Quarterly report pursuant to Section 13 or 15(d)

8. Stock-Based Compensation (Tables)

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8. Stock-Based Compensation (Tables)
 6 Months Ended
Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]  
Employee stock-based compensation expense
    Three Months     Six Months  
    Ended     Ended  
    September 30,     September 30,  
    2014     2013     2014     2013  
Cost of service revenue   $ 59,000     $ 30,000     $ 123,000     $ 56,000  
Research and development     82,000       45,000       178,000       78,000  
Selling, general and administrative     315,000       221,000       606,000       349,000  
Total stock-based compensation   $ 456,000     $ 296,000     $ 907,000     $ 483,000  
Weighted average assumptions of fair falue of employee stock options
   

Three and Six Months

Ended

September 30,

    

Six Months

Ended

September 30,

  
    2014     2013     2014     2013  
Expected life   8.90 years     5.89 years     5.89 years     5.89 years  
Risk-free interest rate     2.32%       1.42%       1.42%       1.42%  
Dividend yield     0.00%       0.00%       0.00%       0.00%  
Volatility     98%       86%       86%       86%  
Fair value of options granted   $ 2.39     $ 2.10     $ 2.10     $ 2.10  
Summary of option activity
    Number of
Shares		     Weighted-
Average
Exercise Price		     Weighted-
Average
Contractual Term		     Aggregate
Intrinsic
Value		  
Outstanding at April 1, 2014     2,536,000     $ 7.78                  
Options granted     245,000       2.76                  
Options exercised     –       –                  
Options forfeited or expired     (27,000 )     20.88                  
Outstanding at September 30, 2014     2,754,000     $ 7.21       8.24     $ –  
Exercisable at September 30, 2014     1,197,000     $ 11.62       6.71     $ –  
Options available for grant as of September 30, 2014     1,579,000