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Note 3. Stock-based Compensation.
 3 Months Ended
Jun. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
3.          STOCK-BASED COMPENSATION.

A summary of the status of our common stock options awards is presented in the table below.

   
Number of Common
Shares
   
Weighted-Average
Exercise Price
   
Weighted-Average
Remaining
Contractual
Term (Years)
 
Outstanding at March 31, 2012
   
825,882
   
$
0.25
     
6.65
 
Granted
   
—
     
—
     
—
 
Exercised
   
—
     
—
     
—
 
Forfeited
   
—
     
—
     
—
 
Outstanding at June 30, 2012
   
825,882
   
$
0.24
     
6.40
 
Exercisable at June 30, 2012
   
825,882
   
$
0.24
     
6.40
 

Net income for the three-month period ended June 30, 2012 includes approximately $12,500 expensed for stock-based compensation costs for management.  As of June 30, 2012, there was approximately $155,555 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 30 months.

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 Company terminated the agreement with McGuire, effective February 29, 2012.  Therefore, we did not incur any related expenses during the three-month period ended June 30, 2012.

During the three-month period ended June 30, 2011, we expensed stock-based compensation costs of $115,198 for management.  Also, we incurred $3,762 in stock-based compensation expense related to the 7,500 shares of the Company’s restricted common stock granted to McGuire during the three-month period ended June 30, 2011.  Together these expenses total $118,960; which are included in general and administrative expenses in the accompanying consolidated statement of operations.