Stock Option Plans

12 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement [Text Block]

14. Stock Option Plans

The Board of Directors (the “Board”) adopted on January 18, 2017, and ratified by the shareholders at the Annual Meeting on January 18, 2017, the Company’s 2016 Stock Option Plan (the “Plan”). The Plan provides for the granting of incentive stock options, by a committee to be appointed by the Board (both the Board and the Committee are referred to herein as the “Committee”) to directors, officers, and employees (excluding directors and officers who are not employees) to purchase shares of the Common Stock of the Company, par value $0.10 per share (the “Stock”), in accordance with the terms and provisions. The 2016 Plan reserves for issuance, options to purchase up to 250,000 shares of its common stock. Options granted under the plan are exercisable up to a period of five years from the date of grant at an exercise price which is not less than the fair market value of the common stock at the date of grant, except to a shareholder owning 10% or more of the outstanding common stock of the Company, as to which the exercise price must be not less than 110% of the fair market value of the common stock at the date of grant. Options are exercisable on a cumulative basis, 20% at or after each of the first, second, and third anniversary of the grant and 40% after the fourth year anniversary. During fiscal year 2024, the Company did not grant any stock options.

A summary of the status of the Company’s stock option plans for the fiscal years ended March 31, 2024, and 2023 and changes during the years are presented below (in number of options):

	Number of Options			Average Exercise Price		Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding options on April 1, 2022		111,500		$	3.14	2.72 years	$	3,680
Options granted		-		$	-
Options exercised		-		$	-
Options canceled/forfeited		(12,500	)	$	3.16
Outstanding options on March 31, 2023		99,000		$	3.13	1.78 years	$	-
Options granted		-		$	-
Options exercised		-		$	-
Options canceled/forfeited		-		$	-
Outstanding options on March 31, 2024		99,000		$	3.13	0.78 years	$	-
Vested Options:
March 31, 2024:		82,200		$	3.16	0.5 years	$	-
March 31, 2023:		49,200		$	3.16	1.5 years	$	-

Remaining options available for grant were 151,000 of March 31, 2024.

For the year ended March 31, 2024 the unamortized compensation expense for stock options was $8,565. Unamortized compensation expense is expected to be recognized over a weighted-average period of approximately 2.7 years.

The compensation cost that has been charged was $9,099 and $23,182 for the fiscal years ended March 31, 2024, and 2023, respectively.