Note 7 - Stock-based Compensation

6 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

NOTE

7.

STOCK-BASED COMPENSATION

     Stock-based compensation expense was

$93,360

for the

second

quarter and

first

six

months of fiscal

2019,

and

$40,920

for the

second

quarter and

first

six

months of fiscal

2018.

Stock-based compensation expenses for the quarters and

six

months ended

September 

30,

2018

and

2017

were due to the automatic issuance to our non-employee directors of options to purchase

1,000

shares of stock on their reelection to our Board. We calculate the share-based compensation expense using the Black-Scholes standard option-pricing model. The increase in stock-based compensation expense for fiscal

2019

compared to fiscal

2018

was due to an increase in the model valuation for the same number of options to purchase shares.