SEPARATION AGREEMENTS DUE TO CHANGE IN OWNERSHIP

12 Months Ended

Mar. 31, 2014

Agreements Due To Change In Ownership [Abstract]

Agreements Due To Change In Ownership Disclosure [Text Block]

NOTE 13 – SEPARATION AGREEMENTS DUE TO CHANGE IN OWNERSHIP

On January 3, 2014, the Company entered into agreements with its executive officers that if an executive’s employment is terminated by the executive or the Company following a change in control, the executive will be entitled to the following within 10 days of termination:

⋅ All accrued and unpaid compensation due to the executive as of the date of termination.

⋅ A lump sum payment equal to one year’s executive base salary if the executive terminates employment.

⋅ A lump sum of one and a half year’s executive base salary and targeted annual bonus if the Company terminates employment.

⋅ All outstanding stock options shall be fully vested and exercisable for the remainder of their full term.

⋅ All outstanding equity-based compensation awards (other than stock options) shall become fully vested with any restrictions removed.