Quarterly report pursuant to Section 13 or 15(d)

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

v3.2.0.727
Description of Business and Summary of Significant Accounting Policies (Tables)
3 Months Ended
Jun. 30, 2015
Description of Business and Summary of Significant Accounting Policies [Abstract]  
Valuation assumptions to estimate the fair value of options
The Company utilized the following assumptions to estimate the fair value of options that were granted for the three months ended June 30, 2014.  There were no options granted for the three months  ended June 30, 2015.

   
Three Months Ended
June 30,
 
   
2015
   
2014
 
Expected life (years)
   
N/A
     
6.0
 
Volatility
   
N/A
 
   
151.70%
 
Risk-free interest rate
   
N/A
 
   
1.62% -1.74%
 
Dividend yield
   
N/A
 
   
0%
 
Forfeiture rate
N/A
10%
Stock option activity
A summary of the stock option activity during the three months ended June 30, 2015is as follows:

   
Shares
   
Weighted-
Average
Exercise
Price
   
Weighted-
Average
Remaining
Contractual
Term (in Years)
   
Aggregate
Intrinsic
Value
 
Beginning outstanding, March 31, 2015
   
665,058
   
$
4.79
     
7.80
   
$
67,951
 
Granted
   
--
     
-
                 
Forfeited
   
(49,938
)
   
2.54
                 
Expired
   
(4,501
)
   
25.52
                 
                                 
Ending outstanding, June 30, 2015
   
610,619
   
$
4.82
     
7.35
   
$
-
 
Ending vested and expected to vest
   
610,474
   
$
4.82
     
7.35
   
$
-
 
Ending exercisable
   
299,876
   
$
8.06
     
5.62
   
$
-
 
Stock options outstanding
The following table summarizes information with respect to stock options outstanding as of June 30, 2015:
 
Range of Exercise Prices
   
Number
Outstanding
As of
June 30,
2015
   
Weighted-
Average
Remaining
Contractual
Term
(in years)
   
Weighted-
Average
Exercise
Price
   
Number
Exercisable
As of
June 30,
2015
   
Weighted-
Average
Exercise
Price
As of
June 30,
2015
 
$
0.75
   
$
1.50
     
206,679
     
9.42
   
$
0.80
     
17,500
   
$
1.31
 
 
1.99
     
3.22
     
167,629
     
8.39
     
2.54
     
88,190
     
2.41
 
 
3.35
     
6.00
     
143,997
     
6.25
     
3.90
     
101,872
     
3.89
 
 
11.70
     
17.80
     
46,191
     
3.35
     
12.03
     
46,191
     
12.03
 
 
21.00
     
34.20
     
36,125
     
2.04
     
22.63
     
36,125
     
22.63
 
 
41.40
     
41.45
     
9,998
     
0.21
     
41.40
     
9,998
     
41.40
 
                 
610,619
     
7.35
   
$
4.82
     
299,876
   
$
8.06