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STOCK COMPENSATION

9 Months Ended

Dec. 31, 2024

Equity [Abstract]

STOCK COMPENSATION

7. 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 nine-month periods ended December 31, 2024 and 2023:


		Three Months Ended December 31, 2024				Three Months Ended December 31, 2023				Nine Months Ended December 31, 2024				Nine Months Ended December 31, 2023
Vesting of stock options and restricted stock units		$	89,970			$	572,955			$	342,791			$	1,080,250
Total stock-based compensation expense		$	89,970			$	572,955			$	342,791			$	1,080,250

Weighted average number of common shares outstanding – basic and diluted			13,962,266				2,516,511				11,801,655				2,477,282

Basic and diluted loss per common share attributable to stock-based compensation expense		$	(0.01	)		$	(0.23	)		$	(0.03	)		$	(0.44	)

All of the stock-based compensation expense recorded during the nine months ended December 31, 2024 and 2023, an aggregate of $342,791 and $1,080,250, respectively, is included in payroll and related expense in the accompanying condensed consolidated statements of operations. Stock-based compensation expense recorded during each of the nine months ended December 31, 2024 and 2023 represented an impact on basic and diluted loss per common share of $(0.03) and $(0.44), respectively.

Stock Option and RSU Activity

We did not issue any stock options during the nine months ended December 31, 2024 and 2023.

Stock options outstanding that have vested as of December 31, 2024 and stock options that are expected to vest subsequent to December 31, 2024 are as follows:

Schedule of stock options outstanding
		Number of Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term in Years
Vested			62,007			$	17.91				4.47
Expected to vest			7,893			$	14.45				7.08
Total			69,900

A summary of stock option activity during the nine months ended December 31, 2024 is presented below:

Schedule of stock option activity
		Amount				Range of Exercise Price				Weighted Average Exercise Price
Outstanding at beginning of year			86,466			$	6.90 – 25.20			$	22.40
Granted			–			$	–			$	–
Cancelled/Expired			16,566			$	6.90-1,425.00			$	17.32
Outstanding December 31, 2024			69,900			$	12.80 – 25.20			$	17.52
Exercisable, December 31, 2024			62,007			$	12.80 – 25.20			$	17.91

There were no stock option grants during the three months ended December 31, 2024 and 2023. There were no RSUs granted during the three months December 31, 2024 and 2023. There were no stock option exercises during the three months ended December 31, 2024 and 2023. On December 31, 2024, our outstanding stock options had no intrinsic value, since the closing share price on that date of $0.86 per share was below the exercise price of our outstanding stock options.

The table below summarizes nonvested stock options as of December 31, 2024 and changes during the three months ended December 31, 2024.

Schedule of non vested stock options
		Shares				Weighted Average Grant Date Fair Value
Nonvested stock options at April 1, 2024			28,653			$	1.44
Vested			(11,172	)		$	1.67
Forfeited			(9,588	)		$	1.19
Nonvested stock options at December 31, 2024			7,893

The detail of the options outstanding and exercisable as of December 31, 2024 is as follows:


				Options Outstanding												Options Exercisable
Exercise Prices				Number Outstanding				Weighted Average Remaining Life (Years)				Weighted Average Exercise Price				Number Outstanding				Weighted Average Exercise Price
$	12.80 - 16.80				46,730				5.57 years			$	13.71				39,089			$	13.63
$	25.20				23,170				3.14 years			$	25.20				22,918			$	25.20
					69,900												62,007

The table below summarizes RSUs as of December 31, 2024 and changes during the nine months ended December 31, 2024.

Schedule of RSUs
		Shares
Nonvested RSUs at April 1, 2024			4,885
Granted			131,576
Vested			(76,943	)
Tax withholding payments or tax equivalent payments for net share settlement of RSUs			(26,624	)
Nonvested RSUs at December 31, 2024			32,894

Our total stock-based compensation for the three and nine months ended December 31, 2024 and 2023 included the following:

Schedule of stock-based compensation
		Three Months Ended								Nine Months Ended
		December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Vesting of restricted stock units		$	50,000			$	56,250			$	168,750			$	150,000
Vesting of stock options			39,970				516,705				174,041				930,250
Total Stock-Based Compensation		$	89,970			$	572,955			$	342,791			$	1,080,250

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 nine months ended December 31, 2024 was insignificant.

On December 31, 2024, our outstanding stock options had no intrinsic value since the closing price on that date of $0.86 per share was below the weighted average exercise price of our outstanding stock options.

At December 31, 2024, there was approximately $150,990 of unrecognized compensation cost related to share-based payments, which is expected to be recognized over a weighted average period of 0.84 years.