NOTE 17– STOCKHOLDERS’ EQUITY

During the six months ended September 30, 2021, non-qualified stock options to purchase 60,000 shares were exercised at a strike price of $1.98 per share for total proceeds of $119. During the six months ended September 30, 2020, no outstanding nonqualified stock options were exercised.

On May 18, 2021, the Company awarded restricted stock grants totalling 1,031,500 shares of its common stock to employees and consultants of the Company, including two executive officers of the Company. Of the 1,031,500 shares awarded pursuant to the restricted stock grant awards, 200,942 shares are subject to one-year vesting, 211,658 shares are subject to two-year vesting and 206,300 shares per year are subject to three, four and five-year vesting, respectively.

On December 30, 2020, the Company awarded restricted stock grants in the amount of 15,000 shares of its common stock to three employees. Of the 15,000 shares awarded pursuant to the restricted stock grant awards, 4,500 shares are subject to one-year vesting conditions, 4,500 shares are subject to two-year vesting conditions and 6,000 shares are subject to three-year vesting conditions.

The Company recorded stock-based compensation expense for restricted stock grants in the amount of $4,561 and $6,722 during the three months and six months ended September 30, 2021, respectively. During the three and six months ended September 30, 2020, the Company recorded stock-based compensation expense for restricted stock grants and stock options in the amount of $530 and $1,055, respectively.