Stock-Based Compensation (Tables)
|
12 Months Ended |
Mar. 31, 2017 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Schedule of Share-based Compensation, Stock Options Outstanding |
A summary of the options outstanding
under the 2003 and 2013 Plans is as follows:
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|
Years ended March 31, |
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2017 |
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2016 |
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2015 |
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Weighted |
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Weighted |
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Weighted |
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Average |
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Average |
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Average |
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Exercise |
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Exercise |
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Exercise |
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Shares |
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Price |
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Shares |
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|
Price |
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Shares |
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|
Price |
|
| Outstanding at beginning of year |
|
|
13,508,086 |
|
|
$ |
0.79 |
|
|
|
11,988,188 |
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|
$ |
0.58 |
|
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|
11,174,007 |
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|
$ |
0.51 |
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| Granted |
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|
3,280,000 |
|
|
|
0.91 |
|
|
|
2,622,500 |
|
|
|
1.63 |
|
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|
2,525,000 |
|
|
|
1.04 |
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| Exercised |
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|
(671,028 |
) |
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|
0.37 |
|
|
|
(1,079,602 |
) |
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|
0.35 |
|
|
|
(677,127 |
) |
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|
0.33 |
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| Forfeited |
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|
(318,500 |
) |
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|
3.44 |
|
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|
(23,000 |
) |
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|
4.30 |
|
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|
(1,033,692 |
) |
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|
1.10 |
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| Outstanding and expected to vest at end of period |
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15,798,558 |
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|
$ |
0.78 |
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|
13,508,086 |
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|
$ |
0.79 |
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11,988,188 |
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|
$ |
0.58 |
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| |
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| Exercisable at period end |
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9,285,121 |
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$ |
0.55 |
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7,931,813 |
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$ |
0.53 |
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7,064,133 |
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$ |
0.49 |
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| Weighted average fair value of grants during the period |
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$ |
0.57 |
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$ |
1.07 |
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$ |
0.65 |
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| Schedule of Options Outstanding and Exercisable |
The following table summarizes activity pertaining
to options outstanding and exercisable at March 31, 2017:
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|
Options Outstanding |
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|
Options Exercisable |
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Weighted |
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Average |
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Weighted |
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Remaining |
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Average |
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Aggregate |
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| Range of |
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Life in |
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Exercise |
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Intrinsic |
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| Exercise Prices |
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Shares |
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|
Years |
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Shares |
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|
Price |
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|
Value |
|
| $0.01 — $0.25 |
|
|
303,100 |
|
|
|
1.48 |
|
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|
303,100 |
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|
$ |
0.22 |
|
|
$ |
403,354 |
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| $0.26 — $0.40 |
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|
7,132,458 |
|
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|
4.32 |
|
|
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6,783,396 |
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|
|
0.34 |
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|
8,223,876 |
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| $0.41 — $1.00 |
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5,299,500 |
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|
8.40 |
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1,137,250 |
|
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|
0.98 |
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|
644,688 |
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| $1.01 — $1.50 |
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|
586,000 |
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|
7.88 |
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|
391,000 |
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|
1.24 |
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121,620 |
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| $1.51 — $2.00 |
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2,471,500 |
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|
7.99 |
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|
664,375 |
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|
1.69 |
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— |
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| $6.01 — $7.00 |
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|
6,000 |
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0.22 |
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|
6,000 |
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6.93 |
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— |
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15,798,558 |
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6.34 |
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9,285,121 |
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$ |
0.55 |
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|
$ |
9,393,538 |
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|
| Summarizes Activity Pertaining to Unvested Options |
The following summarizes activity pertaining
to the Company’s unvested options for the years ended March 31, 2017, 2016 and 2015:
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Weighted |
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Average |
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| |
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Exercise |
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Shares |
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|
Price |
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| Unvested at March 31, 2014 |
|
|
5,662,560 |
|
|
$ |
0.32 |
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| |
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|
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| Granted |
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2,525,000 |
|
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|
1.04 |
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| Canceled or expired |
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|
(954,083 |
) |
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|
0.44 |
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| Vested |
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(2,309,422 |
) |
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|
0.41 |
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|
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| Unvested at March 31, 2015 |
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4,924,055 |
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$ |
0.70 |
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| |
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| Granted |
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2,622,500 |
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|
1.63 |
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| Canceled or expired |
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|
(12,000 |
) |
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|
0.97 |
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| Vested |
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(1,958,282 |
) |
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|
0.70 |
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| Unvested at March 31, 2016 |
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|
5,576,273 |
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|
$ |
1.17 |
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| |
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|
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| Granted |
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|
3,280,000 |
|
|
|
0.91 |
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| Canceled or expired |
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(138,250 |
) |
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|
0.55 |
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| Vested |
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(2,171,648 |
) |
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|
0.94 |
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| Unvested at March 31, 2017 |
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|
6,546,375 |
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|
$ |
1.11 |
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|
| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
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, |
|
| |
|
2017 |
|
|
2016 |
|
|
2015 |
|
| Risk-free interest rate |
|
|
1.37% - 1.89 |
% |
|
|
1.39% - 1.81 |
% |
|
|
1.47% - 1.76 |
% |
| Expected option life in years |
|
|
5.5 - 6.25 |
|
|
|
5.5 - 6.25 |
|
|
|
5.5 - 6.25 |
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| Expected stock price volatility |
|
|
68% - 69 |
% |
|
|
70% - 73 |
% |
|
|
74% - 77 |
% |
| Expected dividend yield |
|
|
0 |
% |
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|
0 |
% |
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|
0 |
% |
|