Stock Options (Tables)

12 Months Ended

Mar. 31, 2014

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

Summary of the grant-date fair value of stock options granted and the related assumptions used in the Binomial models for stock options granted

	For the year ended March 31,
	2014			2013		2012
Grant-date fair value	$	4.75			-	$	5.69
Volatility factor		77.01	%		-		85.92	%
Dividend yield		-			-		-
Risk-free interest rate		1.74	%		-		1.49	%
Expected term (in years)		10			-		7.25

Summary of activity of stock options

	Number of Shares			Weighted Average Exercise Price Per Share		Weighted Aggregate Average Remaining Contract Life in Years		Intrinsic Value
Outstanding at March 31, 2011		53,750		$	5.69		7.33	$	401,200
Granted		40,000			6.80
Exercised		(10,000	)		4.00
Forfeited or Expired		-			-
Outstanding at March 31, 2012		83,750		$	6.42		8.65	$	127,363
Granted		-			-
Exercised		(3,750	)		4.35
Forfeited or Expired		-			-
Outstanding at March 31, 2013		80,000		$	6.52		8.03	$	-
Granted		35,000			5.98
Exercised		(1,400	)		6.29
Forfeited or Expired		-			-
Outstanding at March 31, 2014		113,600		$	6.35		7.66	$	154,062
Vested at March 31, 2014		48,600		$	6.46		6.92	$	60,537
Exercisable at March 31, 2014		48,600		$	6.46		6.92	$	60,537

Other information pertaining to option activity

	2014		2013		2012
Weighted average grant-date fair value of stock options granted (per share)	$	4.75	$	-	$	5.69
Total fair value of options vested	$	261,373	$	160,125	$	59,875
Total intrinsic value of options exercised	$	6,244	$	3,138	$	38,600

Summary information about options outstanding

Range of Exercise Prices		Number of Options		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contract Life in Years		Aggregate Intrinsic Value
$	5.98 – 6.25		45,000	$	6.00
	6.26 – 6.50		28,600		6.29
	6.51 – 6.80		40,000		6.80
$	5.98 – 6.80		113,600	$	6.35		7.66	$	154,062