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, 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 and nine month periods ended December 31, 2014 and 2013, respectively.

	Three Months Ended December 31,						Nine Months Ended December 31,
	2014			2013			2014			2013
Expected life (years)		6.0			6.0			6.0			6.0
Volatility		141.73	%		152.22	%		141.73% - 151.70	%		152.22% - 152.95	%
Risk-free interest rate		1.67	%		1.30	%		1.63% - 1.75	%		1.30% - 1.72	%
Dividend yield		0	%		0	%		0	%		0	%

Stock option activity

A summary of the stock option activity during the nine months ended December 31, 2014 is as follows:

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value
Beginning outstanding, March 31, 2014		371,759		$	7.89		7.59	$	775.00
Granted		352,747			1.29
Forfeited		(32,848	)		2.87
Expired		(17,982	)		8.66

Ending outstanding, December 31, 2014		673,676		$	4.66		8.26	$	-
Ending vested and expected to vest		673,345		$	4.66		8.26	$	-
Ending exercisable		258,536		$	9.10		6.41	$	-

Stock options outstanding

The following table summarizes information with respect to stock options outstanding as of December 31, 2014:

Range of Exercise Prices				Number Outstanding As of December 31, 2014		Weighted- Average Remaining Contractual Term (in years)		Weighted- Average Exercise Price		Number Exercisable As of December 31, 2014		Weighted- Average Exercise Price As of December 31, 2014
$	0.75	$	1.50		218,679		9.92	$	0.80		9,166	$	1.38
	1.99		3.22		190,567		9.34		2.55		47,315		2.28
	3.35		6.00		169,830		7.83		3.91		107,455		3.91
	6.25		11.70		45,358		3.89		11.50		45,358		11.50
	17.80		28.10		37,578		2.67		21.80		37,578		21.80
	34.20		41.45		11,664		0.74		40.37		11,664		40.37

$	0.75	$	41.45		673,676		8.26	$	4.66		258,536	$	9.10

Unvested RSU activity

The following table summarizes the Company’s unvested RSU activity for the nine months ended December 31, 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		(52,050	)		2.42
Balance, December 31, 2014		167,000		$	2.35