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Stock-based Compensation
 9 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-based Compensation

4. Stock-based Compensation

 

The Company recognized stock-based compensation expense of $23,873 and $45,775 in general and administrative expense in the Consolidated Statements of Operations for the three months ended December 31, 2015 and 2014, respectively. Compensation expense recognized for the nine months ended December 31, 2015 and 2014 was $95,770 and $109,928, respectively. The total cost related to non-vested awards not yet recognized at December 31, 2015 totals $99,836 which is expected to be recognized over a weighted average of 2.17 years.

 

Included in the following table is a summary of the grant-date fair value of stock options granted and the related assumptions used in the Binomial models for stock options granted during the nine months ended December 31, 2015 and 2014. All such amounts represent the weighted average amounts.

 

    Nine Months Ended  
    December 31  
    2015     2014  
Grant-date fair value     -     $ 5.59  
Volatility factor     -       76.23 %
Dividend yield     -       -  
Risk-free interest rate     -       2.52 %
Expected term (in years)     -       10  

  

The following table is a summary of activity of stock options for the nine months ended December 31, 2015:

 

    Number
of
Shares		     Weighted
Average
Exercise
Price		     Weighted Average
Remaining
Contract Life
in Years		     Aggregate
Intrinsic
Value		  
Outstanding at April 1, 2015     153,600     $ 6.52       7.36     $ -  
Granted     -       -                  
Exercised     -       -                  
Forfeited or Expired     -       -                  
Outstanding at December 31, 2015     153,600     $ 6.52       6.61     $ -  
                                 
Vested at December 31, 2015     106,100     $ 6.48       5.93     $ -  
Exercisable at December 31, 2015     106,100     $ 6.48       5.93     $ -  

 

There were no options granted during the nine months ended December 31, 2015. During the nine months ended December 31, 2014, stock options covering 40,000 shares were granted.

 

Outstanding options at December 31, 2015 expire between August 2020 and August 2024 and have exercise prices ranging from $5.98 to $7.00.