Shareholders' Equity

12 Months Ended

Mar. 31, 2021

Equity [Abstract]

Shareholders' Equity

NOTE 7 – SHAREHOLDERS’ EQUITY

COMMON STOCK ISSUANCES

During the years ended March 31, 2021 and 2020 the Company issued the following common stock shares:

Fiscal 2021:

On October 30, 2020 the Company issued 440,000 shares of its common stock to three executive officers who exercised stock options at an average exercise price of $.06 per share.

On November 6, 2020, the Company issued 43,105 shares of its common stock to our Board of Directors at $0.29 per share, pursuant to our annual director compensation plan for the fiscal year ending March 31, 2021.

Fiscal 2020:

On August 30, 2019 the Company issued 60,000 shares of its common stock to a former director who exercised stock options at an average exercise price of $0.17 per share.

On June 12, 2019, the Company issued 32,890 shares of its common stock to our Board of Directors at $0.38 per share, pursuant to our annual director compensation plan for the fiscal year ending March 31, 2020.

STOCK OPTIONS

On June 1, 2001, the Board of Directors approved the 2001 Stock Option Plan (“Plan”), as amended. The Plan was developed to provide a means whereby directors and selected employees, officers, consultants, and advisors of the Company may be granted incentive or non-qualified stock options to purchase common stock of the Company. As of March 31, 2021, the Plan had expired and no shares were available to be issued nor were any additional shares issued from the plan in Fiscal 2021 or 2020.

A summary of stock option activity for each of the years presented is summarized below.

	Fiscal 2021					Fiscal 2020
	Number of Options			Weighted Average Exercise Price		Number of Options			Weighted Average Exercise Price
Stock Options:
Balance at beginning of year		2,230,000		$	0.26		2,210,000		$	0.25
Granted		100,000		$	0.29		100,000		$	0.38
Exercised		(440,000	)	$	0.06		(60,000	)	$	0.17
Forfeited		(210,000	)	$	0.17		(20,000	)	$	0.03
Balance at end of year *		1,680,000		$	0.32		2,230,000		$	0.26
Options exercisable at end of year		1,580,000		$	0.33		2,130,000		$	0.25

The following table summarizes information about employee stock options outstanding at March 31, 2021:

Range of Exercise Price	Number Outstanding at March 31, 2021		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Number Exercisable at March 31, 2021		Weighted Average Exercise Price
$0.12 - $0.38		1,130,000		4.0	$	0.24		1,030,000	$	0.23
$0.47 - $0.55		550,000		6.4	$	0.50		550,000	$	0.50
*		1,680,000						1,580,000

* Total number of options outstanding as of March 31, 2021 includes 600,000 options issued to five current and two former directors as compensation and 1,040,000 options issued to key employees that were not issued from the Plan.