NOTE 7 - STOCK OPTIONS

12 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

NOTE 7 - STOCK OPTIONS

NOTE 7 – STOCK OPTIONS

On July 24, 2001, the Company filed with the SEC Form S-8, for its 2002 Stock Option Plan, (the Plan). An aggregate amount of common stock that may be awarded and purchased under the Plan is 3,000,000 shares of the Company’s common stock. Under the Plan during the years ended March 31, 2015 and 2014, the Company did not grant any stock options to employees and members of the Board of Directors. At March 31, 2015 there were 1,590,000 options issued under the Plan and there were no available options to be issued under the Plan.

The Company also issues stock options to purchase common stock outside of the Plan. During the years ended March 31, 2015 and 2014, the Company granted -0- and 500,000 such options for 24 months at exercise prices from $0.15 to $0.50 per share to unrelated entities. At March 31, 2015 and 2014, there were 1,000,000 such options outstanding.

During the year ended March 31, 2015 and 2014, the Company estimated the fair value of each stock option for employees and consultants at the grant date by using the Black-Scholes option-pricing model with the following assumptions:

Dividends yield	0	%
Computed volatility	108% -158	%
Risk-free interest rate	.11% - .63	%
Expected life	1 to 4 years

During the year ended March 31, 2015, the Company recognized $1,961 in stock option expense.

A summary of the status of the Company’s stock options as of March 31, 2015 and 2014 is presented below:

	2015			2014
Options outstanding at beginning of year		3,290,000			3,290,000
Options granted		—			500,000
Options exercised		—			—
Options canceled/expired		(700,000	)		(500,000	)
Options outstanding at end of year		2,590,000			3,290,000

The following table summarizes the information about the stock options as of March 31, 2015:

Range of Exercise Price		Number Outstanding		Weighted Average Remaining Contractual Life Years		Number Exercisable
$	.12		1,590,000		2.30		1,590,000
	.15		500,000		1.65		500,000
	.40		300,000		1.25		200,000
	.25		200,000		.25		—
$	.12 – .40		2,590,000		3.18		2,290,000

The following table summarizes the information about the stock options as of March 31, 2014:

Range of Exercise Price		Number Outstanding		Weighted Average Remaining Contractual Life Years		Number Exercisable
$	.12		1,990,000		3.30		1,990,000
	.15		300,000		.26		300,000
	.15		500.000		2.65		500,000
	.25		200,000		1.25		—
	.50		300,000		2.25		100,000
$	.12 – .50		3,290,000		3.18		2,890,000