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Stock-based Compensation
 3 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation

5. Stock-based Compensation

 

The Company recognized compensation expense of $51,208 and $52,439 related to vesting stock options in general and administrative expense in the Consolidated Statements of Operations for the first quarter of fiscal 2026 and 2025, respectively. The total cost related to non-vested awards not yet recognized at June 30, 2025 totals $228,965, which is expected to be recognized over a weighted average of 1.19 years.

 

During the three months ended June 30, 2025 and 2024, no stock options were granted.

 

During the three months ended June 30, 2025, there were no stock options exercised. During the three months ended June 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.

 

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, 2025, there were no stock options forfeited or expired. During the three months ended June 30, 2024, 1,875 unvested stock options were forfeited due to the resignation of an employee.

 

The following table is a summary of stock options activity for the three months ended June 30, 2025:

 

   Number of
Shares		   Weighted
Average
Exercise Price
Per Share		   Weighted
Aggregate
Average Remaining
Contract Life
in Years		   Intrinsic
Value		 
Outstanding at April 1, 2025   150,883   $9.52    5.98   $- 
Granted   -    -           
Exercised   -    -           
Forfeited or Expired   -    -           
Outstanding at June 30, 2025   150,883   $9.52    5.73   $- 
                     
Vested at June 30, 2025   113,133   $8.03    5.24   $95,235 
Exercisable at June 30, 2025   113,133   $8.03    5.24   $95,235 

 

Outstanding options at June 30, 2025 expire between September 2028 and April 2033 and have exercise prices ranging from $3.34 to $18.05.