Note 3. Stock-Based Compensation | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
A
summary of the status of our common stock options awards is
presented in the table below.
Net
income for the three-month and six-month periods ended
September 30, 2011 included $124,388 and $239,586,
respectively of stock-based compensation costs for
management. During the three-month and six-month
periods ended September 30, 2010, we expensed $97,702 and
$192,114, respectively of stock-based compensation costs
for management; all of these expenses are included in
general and administrative expenses in the accompanying
consolidated statements of operations.
As
of September 30, 2011, there was approximately $275,000 of
total unrecognized compensation costs related to unvested
stock-based compensation for the restricted shares granted
to management that is expected to be recognized over a
weighted-average period of approximately twenty-four
months.
During
the three-month and six-month periods ended September 30,
2011, we did not incur or expense any stock-based
compensation costs for directors, as no new grants were
awarded. However, during the three-month and
six-month periods ended September 30, 2010, we did incur $0
and $241,348, respectively.
On May 19, 2010, the Company
entered into an investor relations agreement with Malcolm
McGuire & Associates, L.L.C. (“McGuire”)
and amended the agreement on June 11, 2010. The
agreement required the Company to grant McGuire the option
to purchase 100,000 shares of the Company’s
restricted common stock at the exercise price of $0.50 per
share, vesting on November 20, 2010, exercisable until
November 20, 2015. The Company recorded a fair
value expense of $34,332, as of September 30, 2010 for
these options, with no expense recorded during the
six-month period ended September 30, 2011.
The
agreement with McGuire also requires the Company to issue
2,500 shares monthly to McGuire of the Company’s
restricted common stock. Net income for the three-month and
six-month periods ended September 30, 2011 includes expense
in the amount of $3,650 and $7,412 respectively for these
shares. Net income for the three-month and
six-month periods ended September 30, 2010 includes expense
in the amount of approximately $2,650 and $3,900,
respectively for these shares. These expenses
are included in general and administrative expenses in the
accompanying consolidated statement of operations.
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