CAPITAL STOCK

12 Months Ended

Mar. 31, 2017

CAPITAL STOCK

CAPITAL STOCK

NOTE 11 - CAPITAL STOCK

Common Stock

We had 90,000,000 authorized shares of common stock at March 31, 2017 and March 31, 2016.  There were 28,824,593 and 27,324,593 shares of common stock outstanding at March 31, 2017 and March 31, 2016, respectively.

Preferred Stock

We have 10,000,000 authorized shares of preferred stock and our board of directors has broad power to create one or more series of preferred stock and to designate the rights, preferences, privileges and limitations of the holders of such series. Our board of directors had created one series of preferred stock - the Series A Convertible Preferred Stock.

Each share of Series A Convertible Preferred Stock was initially convertible into one share of common stock. As a result of our failure to meet certain levels of earnings before interest, taxes, depreciation and amortization for the years ended March 31, 2006 and 2007, the conversion rate changed, and each share of Series A Convertible Preferred Stock became convertible into 1.3072 shares of common stock, with an effective conversion price of $0.218.  

On September 24, 2015, 1,927,508 shares of Series A Convertible Preferred Stock were converted into 2,519,635 shares of common stock. There were no shares of Series A Convertible Preferred Stock outstanding at March 31, 2017 and 2016, as the last outstanding shares of Series A Convertible Preferred Stock were converted into shares of common stock in fiscal 2016.