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Stock Options and Restricted Shares (Tables) | 12 Months Ended
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Mar. 31, 2024
Stock Options and Restricted Shares [Abstract] |
Schedule of Fair Value Options Granted | The fair value of options granted to employees and directors in fiscal year 2020 was $0.33 per stock option, which was estimated on the date of grant using the Black-Scholes Option Valuation Model:
|  | 2020 |
Exercise price |  | $ | 1.97 |
Risk-free interest rate |  |  | 1.66 | %
Expected life |  |  | 2.5 years |
Expected volatility |  |  | 41.83 | %
Expected dividend yield |  |  | 8 | %
The fair value of options granted to directors in fiscal year 2021 was $0.66 per stock option. It was estimated on the date of grant using the Black-Scholes Option Valuation Model:
|  | 2021 |
Exercise price |  | $ | 2.42 |
Risk-free interest rate |  |  | 0.22 | %
Expected life |  |  | 2.5 years |
Expected volatility |  |  | 53.56 | %
Expected dividend yield |  |  | 8 | %
Schedule of Stock Option Activity | A summary of stock option activity during the years ended March 31, 2022, 2023 and 2024 is as follows:
|  |  |  |  |  |  |  | Weighted |
|  |  |  |  | Weighted |  |  | average |
|  | Number of |  |  | average |  |  | remaining |
|  | stock |  |  | exercise |  |  | contractual |
|  | options |  |  | price |  |  | life (years) |
|  |  |  |  | $ |  |  |  |
Outstanding as of April 1, 2021 |  |  | 365,000 |  |  |  | 1.97 |  |  |  | 3.36 |
Exercised |  |  | (10,000 | ) |  |  | - |  |  |  | - |
Cancelled |  |  | (5,000 | ) |  |  | - |  |  |  | - |
Outstanding as of March 31, 2022 |  |  | 350,000 |  |  |  | 1.97 |  |  |  | 2.36 |
Exercised |  |  | (50,000 | ) |  |  | - |  |  |  | - |
Cancelled |  |  | (75,000 | ) |  |  | - |  |  |  | - |
Outstanding as of March 31, 2023 |  |  | 225,000 |  |  |  | 1.97 |  |  |  | 1.36 |
Exercised |  |  | (30,000 | ) |  |  | - |  |  |  | - |
Cancelled |  |  | - |  |  |  | - |  |  |  | - |
Outstanding as of March 31, 2024 |  |  | 195,000 |  |  |  | 1.97 |  |  |  | 0.36 |
Exercisable as of March 31, 2023 |  |  | 225,000 |  |  |  | 1.97 |  |  |  | 1.36 |
Exercisable as of March 31, 2024 |  |  | 195,000 |  |  |  | 1.97 |  |  |  | 0.36 |
Schedule of Restricted Shares Activity | A summary of restricted shares activity during the year ended March 31, 2024 is as follows:
|  | Number of |  |  | Weighted |
|  | non-vested |  |  | average |
|  | restricted |  |  | grant date |
|  | shares |  |  | fair value |
|  |  |  |  | $ |
Outstanding as of April 1, 2023 |  |  | 190,000 |  |  |  | 2.13 |
Granted |  |  | 300,000 |  |  |  | - |
Forfeited |  |  | (15,000 | ) |  |  | - |
Outstanding as of March 31, 2024 |  |  | 475,000 |  |  |  | 1.95 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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