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Stock-based Compensation (Tables)

12 Months Ended

Mar. 31, 2022

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 2022 and 2021. All such amounts represent the weighted average amounts for each period.

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

		For the year ended March 31,
		2022				2021
Grant-date fair value		$	6.05				-
Volatility factor			65.38	%			-
Dividend yield			-				-
Risk-free interest rate			.92	%			-
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, 2022 and 2021:

 Summary of Activity of Stock Options

		Number of Shares				Weighted Average Exercise Price Per Share				Weighted Aggregate Average Remaining Contract Life in Years				Intrinsic Value
Outstanding at April 1, 2020			227,700			$	5.65				4.83			$	-
Granted			-				-
Exercised			(36,500	)			6.78
Forfeited or Expired			(35,200	)			6.14
Outstanding at March 31, 2021			156,000			$	5.28				5.53			$	555,100
Granted			31,000				8.51
Exercised			(72,750	)			6.30
Forfeited or Expired			-				-
Outstanding at March 31, 2022			114,250			$	5.51				7.40			$	1,221,670
Vested at March 31, 2022			52,750			$	4.68				6.24			$	607,800
Exercisable at March 31, 2022			52,750			$	4.68				6.24			$	607,800

Schedule of Other Information Pertaining to Option Activity

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

 Schedule of Other Information Pertaining to Option Activity

			2022				2021
Weighted average grant-date fair value of stock options granted (per share)		$	6.05			$	-
Total fair value of options vested		$	55,460			$	55,460
Total intrinsic value of options exercised		$	588,889			$	72,981

Summary of Information About Options Outstanding

The following table summarizes information about options outstanding at March 31, 2022:

 Summary of Information About Options Outstanding

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				38,000			$	3.34
	4.84 – 5.97				36,250				4.84
	5.98 – 7.00				9,000				7.00
	7.01 – 8.51				31,000				8.51
$	3.34 – 8.51				114,250			$	5.51				7.40			$	1,221,670

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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

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