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STOCK COMPENSATION | 6 Months Ended
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Sep. 30, 2021
Equity [Abstract] |
STOCK COMPENSATION | 8. STOCK COMPENSATION The following tables summarize share-based compensation expenses relating to RSUs and stock options and the effect on basic and diluted loss per common share during the three and six month periods ended September 30, 2021 and 2020:
Share-based compensation expense relating to RSUs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended September 30, 2021 |  |  | Three Months Ended September 30, 2020 |  |  | Six Months Ended September 30, 2021 |  |  | Six Months Ended September 30, 2020 |
Vesting of stock options and restricted stock units |  | $ | 201,061 |  |  | $ | 167,042 |  |  | $ | 321,216 |  |  | $ | 251,249 |
Total stock-based compensation expense |  | $ | 201,061 |  |  | $ | 167,042 |  |  | $ | 321,216 |  |  | $ | 251,249 |
Weighted average number of common shares outstanding – basic and diluted |  |  | 15,386,486 |  |  |  | 12,070,592 |  |  |  | 14,114,639 |  |  |  | 10,845,049 |
Basic and diluted loss per common share attributable to stock-based compensation expense |  | $ | (0.01 | ) |  | $ | (0.01 | ) |  | $ | (0.02 | ) |  | $ | (0.02 | )
All of the stock-based compensation expense recorded during the six months ended September 30, 2021 and 2020, an aggregate of $321,216 and $251,249, respectively, is included in payroll and related expense in the accompanying condensed consolidated statements of operations. Stock-based compensation expense recorded during the six months ended September 30, 2021 and 2020 represented an impact on basic and diluted loss per common share of $(0.02) and $(0.02), respectively. We review share-based compensation on a quarterly basis for changes to the estimate of expected award forfeitures based on actual forfeiture experience. The cumulative effect of adjusting the forfeiture rate for all expense amortization is recognized in the period the forfeiture estimate is changed. The effect of forfeiture adjustments for the six months ended September 30, 2021 was insignificant. Stock Option Activity During the six months ended September 30, 2021, we issued a stock option grant to our Chief Executive Officer, or CEO, for the purchase of 266,888 shares of our common stock under our 2020 Plan. The purchase price for the shares subject to the option is $5.17 per share, the fair market value of the common stock on the date of the grant. The shares subject to the option are subject to vesting over four years, commencing on the date of grant, or Vesting Commencement Date, with twenty-five percent (25%) of the shares subject to the option vesting on the first anniversary of the Vesting Commencement Date and the remaining shares vesting in equal monthly installments over the following thirty-six (36) months, in each case subject to Dr. Fisher’s Continuous Service (as defined in the 2020 Plan) through each vesting date. From February 2020 through May 2020, our compensation committee granted 521,476 stock options that were contingent upon stockholder approval of the 2020 Plan at the Aethlon 2020 Annual Meeting of Stockholders. Upon approval of the 2020 Plan at that meeting, these option grants were considered effective and no longer contingent as of that date. Under the 2020 Plan, up to 1,842,556 shares of common stock are authorized for issuance, pursuant to the grant of stock options, RSUs or other forms of stock-based compensation. Stock options outstanding that have vested as of September 30, 2021 and stock options that are expected to vest subsequent to September 30, 2021 are as follows:
Options outstanding that have vested and are expected to vest |  |  |  |  |  |  |  |  |
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term in Years |
Vested |  |  | 87,685 |  |  | $ | 8.10 |  |  |  | 7.98 |
Expected to vest |  |  | 908,896 |  |  | $ | 2.78 |  |  |  | 9.19 |
Total |  |  | 996,581 |  |  |  |  |  |  |  |  |
A summary of stock option activity during the six months ended September 30, 2021 is presented below:
Schedule of stock option activity |  |  |  |  |  |  |  |  |
|  | Amount |  |  | Range of Exercise Price |  |  | Weighted Average Exercise Price |
Stock options outstanding at March 31, 2021 |  |  | 844,089 |  |  | $ | 1.28 - 142.50 |  |  | $ | 3.07 |
Exercised |  |  | (11,562 | ) |  | $ | 2.45 |  |  | $ | 2.45 |
Granted |  |  | 266,888 |  |  | $ | 5.17 |  |  | $ | 5.17 |
Cancelled/Expired |  |  | (102,834 | ) |  | $ | 2.45 – 25.20 |  |  | $ | 6.83 |
Stock options outstanding at September 30, 2021 |  |  | 996,581 |  |  | $ | 1.28 - 142.50 |  |  | $ | 3.25 |
Stock options exercisable at September 30, 2021 |  |  | 87,685 |  |  | $ | 1.28 - 142.50 |  |  | $ | 7.98 |
On September 30, 2021, our outstanding stock options had an intrinsic value of approximately $610,000 based on our closing share price of $3.86 on that date. At September 30, 2021, there was approximately $3,521,000 of unrecognized compensation cost related to share-based payments, which is expected to be recognized over a weighted average period of 4.4 years.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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