v3.25.2
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table

Pay Versus Performance Table

 

The following table sets forth information concerning the compensation of our named executive officers for each of the fiscal years ended March 31, 2025, 2024 and 2023, and our financial performance for each such fiscal year. The amounts shown for “Compensation Actually Paid” reflects the Summary Compensation Table total with certain adjustments as described below, but does not reflect compensation actually earned, realized, or received by our NEOs.

 

Year (1)

 

Summary

Compensation

Table Total for

PEO

($)

   

Compensation

Actually

Paid to PEO

($) (2)

   

Average

Summary

Compensation

Table Total for

Non-PEO NEOs

($)

   

Average

Compensation

Actually

Paid to Non-

PEO NEOs

($) (2)

   

Value of Initial

Fixed $100

Investment

Based on Total

Shareholder

Return

($)

   

Net Earnings

($)

 

2025

    700,734       662,234       365,704       361,854       169.01       6,085,000  

2024

    1,614,524       1,693,724       693,581       701,501       212.71       17,345,000  

2023

    1,093,530       1,166,430       727,047       734,337       128.72       21,344,000  

 

(1) For each fiscal year shown, our principal executive officers, or PEOs and our remaining NEOs or Non-PEO NEOs, represent the following individuals:

 

Year

PEOs

Non-PEO NEOs

2025

Michael J. Taylor

Alex LaRue

2024

Michael J. Taylor

Alex LaRue

2023

Michael J. Taylor

Alex LaRue

   
PEO Total Compensation Amount $ 700,734 $ 1,614,524 $ 1,093,530
PEO Actually Paid Compensation Amount $ 662,234 1,693,724 1,166,430
Adjustment To PEO Compensation, Footnote

(2) Amounts represent compensation actually paid to our PEO and the average compensation actually paid to our Non-PEO NEOs for the relevant fiscal year as determined under Item 402(v)(2)(iii) of Regulation S-K to calculate “compensation actually paid”, which include the following adjustments:

 

Compensation actually paid to PEO and average compensation actually paid to Non-PEO NEOs

 

 

As Reported in Summary

Compensation Table(a)

   

Equity Award Adjustments

 

Year

 

Total Compensation ($)

   

Deduct Stock and Option Awards ($)

   

Add Fair Value as of Year End of Awards Granted During Year that Remain Outstanding and Unvested as of Year End(b) ($)

   

Add Year over Year Change in Fair Value of Awards Granted in Prior Year that Remain Outstanding and Unvested as of Year End(c) ($)

   

Add Fair Value as of Vesting Date of Awards Granted During Year that Vested During Year(d) ($)

   

Add Year over Year Change in Fair Value of Awards Granted in Prior Year that Vest During Year(e) ($)

   

Compensation “Actually Paid” (f) ($)

 

PEO

 

2025

    700,734       -       -       (38,500 )     -       -       662,234  

2024

    1,614,524       -       -       74,000       -       5,200       1,693,724  

2023

    1,093,530       -       -       50,600       -       22,300       1,166,430  
Non-PEO NEOs  

2025

    365,704       -       -       (3,850 )     -       -       361,854  

2024

    693,581       -       -       7,400       -       520       701,501  

2023

    727,047       -       -       5,060       -       2,230       734,337  

 

(a)

Reflects, for our PEO, the applicable amounts reported in the Summary Compensation Table and for the Non-PEO NEOs, the average of the applicable amounts reported in the Summary Compensation Table in each of the fiscal years indicated.

 

15

 

(b)

Reflects either (i) the fair value, with respect to our PEO, or (ii) the average of the fair value, with respect to the Non-PEO NEOs, in each case as of March 31 of the covered fiscal year of awards granted in the covered fiscal year that remained outstanding and unvested (in whole or in part) as of the end of the covered fiscal year.

(c)

Reflects either (i) the change in fair value, with respect to our PEO, or (ii) the average of the change in fair value, with respect to the Non-PEO NEOs, in each case from March 31 of the prior fiscal year to March 31 of the covered fiscal year of awards granted in a prior fiscal year that remained outstanding and unvested (in whole or in part) as of the end of the covered fiscal year.

(d)

Reflects either (i) the fair value, with respect to our PEO, or (ii) the average of the fair value, with respect to the Non-PEO NEOs, in each case, as of the day awards became vested in the covered fiscal year, when such awards were also granted in the covered fiscal year.

(e)

Reflects either (i) the change in fair value, with respect to our PEO, or (ii) the average of the change in fair value, with respect to the Non-PEO NEOs, in each case from March 31 of the prior fiscal year to the day awards became vested in the covered fiscal year, when such awards were granted in a prior fiscal year.

(f)

Reflects, for our PEO, the total compensation actually paid and for the Non-PEO NEOs, the average total compensation actually paid in each of the fiscal years indicated.

   
Non-PEO NEO Average Total Compensation Amount $ 365,704 693,581 727,047
Non-PEO NEO Average Compensation Actually Paid Amount $ 361,854 701,501 734,337
Compensation Actually Paid vs. Total Shareholder Return

Relationship Between Pay and Financial Performance Measures

 

The graph below compares the compensation actually paid to our PEO and the average of the compensation actually paid to our Non-PEO NEOs, with our cumulative total shareholder return, or TSR, for the fiscal years ended March 31, 2025, 2024 and 2023. TSR amounts reported in the graph assume an initial fixed investment of $100.

 

i01.jpg

   
Compensation Actually Paid vs. Net Income

The graph below compares the compensation actually paid to our PEOs and the average of the compensation actually paid to our Non-PEO NEOs, with our net income, for the fiscal years ended March 31, 2025, 2024 and 2023.

 

i02.jpg

 

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Total Shareholder Return Amount $ 169.01 212.71 128.72
Net Income (Loss) 6,085,000 17,345,000 21,344,000
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (38,500) 74,000 50,600
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 5,200 22,300
PEO | Deduct Stock and Option Awards [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (3,850) 7,400 5,060
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 520 2,230
Non-PEO NEO | Deduct Stock and Option Awards [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 0 $ 0 $ 0