STOCK BASED COMPENSATION
|9 Months Ended
Dec. 31, 2022
|Share-based Payment Arrangement, Noncash Expense [Abstract]
|STOCK BASED COMPENSATION
|STOCK BASED COMPENSATION
During the nine months ended December 31, 2022, a total of 20,000 restricted shares with five year vesting period were awarded to key employees and 26,284 shares with immediate vesting were awarded to key employees.
On October 11, 2022, the Company awarded a stock grant totaling 18,284 shares of its common stock to key employees of the Company's subsidiary, which vested on the date of the award, and on October 20, 2022, the Company awarded a stock grant totaling 8,000 shares of its common stock to a consultant of the Company, which vested on the date of the award.
The compensation expense related to restricted stock grants was $3,945 during the three months ended December 31, 2022, and $4,561 during the three months ended December 31, 2021. As of December 31, 2022 and March 31, 2022, there was $14,379 and $28,899 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 3.33 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:
The table below summarizes the activity for the Company’s restricted stock outstanding during the nine months ended December 31, 2022:
The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef