STOCK BASED COMPENSATION

3 Months Ended

Jun. 30, 2016

NOTE 12 — STOCK BASED COMPENSATION

In 2006, our board of directors adopted, and our stockholders approved, the 2006 long-term incentive plan, or the Plan, covering 1,000,000 shares of common stock. On August 5, 2010, the Plan was amended to increase the maximum number of shares of common stock that may be issued to an aggregate of 3,000,000 shares. On September 15, 2011, the directors adopted and the stockholders approved an amendment to increase the maximum number of shares of common stock that may be issued to an aggregate of 3,300,000 shares. The Plan provided for the grant of incentive and non-qualified options, stock grants, stock appreciation rights and other equity-based incentives to employees, including officers, and consultants. The Plan was administered by a committee of not less than two directors, each of whom was to be an independent director. In the absence of a committee, the Plan was to be administered by our board of directors. Independent directors were not eligible for discretionary options under the Plan. The Plan expired under its own terms in February 2016. Shares granted under the Plan will remain outstanding until expiration or settlement.

The following table summarizes information about options for the periods presented below:

	Number Of		Weighted Average		Aggregate Intrinsic		Weighted Average Remaining Contractual Life
	Options		Exercise Price		Value		(in years)
Outstanding at 3/31/2016	2,398,500		$	0.711	$	183,900	7.90
Granted	—		$	—
Exercised	—		$	—
Expired	(440,000	)	$	0.912	$	—
Outstanding at 6/30/2016	1,958,500		$	0.587	$	367,500	8.46
Vested or expected to vest at 6/30/2016	1,958,500		$	0.587	$	367,500	8.46
Exercisable and vested at 6/30/2016	943,500		$	0.553	$	123,750	7.87

At June 30, 2016, there was $62,389 of total unrecognized compensation cost related to stock options. These costs are expected to be recognized over the next two years. The following table summarizes the activity of our stock options outstanding but not vested for the three months ended June 30, 2016:

	Number of Options		Weighted Average Exercise Price
Outstanding at 3/31/2016	1,028,334		$	0.117
Granted	—		$	—
Expired	(13,334	)	$	0.670
Vested	—		$	—
Outstanding at 6/30/2016	1,015,000		$	0.110

Other information relating to stock options outstanding at June 30, 2016 is as follows:

Range of Exercise Prices:		Options Outstanding	Weighted Average Remaining Contractual Term	Weighted Average Exercise Price		Options Exercisable	Weighted Average Exercise Price
$	0.01-$1.00	1,770,000	7.97	$	0.19	755,000	$	0.29
$	1.01-$1.96	188,500	0.49	$	1.59	188,500	$	1.59
Totals		1,958,500				943,500