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STOCK OPTIONS AND WARRANTS (Tables)
3 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
SUMMARY OF STOCK OPTION ACTIVITY

A summary of stock option activity for the three months ended June 30, 2023 is summarized below:

 

   June 30, 2023 
   Number of Options   Weighted Average Exercise Price   Weighted Average Contractual Life 
Stock Options:               
Balance at beginning of period   161,427   $7.90    6.6 
Forfeited   (11,750)  $8.11    - 
Balance at end of period   149,677   $7.88    6.4 
                
Options exercisable at end of period   108,343   $7.77      
SCHEDULE OF EMPLOYEE STOCK OPTIONS OUTSTANDING

The following table summarizes information about employee stock options outstanding at June 30, 2023:

 

Range of Exercise Price   Number Outstanding at June 30, 2023  

Weighted Average Remaining

Contractual Life

   Weighted Average Exercise Price   Number Exercisable at June 30, 2023   Weighted Average Exercise Price 
 $2.35. - $7.20    58,669    3.9   $5.00    57,335   $4.95 
 $8.10 - $9.60    69,336    8.4   $8.27    29,336   $8.37 
 $11.4016.50    21,672    3.8   $14.42    21,672   $14.42 
 *    149,677            108,343   $7.77 

 

* Total number of options outstanding as of June 30, 2023 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

Common warrants issued and outstanding as of June 30, 2023 are as follows:

 

   Number of
Common Warrants
   Weighted Average
Exercise Price
 
Warrants:          
Warrants outstanding at April 1, 2023   902,113   $3.04 
Warrants issued   -      
Warrants exercised   -      
Warrants outstanding at June 30, 2023   902,113   $3.04 
           
Warrants exercisable at June 30, 2023   902,113   $3.04 
SCHEDULE OF WARRANTS EXPIRATION

As of June 30, 2023, the Company’s outstanding 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