SHAREHOLDERS’ EQUITY (Tables)

12 Months Ended

Mar. 31, 2022

Share-Based Payment Arrangement [Abstract]

SUMMARY OF STOCK OPTION ACTIVITY

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

	Fiscal 2022					Fiscal 2021
	Number of Options			Weighted Average Exercise Price		Number of Options			Weighted Average Exercise Price
Stock Options:
Balance at beginning of year		56,000		$	9.60		74,333		$	7.80
Granted		3,667		$	7.80		3,333		$	8.70
Exercised		(2,667	)	$	5.40		(14,667	)	$	1.80
Forfeited		(667	)	$	3.60		(7,000	)	$	5.10
Balance at end of year *		56,333		$	9.90		56,000		$	9.60
Options exercisable at end of year		52,667		$	9.90		52,667		$	9.90

SCHEDULE OF EMPLOYEE STOCK OPTIONS OUTSTANDING

The following table summarizes information about employee stock options outstanding at March 31, 2022:

Range of Exercise Price		Number Outstanding at March 31, 2022		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Number Exercisable at March 31, 2022		Weighted Average Exercise Price
$	3.60. - $11.40		38,000		3.7	$	7.50		34,333	$	7.20
$	14.10 - $16.50		18,333		4.9	$	15.00		18,333	$	15.00
	*		56,333						52,667

* Total number of options outstanding as of March 31, 2022 includes 20,000 options issued to three current and four former directors as compensation and 36,333 options issued to key employees as compensation.

SCHEDULE OF COMMON STOCK WARRANTS ISSUED AND OUTSTANDING

As per the execution of the August 2021 private placement as disclosed in Note 2 and Note 10, common warrants and pre-funded warrants issued and outstanding as of March 31, 2022 are as follows:

	Number of Shares
Warrants outstanding at March 31, 2021		-
Common warrants issued		1,155,556
Pre-funded warrants issued		561,111
Warrants outstanding at March 31, 2022		1,716,667

SCHEDULE OF WARRANTS EXPIRATION

As of March 31, 2022, the Company’s warrants by expiration date were as follows:

Number of CommonWarrants	Number of Pre-funded Warrants		Exercise Price		Expiration Date
1,155,556	-	*	$	2.80	9/15/2026
-	561,111		$	0.30	N/A	*
1,155,556	561,111

* Effective with the opening of trading on the Nasdaq Stock Market on May 24, 2022, the exercise price of certain warrants issued by the Company pursuant to the terms of that certain Securities Purchase Agreement dated August 5, 2021, was adjusted so that the exercise price is $2.80. The warrants are not subject to further adjustment except for customary adjustments for stock dividends and splits, subsequent rights offerings, prorata distributions and fundamental transactions, as set forth in the warrants.