STOCK-BASED COMPENSATION |
9 Months Ended | |
|---|---|---|
Dec. 31, 2016 | ||
| Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ||
| Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 10 — STOCK-BASED COMPENSATION In June 2016, the Company granted to employees, directors and certain consultants options to purchase an aggregate of 3,170,000 shares of the Company’s common stock at an exercise price of $0.90 per share under the Company’s 2013 Incentive Compensation Plan. The options, which expire in June 2026, vest 25% on each of the first four anniversaries of the grant date. The Company has valued the options at $1,806,900 using the Black-Scholes option pricing model. Stock-based compensation expense for the three months ended December 31, 2016 and 2015 and for the nine months ended December 31, 2016 and 2015 amounted to $409,511 and $338,023, respectively, and $1,172,008 and $1,036,412, respectively. At December 31, 2016, total unrecognized compensation cost amounted to $3,692,188, representing 6,616,375 unvested options. This cost is expected to be recognized over a weighted-average vesting period of 2.83 years. There were 495,390 options exercised during the nine months ended December 31, 2016 and 612,989 options exercised during the nine months ended December 31, 2015. The Company did not recognize any related tax benefit for the nine months ended December 31, 2016 and 2015 from option exercises, as the effects were de minimis. |