Quarterly report pursuant to Section 13 or 15(d)

STOCK BASED COMPENSATION

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STOCK BASED COMPENSATION
3 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
STOCK BASED COMPENSATION STOCK BASED COMPENSATION
The compensation expense related to restricted and non-restricted stock grants was $10,615 during the three months ended June 30, 2024, and $1,233 during the three months ended June 30, 2023. As of June 30, 2024 there was $49,256 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 3.48 years. The compensation expense related to stock awards, which vested on the date of the award was $3,230 and $0 during the three months ended June 30, 2024 and June 30, 2023.
The Company has determined the fair value of shares awarded during the three months ended June 30, 2024, using the Monte Carlo valuation model based on the following key assumptions:
Stock awards granted Term (years) Volatility Risk-free rate
April 1, 2024 4.82 36.62  % 4.36  %
April 23, 2024 4.76 36.68  % 4.65  %
June 24, 2024 4.59 36.89  % 4.31  %
The table below summarizes the activity for the Company's stock awards outstanding during the three months ended June 30, 2024:
Shares Weighted
Average
Fair Value
Outstanding, at March 31, 2024
983,205  57,598 
Granted 186,967  12,969 
Vested (168,797) (8,047)
Forfeited/cancelled/expired —  — 
Outstanding, at June 30, 2024
1,001,375  62,520