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| STOCK BASED COMPENSATION | STOCK BASED COMPENSATION On October 6, 2022, the Company awarded 20,000 shares of its common stock to key employees of the Company. Of the 20,000 shares 4,000 shares vested on the date of the award, 4,000 shares vested on May 18, 2023, 4,000 shares will vest on May 18, 2024, 4,000 shares will vest on May 18, 2025 and 4,000 shares will vest on May 18, 2026.
On March 10, 2023 and on October 11, 2022, the Company awarded 18,974 and 18,242 shares of its common stock, respectively to key employees of the Company's subsidiary, which vested on the date of the award. Additionally on October 20, 2022, the Company awarded 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 awards was $8,158 during the year ended March 31, 2023, and $15,745 during the year ended March 31, 2022. As of March 31, 2023, there was $8,133 of total unrecognized compensation cost related to non-vested shares of stock awarded. The cost is expected to be recognized over a weighted average period of 3.07 years. The compensation expense related to stock awards, which vested on the date of the award was $2,880 during the year ended March 31, 2023, and $0 during the year ended March 31, 2022.
The Company has determined the fair value of shares awarded during the year ended March 31, 2023, using the Monte Carlo valuation model based on the following key assumptions:
The table below summarizes the activity for the Company's stock awards outstanding during the year ended March 31, 2023:
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- Definition 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
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- References No definition available.
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