Annual report pursuant to Section 13 and 15(d)

14. Stock-Based Compensation (Tables)

v3.5.0.1
14. Stock-Based Compensation (Tables)
 12 Months Ended
Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]  
Weighted-average assumptions of fair value of employee stock options
    Year Ended March 31,  
    2016     2015  
Fair value of the Company’s common stock on date of grant   $ 1.18     $ 2.28  
Expected Term     6.39 yrs       6.67 yrs  
Risk-free interest rate     1.63%       1.70%  
Dividend yield     0.00%       0.00%  
Volatility     93.0%       93.0%  
Employee stock-based compensation expense
    Stock-based
Compensation
for the Year Ended
March 31, 2016		     Stock-based
Compensation
for the Year Ended
March 31, 2015		  
Cost of revenues   $ 364,000     $ 235,000  
Research and development     339,000       339,000  
Selling, general and administrative     1,320,000       1,197,000  
Total stock-based compensation   $ 2,023,000     $ 1,771,000  
Plan summary
Plan     Awards Outstanding  
2004 Plan       1,000  
2006 Plan       859,000  
2011 Plan       2,909,000  
          3,769,000  
Awards available for grant as of March 31, 2016       2,917,000  
Schedule of option activity

Stock options award activity is as follows:

 

    Number of
Shares		     Weighted-
Average
Exercise Price		     Weighted-
Average
Contractual Term		     Aggregate
Intrinsic
Value		  
Outstanding at April 1, 2015     2,877,000     $ 6.96                  
Options granted     1,421,000       1.18                  
Options exercised     –       –                  
Options forfeited     (190,000 )     2.23                  
Options expired     (339,000 )     16.25                  
Outstanding at March 31, 2016     3,769,000     $ 4.18       7.80     $ 5,000  
Exercisable at March 31, 2016     2,075,000     $ 5.97       6.84     $ 5,000  

 

Restricted stock award activity is as follows:

 

   

Number of

Shares

    

Weighted

Average Award

Date Fair Value

per Share

  
Unvested restricted stock awards outstanding at April 1, 2015     –     $ –  
Restricted stock awards granted     65,000       0.99  
Restricted stock awards vested     (65,000 )     0.99  
Restricted stock awards forfeited     –       –  
Unvested restricted stock awards outstanding at March 31, 2016     –     $ –