7. STOCKHOLDERS' EQUITY

9 Months Ended

Dec. 31, 2015

Stockholders' equity

STOCKHOLDERS' EQUITY

7. STOCKHOLDERS’ EQUITY

The following table summarizes stockholders’ equity transactions during the nine-month period ended December 31, 2015:

	Common stock				Additional paid-in		Accumulated			total stockholders’
	Shares		Amount		capital		deficit			equity
			$		$		$			$
Balance, April 1, 2015		293,378,330		293,378		82,931,048		(81,507,526	)		1,716,900
Stock-based compensation		–		–		67,961		–			67,961
Shares issued on exercise of stock options		300,000		300		6,300		–			6,600
Net income for the period		–		–		–		(838,526	)		(838,526	)
Balance, December 31, 2015		293,678,330		293,678		83,005,309		(82,346,052	)		952,935

Options

The following table summarizes stock option activity for the period:

				Weighted average		Aggregate
	Shares			exercise price		Intrinsic Value
	#			$		$
Outstanding April 1, 2015		5,948,578			0.0670
Granted		–			–
Exercised		(300,000	)		0.0220
Canceled/expired		(1,148,578	)		0.027
Outstanding December 31, 2015		4,500,000			0.0799	$	–
Exercisable at December 31, 2015		3,480,000			0.0711	$	–

(1) Options outstanding are exercisable at prices ranging from $0.055 to $0.11 and expire over the period from 2018 to 2019.

(2) Aggregate intrinsic value is based on the closing price of our common stock on December 31, 2015 of $0.0371 and excludes impact of options that were not in the money.

Share warrants

No warrants were outstanding at December 31, 2015 and December 31, 2014.

Since the Company has a net operating loss carryforward as of December 31, 2015, no excess tax benefit for the tax deductions related to stock-based awards was recognized for the quarter ended December 31, 2015. Additionally, no incremental tax benefits were recognized from stock options exercised during the quarter ended December 31, 2015 that would have resulted in a reclassification to reduce net cash provided by operating activities with an offsetting increase in net cash provided by financing activities.