Stock Options (Tables)

9 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The fair value of each option awarded is estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the following table. Expected volatilities are based on historical volatility of Common Stock. The expected life of the options granted represents the period of time from date of grant to expiration (5 years). The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant.

	Dividend			Risk-free
	Yield			Interest rate			Volatility			Life
2022		0.0	%		0.78	%		82.69	%	5 years

Share-based Payment Arrangement, Option, Activity [Table Text Block]

A summary of the status of the Company’s stock option plans for the fiscal year ended March 31, 2021, and year to date December 31, 2021, and changes during the year are presented below (in number of options):

	Number of Options		Average Exercise Price		Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding options at April 1, 2021		98,500	$	3.19	3.3 years	$	30,835
Options granted		23,000	$	2.94
Options exercised		-	$	-
Options canceled/forfeited		-	$	-
Outstanding options at December 31, 2021		121,500	$	3.14	2.9 years	$	8,090
Vested Options:
December 31, 2021:		37,900	$	3.21	2.1 years	$	304
March 31, 2021:		19,700	$	3.22	2.8 years	$	5,567