Quarterly report pursuant to Section 13 or 15(d)

7. Stock-Based Compensation (Tables)

v3.5.0.2
7. Stock-Based Compensation (Tables)
 3 Months Ended
Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]  
Weighted-average assumptions of fair value of employee stock options
    Three Months Ended June 30,  
    2016     2015  
Expected Term     7.45 yrs       8.96 yrs  
Risk-free interest rate     1.40%       2.18%  
Dividend yield     0.00%       0.00%  
Volatility     92.4%       86.0%  
Fair value of options granted   $ 3.46     $ 5.50  
Employee stock-based compensation expense
    Three Months Ended June 30,  
    2016     2015  
Cost of revenues   $ 68,000     $ 55,000  
Research and development     64,000       73,000  
Selling, general and administrative     279,000       284,000  
Total stock-based compensation   $ 411,000     $ 412,000  
Plan summary
Plan   Awards Outstanding
2006 Plan   172,000
2011 Plan   582,000
    754,000
Awards available for grant as of June 30, 2016   578,000
Schedule of option activity
    Number of
Shares 		    Weighted-
Average
Exercise Price 		    Weighted-
Average
Contractual Term 		    Aggregate
Intrinsic
Value 		 
Outstanding at April 1, 2016     753,000     $ 21.47                  
Options granted     16,000       4.65                  
Options exercised     –       –                  
Options forfeited     (1,000 )     19.14                  
Options expired     (14,000 )     17.81                  
Outstanding at June 30, 2016     754,000     $ 21.18       7.69     $ –  
Exercisable at June 30, 2016     504,000     $ 26.81       7.15     $ –  
Restricted Stock Award Activity

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, 2016     –     $ –  
Restricted stock awards granted     4,000       4.85  
Restricted stock awards vested     (4,000 )     4.85  
Restricted stock awards forfeited     –       –  
Unvested restricted stock awards outstanding at June 30, 2016     –     $ –