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10. STOCK COMPENSATION (Tables)

9 Months Ended

12 Months Ended

Dec. 31, 2014

Mar. 31, 2014

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

Components of share-based compensation expenses relating to shares and options granted

		Three Months Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
		December 31, 2014				December 31, 2013				December 31, 2014				December 31, 2013
Vesting of stock options			77,900				32,750				338,580				156,993
Incremental fair value of option modifications			–				–				–				1,914
Vesting expense associated with CEO restricted stock grant			–				–				–				64,444
Total share-based compensation expense		$	77,900			$	32,750			$	338,580			$	223,351
Total share-based compensation expense included in net loss		$	77,900			$	32,750			$	338,580			$	223,351
Weighted average number of common shares outstanding – basic and diluted			6,032,126				3,963,066				5,254,459				3,750,111
Basic and diluted loss per common share associated with stock-based compensation expense		$	(0.01	)		$	(0.01	)		$	(0.06	)		$	(0.06	)

Our total stock-based compensation for fiscal years ended March 31, 2014 and 2013 included the following:

		March 31, 2014				March 31, 2013
Vesting  of restricted stock grant		$	64,444			$	386,668
Incremental fair value of option modifications			1,914				23,027
Vesting of stock options			541,588				355,578
Total Stock-Based Compensation		$	607,946			$	765,273

Weighted average assumptions used to estimate the fair value information

The following outlines the significant weighted average assumptions used to estimate the fair value information presented, with respect to stock option grants utilizing the Binomial Lattice option pricing models at, and during the nine months ended December 31, 2014: 

Risk free interest rate	2.6%
Average expected life	10 years
Expected volatility	90.23%
Expected dividends	None

The following outlines the significant weighted average assumptions used to estimate the fair value information, which is based on historical data, with respect to stock option grants utilizing the Binomial Lattice option pricing models at, and during the nine months ended December 31, 2013:

Risk free interest rate	0.38% - 2.50%
Average expected life	3 years - 10 years
Expected volatility	94.6% - 102.7%
Expected dividends	None

The following outlines the significant weighted average assumptions used to estimate the fair value with respect to stock options utilizing the Binomial Lattice option pricing model for the years ended March 31, 2014 and March 31, 2013:

	Year Ended March 31,
	2014		2013
Risk free interest rate	0.38% to 2.65%		1.44%
Average expected life	3 to 10 years		10 years
Expected volatility	91.05% to 102.67%		117.53%
Expected dividends	None		None

Options outstanding

		Number of Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term in Years
Vested			485,301			$	13.00				4.24
Expected to vest			93,819			$	7.00				8.90
Total			579,121

The following is a summary of the stock options outstanding at March 31, 2014 and 2013 and the changes during the years then ended:

		Year Ended March 31,
		2014								2013
		Options				Weighted Average Exercise Price				Options				Weighted Average Exercise Price
Outstanding, beginning of year			421,916			$	14.00				388,574			$	15.50
Granted			104,411			$	4.50				33,342			$	4.00
Exercised			(3,659		)	$	4.00				–			$	–
Cancelled/Forfeited			–			$	–				–			$	–
Outstanding, end of year			522,668			$	12.50				421,916			$	14.00
Exercisable, end of year			449,751			$	13.50				382,833			$	14.50
Weighted average estimated fair value of options granted						$	6.50							$	4.00

Stock option activity

		Number of Options				Range of Exercise Price				Weighted Average Exercise Price
Stock options outstanding at March 31, 2014			522,668				$3.80 - $20.50			$	12.50
Exercised			(1,000	)			9.50			$	9.50
Granted			59,453				9.50			$	9.50
Cancelled/Expired			(2,000	)			9.50			$	9.50
Stock options outstanding at December 31, 2014			579,121				$3.80 - $20.50			$	12.00
Stock options exercisable at December 31, 2014			485,301				$3.80 - $20.50			$	13.00

The detail of the options outstanding and exercisable as of March 31, 2014 is as follows:

				Options Outstanding												Options Exercisable
Range of Exercise Prices				Number Outstanding				Weighted Average Remaining Life (Years)				Weighted Average Exercise Price				Number Outstanding				Weighted Average Exercise Price
$4.00 - $5.50					134,094				9.68 years			$	4.50				64,094			$	4.00
$10.50 - $12.50					224,143				4.28 years			$	12.00				221,226			$	12.00
$18.00 - $20.50					164,431				2.68 years			$	19.00				164,431			$	19.00
					522,668												449,751

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Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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Tabular disclosure of the following for fully vested share options (or share units) and share options expected to vest at the date of the latest statement of financial position: the number, weighted-average exercise price (or conversion ratio), aggregate intrinsic value (except for nonpublic entities), and weighted-average remaining contractual term of options (or share units) outstanding.

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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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Tabular disclosure of the weighted-average grant-date fair value of equity options or other equity instruments granted during the year.

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