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Stock-based Compensation (Tables) | 12 Months Ended
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Mar. 31, 2023
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 2023 and 2022. 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, |
|  | 2023 |  |  | 2022 |
Grant-date fair value |  | $ | 12.44 |  |  | $ | 6.05 |
Volatility factor |  |  | 57.3 | % |  |  | 65.38 | %
Dividend yield |  |  | - |  |  |  | - |
Risk-free interest rate |  |  | 3.15 | % |  |  | .92 | %
Expected term (in years) |  |  | 6.25 |  |  |  | 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, 2023 and 2022: 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, 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 |
Granted |  |  | 31,000 |  |  |  | 18.05 |  |  |  |  |  |  |  |  |
Exercised |  |  | (5,000 | ) |  |  | 3.34 |  |  |  |  |  |  |  |  |
Forfeited or Expired |  |  | (1,000 | ) |  |  | 7.22 |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2023 |  |  | 139,250 |  |  | $ | 8.36 |  |  |  | 7.04 |  |  | $ | 419,853 |
Vested at March 31, 2023 |  |  | 75,750 |  |  | $ | 5.02 |  |  |  | 5.70 |  |  | $ | 481,648 |
Exercisable at March 31, 2023 |  |  | 75,750 |  |  | $ | 5.02 |  |  |  | 5.70 |  |  | $ | 481,648 |
Summary of Information About Options Outstanding | Other information pertaining to option activity was as follows during the year ended March 31: Schedule of Other Information Pertaining to Option Activity
|  | 2023 |  |  | 2022 |
Weighted average grant-date fair value of stock options granted (per share) |  | $ | 12.44 |  |  | $ | 6.05 |
Total fair value of options vested |  | $ | 102,348 |  |  | $ | 55,460 |
Total intrinsic value of options exercised |  | $ | 47,575 |  |  | $ | 588,889 |
The following table summarizes information about options outstanding at March 31, 2023: 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 |  |  | 32,750 |  |  | $ | 3.34 |  |  |  |  |  |  |  |  |
4.84 – 5.97 |  |  | 36,250 |  |  |  | 4.84 |  |  |  |  |  |  |  |  |
5.98 – 7.00 |  |  | 9,000 |  |  |  | 7.00 |  |  |  |  |  |  |  |  |
7.01 – 8.51 |  |  | 30,250 |  |  |  | 8.51 |  |  |  |  |  |  |  |  |
8.52 – 18.05 |  |  | 31,000 |  |  |  | 18.05 |  |  |  |  |  |  |  |  |
$ 3.34 – 18.05 |  |  | 139,250 |  |  | $ | 8.36 |  |  |  | 7.04 |  |  | $ | 419,853 |
Summary of Information About Options Outstanding | The following table summarizes information about options outstanding at March 31, 2023: 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 |  |  | 32,750 |  |  | $ | 3.34 |  |  |  |  |  |  |  |  |
4.84 – 5.97 |  |  | 36,250 |  |  |  | 4.84 |  |  |  |  |  |  |  |  |
5.98 – 7.00 |  |  | 9,000 |  |  |  | 7.00 |  |  |  |  |  |  |  |  |
7.01 – 8.51 |  |  | 30,250 |  |  |  | 8.51 |  |  |  |  |  |  |  |  |
8.52 – 18.05 |  |  | 31,000 |  |  |  | 18.05 |  |  |  |  |  |  |  |  |
$ 3.34 – 18.05 |  |  | 139,250 |  |  | $ | 8.36 |  |  |  | 7.04 |  |  | $ | 419,853 |

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