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Stock-based Compensation
 3 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation

5. Stock-based Compensation

 

The Company recognized compensation expense of $25,571 and $13,865 related to vesting stock options in general and administrative expense in the Consolidated Statements of Operations for the first quarter of fiscal 2023 and 2022, respectively. The total cost related to non-vested awards not yet recognized at June 30, 2022 totals $188,537, which is expected to be recognized over a weighted average of 2.14 years.

 

The following table is a summary of stock options activity for the three months ended June 30, 2022:

 

   Number of Shares   Weighted Average Exercise Price Per Share   Weighted Aggregate Average Remaining Contract Life
in Years		   Intrinsic Value 
Outstanding at April 1, 2022   114,250   $5.51   7.40   $1,221,670 
Granted   -    -           
Exercised   -    -           
Forfeited or Expired   -    -           
Outstanding at June 30, 2022   114,250   $5.51    7.15   $1,334,778 
                     
Vested at June 30, 2022   52,750   $4.68    5.99   $660,023 
Exercisable at June 30, 2022   52,750   $4.68    5.99   $660,023 

 

During the three months ended June 30, 2022 and 2021, no stock options were granted.

 

During the three months ended June 30, 2022, no stock options were exercised. During the three months ended June 30, 2021, stock options covering 5,000 shares were exercised with a total intrinsic value of $15,036. The Company received proceeds of $34,000 from these exercises.

 

No forfeiture rate is assumed for stock options granted to directors or employees due to the forfeiture rate history for these types of awards. During the three months ended June 30, 2022 and 2021, there were no stock options forfeited or expired.

 

Outstanding options at June 30, 2022 expire between August 2024 and July 2031 and have exercise prices ranging from $3.34 to $8.51.