SHAREHOLDERS' EQUITY

12 Months Ended

Mar. 31, 2014

Stockholders' Equity Note [Abstract]

Stockholders Equity Note Disclosure [Text Block]

NOTE 10 - SHAREHOLDERS’ EQUITY

COMMON STOCK ISSUANCES

During the years ended March 31, 2014, 2013, and 2012, the Company issued the following common stock shares:

2014:

On July 23, 2013 the Company issued 41,667 shares of its common stock to our Board of Directors at $0.18 per share, pursuant to our annual director compensation plan.

2013:

On January 24, 2013 the Company issued 68,181 shares of its common stock to our Board of Directors at $0.11 per share, pursuant to our annual director compensation plan.

2012:

On December 2, 2011 the Company issued 125,001 shares of its common stock to our Board of Directors at $0.06 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 fiscal year ended March 31, 2014 there were common stock equivalents to purchase 1,256,000 shares of common stock of which 820,000 were included in the computation of diluted earnings per share. For the fiscal year ended March 31, 2013 there were common stock equivalents to purchase 1,251,380 shares of common stock of which 820,000 were included in the computation of diluted earnings per share. For the fiscal year ended March 31, 2012, common stock equivalents to purchase 700,000 shares of stock 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 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, 2014, the Plan had expired and no shares were available to be issued nor were any additional shares issued from the plan in Fiscal 2014.

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 2014				Fiscal 2013				Fiscal 2012
	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		1,307,380	$	0.30		1,251,380	$	0.30		1,191,380	$	0.56
Granted		640,000		0.21		60,000	$	0.18		60,000	$	0.06
Exercised		-		-		-		-		-		-
Forfeited		(51,380)		-		(4,000)		9.00		-		-
Balance at end of period		1,896,000	$	0.21		1,307,380	$	0.26		1,251,380	$	0.30
Options exercisable at end of period		1,256,000	$	0.22		1,247,380	$	0.27		1,191,380	$	0.31

The following table summarizes information about employee stock options outstanding at March 31, 2014:

Range of Exercise Price	Number Outstanding at March 31, 2014		Weighted Average Remaining Contractural Life		Weighted Average Exercise Price		Number Exercisable at March 31, 2014		Weighted Average Exercise Price
$.03 - $.33		1,622,000		7.4		0.14		982,000		0.10
$.45 - $.93		274,000		2.7		0.64		274,000		0.64
*		1,896,000						1,256,000

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

* Total number of options outstanding as of March 31, 2014 includes 120,000 options issued on March 31, 2014 and 2013 to three directors as compensation and 580,000 options issue to key employees on July 1, 2013 that were not issued from the Plan.