| Components of share-based compensation expenses relating to shares and options granted |
The following table summarizes share-based compensation expenses
relating to shares and options granted and the effect on basic and diluted loss per common share during the three and six months
ended September 30, 2013 and 2012:
| |
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
Six Months Ended |
|
| |
|
September 30, 2013 |
|
|
September 30, 2012 |
|
|
September 30, 2013 |
|
|
September 30, 2012 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total share-based compensation expense |
|
$ |
74,813 |
|
|
$ |
226,196 |
|
|
$ |
190,601 |
|
|
$ |
395,495 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total share-based compensation expense included in net loss |
|
$ |
74,813 |
|
|
$ |
226,196 |
|
|
$ |
190,601 |
|
|
$ |
395,495 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted loss per common share |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
The following table breaks out the components of our share-based
compensation expenses relating to shares and options granted and the effect on basic and diluted loss per common share during the
three and six months ended September 30, 2013 and 2012.
| |
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
Six Months Ended |
|
| |
|
September 30, 2013 |
|
|
September 30, 2012 |
|
|
September 30, 2013 |
|
|
September 30, 2012 |
|
| Vesting of stock options |
|
|
73,856 |
|
|
|
128,572 |
|
|
|
124,243 |
|
|
|
181,047 |
|
| Incremental fair value of option modifications |
|
|
957 |
|
|
|
957 |
|
|
|
1,914 |
|
|
|
21,114 |
|
| Vesting expense associated with CEO restricted stock grant |
|
|
– |
|
|
|
96,667 |
|
|
|
64,444 |
|
|
|
193,334 |
|
| Total share-based compensation expense |
|
$ |
74,813 |
|
|
$ |
226,196 |
|
|
$ |
190,601 |
|
|
$ |
395,495 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total share-based compensation expense included in net loss |
|
$ |
74,813 |
|
|
$ |
226,196 |
|
|
$ |
190,601 |
|
|
$ |
395,495 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted loss per common share |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
| Weighted average assumptions used to estimate the fair value information |
The following outlines the significant weighted average assumptions
used to estimate the fair value information presented, with respect to stock option grants utilizing the Binomial Lattice option
pricing models at, and during the six months ended September 30, 2013:
| Risk free interest rate |
0.38% - 2.50% |
| Average expected life |
3 years - 10 years |
| Expected volatility |
94.6% - 102.7% |
| Expected dividends |
None |
|
| Options outstanding |
Options outstanding that have vested and are expected to vest as
of September 30, 2013 are as follows:
| |
|
|
|
|
|
|
|
Weighted |
|
| |
|
|
|
|
Weighted |
|
|
Average |
|
| |
|
|
|
|
Average |
|
|
Remaining |
|
| |
|
Number of |
|
|
Exercise |
|
|
Contractual |
|
| |
|
Shares |
|
|
Price |
|
|
Term in Years |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Vested |
|
|
20,949,956 |
|
|
$ |
0.28 |
|
|
|
3.77 |
|
| Expected to vest |
|
|
3,770,842 |
|
|
$ |
0.11 |
|
|
|
9.69 |
|
| Total |
|
|
24,720,798 |
|
|
$ |
0.26 |
|
|
|
4.68 |
|
|
| Stock option activity |
A summary of stock option activity
during the six months ended September 30, 2013 is presented below:
| |
|
Number of Options |
|
|
Range of Exercise
Price |
|
|
Weighted Average
Exercise
Price |
|
| Stock options outstanding at March 31, 2013 |
|
|
21,095,798 |
|
|
|
$0.076 - $0.41 |
|
|
$ |
0.28 |
|
| Exercised |
|
|
– |
|
|
$ |
– |
|
|
|
|
|
| Issued |
|
|
3,625,000 |
|
|
|
$0.10 - 0.11 |
|
|
$ |
0.10 |
|
| Cancelled/Expired |
|
|
– |
|
|
|
– |
|
|
|
|
|
| Stock options outstanding at September 30, 2013 |
|
|
24,720,798 |
|
|
|
$0.076 - $0.41 |
|
|
$ |
0.28 |
|
| Stock options exercisable at September 30, 2013 |
|
|
20,949,956 |
|
|
|
$0.076 - $0.41 |
|
|
$ |
0.26 |
|
|