Stockholders' Equity

9 Months Ended

Dec. 31, 2015

Stockholders' Equity [Abstract]

Stockholders' Equity

(8)   Stockholders’ Equity

Changes in the components of stockholders’ equity during the quarters and nine month period ended December 31, 2015 were as follows: 

	Numberof
	common				Additional				Total
	shares		Common		paid-in		Accumulated		stockholders’
	issued		stock		capital		deficit		equity
Balances at April 1, 2015		39,999,984	$	400,000	$	121,866,061	$	(99,937,075)	$	22,328,986
Issuance of common stock under employee stock purchase plan		34,508		345		22,780		-		23,125
Issuance of common stock under stock bonus plan		19,478		195		(195)		-		-
Retirement of vested shares		(1,368)		(14)		(1,394)		-		(1,408)
Compensation expense from employee and director stock option and common stock grants		-		-		139,288		-		139,288
Net loss		-		-		-		(2,224,251)		(2,224,251)
Balances at June 30, 2015		40,052,602	$	400,526	$	122,026,540	$	(102,161,326)	$	20,265,740
Issuance of common stock under stock bonus plan		357,569		3,576		12,000		-		15,576
Retirement of vested shares		(108,309)		(1,083)		(90,100)		-		(91,183)
Compensation expense from employee and director stock option and common stock grants		-		-		334,093		-		334,093
Net loss		-		-		-		(2,409,047)		(2,409,047)
Balances at September 30, 2015		40,301,862	$	403,019	$	122,282,533	$	(104,570,373)	$	18,115,179
Issuance of common stock under direct offering		8,000,000		80,000		5,763,463		-		5,843,463
Issuance of common stock under employee stock purchase plan		5,163		51		3,408		-		3,459
Compensation expense from employee and director stock option and common stock grants		-		-		57,331		-		57,331
Net loss		-		-		-		(1,374,134)		(1,374,134)
Balances at December 31, 2015		48,307,025	$	483,070	$	128,106,735	$	(105,944,507)	$	22,645,298

In February 2014, we completed a follow-on offering consisting of 2,864,872 shares of our common stock, and common stock purchase warrants to purchase 1,432,436 shares of our common stock. The warrants have an exercise price of $2.1275 per whole share of common stock and are exercisable on or after August 6, 2014 and on or before August 5, 2018.  In addition, the placement agent was issued warrants to purchase 57,297 shares of common stock, on substantially the same terms as the warrants issued to the purchasers. Warrants from this offering to acquire 1,489,733 shares of our common stock were outstanding at both December 31, 2015 and March 31, 2015.

In October, 2015, we completed a follow-on offering consisting of 8,000,000 shares of our common stock, and common stock warrants to purchase 4,000,000 shares of our common stock. The warrants have an exercise price of $1.31 per whole share of common stock and are exercisable for a period beginning April 30, 2016 through October 30, 2020. Warrants from this offering to acquire 4,000,000 and zero shares were outstanding at December 31, 2015 and March 31, 2015, respectively.