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CAPITAL STOCK
 12 Months Ended
Mar. 31, 2024
Equity [Abstract]  
CAPITAL STOCK

NOTE 13 – CAPITAL STOCK

 

Our authorized capital consists of 200,000,000 shares of common stock with a par value of $0.001 per share.

 

During the year ended March 31, 2022, we issued 23,385,780 shares of common stock as follows:

 

  ● 20,000,000 shares were issued in connection with our merger of Gemini Direct Investments, LLC valued at $142,691,282
  ● 431,080 shares were issued to investors for exercised warrants valued for $943,907
  ● 374,584 shares were issued for cashless exercise of 443,110 warrants
  ● 772,450 shares valued at $1,631,701 were issued for services and equipment provided to the Company
  ● 1,807,666 shares valued at $5,759,000 were issued to employees, members of the Board of Directors, and members of the Advisory Committee as compensation

 

During the year ended March 31, 2023, we issued 2,077,059 shares of common stock as follows:

 

  ● 200,003 shares were issued to investors for exercised warrants valued for $101,506
  ● 99,762 shares were issued for cashless exercise of 100,000 warrants
  ● 1,777,294 shares valued at $5,807,779 were issued to employees, members of the Board of Directors, and members of the Advisory Committee as compensation

 

During the year ended March 31, 2024, we issued 1,968,701 shares of common stock as follows:

 

  ● 31,750 shares were issued to investors for exercised warrants valued for $76,200
  ● 1,936,951 shares valued at $4,082,108 were issued to employees, members of the Board of Directors, and members of the Advisory Committee as compensation

 

At March 31, 2024, 2023, and 2022, outstanding and exercisable stock purchase warrants consisted of the following:

   Number of
Shares		  

Weighted

Averaged
Exercise Price

   Weighted
Average Life
Remaining (Years)		 
Outstanding at March 31, 2021   3,607,945   $2.31    3.24 
Granted   200,000    0.01    3.92 
Exercised   (874,190)   1.76    - 
Forfeited or cancelled   -    -    - 
Outstanding at March 31, 2022   2,933,755   $2.32    2.29 
Exercisable at March 31, 2022   2,933,755   $2.32    2.29 

 

   Number of
Shares		  

Weighted

Averaged
Exercise Price

   Weighted
Average Life
Remaining (Years)		 
Outstanding at March 31, 2022   2,933,755   $2.32    2.29 
Granted   150,000    0.01    4.5 
Exercised   (300,003)   0.34    - 
Forfeited or cancelled   (322,806)   2.00    - 
Outstanding at March 31, 2023   2,460,946   $2.46    1.59 
Exercisable at March 31, 2023   2,460,946   $2.46    1.59 

 

   Number of
Shares		  

Weighted

Averaged
Exercise Price

   Weighted
Average Life
Remaining (Years)		 
Outstanding at March 31, 2023   2,460,946   $2.46    1.59 
Exercised   (31,750)   2.40    - 
Forfeited or cancelled   (720,366)   3.19    - 
Outstanding at March 31, 2024   1,708,830   $2.16    1.09 
Exercisable at March 31, 2024   1,708,830   $2.16    1.09 

 

As of March 31, 2024, we had 1,708,830 warrants outstanding. Each warrant provides the holder the right to purchase up to one share of our Common Stock at a predetermined exercise price. The outstanding warrants consist of (1) warrants to purchase 911 shares of Common Stock at an exercise price of $1.65 per share until April 2025; (2) warrants to purchase 1,244,108 shares of our Common Stock at an exercise price of $2.00 per share consisting of approximately 1% of the warrants until August 2024, and approximately 99% until February 2026; (3) warrants to purchase 77,500 shares of Common Stock at an exercise price of $2.40 until September 2024, and (4) warrants to purchase 386,311 shares of Common Stock at an exercise price of $2.63 until November 2025.

 

Option Granted

 

During the year ended March 31, 2024, we granted stock options (“Options”) to purchase 400,000 shares of our Common Stock to our Chief Executive Officer, of which (i) 100,000 Options shall vest on the Effective Date, and (ii) 300,000 Options shall vest in equal quarterly installments of 25,000 over 3 years beginning on the first quarter ended September 30, 2023. The Options shall (a) be exercisable at an exercise price per share equal to the closing market price of the Company’s common stock on the date of the grant, (b) have a term of ten years, and (c) be on such other terms as shall be determined by the Board (or the Compensation Committee of the Board) and set forth in a customary form of stock option agreement under the Plan evidencing the Options. We recognized $430,457 in expense related to the Options for year ended March 31, 2024.

Number of Options   400,000 
Option Vesting Period   Up to 3 years 
Per share grant price  $2.08 
Dividend yield   - 
Expected volatility   83.5%
Risk-free interest rate   4.13%
Expected life (years)   5.75 
Weighted average fair value  $1.50 

 

 

AMMO, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS