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Stock-based Compensation (Tables)
 12 Months Ended
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.

 

   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:

 

   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:

 

   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:

 

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:

 

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