Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

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Stock-Based Compensation
 9 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

 

Note 8. Stock-Based Compensation

 

Stock-based compensation expense is as follows:

 

For the three months ended December 31, 2023 and 2022, the Company incurred $140,000 and $242,000 of stock-based compensation expense, respectively, and for the nine months ended December 31, 2023 and 2022, the Company incurred $447,000 and $569,000 of stock-based compensation expense, respectively. All stock-based compensation incurred is included in selling, general and administrative expense in the accompanying condensed consolidated statements of comprehensive loss.

 

At December 31, 2023, there were unrecognized compensation costs of $312,000 related to stock options which are expected to be recognized over a weighted-average amortization period of 1.44 years.

 

Stock options award activity is as follows:

           
    Number of
Shares		     Weighted-
Average
Exercise Price		  
Outstanding at April 1, 2023     565,000     $ 8.84  
Options granted     500,000       0.19  
Options forfeited     (49,000 )     32.26  
Options expired     (5,000 )     47.39  
Outstanding at December 31, 2023     1,011,000     $ 3.24  
Exercisable at December 31, 2023     605,000     $ 4.37  

 

The aggregate intrinsic value of stock options of zero is calculated as the difference between the exercise price of the underlying stock options and the fair value of the Company’s common stock, or $0.18 per share at December 31, 2023.

           
   

Number of

Shares

    

Weighted

Average Award

Date Fair Value

per Share

  
Unvested restricted stock awards outstanding at April 1, 2023     –     $ –  
Restricted stock awards granted     251,000       1.04  
Restricted stock awards vested     (251,000 )     1.04  
Unvested restricted stock awards outstanding at December 31, 2023     –     $ –  

 

The Company did not capitalize any cost associated with stock-based compensation.

 

The Company issues new shares of common stock upon exercise of stock-based awards.