EQUITY |
12 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Equity [Abstract] | |
| EQUITY | NOTE 12 – EQUITY
Preferred stock:
Preferred stock, par value $ per share, shares authorized; and shares issued and outstanding as of March 31, 2026, and March 31, 2025, respectively.
The Company is authorized to issue shares of Series B Preferred Stock, par value $ per share. As of March 31, 2026, shares of Series B Preferred Stock were issued and outstanding.
The Series B Preferred Stock has a stated value of $ per share and is not entitled to receive dividends. Holders of the Series B Preferred Stock have no conversion or exchange rights.
In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, the Series B Preferred Stock is entitled to receive payment or distribution of a preferential amount prior to any payments or distributions to holders of common stock or other classes or series of capital stock, unless such class or series is expressly designated as senior to the Series B Preferred Stock. The Series B Preferred Stock ranks senior to the Company’s common stock with respect to distributions upon liquidation and dissolution.
The holders of the Series B Preferred Stock vote together with the holders of the Company’s common stock and any other voting class of preferred stock as a single class on all matters submitted to shareholders, including the election of directors. Pursuant to the Certificate of Designation, the aggregate voting power of the outstanding Series B Preferred Stock equals 150% of the aggregate voting power of the Company’s outstanding common stock and any other voting preferred stock, excluding the Series B Preferred Stock. As a result, the holder of the Series B Preferred Stock possesses voting control over matters submitted to shareholders for approval.
The rights, preferences, and privileges of the Series B Preferred Stock may not be adversely altered without the written consent of a majority of the holders of the Series B Preferred Stock.
The Certificate of Designation further provides that if a holder of Series B Preferred Stock ceases to serve as an officer or director of the Company for any reason, all shares of Series B Preferred Stock held by such individual shall be automatically cancelled.
As of March 31, 2026, all outstanding shares of Series B Preferred Stock were held by the Company’s Chief Executive Officer. Accordingly, the Chief Executive Officer possesses voting control over matters submitted to shareholders, including the election of directors and the approval of significant corporate transactions.
Common stock:
The Company is authorized to issue shares of common stock, par value $ per share. As of March 31, 2026, the Company had shares of common stock issued and outstanding. As of March 31, 2025, the Company and shares of common stock issued and shares outstanding.
During the fiscal year ended March 31, 2026, the Company repurchased shares of its common stock for an aggregate purchase price of $471,410 pursuant to an authorized share repurchase program. A total of shares were retired, and no shares were held as treasury stock as of March 31, 2026.
During the Fiscal Year ended March 31, 2025, the Company repurchased $1,465,425 of its common stock, shares were cancelled, and were held in treasury as of March 31, 2025.
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