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STOCK OPTIONS AND WARRANTS (Tables)
9 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
SUMMARY OF STOCK OPTION ACTIVITY

A summary of stock option activity for the nine months ended December 31, 2022 is summarized below:

 

   December 31, 2022 
    Number of Options     Weighted Average
Exercise Price
 
Stock Options:          
Balance at beginning of period   56,343   $9.90 
Granted   107,752   $6.83 
Forfeited   (2,668)  $5.63 
Balance at end of period   161,427   $7.90 
           
Options exercisable at end of period   53,675   $10.05 
SCHEDULE OF EMPLOYEE STOCK OPTIONS OUTSTANDING

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

 

Range of Exercise Price  Number Outstanding at December 31, 2022  

Weighted Average Remaining

Contractural

Life

   Weighted Average Exercise Price   Number Exercisable at December 31, 2022   Weighted Average Exercise Price 
$2.35 - $7.20   58,669    4.1   $5.00    23,334   $6.33 
$8.10 - $9.60   81,086    8.9   $8.25    8,669   $7.04 
$11.40 - $16.50   21,672    4.3   $14.42    21,672   $14.42 
*   161,427              53,675      

 

*Total number of options outstanding as of December 31, 2022 includes 23,343 options issued to six current and three former directors as compensation, and 73,334 options issued to Company officers as compensation and 64,750 issued to employees as part of an Employee Stock Incentive Plan.
SCHEDULE OF COMMON STOCK WARRANTS ISSUED AND OUTSTANDING

In connection with the August 2021 Private Placement disclosed in Note 2 and Note 11, common warrants and pre-funded warrants issued and outstanding as of December 31, 2022 are as follows:

 

   December 31, 2022 
   Number of Common Warrants   Weighted Average Exercise Price   Number of Pre-Funded Warrants   Weighted Average Exercise Price 
Warrants:                    
Warrants outstanding at April 1, 2022   1,155,557   $2.80    561,113   $0.30 
Warrants issued   100,000   $5.00    -    5.00 
Warrants exercised   (348,406)  $2.80    (561,113)  $0.30 
Warrants outstanding at December 31, 2022   907,151   $3.01    -    N/A 
                     
Warrants exercisable at December 31, 2022   907,151   $2.80    -    N/A 

SCHEDULE OF WARRANTS EXPIRATION

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

 

Number of CommonWarrants   Exercise Price   Expiration Date
 807,151   $2.80   September 15, 2026
 100,000   $5.00   May 23, 2027
 907,151