Annual report pursuant to Section 13 and 15(d)

Stock Based Compensation (Tables)

Stock Based Compensation (Tables)

12 Months Ended

Mar. 31, 2014

Summary of Stock Option and Warrant Activity

A summary of stock option activity during the year ended March 31, 2014 is as follows:

						Weighted-
				Weighted-		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Shares			Price		Term (in Years)		Value
Beginning outstanding		263,807		$	10.22
Granted		120,332		$	3.51
Exercised		(10,000	)	$	3.45
Expired		(2,380	)	$	63.97

Ending outstanding		371,759		$	7.89		7.59	$	775.00
Ending vested and expected to vest		371,437		$	7.89		7.59	$	775.00
Ending exercisable		175,841		$	12.58		5.82	$	775.00

Summary Information with Respect to Stock Options and Warrants Outstanding

The following table summarizes information with respect to stock options outstanding as of March 31, 2014:

												Weighted-
						Weighted-						Average
				Number		Average				Number		Exercise
				Outstanding		Remaining		Weighted-		Exercisable		Price
				As of		Contractual		Average		As of		As of
Range of				March 31,		Term		Exercise		March 31,		March 31,
Exercise Prices				2014		(in years)		Price		2014		2014
$	2.90	$	4.50		271,329		8.98	$	3.67		75,411	$	3.67
	6.00		11.70		48,690		4.74		11.12		48,690		11.12
	17.80		28.10		39,244		3.47		21.63		39,244		21.63
	34.20		89.52		12,496		1.43		43.65		12,496		43.65

$	2.90	$	89.52		371,759		7.59	$	7.89		175,841	$	12.58

Valuation Assumptions to Estimate the Fair Value of Options granted

The Company used the following valuation assumptions to estimate the fair value of options granted for the years ended March 31, 2014 and 2013, respectively:

STOCK OPTIONS:	2014			2013
Expected life (years)		6.0			6.0
Volatility		152.0	%		156.8	%
Risk-free interest rate		1.52	%		0.65	%
Dividend yield		0	%		0	%

Summary of Restricted Stock Award Activity

The following table summarizes the Company’s restricted stock award activity for the period ended March 31, 2014:

	Number			Weighted- Average
	of			Grant Date
	Shares			Fair Value
Balance March 31, 2013		183,904		$	2.67
Granted		10,000		$	3.22
Released		(40,397	)	$	2.56
Vested		(24,437	)	$	2.56
Balance, March 31, 2014		129,070		$	2.77