XML 62 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727
Note 12 - Subsequent Events
12 Months Ended
Mar. 31, 2015
Notes  
Note 12 - Subsequent Events

NOTE 12 – SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events that have occurred after the date of the balance sheet through the date of issuance of these financial statements and determined that the following subsequent event requires disclosure.

 

On June 15, 2015, the Company’s Board of Directors approved a stock option plan which is expected to be adopted by the end of July 2015.  The participants of the stock option plan include the Company’s directors, officers and some of employees whom were already determined by the Board of Directors.  The stock option plan is intended to retain and provide incentives for talented employees, officers and directors, and to align stockholder and employee interests.  Under this plan, total of 2.6 million stock options will be granted to the plan participants upon the signing of stock option agreement with each participant and 2.6 million shares of common stock will be reserved for the plan.  The vesting period of the stock options is ten months after the signing date (grant date) of the stock option agreement with each participant.  Immediately following the date when the stock options are vested, the participants will have five consecutive days to exercise the stock options at a exercise price of $0.40 per share.  The stock options not exercised within the five consecutive days will expire.  The Company will recognize the cost of the stock option plan based on the grant-date fair value of this award.  The Company may modify or cancel the stock option plan during the vesting period upon the occurrences of the events such as merger and acquisitions, net loss from operations, and other unusual circumstances that are determined by the Board of Directors.