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WARRANTS

12 Months Ended

Mar. 31, 2025

12. WARRANTS

In connection with the IPO (see Note 1) and the securities purchase agreement (see Note 10), the Company issued stock purchase warrants to certain investors that permit the investor to acquire a fixed amount of shares of common stock at a per share price that ranges between $1.45 and $7.50 for a five year term that may be exercised on a cash or cashless basis.

Concurrently with the closing of the IPO, the Company also issued warrants to purchase up to 66,700 shares of Common Stock to the Representative and its designees, at an exercise price of $7.50 per share (the “Underwriter Warrants”). The Underwriter Warrants are exercisable beginning on August 5, 2024, and expire on February 7, 2029.

All issued warrants were determined to be equity-classified at issuance, and as such, were recorded to additional-paid-in capital at such time.

The following table summarizes the shares of the Company’s common stock issuable upon exercise of warrants outstanding at March 31, 2025:

	Warrants Outstanding
	Exercise Price		Number Outstanding		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price
Underwriter Warrants	$	7.50		66,700		3.9	$	7.50
March 2025 Warrant		1.45		56,676		5.0		1.45
	$	1.45 – 7.50		123,376		4.1	$	6.65

The following table summarizes the shares of the Company’s common stock issuable upon exercise of warrants outstanding at March 31, 2024:

Warrants Outstanding

Exercise
Price

Number
Outstanding

Weighted
Average
Remaining
Contractual
Life

(Years)

Weighted
Average
Exercise
Price

Underwriter Warrants

7.50

66,700

4.9

7.50

A summary of warrant activity for the periods presented is as follows:

SCHEDULE OF WARRANTS ACTIVITY

			Weighted-
			Average
			Exercise
	Warrants		Price

Outstanding at March 31, 2023		-	$	-
Granted		66,700		7.50
Outstanding at March 31, 2024		66,700		7.50
Granted		56,676		1.45
Outstanding at March 31, 2025		123,376	$	6.65

The Underwriter Warrants will expire on February 12, 2029 (see Note 10) and the March 2025 Warrants will expire on March 31, 2030 (see Note 10). As of March 31, 2025 the intrinsic value of the outstanding warrants was $8.