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STOCK-BASED COMPENSATION PLANS | 12 Months Ended
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Mar. 31, 2025
Stock-based Compensation Plans |
STOCK-BASED COMPENSATION PLANS | 11. STOCK-BASED COMPENSATION PLANS The Company maintains the 2021 Equity Incentive Plan (the “2021 Plan”), which provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and performance units and performance shares to employees, directors and consultants of the Company or any parent or subsidiary of the Company. The purpose of the 2021 Plan is to enable the Company to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to employees, directors and consultants of the Company or any parent or subsidiary of the Company, and to promote the success of the Company’s business. The Company has 2,519,750 unallocated shares available to grant from the 2021 Plan as of March 31, 2025. The Company has historically granted stock options to non-employees in exchange for the provision of services, both under the 2021 Plan and outside of the 2021 Plan. The Company has granted stock options and time-based restricted stock units (“time-based RSUs”). Stock options granted to date generally have a four 4-year vesting period and vest at a rate of 25% each year on the anniversary date of the grant. Stock options generally expire on the earlier of ten years from the date of grant, or a specified period of time following termination. Time-based RSUs generally vest over a period of four years in accordance with the terms and conditions established by the board of directors, and are based on continued service. Time-based RSUs The fair value of time-based RSUs is determined using the closing price of the Company’s common stock on the date of grant, reduced by the present value of dividends not received during the vesting period. For the time-based RSUs granted during the years ended March 31, 2025 and 2024, the expected annual dividend yield was 0.0%. A summary of time-based RSU activity is presented below: SCHEDULE OF TIME-BASED RSU ACTIVITY
|  |  |  |  | Weighted- |
|  |  |  |  | Average |
|  |  |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Outstanding at March 31, 2023 |  |  | - |  |  |  | - |
Granted |  |  | 300,000 |  |  | $ | 4.10 |
Vested |  |  | (75,000 | ) |  |  | 4.10 |
Outstanding at March 31, 2024 |  |  | 225,000 |  |  |  | 4.10 |
Granted |  |  | 1,105,866 |  |  |  | 1.11 |
Vested |  |  | (285,449 | ) |  |  | 3.31 |
Forfeited |  |  | (445,417 | ) |  |  | 2.78 |
Outstanding at March 31, 2025 |  |  | 600,000 |  |  | $ | 0.99 |
The total stock compensation expense recognized related to vesting of time-based RSUs for the years ended March 31, 2025 and 2024, was $619 and $429, respectively, and was recognized on the accompanying consolidated statements of operations as a component of selling, general and administrative expenses. As of March 31, 2025, the total unrecognized stock-based compensation for time-based RSUs totaled $530 and are expected to be recognized over a weighted average period of 3.7 years. Stock Options The fair value of the share option awards was estimated using the Black-Scholes method using the closing price of the Company’s common stock on the date of grant based on the following weighted-average assumptions: SCHEDULE OF FAIR VALUE OF SHARE OPTION AWARDS
|  | Year Ended |  |  | Year Ended |
|  | March 31, 2025 |  |  | March 31, 2024 |
Expected option term |  |  | 10.0 years |  |  |  | 5.0 - 10.0 years |
Stock price volatility |  |  | 138.4 | % |  |  | 129.1 | %
Risk free interest rate |  |  | 2.09 | % |  |  | 1.74-1.81 | %
Expected annual dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Forfeiture rate |  |  | 29.9 | % |  |  | 25.7 | %
A summary of stock option activity is presented below: SCHEDULE OF STOCK OPTION ACTIVITY
|  |  |  |  |  |  |  | Weighted- |  |  |  |
|  |  |  |  | Weighted- |  |  | Average |  |  |  |
|  |  |  |  | Average |  |  | Remaining |  |  | Aggregate |
|  |  |  |  | Exercise |  |  | Contractual |  |  | Intrinsic |
|  | Options |  |  | Price |  |  | Life (Years) |  |  | Value |
Outstanding at March 31, 2023 |  |  | 299,956 |  |  | $ | 1.60 |  |  |  | 1.94 |  |  | $ | 1,320 |
Granted |  |  | 808,400 |  |  |  | 4.10 |  |  |  |  |  |  |  |  |
Forfeited |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2024 |  |  | 1,108,356 |  |  |  | 3.42 |  |  |  | 3.45 |  |  | $ | 595 |
Granted |  |  | 688,194 |  |  |  | 2.15 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (790,000 | ) |  |  | 3.59 |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2025 |  |  | 1,006,550 |  |  | $ | 2.42 |  |  |  | 2.85 |  |  | $ | 178 |
Vested and expected to vest March 31, 2025 |  |  | 874,724 |  |  | $ | 3.13 |  |  |  | 6.89 |  |  | $ | 178 |
Exercisable at March 31, 2025 |  |  | 562,910 |  |  | $ | 3.22 |  |  |  | 5.77 |  |  | $ | 178 |
The total stock compensation expense recognized related to vesting of stock options for the years ended March 31, 2025 and March 31, 2024 was $715 and $310, respectively, and was recognized on the accompanying consolidated statements of operations as a component of selling, general and administrative expenses. As of March 31, 2025 the total unrecognized stock-based compensation for stock options was $1,035 and is expected to be recognized over a weighted average period of 2.85 years.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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