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

12 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of share-based compensation expense

The following table summarizes share-based compensation expense, including share-based expense related to grants of warrants to certain of our officers, independent directors, consultants and service providers as described in Note 9, Capital Stock, included in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the years ended March 31, 2016 and 2015. 

	Twelve Months Ended
	March 31,
	2016		2015
Research and development expense:
Stock option grants	$	227,700	$	176,200
Warrants granted to officer in March 2014 and March 2013		11,400		145,100
Fully-vested warrants granted to officer in September 2015		852,200		-
Fully-vested warrants granted to officer and consultants in January 2015		-		527,500
		1,091,300		848,800
General and administrative expense:
Stock option grants		93,800		98,800
Warrants granted to officers and directors in March 2014 and March 2013		15,600		283,100
Fully-vested warrants granted to officers, directors and consultants in September 2015		2,840,700		-
Fully-vested warrants granted to officers, directors and consultants in January 2015		-		1,229,400
		2,950,100		1,611,300
Total stock-based compensation expense	$	4,041,400	$	2,460,100

Schedule of Black Scholes option valuation model

We used the Black-Scholes option valuation model with the following assumptions to determine share-based compensation expense related to option grants during the fiscal years ended March 31, 2016 and 2015: 

	Fiscal Years Ended March 31,
	2016			2015
	(weighted average)
Exercise price	$	8.78		not applicable
Market price on date of grant	$	8.69		not applicable
Risk-free interest rate		1.99	%	not applicable
Expected term (years)		8.45		not applicable
Volatility		93.27	%	not applicable
Expected dividend yield		0.00	%	not applicable
Fair value per share at grant date	$	7.09		not applicable

Schedule of stock option plans

The following table summarizes activity for the fiscal years ended March 31, 2016 and 2015 under our stock option plans: 

	Fiscal Years Ended March 31,
	2016					2015
				Weighted					Weighted
				Average					Average
	Number of			Exercise		Number of			Exercise
	Shares			Price		Shares			Price
Options outstanding at beginning of period		207,638		$	10.09		212,486		$	10.09
Options granted		145,000		$	8.78		-		$	-
Options exercised		-		$	-		-		$	-
Options forfeited		(10,359	)	$	9.26		(2,001	)	$	9.25
Options expired		(5,292	)	$	9.42		(2,847	)	$	10.56
Options outstanding at end of period		336,987		$	9.56		207,638		$	10.09
Options exercisable at end of period		201,779		$	10.11		199,013		$	10.09
Weighted average grant-date fair value of
options granted during the period				$	7.09				$	-

Schedule of stock options outstanding and exercisable

The following table summarizes information on stock options outstanding and exercisable under our stock option plans as of March 31, 2016:

		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		102,089		8.35	$	8.00		46,881	$	8.00
$	9.25		80,000		9.42	$	9.25		-	$	9.25
$	10.00		145,039		3.83	$	10.00		145,039	$	10.00
$	14.40 to $36.00		9,859		4.04	$	21.80		9,859	$	21.80
			336,987		6.53	$	9.56		201,779	$	10.11