Stock-based Compensation

9 Months Ended

Dec. 31, 2016

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

Stock-based Compensation

4. Stock-based Compensation

The Company recognized stock-based compensation expense of $10,738 and $23,873 in general and administrative expense in the Consolidated Statements of Operations for the three months ended December 31, 2016 and 2015, respectively. Compensation expense recognized for the nine months ended December 31, 2016 and 2015 was $42,424 and $95,770, respectively. The total cost related to non-vested awards not yet recognized at December 31, 2016 totals $35,860 which is expected to be recognized over a weighted average of 1.29 years.

The following table is a summary of activity of stock options for the nine months ended December 31, 2016:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contract Life in Years		Aggregate Intrinsic Value
Outstanding at April 1, 2016		153,600	$	6.52		6.36	$	-
Granted		-		-
Exercised		-		-
Forfeited or Expired		4,000		5.98
Outstanding at December 31, 2016		149,600	$	6.54		5.59	$	-
Vested at December 31, 2016		121,850	$	6.50		5.21	$	-
Exercisable at December 31, 2016		121,850	$	6.50		5.21	$	-

There were no options granted during the nine months ended December 31, 2016 and 2015. During the nine months ended December 31, 2016, 3,000 vested and 1,000 unvested stock options were forfeited due to the resignation of an employee.

Outstanding options at December 31, 2016 expire between August 2020 and August 2024 and have exercise prices ranging from $5.98 to $7.00.