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Stock-based Compensation (Tables)

12 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

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

All such amounts represent the weighted average amounts for each period.

		For the year ended March 31,
		2021				2020
Grant-date fair value			-			$	2.24
Volatility factor			-				60.12	%
Dividend yield			-				-
Risk-free interest rate			-				.85	%
Expected term (in years)			-				6.25

Summary of Activity of Stock Options

The following table is a summary of activity of stock options for the years ended March 31, 2021 and 2020:

		Number of Shares				Weighted Average Exercise Price Per Share				Weighted Aggregate Average Remaining Contract Life in Years				Intrinsic Value
Outstanding at April 1, 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			$	-
Granted			-				-
Exercised			(36,500	)			-
Forfeited or Expired			(35,200	)			-
Outstanding at March 31, 2021			156,000			$	5.28				5.53			$	555,100
Vested at March 31, 2021			105,250			$	5.92				4.17			$	307,000
Exercisable at March 31, 2021			105,250			$	5.92				4.17			$	307,000

Schedule of Other Information Pertaining to Option Activity

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

		2021				2020
Weighted average grant-date fair value of stock options granted (per share)		$	-			$	2.24
Total fair value of options vested		$	55,460			$	32,500
Total intrinsic value of options exercised		$	72,981			$	-

Summary of Information About Options Outstanding

The following table summarizes information about options outstanding at March 31, 2021:

Range of Exercise Prices				Number of Options				Weighted Average Exercise Price Per Share				Weighted Average Remaining Contract Life in Years				Aggregate Intrinsic Value
$	3.34 – 4.83				41,000			$	3.34
	4.84 – 5.97				40,000				4.84
	5.98 – 6.26				30,000				5.98
	6.27 – 7.00				45,000				6.98
$	3.34 – 7.00				156,000			$	5.28				5.53			$	555,100

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Schedule of Other Information Pertaining to Option Activity [Table Text Block]

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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.

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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.

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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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