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Stock-based Compensation (Tables)
 6 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binominal 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 during the six months ended September 30, 2023 and 2022. All such amounts represent the weighted average amounts.

 

   Six Months Ended September 30 
   2023   2022 
Grant-date fair value  $8.73   $18.05 
Volatility factor   56.5%   57.3%
Dividend yield   -    - 
Risk-free interest rate   3.44%   3.15%
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 six months ended September 30, 2023:

 

   Number of Shares   Weighted Average Exercise Price   Weighted Average Remaining Contract Life in Years   Intrinsic Value 
Outstanding at April 1, 2023   139,250   $8.36    7.04   $419,853 
Granted   32,000    12.68           
Exercised   (500)   5.93           
Forfeited or Expired   -    -           
Outstanding at September 30, 2023   170,750   $9.18    7.10   $375,525 
                     
Vested at September 30, 2023   90,500   $6.42    5.72   $448,753 
Exercisable at September 30, 2023   90,500   $6.42    5.72   $448,753