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Stock-based Compensation

9 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

4. Stock-based Compensation

The Company recognized stock-based compensation expense of $13,865 and $8,125 in general and administrative expense in the Consolidated Statements of Operations for the three months ended December 31, 2020 and 2019, respectively. Stock-based compensation expense recognized for the nine months ended December 31, 2020 and 2019 was $41,813 and $24,375, respectively. The total cost related to non-vested awards not yet recognized at December 31, 2020 totals approximately $127,996 which is expected to be recognized over a weighted average of 2.70 years.

The following table is a summary of activity of stock options for the nine months ended December 31, 2020:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contract Life in Years
Outstanding at April 1, 2020		227,700		$	5.65		4.83
Granted		-			-
Exercised		(11,700	)		-
Forfeited or Expired		(35,200	)		-
Outstanding at December 31, 2020		180,800		$	5.49		5.11

Vested at December 31, 2020		119,800		$	6.33		3.28
Exercisable at December 31, 2020		119,800		$	6.33		3.28

During the nine months ended December 31, 2020 and 2019, no stock options were granted.

During the nine months ended December 31, 2020, stock options covering 11,700 shares were exercised with a total intrinsic value of $12,217. The Company received proceeds of $78,795 from these exercises. During the nine months ended December 31, 2019, no stock options were exercised.

During the nine months ended December 31, 2020, 1,000 unvested stock options were forfeited due to the resignation of an employee and 34,200 vested stock options expired unexercised. There were no stock options forfeited or expired during the nine months ended December 31, 2019. No forfeiture rate is assumed for stock options granted to directors or employees due to the forfeiture rate history of these types of awards.

Outstanding options at December 31, 2020 expire between November 2021 and March 2030 and have exercise prices ranging from $3.34 to $7.00.

Subsequently, in January 2021, stock options covering 19,800 shares were exercised with a total intrinsic value of $53,751. The Company received proceeds of $134,640 from these exercises.