Annual report pursuant to Section 13 and 15(d)

5. EQUITY TRANSACTIONS (Tables)

v3.7.0.1
5. EQUITY TRANSACTIONS (Tables)
12 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Summary of warrant activity
    Fiscal Year Ended March 31,  
    2017     2016  
    Warrants     Weighted
Average
Exercise Price
    Warrants     Weighted
Average
Exercise Price
 
Outstanding, beginning of year     2,164,094     $ 6.68       1,430,738     $ 6.84  
Granted     749,825     $ 4.10       746,657     $ 6.30  
Exercised     (2,660 )   $ 6.25       (12,049 )   $ 2.15  
Cancelled/Forfeited     (307,163 )   $ 5.18       (1,252 )   $ 2.10  
Outstanding, end of year     2,604,096     $ 3.64       2,164,094     $ 6.68  
Exercisable, end of year     2,604,096     $ 3.64       2,164,094     $ 6.68  
Weighted average estimated fair value of warrants granted           $ 2.65             $ 5.11  
Assumptions used for warrants granted
    Year Ended March 31,
    2017   2016
Risk free interest rate   0.7% - 1.93%   1.70%
Average expected life   3.42 – 5.5 years   5 years
Expected volatility   88.2% - 96.0%   98.6%
Expected dividends   None   None
Summary of warrant activity exercisable and outstanding
    Warrants Outstanding           Warrants Exercisable  
Range of
Exercise Prices
  Number
Outstanding
    Weighted
Average
Remaining
Life (Years)
    Weighted
Average
Exercise Price
    Number
Outstanding
    Weighted
Average
Exercise Price
 
$5.00 or Below     1,860,101       3.78     $ 3.67       1,860,101     $ 3.67  
$5.20 - $9.00     711,067       2.77     $ 6.47       705,067     $ 6.47  
$9.65 - $15.00     32,928       2.37     $ 12.32       32,928     $ 12.32  
      2,604,096                       2,604,096          
RSU's expected to vest
    Number of RSUs  
Vested     46,125  
Expected to vest     507,375  
Total     553,500  
Summary of stock options outstanding
  Fiscal Year Ended March 31,  
    2017   2016  
  Options     Weighted
Average
Exercise Price
    Options     Weighted
Average
Exercise Price
 
Outstanding, beginning of year     438,547     $ 10.94       501,690     $ 11.00  
Granted           N/A           $ N/A  
Exercised           N/A           $ N/A  
Cancelled/Forfeited     (6,500 )   $ 7.96       (63,143 )   $ 11.45  
Outstanding, end of year     432,047     $ 10.98       438,547     $ 10.94  
Exercisable, end of year     414,547     $ 11.24       388,414     $ 11.53  
Weighted average estimated fair value of options granted             N/A           $ N/A  
Detail of options outstanding and exercisable by exercise price
    Options Outstanding     Options Exercisable  
Exercise Prices   Number
Outstanding
    Weighted
Average
Remaining
Life (Years)
    Weighted
Average
Exercise
Price
    Number
Outstanding
    Weighted
Average
Exercise
Price
 
$3.80 - $9.50     184,047       6.70 years     $ 6.82       166,547     $ 6.86  
$12.50     163,000       3.39 years     $ 12.50       163,000     $ 12.50  
$18.00 - $20.50     85,000       1.02 years     $ 19.03       85,000     $ 19.03  
      432,047                       414,547          
Schedule of stock-based compensation
    Fiscal Year Ended  
    March 31, 2017     March 31, 2016  
Vesting of stock options   $ 2,186,309     $ 202,844  
Total Stock-Based Compensation   $ 2,186,309     $ 202,844