Shareholders' Equity

12 Months Ended

Mar. 31, 2019

Equity [Abstract]

Shareholders' Equity

NOTE 9 – SHAREHOLDERS’ EQUITY

COMMON STOCK ISSUANCES

During the years ended March 31, 2019 and 2018 the Company issued the following common stock shares:

Fiscal 2019:

On March 31, 2019, the Company accrued a subscription receivable for 20,000 shares of its common stock to a former director who exercised stock options at an exercise price of $0.11 per share. The Company received payment of $2,200 in May 2019.

On January 24, 2019, the Company issued 60,000 shares of its common stock to a current director who exercised stock options at an average exercise price of $.07 per share. The Company received payment of $4,000 in January 2019.

On August 3, 2018 the Company issued 80,000 shares of its common stock to a former director who exercised stock options at an average exercise price of $.08 per share. The Company received payment of $6,400 in January 2019.

On August 1, 2018, the Company issued 22,725 shares of its common stock to our Board of Directors at $0.55 per share, pursuant to our annual director compensation plan for the fiscal year ending March 31, 2019. The value of this issuance was $12,500.

Fiscal 2018:

On August 1, 2017, the Company issued 22,725 shares of its common stock to our Board of Directors at $0.55 per share, pursuant to our annual director compensation plan for the fiscal year ending March 31, 2018. The value of this issuance was $12,500.

EARNINGS PER SHARE

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

As of March 31, 2019 there were common stock equivalents to purchase 2,210,000 shares of common stock, 1,630,000 of which were included in the computation of diluted earnings per share. For the fiscal year ended March 31, 2018 there were common stock equivalents to purchase 2,330,000 shares of common stock of which 1,850,000 were included in the computation of diluted earnings per share.

STOCK OPTIONS

On June 1, 2001, the Board of Directors approved the 2001 Stock Option Plan (“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, 2018, the Plan had expired and no shares were available to be issued nor were any additional shares issued from the plan in Fiscal 2019 or 2018.

A summary of stock option activity for each of the years presented is summarized below.

	Fiscal 2019					Fiscal 2018
	Number of Options			Weighted Average Exercise Price		Number of Options			Weighted Average Exercise Price
Stock Options:
Balance at beginning of year		2,330,000		$	0.22		1,970,000		$	0.16
Granted		100,000		$	0.55		480,000		$	0.49
Exercised		(160,000	)	$	0.08		-		$	-
Forfeited		(60,000	)	$	0.11		(120,000	)	$	0.45
Balance at end of year *		2,210,000		$	0.25		2,330,000		$	0.22
Options exercisable at end of year		2,110,000		$	0.23		1,850,000		$	0.15

The following table summarizes information about employee stock options outstanding at March 31, 2019:

Range of Exercise Price	Number Outstanding at March 31, 2019		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Number Exercisable at March 31, 2019		Weighted Average Exercise Price
$0.03 - $0.33		1,630,000		3.8	$	0.16		1,630,000	$	0.16
$0.45 - $0.55		580,000		8.4	$	0.55		480,000	$	0.49
*		2,210,000						2,110,000

* Total number of options outstanding as of March 31, 2019 includes 460,000 options issued to five current and two former directors as compensation and 1,150,000 options issue to key employees that were not issued from the Plan.