Stock Options

3 Months Ended

Jun. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based Compensation

4. Stock-based Compensation

The Company recognized compensation expense of $24,276 and $39,372 in general and administrative expense inthe Consolidated Statements of Operations for the three months ended June 30, 2014 and 2013, respectively.  The total cost related to non-vested awards not yet recognized at June 30, 2014 totals approximately $101,168 which is expected to be recognized over a weighted average of 1.84 years.

Included in the following table is a summary of the grant-date fair value of stock options granted and the related assumptions used in the Binomial models for stock options granted during the three months ended June 30, 2014 and 2013.  All such amounts represent the weighted average amounts.

	Three Months Ended
	June 30
	2014	2013
Grant-date fair value	-	$ 4.75
Volatility factor	-	77.01%
Dividend yield	-	-
Risk-free interest rate	-	1.74%
Expected term (in years)	-	7

The following table is a summary of activity of stock options for the three months ended June 30, 2014

	Number of Shares		Weighted Average Exercise Price Per Share		Weighted Aggregate Average Remaining Contract Life in Years	Intrinsic Value
Outstanding at March 31, 2014		113,600	$	6.35	7.66	$	154,062
Granted		-		-
Exercised		-		-
Forfeited or Expired		-		-
Outstanding at June 30, 2014		113,600	$	6.35	7.41	$	222,222
Vested at June 30, 2014		57,350	$	6.39	7.00	$	37,372
Exercisable at June 30, 2014		57,350	$	6.39	7.00	$	37,372

Outstanding options at June 30, 2014 expire between August 2020 and April 2023 and have exercise prices ranging from $5.98 to $6.80.