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

5. Stock-based Compensation

 

The Company recognized stock-based compensation expense of $43,033 and $51,630 in general and administrative expense in the Consolidated Statements of Operations for the three months ended September 30, 2025 and 2024, respectively. Stock-based compensation expense recognized for the six months ended September 30, 2025 and 2024 was $94,241 and $104,069, respectively. The total cost related to non-vested awards not yet recognized at September 30, 2025 totals $185,931 which is expected to be recognized over a weighted average of 1.32 years.

 

During the six months ended September 30, 2025 and 2024, no stock options were granted.

 

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

 

   Number of Shares   Weighted Average Exercise Price   Weighted 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 September 30, 2025   150,883   $9.52    5.48   $- 
                     
Vested at September 30, 2025   128,133   $8.64    5.15   $66,244 
Exercisable at September 30, 2025   128,133   $8.64    5.15   $66,244 

 

During the six months ended September 30, 2025, there were no stock options exercised. 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.

 

No forfeiture rate is assumed for stock options granted to directors or employees due to the forfeiture rate history of these types of awards. There were no stock options forfeited or expired during the six months ended September 30, 2025. 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.

 

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