STOCK-BASED COMPENSATION

6 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement [Text Block]

NOTE 14 – STOCK-BASED COMPENSATION

As of September 30, 2023, 9 million restricted share units (RSUs), fair valued at $5.7 million with a weighted average value of $0.64 per share, have been granted but not yet issued from different Incentive Plans and Grants. This includes 4.7 million RSUs granted to employees and directors, which consists of a vesting schedule based entirely on the attainment of both operational milestones and market conditions, assuming continued employment either as an employee or director with the Company. The performance-based RSUs are accounted upon certification by Management, confirming the probability of achievement of milestones. As of September 30, 2023, Management confirmed three of the milestones had been achieved, and the rest were considered probable to be achieved by March 31, 2028.

Additionally, options held by advisors and directors to purchase 150 thousand shares of common stock fair valued at $69 thousand with a weighted average of $0.46 per share have been granted but are to be exercised over a service period ending in Fiscal 2031. Options exercised before the service period are expensed when exercised.

The options are valued using a Black-Scholes Pricing Model and Market based RSUs are valued based on a lattice model, with the following assumptions:

	Granted in Fiscal 2024			Granted in Fiscal 2023
Expected life of options	5 years			5 years
Vested options		100	%		100	%
Risk-free interest rate		3.49	%		2.64	%
Expected volatility		280	%		285	%
Expected dividend yield	Nil			Nil

The expense associated with share-based payments to employees, directors, advisors, and contractors is allocated over the vesting or service period and recognized in the Selling, General, and Administrative expenses (including research and development). For the six months ended September 30, 2023, the Company’s share-based expense and option-based expense shown in Selling, General and Administrative expenses (including research and development) were $901 thousand and $6 thousand, respectively, and for the six months ended September 30, 2022, the Company’s share-based expense and option-based expense was $1.8 million and $17 thousand, respectively.

Non-vested shares	Shares (in thousands) (#)			Weighted average grant date fair value ($)
Non-vested shares as of March 31, 2023		4,429			1.01
Granted		4,300			0.26
Vested		(197	)		0.30
Cancelled/forfeited		-			-
Non-vested shares as of September 30, 2023		8,532			0.65

Options	Shares (in thousands) (#)		Weighted average grant date fair value ($)		Weighted average exercise price ($)
Options outstanding as of March 31, 2023		150		1.39		0.30
Granted		-		-		-
Exercised		-		-		-
Cancelled/forfeited		-		-		-
Options outstanding as of September 30, 2023		150		1.39		0.30

There was a combined unrecognized expense of $2.7 million related to non-vested shares and share options that the Company expects to be recognized over the weighted average life of 5 years.