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)

6 Months Ended

Sep. 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 valuation assumptions to estimate the fair value of options that were granted during the three month periods ended September 30, 2015 and 2014, respectively. There were no options granted during the three months ended September 30, 2015.

	Three Months Ended September 30,				Six Months Ended September 30,
	2015		2014		2015		2014
Expected life (years)		n/a		6.0		n/a		6.0
Volatility		n/a		143.1% -148.5%		n/a		143.1% -151.7%
Risk-free interest rate		n/a		1.63% -1.75%		n/a		1.63% -1.75%
Dividend yield		n/a		0%		n/a		0%
Forfeiture rate		n/a		10%		n/a		10%

Stock option activity

A summary of the stock option activity during the six months ended September 30, 2015 is 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		(28,061	)		20.28

Ending outstanding, September 30, 2015		587,059		$	4.24		7.38	$	-
Ending vested and expected to vest		586,935		$	4.24		7.38	$	-
Ending exercisable		304,380		$	6.74		6.01	$	-

Stock options outstanding

The following table summarizes information with respect to stock options outstanding as of September 30, 2015:

Range of Exercise Prices				Number Outstanding As of Sept. 30, 2015		Weighted- Average Remaining Contractual Term (in years)		Weighted Average Exercise Price		Number Exercisable As of Sept. 30, 2015		Weighted- Average Exercise Price As of Sept. 30, 2015
$	0.75	$	1.50		206,679		9.17	$	0.80		20,000	$	1.28
	1.99		3.22		159,067		8.59		2.54		87,317		2.36
	3.35		6.00		138,997		6.22		3.91		114,747		3.90
	11.70		17.80		46,191		3.09		12.03		46,191		12.03
	21.00		34.20		36,125		1.79		22.64		36,125		22.63
					587,059		7.38	$	4.24		304,380	$	6.74