Stock Option Plans, Shares Reserved and Warrants

6 Months Ended

Sep. 30, 2011

Stock Option Plans Shares Reserved And Warrants

Stock Option Plans, Shares Reserved and Warrants

Note 4: Stock Option Plans, Shares Reserved and Warrants

On July 11, 2011, the Company entered into a consulting agreement with a consultant to assist the Company in researching its markets and analyzing its opportunities. As part of the compensation, the consultant received a warrant to purchase 300,000 shares of common stock, with an exercise price of $0.22 and a term of five years. The value of the warrants is $21,000.

During the quarter ended September 30, 2011, the Company issued options to purchase 1,680,000 shares of common stock to directors, officers and employees of the Company under the 2009 Equity Incentive Plan. No options or warrants expired or were cancelled during the quarter ended September 30, 2011.

The Company recorded $71,608 of share based compensation expense during the quarter ended September 30, 2011. The following summarizes outstanding stock options at September 30, 2011:

	Number of Stock Options		Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Number of Stock Options Vested
Non-Plan Stock Options		100,714	2.10 Years	$	41.27		100,714
2009 Equity Incentive Plan		5,230,398	9.19 Years	$	.24		2,448,645

The following summarizes warrants outstanding at September 30, 2011:

	Warrant Shares		Exercise Price Per Share		Date Issued	Expiration Date
Biosyn Warrants		8,245		$57.97 - $173.92	October 22, 2004	2013 - 2014
Old Adamis Warrants		1,000,000		$0.50	November 15, 2007	November 15, 2012
Consultant Warrants		300,000		$0.25	August 26, 2009	August 26, 2014
Consultant Warrants		270,000		$0.20	January 29, 2010	January 29, 2015
Consultant Warrants		200,000		$0.29	October 26, 2009	October 26, 2014
Various Investors		395,000		$0.30	June 14, 2010 - September 15, 2010	June 14, 2015 - September 15, 2015
Consultant Warrants		300,000		$0.22	July 11, 2011	July 11, 2016
Total Warrants		2,473,245

The Company has reserved shares of common stock for issuance upon exercise at September 30, 2011 as follows:

Warrants	2,473,245
Non-Plan Stock Options	100,714
2009 Equity Incentive Plan	13,406,915
Total Shares Reserved	15,980,874