SHAREHOLDERS’ EQUITY (Tables)

12 Months Ended

Mar. 31, 2023

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 2023							Fiscal 2022
	Number of Options			Weighted Average Exercise Price		Weighted Average Contractual Life		Number of Options			Weighted Average Exercise Price		Weighted Average Contractual Life
Stock Options:
Balance at beginning of year		56,343		$	9.90		4.1		56,010		$	9.60		5.4
Granted		107,752		$	6.83		-		3,667		$	7.80
Exercised		-		$	-		-		(2,667	)	$	5.40
Forfeited		(2,668	)	$	5.63		-		(667	)	$	3.60
Balance at end of year *		161,427		$	7.90		6.6		56,343		$	9.90		4.1
Options exercisable at end of year		53,675		$	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, 2023:

Range of Exercise Price		Number Outstanding at March 31, 2023		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Number Exercisable at March 31, 2023		Weighted Average Exercise Price
	$2.35. - $7.20		58,669		3.9	$	5.00		23,334	$	6.38
	$8.10 - $9.60		81,086		8.7	$	8.25		8,669	$	9.00
	$11.40 - 16.50		21,672		4.0	$	14.42		21,672	$	14.42
	*		161,427						53,675

SCHEDULE OF COMMON STOCK WARRANTS ISSUED AND OUTSTANDING

As per private placement and public offering as disclosed in Note 10 and Note 11, common warrants and pre-funded warrants issued and outstanding as of March 31, 2023 are as follows:

	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		-			-
Warrants exercised		(353,444	)	$	2.80		(561,113	)	$	0.30
Warrants outstanding at March 31, 2023		902,113		$	3.04		-			N/A
Warrants exercisable at March 31, 2023		902,113		$	3.04		-			N/A

SCHEDULE OF WARRANTS EXPIRATION

As of March 31, 2023, the Company’s warrants by expiration date were as follows:

Number of CommonWarrants		Exercise Price		Expiration Date
	802,113	$	2.80	September 15, 2026
	100,000	$	5.00	May 23, 2027
	902,113

* 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, pro-rata distributions and fundamental transactions, as set forth in the warrants.