Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.23.2
Stock-Based Compensation (Tables)
 12 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of weighted-average assumptions of fair value of employee stock options
               
    Year Ended March 31,  
    2023     2022  
Fair value of the Company’s common stock on date of grant   $ 1.09     $ 4.60  
Expected term     6.00 yrs       6.00 yrs  
Risk-free interest rate     3.92%       1.60%  
Dividend yield     0.00%       0.00%  
Volatility     110.88%       123.27%  
Fair value of options granted   $ 0.92     $ 4.03  
Schedule of employee stock-based compensation expense
               
    Year Ended March 31,  
    2023     2022  
Cost of revenues   $ –     $ –  
Research and development     –       –  
Selling, general and administrative     669,000       382,000  
Total stock-based compensation   $ 669,000     $ 382,000  
Schedule of stock-based awards outstanding by plan
                       
          Unvested        
Plan   Stock Options     Restricted Stock     Total  
2006 Plan      2,454       –       2,454  
2011 Plan     89,937       –       89,937  
2016 Plan     164,136       –       164136  
2021 Plan     308,500       –       308,500  
      565,027       –       565,027  
Stock-based awards available for grant as of March 31, 2023                     836,593  
Schedule of option activity
                               
    Number of
Shares		     Weighted-
Average
Exercise Price		     Weighted-
Average
Contractual Term		     Aggregate
Intrinsic
Value		  
Outstanding at April 1, 2022     466,234     $ 12.09                  
Options granted     191,082       1.11                  
Options exercised     –       –                  
Options forfeited     (68,525 )     5.33                  
Options expired     (23,764 )     20.38                  
Outstanding at March 31, 2023     565,027     $ 8.84       8.41     $ 0.98  
Exercisable at March 31, 2023     236,068     $ 17.23       7.20     $ 0.98  
Schedule of unvested restricted stock activity
               
   

Number of

Shares

    

Weighted

Average Award

Date Fair Value

per Share

  
Unvested restricted stock awards outstanding at April 1, 2022     –     $ –  
Restricted stock awards granted     12,187       1.71  
Restricted stock awards vested     (12,187 )     (1.71 )
Unvested restricted stock awards outstanding at March 31, 2023     –     $ –