Stock-Based Compensation

9 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 9. Stock-Based Compensation

Stock-based compensation expense is as follows:  

	Three Months Ended December 31,				Nine Months Ended December 31,
(In thousands)	2021		2020		2021		2020
Cost of revenues	$	–	$	–	$	–	$	(27	)
Research and development		–		–		–		26
Selling, general and administrative		56		93		170		317
Total stock-based compensation	$	56	$	93	$	170	$	316

At December 31, 2021, there were unrecognized compensation costs of $441,549 related to stock options which is expected to be recognized over a weighted-average amortization period of 2.02 years.

At December 31, 2021, there were no unrecognized compensation costs related to restricted stock.

Stock options award activity is as follows: 

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Contractual Term		Aggregate Intrinsic Value
Outstanding at April 1, 2021		267,569		$	25.16		–	$	–
Options granted		–			–		–		–
Options exercised		(44,042	)		4.38		–		154,597
Options forfeited		(3,500	)		8.03		–		–
Options expired		(13,996	)		96.25		–		–
Outstanding at December 31, 2021		206,031		$	25.06		7.47	$	8,152
Exercisable at December 31, 2021		86,200		$	48.74		5.32	$	8,152

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the underlying stock options and the fair value of the Company’s common stock, or $4.56 per share at December 31, 2021.

Restricted stock award activity is as follows: 

	Number of Shares		Weighted Average Award Date Fair Value per Share
Unvested restricted stock awards outstanding at April 1, 2021		833	$	13.68
Restricted stock awards granted		–		–
Restricted stock awards vested		833		13.68
Restricted stock awards forfeited		–		–
Unvested restricted stock awards outstanding at December 31, 2021		–	$	–

The Company did not capitalize any cost associated with stock-based compensation.

The Company issues new shares of common stock upon exercise of stock options or release of restricted stock awards.

The Company issues new shares of common stock upon exercise of stock-based awards.