Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION

v3.20.4
STOCK-BASED COMPENSATION
9 Months Ended
Dec. 31, 2020
STOCK-BASED COMPENSATION  
NOTE 17 - STOCK-BASED COMPENSATION NOTE 17 – STOCK BASED COMPENSATION

 

During the nine months ended December 31, 2020, no stock options were granted. Total compensation expense related to options granted was $4 for the three months ended December 31, 2020, and $54 for the three months ended December 31, 2019. Total compensation expense related to options granted was $112 for the nine months ended December 31, 2020, and $162 for the nine months ended December 31, 2019. During the nine months ended December 31, 2020, options to purchase a total of 60,000 shares were exercised.

The Company has determined the fair value of such stock options using the Black-Scholes option valuation model based on the following key assumptions:

 

 

Vesting period (years)

 

 

3

 

Volatility

 

 

165.33 %

Risk-free rate

 

 

1.66 %

 

Stock-based compensation expense for the cost of the awards granted is based on the grant-date fair value. For stock option awards, the fair value is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. Accordingly, while management believes that the Black-Scholes option-pricing model provides a reasonable estimate of fair value, the model does not necessarily provide the best single measure of fair value for the Company’s employee stock options.

 

The following is a summary of stock option activity for the nine months ended December 31, 2020:

 

 

 

 

Shares

 

 

Weighted Average Exercise Price

 

 

Weighted

Average Remaining Contractual Term

(In Years)

 

 

Aggregate

Intrinsic Value

 

Outstanding, March 31, 2020

 

 

120,000

 

 

$ 1.98

 

 

 

7.52

 

 

$ 1,466

 

Granted

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Exercised

 

 

(60,000 )

 

 

1.98

 

 

 

-

 

 

 

1,711

 

Forfeited/cancelled/expired

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Outstanding, at December 31, 2020

 

 

60,000

 

 

$ 1.98

 

 

 

6.77

 

 

$ 2,960

 

Exercisable, at December 31, 2020

 

 

60,000

 

 

$ 1.98

 

 

 

6.77

 

 

$ 2,960

 

 

During the three and nine months ended December 31, 2020, a total of 15,000 restricted shares were awarded. The compensation expense related to restricted stock grants was $31 during the three months ended December 31, 2020, and $492 during the three months ended December 31, 2019. The compensation expense related to restricted stock grants was $978 during the nine months ended December 31, 2020, and $1,938 during the three months ended December 31, 2019. As of December 31, 2020, there was $775 of total unrecognized compensation cost related to non-vested shares of common stock granted. The cost is expected to be recognized over a weighted average period of three years.

The table below summarizes the activity for the Company’s restricted stock outstanding during the nine months ended December 31, 2020:

 

 

 

 

Shares

 

 

Weighted Average

Fair Value

 

Outstanding, March 31, 2020

 

 

2,275,000

 

 

$ 4,777

 

Granted

 

 

15,000

 

 

 

775

 

Vested

 

 

(2,275,000 )

 

 

(4,777 )

Forfeited/cancelled/expired

 

 

-

 

 

 

-

 

Outstanding, at December 31, 2020

 

 

15,000

 

 

$ 775

 

 

During the nine months ended December 31, 2020 and December 31, 2019, the Company recorded expenses for share based payments for consulting services in the amount of $517 and $836.