Stock Option Plans and 401(k) Plan (Tables)

12 Months Ended

Mar. 31, 2015

Text Block [Abstract]

Share-based compensation expense

	Fiscal Years Ended
	March 31,
	2015		2014
Research and development expense:
Stock option grants	$	176,200	$	296,900
Fully-vested warrants granted to officer and
consultants in January 2015		527,500		-
Warrants granted to officer in March 2014 and 2013		145,100		156,500
		848,800		453,400
General and administrative expense:
Stock option grants		98,800		385,100
Fully-vested warrants granted to officers, directors
and consultants in January 2015		1,229,400		-
Warrants granted to officers and directors in March
2014 and 2013		283,100		298,800
		1,611,300		683,900
Total stock-based compensation expense	$	2,460,100	$	1,137,300

Black-Scholes option valuation model assumptions for share-based compensation expense

	Fiscal Years Ended March 31,
	2015	2014
Exercise price	not applicable	$8.00 to $16.40
Market price on date of grant	not applicable	$8.00 to $16.40
Risk-free interest rate	not applicable	1.08% to 2.53%
Expected term (years)	not applicable	6.25 to 10.0
Volatility	not applicable	87.9% to 103.2%
Expected dividend yield	not applicable	0%
Fair value per share at grant date	not applicable	$6.38 to $13.63

Summary of stock option plan activity

	Fiscal Years Ended March 31,
	2015					2014
				Weighted					Weighted
				Average					Average
	Number of			Exercise		Number of			Exercise
	Shares			Price		Shares			Price
Options outstanding at beginning of period		212,486		$	10.09		245,653		$	26.43
Options granted		-		$	-		19,050		$	10.89
Options exercised		-		$	-		-		$	-
Options forfeited		(2,001	)	$	9.25		(3,954	)	$	27.22
Options expired		(2,847	)	$	10.56		(48,263	)	$	23.94
Options outstanding at end of period		207,638		$	10.09		212,486		$	10.09
Options exercisable at end of period		199,013		$	10.09		182,775		$	10.06
Weighted average grant-date fair value of
options granted during the period				$	-				$	8.36

Stock options outstanding and exercisable under Company's option plan

The following table summarizes information on stock options outstanding and exercisable under our stock option plans as of March 31, 2015:

		Options Outstanding						Options Exercisable
				Weighted
				Average		Weighted				Weighted
				Remaining		Average				Average
Exercise		Number		Years until		Exercise		Number		Exercise
Price		Outstanding		Expiration		Price		Exercisable		Price
$	8.00		49,590		7.53	$	8.00		46,466	$	8.00
$	10.00		147,939		4.88	$	10.00		142,751	$	10.00
$	14.40 to $36.00		10,109		4.64	$	21.69		9,796	$	21.23
			207,638		5.51	$	10.09		199,013	$	10.09