Shareholders' Equity

9 Months Ended

Dec. 31, 2012

Shareholders' Equity

NOTE 4 — SHAREHOLDERS’ EQUITY

Outstanding capital stock at December 31, 2012 consisted of common stock and Series A preferred stock. The Series A preferred stock is non-voting, has no dividend preferences and has not been convertible since March 31, 2002; however, it retains a liquidation preference.

At December 31, 2012, the Company had approximately 50,000 options outstanding and exercisable, all of which were non-dilutive for the three and nine month periods ending December 31, 2012 and December 31, 2011, with exercise prices ranging from $3.07 to $3.19. 25,000 of these options expire in January 2016 and 25,000 of these options expire in November 2016.