STOCK OPTIONS

9 Months Ended

Dec. 31, 2017

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

STOCK OPTIONS

NOTE 6 – 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.

On July 13, 2017, the Company extended and repriced options that were expiring. A total of 1,290,000 options were extended. Of these, 900,000 were extended for 5 years at a price of $0.08 per option; 240,000 were extended for 5 years at a price of $0.10 per option and 150,000 were extended for 1 year with no change in the option price. The Company used the Black-Scholes option pricing method to determine if there were additional compensation expenses to recognize. The extension and repricing resulted in the recognition of $22,044 in compensation expense.

A summary of the status of the Company’s stock options as of December 31, 2017 is presented below:

	December 31, 2017
Options outstanding at beginning of year		1,590,000
Options granted		—
Options exercised		—
Options expired		300,000
Options outstanding at end of year		1,290,000

The following table summarizes the information about the stock options as of December 31, 2017:

Range of Exercise Price		Number Outstanding	Weighted Average Remaining Contractual Life Years	Weighted Average Exercise Price (Total shares)		Number Exercisable	Weighted Average Exercise Price (Exercisable shares)
$	0.12 – 0.08	1,290,000	4.09	$	0.09	1,290,000	$	0.09