s management, confirming the probability of achievement of milestones. As of June 30, 2025, the Company’s management confirmed that three milestones had been achieved, and the rest were probable to be achieved by March 31, 2028

The 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 2026				Granted in Fiscal 2025
Expected life of options		5 years				5 years
Vested options			100	%			100	%
Risk-free interest rate			3.93	%			5.24	%
Expected volatility			171	%			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 three months ended June 30, 2025, the Company’s common stock-based compensation was approximately $452 thousand, which was accounted for in the Selling, general, and administrative expenses (including research and development). In addition, the Company capitalized common stock-based compensation of approximately $46 thousand in software development costs.

For the three months ended June 30, 2024, the Company’s common stock-based compensation was approximately $402 thousand, which was accounted for in the Selling, general, and administrative expenses (including research and development). In addition, the Company capitalized common stock-based compensation of approximately $31 thousand in software development costs.

Non-vested shares		Shares (in thousands) (#)				Weighted average grant date fair value ($)
Non-vested shares as of March 31, 2025			5,796				0.64
Granted			1,385				0.31
Vested			(679	)			0.31
Cancelled/forfeited			-				-
Non-vested shares as of June 30, 2025			6,502				0.60

Options		Shares (in thousands) (#)				Weighted average grant date fair value ($)				Weighted average exercise price ($)
Options outstanding as of March 31, 2025			3,182				0.25				0.39
Granted			1,600				0.27				0.30
Vested			-				-				-
Cancelled/forfeited			-				-				-
Options outstanding as of June 30, 2025			4,782				0.26				0.29

There was a combined unrecognized expense of $2 million related to non-vested shares and share options that the Company expects to be recognized over a life of up to 4 (four) years.