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Stock-based Compensation

3 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

4. Stock-based Compensation

The Company recognized compensation expense of $18,601 and $41,249 in general and administrative expense in the Consolidated Statements of Operations for the three months ended June 30, 2016 and 2015, respectively. The total cost related to non-vested awards not yet recognized at June 30, 2016 totals approximately $60,052 which is expected to be recognized over a weighted average of 1.87 years.

The following table is a summary of activity of stock options for the three months ended June 30, 2016:

	Number of Shares		Weighted Average Exercise Price Per Share		Weighted Aggregate Average Remaining Contract Life in Years		Intrinsic Value
Outstanding at April 1, 2016		153,600	$	6.52		7.36	$	-
Granted		-		-
Exercised		-		-
Forfeited or Expired		-		-
Outstanding at June 30, 2016		153,600	$	6.52		6.11	$	-

Vested at June 30, 2016		114,850	$	6.44		5.54	$	-
Exercisable at June 30, 2016		114,850	$	6.44		5.54	$	-

Outstanding options at June 30, 2015 expire between August 2020 and August 2024 and have exercise prices ranging from $5.98 to $7.00.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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