Quarterly report pursuant to Section 13 or 15(d)

Note 7 - Stock Based Compensation

v3.3.0.814
Note 7 - Stock Based Compensation
6 Months Ended
Sep. 30, 2015
Notes  
Note 7 - Stock Based Compensation

 

NOTE 7 – STOCK BASED COMPENSATION

 

On July 23, 2015 the Company issued a total of 208,334 shares of restricted stock units to key employees.  The units vest 1/5 each year for 5 years, with the first vesting occurring on the date of grant.  The Company estimates the fair value of the units at their intrinsic value at time of granting.

 

The Company recognized $325,334 and $880,824 in expense for the fair value of previously granted stock based compensation vested during the six months ended September 30, 2015, and 2014, respectively. Stock compensation expense is recognized on a pro-rata basis over the vesting period of the equity awards. Subsequent to September 30, 2015, $1,568,668 of compensation expense on equity awards remains to be recognized in future periods. A summary of the status of the Company’s stock option plans as of September 30, 2015 and March 31, 2015 and the changes during each period are presented below:

 

 

Options

Wtd. Avg. Fair Value

Outstanding, March 31, 2014

                3,074,850

$

1.47

Granted

                   133,900

4.03

Exercised

                 (596,635)

0.55

Forfeited

                 (498,615)

1.39

Expired

 

                           -  

                           -  

Outstanding, March 31, 2015

 

                2,113,500

$

1.90

Exercisable, March 31, 2015

 

                   907,000

$

2.27

Options

Wtd. Avg. Fair Value

Outstanding, March 31, 2015

                2,113,500

$

1.90

Granted

                           -  

                           -  

Exercised

                           -  

                           -  

Forfeited

                 (367,600)

1.50

Expired

 

                           -  

 

                           -  

Outstanding, September 30, 2015

 

                1,745,900

$

1.98

Exercisable, September 30, 2015

 

                1,037,600

$

2.19

 

The following table summarizes information about the Company’s outstanding stock options as of March 31, 2015: 

 

Strike Price

 

Outstanding Options (1 share/option)

 

Average Remaining Life (Yrs)

 

Exercisable Shares

 

Weighted Average Exercise Price

$

0.30

                  110,000

1.88

        40,000

$

0.30

$

1.37

               1,118,000

4.08

       284,000

1.37

$

1.75

                  475,000

2.93

       283,000

1.75

$

3.85

                  200,000

4.61

       200,000

3.85

$

3.95

                  100,000

4.86

       100,000

3.95

$

4.03

 

                  110,500

 

5.09

 

               -  

 

4.03

 

               2,113,500

4.02

       907,000

$

2.27

 

The following table summarizes information about the Company’s outstanding stock options as of September 30, 2015:

 

Outstanding Options (1 share/option)

Average Remaining Life (Yrs)

Exercisable Shares

Weighted Average Exercise Price

Strike Price

 

 

 

 

$

0.30

                  110,000

1.38

        40,000

$

0.30

$

1.37

                  862,000

3.58

       452,500

1.37

$

1.75

                  365,000

2.43

       223,000

1.75

$

3.85

                  200,000

4.11

       200,000

3.85

$

3.95

                  100,000

4.36

       100,000

3.95

$

4.03

 

                  108,900

 

4.59

 

        22,100

 

 

4.03

 

               1,745,900

3.77

    1,037,600

$

2.19

 

The following table summarizes information about non-vested options as of the six months ended September 30, 2015:

 

Non-vested options

Options

Wtd. Avg.  Grant Date  Fair Value

Non-vested at March 31, 2015

   1,206,500

$

1.58

Stock options issued during the period

              -  

          -  

Stock options canceled

    (367,600)

1.50

Vested during the period ended September 30, 2015

    (230,600)

1.62

Cancellation of previously vested stock options

      100,000

1.60

Non-vested at September 30, 2015

 

      708,300

$

1.67

 

The following table summarizes information about non-vested restricted stock awards as of the six months ended September 30, 2015:

Non-vested restricted stock

Options

Wtd. Avg.  Grant Date  Fair Value

Non-vested at March 31, 2015

   171,666

$

4.03

Restricted stock issued during the period

              -  

          -  

Restricted Stock canceled

    (20,000)

4.03

Vested & settled during the period ended September 30, 2015

    (34,332)

4.03

Non-vested at September 30, 2015

 

      117,334

$

4.03

 

 

Non-vested restricted stock units

Restricted Stock Units

Wtd. Avg.  Grant Date  Fair Value

Non-vested at March 31, 2015

      106,907

$

3.94

Restricted stock units issued during the period

      208,334

1.04

Restricted stock units canceled

      (76,999)

1.68

Vested, not settled during the period ended September 30, 2015

      (39,908)

4.21

Vested & settled during the period ended September 30, 2015

      (52,001)

3.92

Non-vested at September 30, 2015

 

      146,333

$

1.75