Share-Based Compensation

6 Months Ended

Sep. 30, 2014

Share-Based Compensation [Abstract]

Share-Based Compensation

Note 6 – Share-Based Compensation

2006 Stock Incentive Plan

On March 30, 2007, the Company's 2006 Stock Incentive Plan (the “2006 Stock Incentive Plan”) was approved by its shareholders and became effective October 2, 2006. Under the 2006 Stock Incentive Plan, the Board of Directors were entitled to grant awards of options to purchase common stock, restricted stock, or restricted stock units to officers, employees, and other persons who provided services to the Company or any related company. The participants to whom awards were granted, the type of awards granted, the number of shares covered for each award, and the purchase price, conditions and other terms of each award were determined by the Board of Directors, except that the term of the options could not exceed 10 years. A total of 10 million pre-reverse shares of the Company's common stock were subject to the 2006 Stock Incentive Plan. The shares issued for the 2006 Stock Incentive Plan may be either treasury or authorized and unissued shares. During the three and six months ended September 30, 2014 and 2013, no options were granted, expired or exercised.

2013 Stock Incentive Plan

Effective March 29, 2013, the Company's 2013 Stock Option and Award Plan (the “2013 Stock Incentive Plan”) was approved by its Board of Directors. Under the 2013 Stock Incentive Plan, the Board of Directors may grant options or purchase rights to purchase common stock to officers, employees, and other persons who provide services to the Company or any related company. The participants to whom awards are granted, the type of awards granted, the number of shares covered for each award, and the purchase price, conditions and other terms of each award are determined by the Board of Directors, except that the term of the options shall not exceed 10 years. A total of 12 million pre-reverse shares of the Company's common stock are subject to the 2013 Stock Incentive Plan. The shares issued for the 2013 Stock Incentive Plan may be either treasury or authorized and unissued shares. During the three and six months ended September 30, 2014 and 2013, no options were granted, expired or exercised under the 2013 Stock Incentive Plan.

Non-Qualified Stock Options

During the three and six months ended September 30, 2014 and 2013, no non-qualified stock options were granted, expired or exercised. However, on August 19, 2014, the four members of the Board of Directors returned and cancelled, in aggregate, their options for 10,000,000 pre-reverse shares of common stock granted on December 3, 2013, and therefore at September 30, 2014 there were no non-qualified stock options issued and outstanding.

Warrants

Effective August 19, 2014, the Company issued to three of the members of the Board of Directors who returned and cancelled their non-qualified options, warrants to acquire up to 5,000,000 pre-reverse shares of the Company's common stock at an exercise price of $.01 per share. The term of the warrant is for a period of three years from the effective date of the warrant. The warrants are fully vested.

The following table summarizes information related to the outstanding and vested pre-reverse warrants at September 30, 2014:

	Outstanding and Vested Warrants
Number of shares – warrants		15,000,000
Weighted average remaining contractual life – warrants		2.88 years
Weighted average exercise price – warrants	$	0.01
Aggregate intrinsic value	$	133,296

The aggregate intrinsic value of outstanding securities is the amount by which the fair value of underlying (common) shares exceeds the exercise price of the options issued and outstanding.

During the three and six months ended September 30, 2014 and 2013, the Company did not realize any income tax expense related to the exercise of stock options. During the three and six months ended September 30, 2014, the Company's realized stock based compensation expense in the amount of $7,723 and $11,417, respectively There was no stock based compensation expense during the three and six months ended September 30, 2013.