EQUITY COMPENSATION PLANS

9 Months Ended

Dec. 31, 2019

EQUITY COMPENSATION PLANS

EQUITY COMPENSATION PLANS

11.  EQUITY COMPENSATION PLANS

As of December 31, 2019, the Company had two equity compensation plans approved by its stockholders (1) the 2004 Incentive and Non-statutory Stock Option Plan (the “2004 Plan”); and (2) the 2007 Equity Incentive Plan (the “2007 Plan”). The Company approved the 2004 Plan reserving 800,000 shares of common stock of the Company pursuant to an Information Statement on Schedule 14C filed with the Commission on May 9, 2005. Finally, the Company’s stockholders approved the 2007 Plan reserving 1,000,000 shares of common stock of the Company pursuant to a Definitive Proxy Statement on Schedule 14A filed with the Commission on October 2, 2007.

In addition to the equity compensation plans approved by the Company’s stockholders, the Company has issued options and warrants to individuals pursuant to individual compensation plans not approved by our stockholders. These options and warrants have been issued in exchange for services or goods received by the Company.

The following table provides aggregate information as of December 31, 2019 with respect to all compensation plans (including individual compensation arrangements) under which equity securities are authorized for issuance.

	2004 Plan				2007 Plan
			Weighted				Weighted
			Average				Average
	Outstanding		Exercise		Outstanding		Exercise
	Options		Price		Options		Price
Options outstanding and exercisable June 30, 2018		357,500		0.50		430,000		1.21
Options expired unexercised		(357,500)				(430,000)
Options outstanding and exercisable March 31, 2019 and December 31, 2019		—				—

A summary of the Company’s equity compensation plans approved and not approved by shareholders is as follows:

For the nine month periods ended December 31, 2019 and December 31, 2018 the Company recognized $Nil and $Nil in stock based compensation expense in the consolidated statement of operations. No stock options were granted or cancelled/expired in the nine month periods ended December 31, 2019 and December 31, 2018.

				Number of
				securities
				remaining
				available for
	Number of			future
	securities to			issuance
	be			under
	issued upon			equity
	exercise of	Weighted-average		compensation
	of	exercise price of		plans
	outstanding	outstanding		(excluding
	options,	options		securities
	warrants	warrants and		reflected
Plan Category	and rights	rights		in column (a))
Equity Compensation Plans approved by security holders	0	$	0.50	1,962,500