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Stock-based Compensation (Tables)
 12 Months Ended
Mar. 31, 2024
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 in fiscal 2024 and 2023. All such amounts represent the weighted average amounts for each period.

 

   For the year ended March 31, 
   2024   2023 
Grant-date fair value  $8.73   $12.44 
Volatility factor   56.52%   57.3%
Dividend yield   -    - 
Risk-free interest rate   3.44%   3.15%
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 years ended March 31, 2024 and 2023:

 

   Number of
Shares		   Weighted
Average
Exercise Price
Per Share		   Weighted
Aggregate
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   (1,000)   7.22           
Outstanding at March 31, 2023   139,250   $8.36    7.04   $419,853 
Granted   32,000    12.68           
Exercised   (5,500)   3.58           
Forfeited or Expired   -    -           
Outstanding at March 31, 2024   165,750   $9.36    6.62   $103,275 
                     
Vested at March 31, 2024   95,500   $6.26    5.26   $355,253 
Exercisable at March 31, 2024   95,500   $6.26    5.26   $355,253 
Schedule of Other Information Pertaining to Option Activity

Other information pertaining to option activity was as follows during the year ended March 31:

 

   2024   2023 
Weighted average grant-date fair value of stock options granted (per share)  $8.73   $12.44 
Total fair value of options vested  $234,025   $102,348 
Total intrinsic value of options exercised  $37,566   $47,575 
Summary of Information About Options Outstanding

The following table summarizes information about options outstanding at March 31, 2024:

 

Range of
Exercise
Prices		   Number
of
Options		   Weighted Average
Exercise Price
Per Share		   Weighted Average
Remaining Contract
Life in Years		   Aggregate
Intrinsic
Value		 
$3.34 – 4.83    27,500   $3.34           
 4.84 – 5.97    36,250    4.84           
 5.98 – 7.00    9,000    7.00           
 7.01 – 8.51    30,000    8.51           
 8.52 – 18.05    63,000    15.32           
$ 3.34 – 18.05    165,750   $9.36    6.62   $103,275