SHAREHOLDERS' EQUITY

12 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

NOTE 10 - SHAREHOLDERS’ EQUITY

COMMON STOCK ISSUANCES

During the years ended March 31, 2015, 2014, and 2013, the Company issued the following common stock shares:

2015:

On September 5, 2014 the Company issued 46,875 shares of its common stock to our Board of Directors at $0.16 per share, pursuant to our annual director compensation plan.

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.

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, 2015, the Plan had expired and no shares were available to be issued nor were any additional shares issued from the plan in Fiscal 2015.

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 2015			Fiscal 2014				Fiscal 2013
	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	1,896,000	$	0.22		1,307,380	$	0.22	1,251,380	$	0.30
Granted	60,000		0.17		640,000		0.21	60,000		0.18
Exercised	-		-		-		-	-		-
Forfeited	(60,000)		0.76		(51,380)		1.38	(4,000)		9.00
Balance at end of period
	1,896,000	$	0.20		1,896,000	$	0.21	1,307,380	$	0.26
Options exercisable at end of period	1,836,000	$	0.20		1,256,000	$	0.22	1,247,380	$	0.27

The following table summarizes information about employee stock options outstanding at March 31, 2015:

Range of Exercise Price	Number Outstanding at  March 31, 2015		Weighted Average Remaining  Contractural Life		Weighted Average  Exercise Price		Number Exercisable at  March 31, 2015		Weighted Average  Exercise Price
$.03 - $.33		1,682,000		6.2	$	0.14		1,622,000	$	0.14
$.45 - $.93		214,000		2.7	$	0.61		214,000	$	0.61
		1,896,000						1,836,000

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, 2015 includes 180,000 options issued on March 31, 2015, 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.