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Stockholders' Equity (Tables)

9 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Stock Option Transactions Under Stock Option Plans

Stock option activity for the nine months ended December 31, 2016 is summarized below:

			Weighted		Weighted		Weighted
			Average		Average		Average
			Per Share		Remaining		Per Share
			Exercise		Life		Intrinsic
	Shares		Price		(Years)		Value
Balance, March 31, 2016		1,064,150	$	4.27		7.94	$	2.27
Granted		149,200		4.78		-		-
Cancelled		-		-		-		-
Exercised		-		-		-		-
Expired		(47,500)		6.76		-		-
Forfeited		-		-		-		-
Balance, December 31, 2016		1,165,850	$	4.24		6.88	$	1.61
Vested, December 31, 2016		988,687	$	3.99		6.54	$	1.87

Summary of Stock Based Compensation Expense Related To Restricted Stock and Option Awards

Stock-based compensation expense related to common stock option awards is recognized over their respective vesting periods and was included in the accompanying condensed consolidated statement of operations as follows:

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2016		2015		2016		2015
Stock-based compensation expense:
Cost of services	$	1,227	$	1,227	$	3,681	$	3,682
General and administrative		349,288		25,280		840,592		175,608
	$	350,515	$	26,507	$	844,273	$	179,290

Warrants Outstanding

Warrants consisted of the following for the nine months ended December 31, 2016:

	Weighted
	Average
	Per Share
	Intrinsic		Number of
	Value		Warrants
Outstanding at March 31, 2016	$	3.12		2,091,166
Granted		-		29,000
Exercised		3.76		(150,000)
Cancelled		-		-
Outstanding at December 31, 2016	$	3.15		1,970,166

			Weighted				Weighted
			Average				Average
Exercise Price Per	Warrants		Remaining		Warrants		Exercise Price Per
Share	Outstanding		Contractual Life		Exercisable		Share

$4.00-$5.00		188,500		1.10		188,500	$	4.47
$9.00-$10.00		1,781,666		3.79		1,781,666		9.37

$4.00-$10.00		1,970,166		3.53		1,970,166	$	8.90

Amount of Shares of Common Stock Reserved

The number of shares of common stock reserved for these purposes is as follows at December 31, 2016:

Common stock issued and outstanding		6,033,518
Warrants outstanding		1,970,166
Stock options outstanding		1,165,850
Preferred stock outstanding		1,666,666
		10,836,200

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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