Quarterly report pursuant to Section 13 or 15(d)

STOCK BASED COMPENSATION

v3.22.2.2
STOCK BASED COMPENSATION
3 Months Ended
Sep. 30, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Stock based compensation STOCK BASED COMPENSATION
During the six months ended September 30, 2022, no restricted shares were awarded to key employees. The compensation expense related to restricted stock grants was $3,103 during the three months ended September 30, 2022, and $4,561 during the three months ended September 30, 2021. As of September 30, 2022 and March 31, 2022, there was $17,094 and $24,731 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 3.82 years.
The Company has determined the fair value of restricted shares awarded as of grant date, using the Monte Carlo valuation model based on the following key assumptions:
Term (years) 5
Volatility 41.5  %
Risk-free rate 0.06  %
The table below summarizes the activity for the Company’s restricted stock outstanding during the six months ended September 30, 2022:
Shares Weighted
Average
Fair Value
Outstanding, at March 31, 2022
1,049,500  $ 40,303 
Granted —  — 
Vested (224,942) (7,688)
Forfeited/cancelled/expired (32,000) (2,678)
Outstanding, at September 30, 2022
792,558  $ 29,937