v2.4.1.9

STOCK-BASED COMPENSATION | 9 Months Ended
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Dec. 31, 2014
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 11 — STOCK-BASED COMPENSATION In May 2014, the Company granted to employees, directors and certain consultants options to purchase an aggregate of 2,305,000 shares of the Company’s common stock at an exercise price of $1.00 per share under the Company’s 2013 Incentive Compensation Plan. The options, which expire in June 2024, vest 25% on each of the first four anniversaries of the grant date. The Company has valued the options at $1,429,100 using the Black-Scholes option pricing model. Stock-based compensation expense for the three months ended December 31, 2014 and 2013 and for the nine months ended December 31, 2014 and 2013 amounted to $206,553 and $103,636, respectively and $606,817 and $281,687, respectively. At December 31, 2014, total unrecognized compensation cost amounted to $1,738,934, representing 5,793,111 unvested options. This cost is expected to be recognized over a weighted-average vesting period of 2.35 years. There were 652,294 options and 26,225 options exercised during the nine months ended December 31, 2014 and 2013, respectively. The Company did not recognize any related tax benefit for the nine months ended December 31, 2014 and 2013 from option exercises, as the effects were de minimis.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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