Note 10 - Common, Preferred Stock and Stockholders' Equity |
12 Months Ended | ||
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Mar. 31, 2025 | |||
| Notes to Financial Statements | |||
| Equity [Text Block] |
The Company has authorized a total of 60 million shares of which 50 million shares are authorized common stock and 10 million shares are authorized preferred stock. of the preferred stock was issued or outstanding at March 31, 2025 and 2024. Under the terms of the Company’s Amended and Restated Articles of Incorporation, the Board of Directors is authorized to determine or alter the rights, preferences, privileges and restrictions of the Company’s authorized but unissued shares of preferred stock.
On December 15, 2023, the Company completed a private placement (the “Private Placement”) of an aggregate of 400,000 shares (the “Private Placement Shares”) of its common stock, par value $0.02 per share (the “Common Stock”), at a price of $1.00 per share for gross proceeds of $400,000. The Private Placement Shares were issued pursuant to the exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”), provided by Section 4(a)(2) of the Securities Act to one investor, the Company’s Chairman of the Board, and pursuant to a Subscription Agreement (the “Subscription Agreement”), dated December 15, 2023. The Company incurred legal expenses of $12,000 related to this transaction during the fiscal year ended March 31, 2024. The net proceeds of $388,000 from the Private Placement were used by the Company for general working capital purposes.
The Private Placement Shares are restricted securities under applicable federal securities laws and are subject to certain piggyback registration rights as provided for in the Subscription Agreement.
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