9. STOCK COMPENSATION

6 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

STOCK COMPENSATION

9. STOCK COMPENSATION

The following tables summarize share-based compensation expenses relating to RSUs and stock options and the effect on basic and diluted loss per common share during the three and six month periods ended September 30, 2019 and 2018:

	Three Months Ended September 30, 2019			Three Months Ended September 30, 2018			Six Months Ended September 30, 2019			Six Months Ended September 30, 2018
Vesting of stock options and restricted stock units	$	326,536		$	336,496		$	653,072		$	599,658
Total stock-based compensation expense	$	326,536		$	336,496		$	653,072		$	599,658
Weighted average number of common shares outstanding – basic and diluted		1,317,418			1,185,949			1,294,206			1,184,795
Basic and diluted loss per common share attributable to stock-based compensation expense	$	(0.25	)	$	(0.28	)	$	(0.50	)	$	(0.51	)

All of the stock-based compensation expense recorded during the six months ended September 30, 2019 and 2018, which totaled $653,072 and $599,658, respectively, is included in payroll and related expense in the accompanying condensed consolidated statements of operations.  Stock-based compensation expense recorded during the six months ended September 30, 2019 and 2018 represented an impact on basic and diluted loss per common share of $(0.50) and $(0.51), respectively.

We review share-based compensation on a quarterly basis for changes to the estimate of expected award forfeitures based on actual forfeiture experience. The cumulative effect of adjusting the forfeiture rate for all expense amortization is recognized in the period the forfeiture estimate is changed. The effect of forfeiture adjustments for the six months ended September 30, 2019 was insignificant.

Stock Option Activity

We did not issue any stock options during the six months ended September 30, 2019 and September 30, 2018.

Options outstanding that have vested and are expected to vest as of September 30, 2019 are as follows:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years
Vested		13,684	$	113.27		3.21
Expected to vest		37,440	$	18.85		8.24
Total		51,124

A summary of stock option activity during the six months ended September 30, 2019 is presented below:

	Amount			Range of Exercise Price		Weighted Average Exercise Price
Stock options outstanding at March 31, 2019		59,111		$	18.75 - 187.50	$	56.85
Adjustment for reverse split		14			n/a		n/a
Exercised		–		$	–	$	–
Granted		–		$	–	$	–
Cancelled/Expired		(8,001	)	$	75.00 - 142.50	$	138.75
Stock options outstanding at September 30, 2019		51,124		$	18.75 - 187.50	$	44.12
Stock options exercisable at September 30, 2019		13,684		$	25.20 - 187.50	$	113.27

On September 30, 2019, our stock options had no intrinsic value since the closing price on that date of $3.45 per share was below the weighted average exercise price of our outstanding stock options.

At September 30, 2019, there was approximately $1,520,729 of unrecognized compensation cost related to share-based payments, which is expected to be recognized over a weighted average period of 1.2 years.