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7. Stock-Based Compensation (Tables)

3 Months Ended

Jun. 30, 2016

Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]

Weighted-average assumptions of fair value of employee stock options

		Three Months Ended June 30,
		2016				2015
Expected Term			7.45 yrs				8.96 yrs
Risk-free interest rate			1.40%				2.18%
Dividend yield			0.00%				0.00%
Volatility			92.4%				86.0%
Fair value of options granted		$	3.46			$	5.50

Employee stock-based compensation expense

		Three Months Ended June 30,
		2016				2015
Cost of revenues		$	68,000			$	55,000
Research and development			64,000				73,000
Selling, general and administrative			279,000				284,000
Total stock-based compensation		$	411,000			$	412,000

Plan summary

Plan		Awards Outstanding
2006 Plan		172,000
2011 Plan		582,000
		754,000
Awards available for grant as of June 30, 2016		578,000

Schedule of option activity

		Number of Shares				Weighted- Average Exercise Price				Weighted- Average Contractual Term				Aggregate Intrinsic Value
Outstanding at April 1, 2016			753,000			$	21.47
Options granted			16,000				4.65
Options exercised			–				–
Options forfeited			(1,000	)			19.14
Options expired			(14,000	)			17.81
Outstanding at June 30, 2016			754,000			$	21.18				7.69			$	–
Exercisable at June 30, 2016			504,000			$	26.81				7.15			$	–

Restricted Stock Award Activity

Restricted stock award activity is as follows:

		Number of Shares				Weighted Average Award Date Fair Value per Share
Unvested restricted stock awards outstanding at April 1, 2016			–			$	–
Restricted stock awards granted			4,000				4.85
Restricted stock awards vested			(4,000	)			4.85
Restricted stock awards forfeited			–				–
Unvested restricted stock awards outstanding at June 30, 2016			–			$	–

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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