Stock Options

6 Months Ended

Sep. 30, 2014

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

Stock-based Compensation

4. Stock-based Compensation

The Company recognized compensation expense of $39,877 and $42,866 in general and administrative expense in the Consolidated Statements of Operations for the three months ended September 30, 2014 and 2013, respectively. Compensation expense recognized for the six months ended September 30, 2014 and 2013 was $64,153 and $82,238, respectively. The total cost related to non-vested awards not yet recognized at September 30, 2014 totals approximately $284,839 which is expected to be recognized over a weighted average of 2.86 years.

Included in the following table is a summary of the grant-date fair value of stock options granted and the related assumptions used in the Binomial models for stock options granted during the six months ended September 30, 2014 and 2013. All such amounts represent the weighted average amounts.

	Six Months Ended September 30
	2014	2013
Grant-date fair value	$5.59	$ 4.75
Volatility factor	76.23%	77.01%
Dividend yield	-	-
Risk-free interest rate	2.52%	1.74%
Expected term (in years)	10	7

The following table is a summary of activity of stock options for the six months ended September 30, 2014:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contract Life in Years		Aggregate Intrinsic Value
Outstanding at March 31, 2014		113,600	$	6.35		7.66	$	154,062
Granted		40,000		7.00
Exercised		-		-
Forfeited or Expired		-		-
Outstanding at September 30, 2014		153,600	$	6.52		7.86	$	61,118
Vested at September 30, 2014		67,350	$	6.37		6.62	$	37,243
Exercisable at September 30, 2014		67,350	$	6.37		6.62	$	37,243

During the six months ended September 30, 2014, stock options covering 40,000 shares were granted. During the six months ended September 30, 2013, stock options covering 35,000 shares were granted.

Outstanding options at September 30, 2014 expire between August 2020 and August 2024 and have exercise prices ranging from $5.98 to $7.00.