Stock-based Compensation

6 Months Ended

Sep. 30, 2015

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

Stock-based Compensation

4. Stock-based Compensation

The Company recognized compensation expense of $30,648 and $39,877 in general and administrative expense in the Consolidated Statements of Operations for the three months ended September 30, 2015 and 2014, respectively. Compensation expense recognized for the six months ended September 30, 2015 and 2014 was $71,897 and $64,153, respectively. The total cost related to non-vested awards not yet recognized at September 30, 2015 totals approximately $123,709 which is expected to be recognized over a weighted average of 2.16 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, 2015 and 2014. All such amounts represent the weighted average amounts.

	Six Months Ended
	September 30
	2015		2014
Grant-date fair value		-	$	5.59
Volatility factor		-		76.23	%
Dividend yield		-		-
Risk-free interest rate		-		2.52	%
Expected term (in years)		-		10

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

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contract Life in Years		Aggregate Intrinsic Value
Outstanding at April 1, 2015		153,600	$	6.52		7.36	$	-
Granted		-		-
Exercised		-		-
Forfeited or Expired		-		-
Outstanding at September 30, 2015		153,600	$	6.52		6.86	$	-
Vested at September 30, 2015		86,100	$	6.38		5.88	$	-
Exercisable at September 30, 2015		86,100	$	6.38		5.88	$	-

There were no options granted during the six months ended September 30, 2015. During the six months ended September 30, 2014, stock options covering 40,000 shares were granted.

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