Quarterly report pursuant to Section 13 or 15(d)

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

v2.4.0.8
Description of Business and Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Jun. 30, 2014
Description of Business and Summary of Significant Accounting Policies [Abstract]  
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 June 30, 2014 and 2013, respectively.

STOCK OPTIONS:
  
2014
    
2013
  
Expected life (years)
    
6.0
      
6.0
  
Volatility
    
151.7
%
    
153.7
%
Risk-free interest rate
    
1.68
%
    
1.41
%
Dividend yield
    
0
%
    
0
%

Stock option activity
A summary of the stock option activity during the three months ended June 30, 2014 is as follows:

 
  
   
   
Weighted-
    
 
 
  
   
Weighted-
    
Average
    
 
 
  
   
Average
    
Remaining
    
Aggregate
  
 
  
   
Exercise
    
Contractual
    
Intrinsic
  
 
  
Shares
    
Price
    
Term (in Years)
    
Value
  
Beginning outstanding
    
371,759
    
$
7.89
    
   
 
Granted
    
11,668
    
$
3.22
    
   
 
Exercised
    
--
    
$
-
    
   
 
Expired
    
--
    
$
-
    
   
 
 
                  
   
 
Ending outstanding
    
383,427
    
$
7.75
      
7.42
    
$
-
  
Ending vested and expected to vest
    
383,148
    
$
7.75
      
7.42
    
$
-
  
Ending exercisable
    
188,173
    
$
12.04
      
5.80
    
$
-
  

Stock options outstanding
The following table summarizes information with respect to stock options outstanding as of June 30, 2014:

    
   
   
   
   
   
Weighted-
  
   
   
   
Weighted-
    
   
   
Average
  
   
   
Number
    
Average
    
   
Number
    
Exercise
  
   
   
Outstanding
    
Remaining
    
Weighted-
    
Exercisable
    
Price
  
   
   
As of
    
Contractual
    
Average
    
As of
    
As of
  
Range of
    
June 30,
    
Term
    
Exercise
    
June 30,
    
June 30,
  
Exercise Prices
    
2014
    
(in years)
    
Price
    
2014
    
2014
  
$
2.90
    
$
4.50
      
282,997
      
8.78
    
$
3.66
      
87,743
    
$
3.77
  
 
6.00
      
11.70
      
48,690
      
4.49
      
11.12
      
48,690
      
11.12
  
 
17.80
      
28.10
      
39,244
      
3.22
      
21.63
      
39,244
      
21.63
  
 
34.20
      
89.52
      
12,496
      
1.18
      
43.65
      
12,496
      
43.65
  
                                                     
$
2.90
    
$
89.52
      
383,427
      
7.42
    
$
7.75
      
188,173
    
$
12.04
  
Unvested RSU activity
The following table summarizes the Company’s unvested RSU activity for the three months ended June 30, 2014:
 
 
Number
    
Weighted- Average
  
 
of
    
Grant Date
  
 
  
Shares
    
Fair Value
  
Balance March 31, 2013
    
129,050
    
$
2.77
  
Granted
    
-
    
$
-
  
Released
    
-
    
$
-
  
Vested
    
(37,250
)
  
$
2.31
  
Balance, June 30, 2014
    
91,800
    
$
2.96