EQUITY COMPENSATION PLANS

12 Months Ended

Mar. 31, 2015

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

15.   EQUITY COMPENSATION PLANS

As of March 31, 2015, 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’s stockholders 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 March 31, 2015 and March 31, 2014 with respect to all compensation plans (including individual compensation arrangements) under which equity securities are authorized for issuance.

	2001 Plan				2004 Plan				2007 Plan				Other
	Outstanding  Options		Weighted  Average  Exercise  Price		Outstanding  Options		Weighted  Average  Exercise  Price		Outstanding Options		Weighted  Average  Exercise  Price		Outstanding  Options		Weighted  Average Exercise Price
Options outstanding,March 31, 2013 and March 31, 2014		12,500		1.20		432,500		0.96		1,000,000		1.21		350,000		0.97
Expired		(12,500)		—		—		—		—		—		(200,000)		—
Options outstanding and exercisable March 31, 2015		—		—		432,500		0.96		1,000,000		1.21		150,000		0.97
Options exercisable March 31, 2015		—		—		432,500		0.96		1,000,000		1.21		150,000		0.97
Exercise price range	$	—			$	0.50 - $2.46			$	1.21			$	1.75
Weighted average remaining life		—				3.00 years				3.12 years				1.56 years

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

Plan Category	Number of securities to be issued upon exercise of of outstanding options, warrants and rights		Weighted-average exercise price of outstanding options warrants and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Equity Compensation Plans approved by security holders		1,445,000	$	1.17		605,000
Equity Compensation Plans not approved by security holders		820,000	$	0.97		NA
Total		2,265,000	$	1.10		605,000

For the years ended March 31, 2015 and March 31, 2014 the Company has not recognized any stock based compensation expense in the consolidated statement of operations.