Stock-based Compensation (Tables)

9 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binomial Models

Included in the following table is a summary of the grant-date fair value of stock options granted and the related assumptions used in the Binomial models for stock options granted during the nine months ended December 31, 2021 and 2020. All such amounts represent the weighted average amounts.

	NIne Months Ended
	December 31
	2021			2020
Grant-date fair value	$	6.05			-
Volatility factor		65.38	%		-
Dividend yield		-			-
Risk-free interest rate		0.92	%		-
Expected term (in years)		6.25			-

Summary of Activity of Stock Options

The following table is a summary of activity of stock options for the nine months ended December 31, 2021:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contract Life in Years		Intrinsic Value
Outstanding at April 1, 2021		156,000		$	5.28		5.53	$	555,100
Granted		31,000			8.51
Exercised		(45,000	)		6.57
Forfeited or Expired		-			-
Outstanding at December 31, 2021		142,000		$	5.58		6.78	$	539,850
Vested at December 31, 2021		70,250		$	5.35		4.94	$	282,775
Exercisable at December 31, 2021		70,250		$	5.35		4.94	$	282,775