Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share (EPS)

Earnings Per Share (EPS)

6 Months Ended

Sep. 30, 2015

2.	Earnings Per Share (EPS):

Basic EPS is computed by dividing net income (loss) available to common stockholders (numerator) by the weighted-average number of common shares outstanding (denominator) for the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period. The computation of diluted EPS uses the average market prices during the period.

Basic net loss per common share is computed using the weighted-average number of shares of common stock outstanding.

The following table represents the calculation of basic and diluted net loss per common share:

	Three Months Ended						Six Months Ended
	September 30,						September 30,
	2015			2014			2015			2014

Net loss	$	(956	)	$	(1,016	)	$	(2,301	)	$	(2,264	)
Basic and diluted:
Weighted-average common shares outstanding		10,487			2,929			10,478			2,245
Weighted-average common shares used in per share computation		10,487			2,929			10,478			2,245

Net loss per share
Basic and diluted	$	(0.09	)	$	(0.35	)	$	(0.22	)	$	(1.01	)

The following shares of common stock equivalents were excluded from the computation of diluted earnings per share for the three and six months ended September 30, 2015 and 2014 because including them would have been anti-dilutive.

	Sept 30, 2015		Sept 30, 2014

Outstanding Options		587,059		492,147
Outstanding RSUs		23,921		242,971
		610,980		735,118

Warrants - Sequel		-		92,888
Warrants S-3 (June 2014)		27,405		27,405
Warrants - S-1		4,256,000		-
Warrants - underwriters		186,066		-
Shares Excluded from EPS calculation		5,080,451		855,411

The weighted-average exercise price per share of the excluded outstanding options and deferred RSUs was $6.50 and $6.70 on September 30, 2015 and 2014, respectively.

At September 30, 2015, the Company had the following warrants outstanding to purchase the Company’s stock:

Issue Date	Outstanding Warrants		Exercise Price		Maturity Date

6/24/2014		27,405	$	2.50	6/24/2020
2/25/2015		4,256,000	$	1.18	2/25/2020
2/25/2015		115,200	$	1.56	2/18/2020
3/2/2015		70,866	$	1.59	2/25/2020
		4,469,471