Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation (Tables)

v2.4.0.6
Basis of Presentation (Tables)
 9 Months Ended
Dec. 31, 2012
Basis of Presentation [Abstract]  
Changes in the fair value of warrants
The changes in the fair value of warrants is as follows:
 
Nine Months Ended
 
 
December 31,
 
 
2012
 
 
2011
 
Balance at the beginning of the period
 
$
19
 
 
$
26
 
Change in fair value recorded in earnings
 
 
(3
 )
 
 
(6
 )
Balance at the end of the period
 
$
16
 
 
$
20
 

Valuation assumptions to estimate the fair value of options
The Company utilized the following valuation assumptions to estimate the fair value of options that would have been granted for the nine month periods ended December 31, 2012 and 2011, respectively.

STOCK OPTIONS:
 
2012
 
 
2011
 
Expected life (years)
 
 
6.0
 
 
 
6.0
 
Volatility
 
 
156.8
 %
 
 
155.1
 %
Risk-free interest rate
 
 
0.64
 %
 
 
0.83
 %
Dividend yield
 
 
0
 %
 
 
0
 %

Valuation assumptions to estimate the fair value of ESPP
ESPP awards are valued using the Black-Scholes pricing model with expected volatility calculated using a six-month historical volatility.   No ESPP awards were made in the three and nine month periods ended December 31, 2012.  The valuation assumptions are included for comparison only.

ESPP:
 
2012
 
 
2011
 
Expected life (years)
 
 
0.5
 
 
 
0.5
 
Volatility
 
 
106.1
 %
 
 
116.3
 %
Risk-free interest rate
 
 
0.05
 %
 
 
0.02
 %
Dividend yield
 
 
0
 %
 
 
0
 %
 
Stock option and warrant activity
A summary of the stock option and warrant activity during the nine months ended December 31, 2012 is as follows:
 
 
 
 
 
 
 
Weighted-
 
 
 
 
 
 
 
 
Weighted-
 
 
Average
 
 
 
 
 
 
 
 
Average
 
 
Remaining
 
 
Aggregate
 
 
 
 
 
Exercise
 
 
Contractual
 
 
Intrinsic
 
 
Shares
 
 
Price
 
 
Term (in Years)
 
 
Value
 
Beginning outstanding
 
 
127,833
 
 
$
19.24
 
 
 
 
 
 
 
Granted
 
 
173,999
 
 
$
3.82
 
 
 
 
 
 
 
   Forfeited
 
 
(379
 )
 
$
11.70
 
 
 
 
 
 
 
   Expired
 
 
(19,577
 )
 
$
17.68
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending outstanding
 
 
281,876
 
 
$
9.84
 
 
 
7.88
 
 
$
-
 
Ending vested and expected to vest
 
 
281,807
 
 
$
9.83
 
 
 
7.88
 
 
$
-
 
Ending exercisable
 
 
141,971
 
 
$
15.70
 
 
 
6.22
 
 
$
-
 

Stock options and warrants outstanding
The following table summarizes information with respect to stock options and warrants outstanding as of December 31, 2012:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-
 
 
 
 
 
 
 
 
 
 
Weighted-
 
 
 
 
 
 
 
 
Average
 
 
 
 
 
 
 
Number
 
 
Average
 
 
 
 
 
Number
 
 
Exercise
 
 
 
 
 
 
 
Outstanding
 
 
Remaining
 
 
Weighted-
 
 
Exercisable
 
 
Price
 
 
 
 
 
 
 
As of
 
 
Contractual
 
 
Average
 
 
As of
 
 
As of
 
Range of
 
 
Dec 31,
 
 
Term
 
 
Exercise
 
 
Dec 31,
 
 
Dec 31,
 
Exercise Prices
 
 
2012
 
 
(in years)
 
 
Price
 
 
2012
 
 
2012
 
$
2.90
 
 
$
6.00
 
 
 
182,329
 
 
 
9.51
 
 
$
3.85
 
 
 
42,493
 
 
$
3.78
 
 
6.25
 
 
 
11.70
 
 
 
45,358
 
 
 
5.89
 
 
 
11.50
 
 
 
45,358
 
 
 
11.50
 
 
17.80
 
 
 
28.10
 
 
 
39,269
 
 
 
4.71
 
 
 
21.63
 
 
 
39,244
 
 
 
21.63
 
 
34.20
 
 
 
61.80
 
 
 
14,006
 
 
 
2.42
 
 
 
43.95
 
 
 
13,998
 
 
 
43.95
 
 
61.94
 
 
 
151.94
 
 
 
854
 
 
 
1.68
 
 
 
89.52
 
 
 
832
 
 
 
89.52
 
 
152.21
 
 
 
285.00
 
 
 
58
 
 
 
0.74
 
 
 
174.00
 
 
 
46
 
 
 
174.00
 
 
286.72
 
 
 
300.27
 
 
 
2
 
 
 
0.00
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
2.90
 
 
$
300.27
 
 
 
281,876
 
 
 
7.88
 
 
$
9.83
 
 
 
141,971
 
 
$
15.70
 

Unvested RSU activity
The following table summarizes the Company's unvested RSU activity for the nine months ended December 31, 2012:

 
 
Number
 
 
Weighted- Average
 
 
 
of
 
 
Grant Date
 
 
 
Shares
 
 
Fair Value
 
Balance March 31, 2012
 
 
236,541
 
 
$
2.11
 
Granted
 
 
288,417
 
 
$
3.85
 
Forfeited
 
 
(279,760
 )
 
$
3.51
 
Vested
 
 
(83,689
 )
 
$
2.65
 
Balance, Dec. 31, 2012
 
 
161,509
 
 
$
2.52
 

Unvested restricted stock at December 31, 2012