Stock-Based Compensation

9 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 8. Stock-Based Compensation

Stock-based compensation expense is as follows:

For the three months ended December 31, 2023 and 2022, the Company incurred $140,000 and $242,000 of stock-based compensation expense, respectively, and for the nine months ended December 31, 2023 and 2022, the Company incurred $447,000 and $569,000 of stock-based compensation expense, respectively. All stock-based compensation incurred is included in selling, general and administrative expense in the accompanying condensed consolidated statements of comprehensive loss.

At December 31, 2023, there were unrecognized compensation costs of $312,000 related to stock options which are expected to be recognized over a weighted-average amortization period of 1.44 years.

Stock options award activity is as follows:

	Number of Shares			Weighted- Average Exercise Price
Outstanding at April 1, 2023		565,000		$	8.84
Options granted		500,000			0.19
Options forfeited		(49,000	)		32.26
Options expired		(5,000	)		47.39
Outstanding at December 31, 2023		1,011,000		$	3.24
Exercisable at December 31, 2023		605,000		$	4.37

The aggregate intrinsic value of stock options of zero 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 $0.18 per share at December 31, 2023.

	Number of Shares			Weighted Average Award Date Fair Value per Share
Unvested restricted stock awards outstanding at April 1, 2023		–		$	–
Restricted stock awards granted		251,000			1.04
Restricted stock awards vested		(251,000	)		1.04
Unvested restricted stock awards outstanding at December 31, 2023		–		$	–

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

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