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Stock-based Compensation
 6 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation

5. Stock-based Compensation

 

The Company recognized stock-based compensation expense of $51,630 and $58,848 in general and administrative expense in the Consolidated Statements of Operations for the three months ended September 30, 2024 and 2023, respectively. Stock-based compensation expense recognized for the six months ended September 30, 2024 and 2023 was $104,069 and $113,823, respectively. The total cost related to non-vested awards not yet recognized at September 30, 2024 totals $381,743 which is expected to be recognized over a weighted average of 2.04 years.

 

During the six months ended September 30, 2024, no stock options were granted. During the six months ended September 30, 2023, the Compensation Committee of the Board of Directors approved and the Company granted 32,000 stock options exercisable at $12.68 per share with an estimated fair value of $279,360. These options are exercisable at a price not less than the fair market value of the stock at the date of grant, have an exercise period of ten years and generally vest over four years.

 

 

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, 2024 and 2023. All such amounts represent the weighted average amounts.

  

   Six Months Ended 
   September 30 
   2024   2023 
Grant-date fair value   -   $8.73 
Volatility factor   -    56.5%
Dividend yield   -    - 
Risk-free interest rate   -    3.44%
Expected term (in years)   -    6.25 

 

The following table is a summary of activity of stock options for the six months ended September 30, 2024:

 

   Number of Shares   Weighted Average Exercise Price   Weighted Average Remaining Contract Life in Years   Intrinsic Value 
Outstanding at April 1, 2024   165,750   $9.36    6.62   $103,275 
Granted   -    -           
Exercised   (12,367)   6.28           
Forfeited or Expired   (2,500)   -           
Outstanding at September 30, 2024   150,883   $9.52    6.48   $395,520 
                     
Vested at September 30, 2024   105,508   $7.69    5.81   $469,298 
Exercisable at September 30, 2024   105,508   $7.69    5.81   $469,298 

 

During the six months ended September 30, 2024, stock options covering 12,367 shares were exercised with a total intrinsic value of $92,316. The Company received proceeds of $77,641 from these exercises. During the six months ended September 30, 2023, stock options covering 500 shares were exercised with a total intrinsic value of $2,416. The Company received proceeds of $2,962 from these exercises.

 

During the six months ended September 30, 2024, 1,875 unvested stock options and 625 vested stock options were forfeited due to the resignation of an employee. There were no stock options forfeited or expired during the six months ended September 30, 2023. No forfeiture rate is assumed for stock options granted to directors or employees due to the forfeiture rate history of these types of awards.

 

Outstanding options at September 30, 2024 expire between September 2028 and April 2033 and have exercise prices ranging from $3.34 to $18.05.