Stock-Based Compensation

9 Months Ended

Dec. 31, 2016

Notes

Stock-Based Compensation

5.Equity-Based Compensation

In October 2003, our shareholders approved the 2003 Stock Option Plan (the “2003 Plan”), which authorized the issuance of 3,000,000 shares of common stock. Under the terms of the 2003 Plan, the exercise price of Incentive Stock Options issued under the 2003 Plan must be equal to the fair market value of the common stock at the date of grant. In the event that Non Qualified Options are granted under the 2003 Plan, the exercise price may be less than the fair market value of the common stock at the time of the grant (but not less than par value). Options granted expire ten years from the grant date. As of September 4, 2013, all shares pursuant to the 2003 Plan had been granted. Since September 4, 2013 and as of December 31, 2016, we have not put in place any additional equity incentive plans for the future issuance of our common stock.

Activity under the Plans for the nine months ended December 31, 2016 is as follows:

	Options Outstanding	Weighted-Average Exercise Price per Share	Weighted-Average Remaining Contractual Term in Years	Aggregate Intrinsic Value (in thousands)
Options outstanding as of April 1, 2016	2,170,750	$             0.36		$                  -
Granted	-	-
Exercised	-	-
Cancelled or forfeited	-	-
Options outstanding as of December 31, 2016 (unaudited)	2,170,750	$             0.36	3.68	$                  -
Options exercisable as of December 31, 2016 (unaudited)	2,170,750	$             0.36	3.68	$                  -
Options vested or expected to vest as of December 31, 2016 (unaudited)	2,170,750	$             0.36	3.68	$                  -

Our unaudited condensed statements of operations include equity-based compensation expense related to our stock option plans for employee and non-employee director awards in the amount of $0 and $2,000 for the three months ended December 31, 2016 and 2015, respectively, and $4,000 and $8,000 for the nine months ended December 31, 2016 and 2015, respectively. There was no income tax benefit related to these costs. As of December 31, 2016, the total amount of unrecognized equity-based compensation expense was $0.