Annual report pursuant to Section 13 and 15(d)

Stock Based Compensation (Tables)

Stock Based Compensation (Tables)

12 Months Ended

Mar. 31, 2015

Summary of Stock Option and Warrant Activity

A summary of stock option activity during the year ended March 31, 2015 is as follows:

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value
Beginning outstanding, March 31, 2014		371,759		$	7.89		7.59	$	775.00
Granted		352,747			1.29
Forfeited		(32,848	)		2.87
Expired		(26,600	)		4.01

Ending outstanding, March 31, 2015		665,058		$	4.79		7.80	$	67,951.00
Ending vested and expected to vest		664,783		$	4.79		7.80	$	67,920.00
Ending exercisable		289,379		$	8.65		6.01	$	200.00

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, 2015:

Range of Exercise Prices				Number Outstanding As of March 31, 2015		Weighted- Average Remaining Contractual Term (in years)		Weighted- Average Exercise Price		Number Exercisable As of March 31, 2015		Weighted- Average Exercise Price As of March 31, 2015
$	0.75	$	1.50		218,679		9.67	$	0.80		15,000	$	1.35
	1.99		3.22		190,567		9.10		2.55		77,817		2.46
	3.35		6.00		158,997		6.83		3.90		99,747		3.89
	11.70		17.80		47,024		3.54		12.13		47,024		12.13
	21.00		34.20		38,960		2.13		22.67		38,960		22.67
	41.40		41.45		10,831		0.43		41.40		10,831		41.40
					665,058						289,379

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, 2015 and 2014, respectively:

	Twelve Months Ended March 31,
	2015		2014
Expected life (years)		6.0		6.0
Volatility		141.73% - 151.70%		151.81% - 152.95%
Risk-free interest rate		1.63% - 1.75%		1.30% - 1.72%
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, 2015:

	Number of Shares			Weighted- Average Grant Date Fair Value
Balance March 31, 2014		129,070		$	2.77
Granted		150,000			1.54
Forfeited		(10,000	)		3.75
Vested		(269,070	)		2.05
Balance, March 31, 2015		-		$	-