4. Stock-based Compensation

3 Months Ended

Jun. 30, 2015

Stock-based Compensation

Stock based compensation

4. Stock-based Compensation

The Company recognized compensation expense of $41,249 and $24,276 in general and administrative expense in the Consolidated Statements of Operations for the three months ended June 30, 2015 and 2014, respectively. The total cost related to non-vested awards not yet recognized at June 30, 2015 totals approximately $154,357 which is expected to be recognized over a weighted average of 2.41 years.

The following table is a summary of activity of stock options for the three months ended June 30, 2015:

	Number of Shares		Weighted Average Exercise Price Per Share		Weighted Aggregate Average Remaining Contract Life in Years		Intrinsic Value
Outstanding at April 1, 2015		153,600	$	6.52		7.36	$	-
Granted		-		-
Exercised		-		-
Forfeited or Expired		-		-
Outstanding at June 30, 2015		153,600	$	6.52		7.11	$	-
Vested at June 30, 2015		86,100	$	6.38		6.13	$	-
Exercisable at June 30, 2015		86,100	$	6.38		6.13	$	-

Outstanding options at June 30, 2015 expire between August 2020 and August 2024 and have exercise prices ranging from $5.98 to $7.00.