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Stock Options (Tables)

12 Months Ended

Mar. 31, 2016

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

Summary of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binomial Models for Stock Options Granted

		For the year ended March 31,
		2016				2015				2014
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

Summary of Stock Options Activity

The following table is a summary of activity of stock options for the year ended March 31, 2016, 2015 and 2014:

		Number of Shares				Weighted Average Exercise Price Per Share				Weighted Aggregate Average Remaining Contract Life in Years				Intrinsic Value
Outstanding at April 1, 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
Granted			40,000				7.00
Exercised			-				-
Forfeited or Expired			-				-
Outstanding at March 31, 2015			153,600			$	6.52				7.36			$	-
Granted			-				-
Exercised			-				-
Forfeited or Expired			-				-
Outstanding at March 31, 2016			153,600			$	6.52				6.36			$	-

Vested at March 31, 2016			106,100			$	6.48				5.68			$	-
Exercisable at March 31, 2016			106,100			$	6.48				5.68			$	-

Schedule of Other Information Pertaining to Option Activity

Other information pertaining to option activity was as follows during the year ended March 31:

		2016				2015				2014
Weighted average grant-date fair value of stock options granted (per share)		$	-			$	5.59			$	4.75
Total fair value of options vested		$	154,338			$	150,063			$	108,500
Total intrinsic value of options exercised		$	-			$	-			$	6,244

Summary of Information About Options Outstanding

The following table summarizes information about options outstanding at March 31, 2016:

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
	6.81 – 7.00				40,000				7.00
	$5.98 – 7.00				153,600			$	6.52				6.36			$	-

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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