Shareholders' Equity

6 Months Ended

Sep. 30, 2013

Shareholders' Equity

NOTE 3 — SHAREHOLDERS’ EQUITY

Outstanding capital stock at September 30, 2013 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 September 30, 2013, the Company had approximately 50,000 options outstanding and exercisable, all of which were non-dilutive for the three and six month periods ending September 30, 2013 and September 30, 2012, 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.