v3.26.1
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
SCHEDULE OF STOCK OPTION

The following table summarizes the Company’s stock option activity under the Plan for the year ended March 31, 2026. Included in the 925,000 outstanding options are 375,000 performance-based awards and 550,000 service-based awards:

 

   Number of
Stock Options
   Weighted-average
Exercise Price
per Option*
   Weighted-average
Remaining
Contractual Term
(Years)
   Aggregate
Intrinsic
Value
 
Outstanding as of March 31, 2025   825,000   $             3.25          9.63    675,000 
Granted   100,000   $1.90         
Outstanding as of March 31, 2026   925,000   $3.00    8.71    135,000 
Exercisable and vested as of March 31, 2026   550,000   $3.00    8.71    135,000 
Vested and expected to vest as of March 31, 2026   550,000   $3.00    8.71    135,000 

 

*The weighted-average exercise price excludes the exercise price for the performance awards due to the variable nature of the exercise price. See below for more discussion of the performance awards.
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS

 

Expected volatility   92%
Expected dividend yield   %
Exercise price  $1.90 
Stock price  $1.90 
Expected term (years)   5.0 
Risk-free rate   3.80%
Monte Carlo [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS

Due to the variability of the exercise price, which will be equal to the closing price per share of the Company’s common stock on the trading day preceding the vesting date, the Company uses a Monte Carlo simulation model to estimate the fair value of the 375,000 Performance Awards where vesting was not probable as of March 31, 2026. In applying the Monte Carlo simulation model, the Company used the following assumptions in the valuation of the Performance Awards as of March 31, 2026:

 

Exercise price  Variable 
Contractual term (years)   8.63 
Volatility (annual)   73%
Risk-free rate   4.1%
Dividend yield (per share)   0%