v2.4.1.9
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Mar. 31, 2015
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, 2015:
 
 
 
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
 
 
580,300
 
 
3.60
 
 
580,300
 
$
0.22
 
$
682,957
 
$0.26 — $0.40
 
 
8,532,888
 
 
6.28
 
 
6,076,833
 
 
0.34
 
 
6,470,305
 
$1.01 — $2.00
 
 
2,741,000
 
 
9.05
 
 
273,000
 
 
1.26
 
 
69,870
 
$6.01 — $7.00
 
 
17,000
 
 
1.99
 
 
17,000
 
 
6.36
 
 
 
$7.01 — $8.00
 
 
109,500
 
 
1.21
 
 
109,500
 
 
7.57
 
 
 
$8.01 — $9.00
 
 
7,500
 
 
1.86
 
 
7,500
 
 
9.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11,988,188
 
 
6.73
 
 
7,064,133
 
$
0.49
 
$
7,223,132
 
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, 2015 and 2014:
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
Average
 
 
 
 
 
 
Exercise
 
 
 
Shares
 
Price
 
Unvested at March 31, 2013
 
 
3,871,807
 
$
0.32
 
 
 
 
 
 
 
 
 
Granted
 
 
3,300,000
 
 
0.43
 
Canceled or expired
 
 
(10,000)
 
 
0.32
 
Vested
 
 
(1,499,247)
 
 
0.32
 
 
 
 
 
 
 
 
 
Unvested at March 31, 2014
 
 
5,662,560
 
$
0.32
 
 
 
 
 
 
 
 
 
Granted
 
 
2,525,000
 
 
1.04
 
Canceled or expired
 
 
(954,083)
 
 
0.44
 
Vested
 
 
(2,309,422)
 
 
0.41
 
 
 
 
 
 
 
 
 
Unvested at March 31, 2015
 
 
4,924,055
 
$
0.70
 
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,
 
 
 
2015
 
2014
 
Risk-free interest rate
 
 
1.47% - 1.76
%
 
0.86% - 1.85
%
Expected option life in years
 
 
5.5 - 6.25
 
 
5.5 - 6.25
 
Expected stock price volatility
 
 
74% - 77
%
 
65% - 76
%
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:
 
 
 
At Conversion
 
Stock price
 
$
0.92
 
Risk-free interest rate
 
 
0.61
%
Expected option life in years
 
 
2.63
 
Expected stock price volatility
 
 
55
%
Expected dividend yield
 
 
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, 2013
 
 
11,904,925
 
$
0.46
 
 
 
 
 
 
 
 
 
Granted
 
 
 
 
 
Exercised
 
 
(10,127,123)
 
 
0.38
 
Forfeited
 
 
 
 
 
 
 
 
 
 
 
 
 
Warrants outstanding and exercisable, March 31, 2014
 
 
1,777,802
 
$
0.90
 
 
 
 
 
 
 
 
 
Granted
 
 
 
 
 
Exercised
 
 
 
 
 
Forfeited
 
 
(1,657,802)
 
 
0.38
 
 
 
 
 
 
 
 
 
Warrants outstanding and exercisable, March 31, 2015
 
 
120,000
 
$
8.00
 
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 and 2013 Plans is as follows:
 
 
 
Years ended March 31,
 
 
 
2015
 
2014
 
 
 
 
 
 
Weighted
 
 
 
 
Weighted
 
 
 
 
 
 
Average
 
 
 
 
Average
 
 
 
 
 
 
Exercise
 
 
 
 
Exercise
 
 
 
Shares
 
Price
 
Shares
 
Price
 
Outstanding at beginning of year
 
 
11,174,007
 
$
0.51
 
 
8,120,765
 
$
0.64
 
Granted
 
 
2,525,000
 
 
1.04
 
 
3,300,000
 
 
0.43
 
Exercised
 
 
(677,127)
 
 
0.33
 
 
(80,758)
 
 
0.32
 
Forfeited
 
 
(1,033,692)
 
 
1.10
 
 
(166,000)
 
 
5.79
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding and expected to vest at end of period
 
 
11,988,188
 
$
0.58
 
 
11,174,007
 
$
0.51
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at period end
 
 
7,064,133
 
$
0.49
 
 
5,511,447
 
$
0.63
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average fair value of grants during the period
 
 
 
 
$
0.65
 
 
 
 
$
0.26