Quarterly report pursuant to Section 13 or 15(d)

Description of Business and Summary of Significant Accounting Policies (Tables)

Description of Business and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Sep. 30, 2013

Description of Business and Summary of Significant Accounting Policies [Abstract]

The change in the fair value of warrants is as follows:

	Six Months Ended September 30,
	2013			2012
Balance at the beginning of the period	$	10		$	19
Change in fair value recorded in earnings		(10	)		(3	)
Balance at the end of the period	$	-		$	16

Valuation assumptions to estimate the fair value of options

The Company utilized the following valuation assumptions to estimate the fair value of options that were granted for the three month periods ended September 30, 2013 and 2012, respectively.

STOCK OPTIONS:	2013			2012
Expected life (years)		6.0			6.0
Volatility		152.4	%		157.5	%
Risk-free interest rate		1.55	%		0.62	%
Dividend yield		0	%		0	%

Stock option activity

A summary of the stock option activity during the six months ended September 30, 2013 is as follows:

	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value
Beginning outstanding		263,876	$	10.23
Granted		29,499	$	3.94
Expired		--	$	-

Ending outstanding		293,375	$	9.60		7.34	$	27,448.00
Ending vested and expected to vest		293,096	$	9.59		7.34	$	27,435.00
Ending exercisable		177,057	$	13.32		6.17	$	20,648.00

Stock options outstanding

The following table summarizes information with respect to stock options outstanding as of September 30, 2013:

Range of Exercise Prices				Number Outstanding As of September 30, 2013		Weighted- Average Remaining Contractual Term (in years)		Weighted- Average Exercise Price		Number Exercisable As of September 30, 2013		Weighted- Average Exercise Price As of September 30, 2013
$	2.90	$	6.00		193,828		8.98	$	3.83		77,579	$	3.75
	6.25		11.70		45,358		5.14		11.50		45,358		11.50
	17.80		28.10		39,244		3.97		21.63		39,244		21.63
	34.20		61.80		13,998		1.68		43.95		13,998		43.95
	89.52		174.00		947		0.93		93.95		878		93.95
$	2.90	$	174.00		293,375		7.34	$	9.60		177,057	$	13.32

Unvested RSU activity

The following table summarizes the Company’s unvested RSU activity for the six months ended September 30, 2013:

	Number of Shares			Weighted- Average Grant Date Fair Value
Balance March 31, 2013		183,904		$	2.67
Granted		-		$	-
Forfeited		-		$	-
Vested		(34,750	)	$	2.24
Balance, September 30, 2013		149,154		$	2.77

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References + Details

- Definition

Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

+ References + Details