STOCK COMPENSATION

6 Months Ended

Sep. 30, 2023

Equity [Abstract]

STOCK COMPENSATION

8. 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, 2023 and 2022:

	Three Months Ended September 30, 2023			Three Months Ended September 30, 2022			Six Months Ended September 30, 2023			Six Months Ended September 30, 2022
Vesting of stock options and restricted stock units	$	257,181		$	313,538		$	507,295		$	528,975
Total stock-based compensation expense	$	257,181		$	313,538		$	507,295		$	528,975
Weighted average number of common shares outstanding – basic and diluted		2,483,649			2,074,500			2,457,711			1,813,018
Basic and diluted loss per common share attributable to stock-based compensation expense	$	(0.10	)	$	(0.15	)	$	(0.21	)	$	(0.29	)

All of the stock-based compensation expense recorded during the six months ended September 30, 2023 and 2022, an aggregate of $507,295 and $528,975, respectively, is included in payroll and related expense in the accompanying condensed consolidated statements of operations. Stock-based compensation expense recorded during each of the three months ended September 30, 2023 and 2022 represented an impact on basic and diluted loss per common share of $(0.21) and $(0.29), 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, 2023 was insignificant.

Stock Option Activity

We did not issue any stock options during the six months ended September 30, 2023. During the six months ended September 30, 2022, we recognized a stock option grant made in the fiscal year ended March 31, 2022 to purchase 6,160 shares of our common stock under our 2020 Plan that previously was contingent on stockholder approval of an increase of 180,000 shares of common stock authorized for issuance under the 2020 Plan, at the Company’s 2022 annual meeting of stockholders. The increase was approved at the Company’s 2022 annual meeting of stockholders held in September 2022.

Stock options outstanding that have vested as of September 30, 2023 and stock options that are expected to vest subsequent to September 30, 2023 are as follows:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years
Vested		86,180	$	24.60		7.49
Expected to vest		70,884	$	20.87		8.04
Total		157,064

A summary of stock option activity during the six months ended September 30, 2023 is presented below:

	Amount		Range of Exercise Price		Weighted Average Exercise Price
Stock options outstanding at March 31, 2023		171,826	$	6.90 – 1,425	$	22.39
Exercised		–	$	–	$	–
Granted		–	$	–	$	–
Cancelled/Expired		14,762	$	12.10 - 750	$	13.80
Stock options outstanding at September 30, 2023		157,064	$	6.90 – 1,425	$	22.92
Stock options exercisable at September 30, 2023		86,180	$	12.80 – 1,425	$	24.60

On September 30, 2023, our outstanding stock options had no intrinsic value since the closing share price on that date of $2.30 per share was below the exercise price of our outstanding stock options.

At September 30, 2023, there was approximately $1,514,000 of unrecognized compensation cost related to share-based payments, which is expected to be recognized over a weighted average period of 1.77 years.