SUBSEQUENT EVENTS

12 Months Ended

Mar. 31, 2013

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 19 — SUBSEQUENT EVENTS

On May 13, 2013, James Molinaro, our former chief executive officer, submitted his resignation as our chief executive officer and as a member of our board of directors. In connection with this resignation Mr. Molinaro forfeited 1,250,000 common shares granted under the 2006 long-term incentive plan.

On June 13, 2013 we issued 200,000 special options to our non-employee directors in recognition of their additional services while we seek a permanent chief executive officer.  We also granted Mr. Anthony a stock option grant covering 100,000 shares of our common stock and set his compensation at $20,000 per month for his service as Executive Chairman.  Additionally, weissued 190,000 stock options to certain of our executives.

On July 5 and 31, 2013, we repaid $250,000 and $250,000, respectively, of debt outstanding under its revolving credit facility. The revolving loan facility expired on July 31, 2013 without renewal by the Bank.