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STOCK BASED COMPENSATION (Tables)
 3 Months Ended
Jun. 30, 2012
STOCK BASED COMPENSATION  
Summary of stock option activity

 

 

 

Number Of
Options

 

Weighted
Average
Exercise Price

 

Aggregate
Intrinsic Value

 

Weighted
Average
Remaining
Contractual Life
(in years)

 

Outstanding at 3/31/2012

 

2,415,666

 

$

1.040

 

$

107,375

 

7.71

 

Granted

 

50,000

 

$

0.700

 

 

 

 

 

Forfeited

 

(16,666

)

$

—

 

 

 

 

 

Exercised

 

—

 

$

—

 

 

 

 

 

Outstanding at 6/30/2012

 

2,449,000

 

$

1.038

 

$

24,250

 

7.56

 

Vested at 6/30/2012 or expected to vest

 

2,449,000

 

$

1.038

 

$

24,250

 

7.56

 

Exercisable at 6/30/2012

 

1,074,668

 

$

0.963

 

$

24,250

 

0.96

 

 
Summary of status of the Company's stock options outstanding but not vested

 

 

 

Number of
Options

 

Weighted
Average

 

Outstanding at 3/31/2012

 

1,489,000

 

$

1.205

 

Granted

 

50,000

 

$

0.700

 

Vested

 

(164,667

)

$

1.960

 

Outstanding at 6/30/2012

 

1,374,333

 

$

1.096