Stock-based Compensation (Tables)

9 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binominal 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, 2022 and 2021. All such amounts represent the weighted average amounts.

	NIne Months Ended
	December 31
	2022			2021
Grant-date fair value	$	12.44		$	6.05
Volatility factor		57.3	%		65.38	%
Dividend yield		-			-
Risk-free interest rate		3.15	%		0.92	%
Expected term (in years)		6.25			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, 2022		114,250		$	5.51		7.40	$	1,221,670
Granted		31,000			18.05
Exercised		(5,000	)		3.34
Forfeited or Expired		-			-
Outstanding at December 31, 2022		140,250		$	8.36		7.29	$	578,290
Vested at December 31, 2022		65,500		$	5.28		5.76	$	471,288
Exercisable at December 31, 2022		65,500		$	5.28		5.76	$	471,288