The compensation expense related to restricted stock awards was $59,592 during the year ended March 31, 2025, and $22,719 during the year ended March 31, 2024. As of March 31, 2025, there was $69,303 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 4.30 years. The compensation expense related to stock awards, which vested on the date of the award was $19,548 during the year ended March 31, 2025, and $16,488 during the year ended March 31, 2024.

The Company has determined the fair value of shares awarded during the years ended March 31, 2025, March 31, 2024 and March 31, 2023 using the Monte Carlo valuation model based on the following key assumptions:


Stock awards granted	Term (years)	Volatility		Risk-free rate
October 6, 2022	3.62	47.90	%	3.24	%
March 1, 2024	4.91	36.60	%	4.18	%
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	%
July 1, 2024	4.57	36.98	%	4.47	%
July 12, 2024	1.54	37.30	%	4.64	%
August 5, 2024	4.48	37.51	%	3.64	%
August 13, 2024	4.45	37.69	%	3.70	%
October 1, 2024	4.32	37.03	%	3.51	%
February 13, 2025	3.95	35.41	%	4.35	%
February 25, 2025	4.91	36.42	%	4.03	%

The table below summarizes the activity for the Company's stock awards outstanding during the year ended March 31, 2025:


	Shares	Weighted Average Fair Value
Outstanding, March 31, 2024	983,205	57,598
Granted	766,958	82,520
Vested	(526,611)	(41,576)
Forfeited/cancelled/expired	(16,245)	(794)
Outstanding, March 31, 2025	1,207,307	97,748