Share-Based Payment Arrangement [Text Block] | 9. SHARE-BASED COMPENSATION As of March 31, 2023, two 2016 “2016 2014 “2014 March 31, 2022, 2004 “2004 2004 On August 25, 2016, 2016 2016 March 31, 2023, 2016 On August 28, 2014, 2014 2014 2021 2014 March 31, 2023, 2014 The following table presents shares authorized, available for future grant and outstanding under each of the Company’s plans: As of March 31, 2023 Authorized Available Outstanding 2016 Plan 1,300,000 881,437 305,334 2014 Directors Plan 650,000 223,206 12,000 2004 Directors Plan — — 6,000 Total 1,950,000 1,104,643 323,334 Stock Options All stock option grants made under the equity-based compensation plans were issued at exercise prices no 2016 2004 2014 No ten 10 March 31, 2023, 2022 2021, A summary of option activity under the Company’s stock plans for the years ended March 31, 2023, 2022 2021 Option Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at March 31, 2020 318,300 $ 4.08 3.0 $ — Granted 130,000 2.35 Exercised (19,000 ) 3.59 Forfeited (55,000 ) 3.13 Outstanding at March 31, 2021 374,300 $ 3.64 3.9 $ 129,700 Granted 50,000 2.96 Forfeited (5,000 ) 5.21 Expired (166,800 ) 3.84 Outstanding at March 31, 2022 252,500 $ 3.34 6.5 $ 159,650 Granted 50,000 3.43 Expired (49,500 ) 5.80 Outstanding at March 31, 2023 253,000 $ 2.88 7.5 $ — Exercisable at March 31, 2023 111,333 $ 2.90 6.6 $ — The aggregate intrinsic value in the table above is before applicable income taxes and represents the excess amount over the exercise price optionees would have received if all options had been exercised on the last business day of the period indicated, based on the Company’s closing stock price of $0.88, $3.37 and $3.30 at March 31, 2023, 2022 2021, 2021 2023 2022. A summary of the Company’s non-vested options for the year ended March 31, 2023 Nonvested Options Shares Weighted Average Grant-Date Fair Value Nonvested at March 31, 2022 141,667 $ 1.33 Granted 50,000 1.94 Expired (50,000 ) 1.33 Nonvested at March 31, 2023 141,667 $ 1.55 The weighted average grant-date fair value of stock options granted during fiscal years 2023, 2022 2021 2023, 2022 2021 The following table summarizes the weighted average characteristics of outstanding stock options as of March 31, 2023: Outstanding Options Exercisable Options Range of Exercise Prices Number of Shares Remaining Life (Years) Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price $ 2.11 - $ 2.34 105,000 7.2 $ 2.28 55,000 $ 2.27 $ 2.35 - $2.76 30,000 7.5 $ 2.54 21,666 $ 2.53 $ 2.77 - $3.20 50,000 8.1 $ 2.96 16,667 $ 2.96 $ 3.21 - $5.91 68,000 7.3 $ 3.89 18,000 $ 5.18 Total stock options 253,000 7.5 $ 2.88 111,333 $ 2.90 The range of fair value assumptions related to options granted during the years ended March 31, 2023, 2022 2021 2023 2022 2021 Exercise Price $ 1.94 $ 1.60 $ 1.20 Volatility 57.47 % 58.23 % 54.44 % Risk Free Rate 3.36 % 1.06 % 0.40 % Vesting Period (in years) 3.0 3.0 3.0 Forfeiture Rate 19 % 0 % 0 % Expected Life (in years) 6.0 6.0 6.2 Dividend Rate 0 % 0 % 0 % Total unrecognized stock-based compensation expense related to all unvested stock options was $124,000 and $139,000, at March 31, 2023 2022, Restricted Stock Grants of fully vested restricted stock issued to Non-Employee Directors during fiscal years 2023, 2022 2021 2014 March 31, 2023, 2022 2021, To reduce the Company’s ongoing cash expenses, the Nominating and Corporate Governance Committee of the Board of Directors adopted a resolution allowing each director to elect to receive his or her quarterly director fees in the form of restricted stock in lieu of cash. Two Board members elected to receive shares of restricted stock in lieu of cash for the third 2023. April 3, 2023, two March 31, 2023, Restricted Stock Units ( RSUs ) RSUs are service-based awards granted to eligible employees under our 2016 2016 March 31, 2023, 2022 2021, The following table summarizes information related to awarded RSUs: Nonvested Restricted Stock Units Shares Weighted Average Grant Price Nonvested restricted stock units at March 31, 2020 12,766 $ 3.98 Granted 28,647 $ 2.15 Vested (9,135 ) $ 3.97 Forfeited (4,090 ) $ 2.21 Nonvested restricted stock units at March 31, 2021 28,188 $ 2.38 Granted 38,672 $ 2.91 Vested (46,963 ) $ 2.85 Forfeited (5,432 ) $ 2.51 Nonvested restricted stock units at March 31, 2022 14,465 $ 2.22 Granted 66,423 $ 3.13 Vested (8,312 ) $ 2.35 Forfeited (2,242 ) $ 2.91 Nonvested restricted stock units at March 31, 2023 70,334 $ 3.04 Total unrecognized stock-based compensation expense related to unvested restricted stock units was $122,000 and $19,000 at March 31, 2023 2022, On April 6, 2023, three |