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)

9 Months Ended

Dec. 31, 2013

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

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

	Nine Months Ended
	December 31,
	2013			2012
Balance at the beginning of the period	$	10		$	19
Issuance of warrants		-			-
Change in fair value recorded in earnings		(10	)		(3	)
Balance at the end of the period	$	0		$	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 nine month periods ended December 31, 2013 and 2012, respectively.

STOCK OPTIONS:	2013			2012
Expected life (years)		6.0			6.0
Volatility		154.4	%		156.8	%
Risk-free interest rate		1.48	%		0.64	%
Dividend yield		0	%		0	%

Stock option activity

A summary of the stock option activity during the nine months ended December 31, 2013 is as follows:

						Weighted-
				Weighted-		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Shares			Price		Term (in Years)		Value
Beginning outstanding		263,807		$	10.23
Granted		39,499		$	4.08
Exercised		--
Expired		(2,380	)	$	63.97

Ending outstanding		300,926		$	9.00		7.24	$	20,148
Ending vested and expected to vest		300,743		$	9.00		7.24	$	20,142
Ending exercisable		175,301		$	12.60		6.02	$	16,098

Stock options outstanding

The following table summarizes information with respect to stock options outstanding as of December 31, 2013:

												Weighted-
						Weighted-						Average
				Number		Average				Number		Exercise
				Outstanding		Remaining		Weighted-		Exercisable		Price
				As of		Contractual		Average		As of		As of
Range of				December 31,		Term		Exercise		December 31,		December 31,
Exercise Prices				2013		(in years)		Price		2013		2013
$	2.90	$	4.50		200,496		8.82	$	3.83		74,871	$	3.65
	6.00		11.70		48,690		4.98		11.12		48,690		11.12
	17.80		28.10		39,244		3.72		21.63		39,244		21.63
	34.20		89.52		12,496		1.68		43.65		12,496		43.65

$	2.90	$	89.52		300,926		7.24	$	9.00		175,301	$	12.60

Unvested RSU activity

The following table summarizes the Company’s unvested RSU activity for the nine months ended December 31, 2013:

	Number			Weighted- Average
	of			Grant Date
	Shares			Fair Value
Balance March 31, 2013		183,904		$	2.67
Granted		-		$	-
Forfeited		-		$	-
Vested		(57,250	)	$	2.42
Balance, December 31, 2013		126,654		$	2.78

- 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