SHAREHOLDERS' EQUITY

12 Months Ended

Mar. 31, 2012

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

NOTE 9 - SHAREHOLDERS’ EQUITY

COMMON STOCK ISSUANCES

During the years ended March 31, 2012, 2011, and 2010, the Company issued the following common stock shares:

2012:

On December 2, 2011 the Company issued 125,001 shares of its common stock to our Board of Directors at $.06 per share, pursuant to our annual director compensation plan.

2011:

On August 31, 2010 the Company issued 249,999 shares of its common stock to our Board of Directors at $.03 per share, pursuant to our annual director compensation plan.

2010:

On September 25, 2009 the Company issued 136,362 shares of its common stock to our Board of Directors at $.11 per share, pursuant to our annual director compensation plan.

EARNINGS PER SHARE

In accordance with FASB ASC 210, "Earnings per Share", basic net (loss) earnings per share are computed by dividing the net earnings (loss) for the year by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net earnings (loss) for the year by the weighted average number of common shares outstanding including the effect of common stock equivalents.

For the years ended March 31, 2012, 2011 and 2010, common stock equivalents to purchase 700,000, 551,380 and 1,836,710 shares of stock, respectively, were not included in the computation of diluted earnings per share because the exercise prices were greater than the average market price of the Company’s common stock for the period.

STOCK OPTIONS

On June 1, 2001, the Board of Directors approved the 2001 Stock Option Plan (`Plan"), which replaced the 1994 Stock Option Plan, as amended, (the "1994 Plan"). The Plan was developed to provide a means whereby directors and selected employees, officers, consultants, and advisors of the Company may be granted incentive or non-qualified stock options to purchase common stock of the Company. As of March 31, 2012, the Plan is authorized to grant options up to an aggregate of 1,950,000 shares of the Company's common stock and up to 300,000 shares for any one individual grant in any fiscal year. As of March 31, 2012, the Company had 266,105 options available to be granted under the 2001 Plan. As of March 31, 2011, the Company had 326,105 options available to be granted under the 1994 Plan.

The Company adopted ASC 713-10 for the reporting periods ending after June 15, 2005 and thereafter has recognized the fair value of the stock option as part of the selling, general and administration expense. Accordingly, no compensation cost has been recognized for options issued under the Plan in periods prior to June 15, 2005. A summary of stock option activity for each of the years presented is summarized below.

	Fiscal 2012				Fiscal 2011					Fiscal 2010
	Number of Options		Weighted Average Exercise Price		Number of  Options			Weighted  Average  Exercise  Price		Number of Options			Weighted Average Exercise Price
Stock Options:
Balance at beginning of period		1,191,380	$	0.56		646,710		$	0.62		1,133,215		$	0.64
Granted		60,000	$	0.06		580,000		$	0.06		60,000		$	0.11
Exercised		-		-		-			-		-			-
Forfeited		-		-		(35,330	)	$	0.91		(546,505	)	$	0.53
Balance at end of period		1,251,380	$	0.30		1,191,380		$	0.56		646,710		$	0.56
Options exercisable at end of period		1,191,380	$	0.31		611,380		$	0.54		586,710		$	0.62

The following table summarizes information about employee stock options outstanding at March 31, 2012:

Range of Exercise Price		Number Outstanding at March  31, 2012		Weighted Average Remaining Contractural Life		Weighted Average Exercise Price		Number Exercisable at March  31, 2012		Weighted Average Exercise Price
$	.03 - $.77		1,136,000		7.2		0.18		1,076,000		0.19
$	1.20 - $9.00		115,380		3.6		1.41		115,380		1.41
			1,251,380						1,191,380

Prior to April 1, 2005, in accordance with ASC 713-10, for options issued to employees, the Company applied the intrinsic value method.