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9. Stock Compensation
 3 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Compensation

The following tables summarize share-based compensation expenses relating to shares and options granted and the effect on basic and diluted loss per common share during the three months ended June 30, 2016 and 2015:

 

   June 30,
2016		   June 30,
2015		 
Vesting of stock options  $50,710   $50,711 
Total stock-based compensation expense  $50,710   $50,711 
           
Weighted average number of common shares outstanding – basic and diluted   7,622,393    6,720,484 
           
Basic and diluted loss per common share  $(0.01)  $(0.01)

 

All of the stock-based compensation expense recorded during the three months ended June 30, 2016 and 2015, which totaled $50,710 and $50,711, respectively, is included in payroll and related expense in the accompanying condensed consolidated statements of operations.  Stock-based compensation expense recorded during the three months ended June 30, 2016 and 2015 had represented an impact on basic and diluted loss per common share of $(0.01) in both periods.

  

We review share-based compensation on a quarterly basis for changes to the estimate of expected award forfeitures based on actual forfeiture experience. The cumulative effect of adjusting the forfeiture rate for all expense amortization is recognized in the period the forfeiture estimate is changed. The effect of forfeiture adjustments for the three months ended June 30, 2016 was insignificant.

 

There were no stock option grants during the three months ended June 30, 2016 or June 30, 2015.

 

Options outstanding that have vested and are expected to vest as of June 30, 2016 are as follows:

 

   Number of
Shares		   Weighted
Average
Exercise
Price		   Weighted
Average
Remaining
Contractual
Term in
Years		 
                
Vested   402,214   $11.46    4.95 
Expected to vest   36,333   $5.17    7.28 
Total   438,547           

 

There was no stock option activity during the three months ended June 30, 2016.

 

At June 30, 2016, there was approximately $88,428 of unrecognized compensation cost related to share-based payments, which is expected to be recognized over a weighted average period of 0.44 years.

 

On June 30, 2016, our stock options had no intrinsic value since the closing price on that date of $5.70 per share was below the weighted average exercise price of our stock options.