v2.4.0.8
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Mar. 31, 2013
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]
The following table summarizes activity pertaining to options outstanding and exercisable at March 31, 2013:
  
 
 
Options Outstanding
 
Options Exercisable
 
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
 
Remaining
 
 
 
 
Average
 
Aggregate
 
Range of
 
 
 
 
Life in
 
 
 
 
Exercise
 
Intrinsic
 
Exercise Prices
 
Shares
 
Years
 
Shares
 
Price
 
Value
 
$0.01 — $0.25
 
 
631,400
 
 
5.57
 
 
631,400
 
$
0.22
 
$
55,351
 
$0.26 — $0.35
 
 
7,031,865
 
 
7.64
 
 
3,160,058
 
 
0.34
 
 
27,082
 
$1.01 — $2.00
 
 
68,000
 
 
4.84
 
 
68,000
 
 
1.82
 
 
 
$5.01 — $6.00
 
 
181,000
 
 
0.84
 
 
181,000
 
 
6.00
 
 
 
$6.01 — $7.00
 
 
17,000
 
 
3.99
 
 
17,000
 
 
6.36
 
 
 
$7.01 — $8.00
 
 
184,000
 
 
2.68
 
 
184,000
 
 
7.57
 
 
 
$8.01 — $9.00
 
 
7,500
 
 
3.86
 
 
7,500
 
 
9.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8,120,765
 
 
7.18
 
 
4,248,958
 
$
0.94
 
$
82,433
 
Schedule of Nonvested Share Activity [Table Text Block]
The following summarizes activity pertaining to the Company’s unvested options for the years ended March 31, 2013 and 2012:
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
Average
 
 
 
 
 
 
Exercise
 
 
 
Shares
 
Price
 
Unvested at March 31, 2011
 
 
2,688,100
 
$
0.34
 
 
 
 
 
 
 
 
 
Granted
 
 
1,837,349
 
 
0.32
 
Canceled or expired
 
 
(16,250)
 
 
0.35
 
Vested
 
 
(915,200)
 
 
0.34
 
 
 
 
 
 
 
 
 
Unvested at March 31, 2012
 
 
3,593,999
 
$
0.34
 
 
 
 
 
 
 
 
 
Granted
 
 
1,800,166
 
 
0.30
 
Canceled or expired
 
 
(8,750)
 
 
0.34
 
Vested
 
 
(1,513,608)
 
 
0.33
 
 
 
 
 
 
 
 
 
Unvested at March 31, 2013
 
 
3,871,807
 
$
0.32
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The fair value of options at grant date was estimated using the Black-Scholes option pricing model utilizing the following weighted average assumptions:
 
 
 
March 31,
 
 
 
 
2013
 
 
2012
 
 
Risk-free interest rate
 
 
0.67% - 0.89
%
 
 
0.89
%
 
Expected option life in years
 
 
5.5 - 6.25
 
 
 
6.04
 
 
Expected stock price volatility
 
 
65
%
 
 
65
%
 
Expected dividend yield
 
 
0
%
 
 
0
%
 
 
Warrants Liabilities [Table Text Block]
The fair value of the warrants is a Level 3 fair value under the valuation hierarchy and was estimated using the Black-Scholes option pricing model utilizing the following assumptions:
 
 
 
March 31,
2013
 
 
March 31,
2012
 
 
Risk-free interest rate
 
 
0.36
%
 
 
1.07
%
 
Expected option life in years
 
 
3.25
 
 
 
4.25
 
 
Expected stock price volatility
 
 
.40
%
 
 
.55
%
 
Expected dividend yield
 
 
0
%
 
 
0
%
 
Warrant [Member]
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
The following is a summary of the Company’s outstanding warrants for the periods presented:
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
Average
 
 
 
 
 
 
Exercise
 
 
 
 
 
 
Price
 
 
 
Warrants
 
Per Warrant
 
Warrants outstanding and exercisable, March 31, 2011
 
 
1,926,814
 
$
6.72
 
 
 
 
 
 
 
 
 
Granted
 
 
11,754,087
 
 
0.38
 
Exercised
 
 
 
 
 
Forfeited
 
 
(263,600)
 
 
7.24
 
 
 
 
 
 
 
 
 
Warrants outstanding and exercisable, March 31, 2012
 
 
13,417,301
 
$
1.16
 
 
 
 
 
 
 
 
 
Granted
 
 
 
 
 
Exercised
 
 
 
 
 
Forfeited
 
 
(1,543,214)
 
 
6.53
 
 
 
 
 
 
 
 
 
Warrants outstanding and exercisable, March 31, 2013
 
 
11,874,087
 
$
0.46
 
Stock Option [Member]
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
  Stock Options — A summary of the options outstanding under the 2003 Plan is as follows:
 
 
 
Years ended March 31,
 
 
 
2013
 
2012
 
 
 
 
 
 
Weighted
 
 
 
 
Weighted
 
 
 
 
 
 
Average
 
 
 
 
Average
 
 
 
 
 
 
Exercise
 
 
 
 
Exercise
 
 
 
Shares
 
Price
 
Shares
 
Price
 
Outstanding at beginning of year
 
 
6,330,599
 
$
0.74
 
 
4,570,850
 
$
0.92
 
Granted
 
 
1,800,166
 
 
0.30
 
 
1,837,349
 
 
0.32
 
Exercised
 
 
 
 
0.00
 
 
 
 
0.00
 
Forfeited
 
 
(10,000)
 
 
0.34
 
 
(77,600)
 
 
1.46
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at end of period
 
 
8,120,765
 
$
0.64
 
 
6,330,599
 
$
0.74
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at period end
 
 
4,248,958
 
$
0.94
 
 
2,736,600
 
$
1.28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average fair value of grants during the period
 
 
 
 
$
0.16
 
 
 
 
$
0.19