STOCK BASED COMPENSATION (Tables)

9 Months Ended

Dec. 31, 2012

STOCK BASED COMPENSATION

Summary of stock option activity

The following table summarizes activity for the nine months ended December 31, 2012:

	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	120,000		$	0.818
Forfeited	(51,666	)	$	—
Exercised	—		$	—
Outstanding at 12/31/2012	2,484,000		$	1.027	$	883,224	7.11
Vested at 12/31/2012 or expected to vest	2,484,000		$	1.027	$	883,224	7.11
Exercisable at 12/31/2012	1,594,666		$	0.895	$	652,425	5.19

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

The following is a summary of the status of the Company’s stock options outstanding but not vested for the nine months ended December 31, 2012:

	Number of Options		Weighted Average Exercise Price
Outstanding at 3/31/2012	1,489,000		$	1.205
Granted	120,000		$	0.818
Vested	(668,000	)	$	1.080
Forfeited	(51,666	)	$	1.650
Outstanding at 12/31/2012	889,334		$	1.263