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Stock Options (Tables)

12 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binomial Models

Included in the following table is a summary of the grant-date fair value of stock options granted and the related assumptions used in the Binomial models for stock options granted in fiscal 2020 and 2019. All such amounts represent the weighted average amounts for each period.

		For the year ended March 31,
		2020				2019
Grant-date fair value		$	2.24			$	3.25
Volatility factor			60.12	%			55.26	%
Dividend yield			-				-
Risk-free interest rate			0.85	%			2.91	%
Expected term (in years)			6.25				6.25

Summary of Stock Options Activity

The following table is a summary of activity of stock options for the years ended March 31, 2020 and 2019:

		Number of Shares				Weighted Average Exercise Price Per Share				Weighted Aggregate Average Remaining Contract Life in Years
Outstanding at April 1, 2018			148,600			$	4.84				4.34
Granted			40,000				-
Exercised			2,900				8.56
Forfeited or Expired			-				-
Outstanding at March 31, 2019			185,700			$	6.18				4.68
Granted			42,000				-
Exercised			-				-
Forfeited or Expired			-				-
Outstanding at March 31, 2020			227,700			$	5.65				4.83
Vested at March 31, 2020			155,700			$	6.44				2.76
Exercisable at March 31, 2020			155,700			$	6.44				2.76

Schedule of Other Information Pertaining to Option Activity

Other information pertaining to option activity was as follows during the year ended March 31:

		2020				2019
Weighted average grant-date fair value of stock options granted (per share)		$	2.24			$	3.25
Total fair value of options vested		$	32,500			$	55,900
Total intrinsic value of options exercised		$	-			$	6,575

Summary of Information About Options Outstanding

The following table summarizes information about options outstanding at March 31, 2020:

Range of Exercise Prices			Number of Options				Weighted Average Exercise Price Per Share				Weighted Average Remaining Contract Life in Years
$ 3.34 – 4.83				42,000			$	3.34
4.84 – 5.97				40,000				4.84
5.98 – 6.26				40,000				6.00
6.26 – 6.50				25,700				6.29
6.51 – 7.00				80,000				6.90
$3.34 – 7.00				227,700			$	5.65			4.83

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

+ References

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References

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Tabular disclosure of the weighted-average grant-date fair value of equity options or other equity instruments granted during the year.

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