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STOCK-BASED COMPENSATION
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9 Months Ended |
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Dec. 31, 2012
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| Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
| Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 12 — STOCK-BASED COMPENSATION
In June 2012, the Company granted to certain employees options to purchase an aggregate of 172,166 shares of the Company’s common stock at an exercise price of $0.28 per share under the Company’s 2003 Stock Incentive Plan. The options, which expire in June 2022, vest 33.3% on each of the first three anniversaries of the grant date. The Company has valued the options at $27,547 using the Black-Scholes option pricing model.
In June 2012, the Company granted to employees, directors and certain consultants options to purchase an aggregate of 1,443,000 shares of the Company’s common stock at an exercise price of $0.31 per share under the Company’s 2003 Stock Incentive Plan. The options, which expire in June 2022, vest 25% on each of the first four anniversaries of the grant date. The Company has valued the options at $259,740 using the Black-Scholes option pricing model.
Stock-based compensation expense for the three months ended December 31, 2012 and 2011 and for the nine months ended December 31, 2012 and 2011 amounted to $77,334 and $52,737, respectively and $216,262 and $137,250, respectively. At December 31, 2012, total unrecognized compensation cost amounted to $547,172, representing 4,024,932 unvested options. This cost is expected to be recognized over a weighted-average period of 2.39 years. There were no options exercised during the nine months ended December 31, 2012 and 2011. |