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, 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 weighted average valuation assumptions to estimate the fair value of options that were granted for the three and six-month periods ended September 30, 2014 and 2013, respectively.

STOCK OPTIONS:	2014			2013
Expected life (years)		6.0			6.0
Volatility		148.3	%		152.4	%
Risk-free interest rate		1.73	%		1.55	%
Dividend yield		0	%		0	%

Stock option activity

A summary of the stock option activity during the six-months ended September 30, 2014 is as follows:

						Weighted-
				Weighted-		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Shares			Price		Term (in Years)		Value
Beginning outstanding, March 31, 2014		371,759		$	7.89		7.59	$	775.00
Granted		154,068			1.99
Forfeited		(32,848	)		2.87
Expired		(832	)		89.52

Ending outstanding, September 30, 2014		492,147		$	6.24		7.54	$	300.00
Ending vested and expected to vest		491,847		$	6.24		7.54	$	300.00
Ending exercisable		252,145		$	9.47		5.93	$	-

Stock options outstanding

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

												Weighted-
						Weighted-						Average
				Number		Average				Number		Exercise
				Outstanding		Remaining		Weighted-		Exercisable		Price
				As of		Contractual		Average		As of		As of
Range of				September 30,		Term		Exercise		September 30,		September 30,
Exercise Prices				2014		(in years)		Price		2014		2014
$	1.05	$	1.99		126,900		9.57	$	1.88		26,566	$	1.96
	2.90		4.50		265,649		8.19		3.65		125,981		3.77
	6.00		11.70		48,690		4.14		11.12		48,690		11.12
	17.80		28.10		39,244		2.81		21.63		39,244		21.63
	34.20		41.45		11,664		1.00		40.37		11,664		40.37

$	1.05	$	41.45		492,147		7.54	$	6.24		252,145	$	9.47

Unvested RSU activity

The following table summarizes the Company’s unvested RSU activity for the six months ended September 30, 2014:

	Number of Shares			Weighted- Average Grant Date Fair Value
Balance, March 31, 2014		129,050		$	2.77
Granted		100,000			1.99
Forfeited		(10,000	)		3.75
Vested		(39,750	)		2.36
Balance, September 30, 2014		179,300		$	2.37