Stock Options and Capital Stock

12 Months Ended

Mar. 31, 2015

Text Block [Abstract]

Stock Options and Capital Stock

2.   STOCK OPTIONS AND CAPITAL STOCK

In fiscal 2015 and 2014, the Company maintained no stock option plans. Accordingly, no options were outstanding and no options were granted in either fiscal year.

The Company has 1,000,000 authorized shares of Cumulative Preferred Stock with a par value of $1 per share. The stock may be issued in one or more series, and the Board of Directors is authorized to fix the designations, preferences, rights, qualifications, limitations and restrictions of each series, except that any series must provide for cumulative dividends and must be convertible into Common Stock. There were no shares of Cumulative Preferred Stock issued as of March 31, 2015 or March 31, 2014.