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STOCK COMPENSATION
 6 Months Ended
Sep. 30, 2025
Equity [Abstract]  
STOCK COMPENSATION

8. STOCK COMPENSATION

 

All of the stock-based compensation expense recorded during the three and six months ended September 30, 2025 and 2024, aggregating $72,442 and $113,493 for the three-month periods and $144,884 and $252,821 for the six-month periods, respectively, is included in payroll and related expense in the accompanying condensed consolidated statements of operations. Stock-based compensation expense recorded during the three and six months ended September 30, 2025 and 2024 represented an impact on basic and diluted loss per common share of $(0.18) and $(0.65) for the three-month periods and $(0.47) and $(1.89) for the six-month periods, respectively.

 

Stock Option Activity

 

We did not issue any stock options during the six-months ended September 30, 2025 and 2024.

 

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

            
   Number of
Shares		   Weighted
Average
Exercise
Price		   Weighted
Average
Remaining
Contractual
Term in
Years		 
Vested   624   $1,314.86    5.57 
Expected to vest   35   $1,128.00    6.36 
Total   659           

 

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

                 
    Amount     Range of
Exercise Price		     Weighted
Average
Exercise
Price		  
Outstanding at beginning of year     659     $ 1,024.00 – 2,016.00     $ 1,305  
Granted     –     $ –     $ –  
Cancelled/Expired     –     $ –     $ –  
Outstanding September 30, 2025     659     $ 1,024.00 – 2,016.00     $ 1,305  
Exercisable, September 30, 2025     624     $ 1,024.00 – 2,016.00     $ 1,315  

 

There were no stock option grants during the three months ended September 30, 2025 and 2024. There were no RSUs granted during the three months ended September 30, 2025. There were no stock option exercises during the three months ended September 30, 2025 and 2024. On September 30, 2025, our outstanding stock options had no intrinsic value, since the closing share price on that date of $7.49 per share was below the exercise price of our outstanding stock options.

 

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

        
   Shares   Weighted Average Grant Date Fair Value 
Nonvested stock options at April 1, 2025   76   $1.37 
Vested   (41)  $1.37 
Forfeited   –      
Nonvested stock options at September 30, 2025   35      

 

The detail of the options outstanding and exercisable as of September 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		  
$ 1,024.00 – 1,128.00     507     5.72 years     $ 1,091.90     472     $ 1,089.00  
$ 2,016.00     152     5.26 years     $ 2,016.00     152     $ 2,016.00  
        659                   624          

 

The table below summarizes restricted stock units as of September 30, 2025 and changes during the six months ended September 30, 2025.

    
   Shares 
Nonvested RSUs at April 1, 2025   – 
Granted   7,144 
Vested   (3,572)
Tax withholding payments or tax equivalent payments for net share settlement of restricted stock units   (893)
Nonvested RSUs at September 30, 2025   2,679 

 

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

        
   Six Months Ended 
   September 30, 2025   September 30, 2024 
Vesting of restricted stock units  $100,000   $118,750 
Vesting of stock options   44,884    134,071 
Total Stock-Based Compensation  $144,884   $252,821 

 

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 September 30, 2025 was insignificant.

 

At September 30, 2025, there was approximately $133,363 of unrecognized compensation cost related to share-based payments, which is expected to be recognized over a weighted average period of 0.46 years.