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STOCK COMPENSATION

3 Months Ended

Jun. 30, 2025

Equity [Abstract]

STOCK COMPENSATION

8. STOCK COMPENSATION

All of the stock-based compensation expense recorded during the three months ended June 30, 2025 and 2024, an aggregate of $72,442 and $139,328, 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 three months ended June 30, 2025 and 2024 represented an impact on basic and diluted loss per common share of $(0.03) and $(0.15), respectively.

Stock Option Activity

We did not issue any stock options during the three months ended June 30, 2025 and 2024.

Stock options outstanding that have vested as of June 30, 2025 and stock options that are expected to vest subsequent to June 30, 2025 are as follows:

Schedule of stock options outstanding
		Number of Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term in Years
Vested			6,000			$	132.13				5.80
Expected to vest			546			$	112.80				6.62
Total			6,546

A summary of stock option activity during the three months ended June 30, 2025 is presented below:

Schedule of stock option activity
		Amount				Range of Exercise Price				Weighted Average Exercise Price
Outstanding at beginning of year			6,546			$	112.80 – 201.60			$	130.52
Granted			–			$	–			$	–
Cancelled/Expired			–			$	–			$	–
Outstanding June 30, 2025			6,546			$	112.80 – 201.60			$	130.52
Exercisable, June 30, 2025			6,000			$	112.80 – 201.60			$	132.13

There were no stock option grants during the three months ended June 30, 2025 and 2024. There were 71,432 RSUs granted during the three months June 30, 2025. The weighted average grant date fair value of RSUs granted during the three months ended June 30, 2025 was $2.80. There were no stock option exercises during the three months ended June 30, 2025 and 2024. On June 30, 2025, our outstanding stock options had no intrinsic value, since the closing share price on that date of $1.20 per share was below the exercise price of our outstanding stock options.

The table below summarizes nonvested stock options as of June 30, 2025 and changes during the three months ended June 30, 2025.

Schedule of non vested stock options
		Shares				Weighted Average Grant Date Fair Value
Nonvested stock options at April 1, 2025			751			$	1.37
Vested			(205	)		$	1.37
Forfeited			–
Nonvested stock options at June 30, 2025			546

The detail of the options outstanding and exercisable as of June 30, 2025 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
$	102.40 – 112.80			5,034			5.97 years			$	109.17			4,488			$	108.73
$	201.60			1,512			5.52 years			$	201.60			1,512			$	201.60
				6,546										6,000

We recorded stock-based compensation expense related to RSU issuances and to options granted totaling $72,442 and $139,328 for the three months ended June 30, 2025 and 2024, respectively. These expenses were recorded as stock compensation included in payroll and related expenses in the accompanying consolidated statement of operations for the three months ended June 30, 2025 and 2024.

The table below summarizes restricted stock units as of June 30, 2024 and changes during the three months ended June 30, 2025.

Schedule of RSUs
		Shares
Nonvested RSUs at April 1, 2025			–
Granted			71,432
Vested			(13,393	)
Tax withholding payments or tax equivalent payments for net share settlement of restricted stock units			(4,465	)
Nonvested RSUs at June 30, 2025			53,574

Our total stock-based compensation for the three months ended June 30, 2025 and 2024 included the following:

Schedule of stock-based compensation
		Three Months Ended
		June 30, 2025				June 30, 2024
Vesting of restricted stock units		$	50,000			$	68,750
Vesting of stock options			22,442				70,578
Total Stock-Based Compensation		$	72,442			$	139,328

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 three months ended June 30, 2024 was insignificant.

On June 30, 2025, our outstanding stock options had no intrinsic value since the closing price on that date of $1.20 per share was below the weighted average exercise price of our outstanding stock options.

At June 30, 2025, there was approximately $206,106 of unrecognized compensation cost related to share-based payments, which is expected to be recognized over a weighted average period of .71 years.