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15. Net Diluted (Loss) Income Per Share
 12 Months Ended
Mar. 31, 2013
Earnings Per Share [Text Block]  
Earnings Per Share [Text Block]
15.                 Net Diluted (Loss) Income Per Share

Net (loss) income per share has been computed according to FASB ASC 260, “Earnings per Share,” which requires a dual presentation of basic and diluted earnings (loss) per share (“EPS”). Basic EPS represents net (loss) income divided by the weighted average number of common shares outstanding during a reporting period. Diluted EPS reflects the potential dilution that could occur if securities, including warrants and options, were converted into common stock. The dilutive effect of outstanding warrants and options is reflected in earnings per share by use of the treasury stock method. In applying the treasury stock method for stock-based compensation arrangements, the assumed proceeds are computed as the sum of the amount the employee must pay upon exercise and the amounts of average unrecognized compensation costs attributed to future services.

   
March 31, 2013
   
March 31, 2012
 
Basic net (loss) income per share computation:
           
  Net (loss) income
 
$
(2,772,571
)
 
$
71,016
 
  Weighted-average common shares outstanding
   
2,834,257
     
2,657,279
 
  Basic net  (loss) income per share
 
$
(0.98
)
 
$
0.03
 
Diluted net (loss) income per share computation
               
  Net (loss) income
 
$
(2,772,571
)
 
$
60,169
(1) 
  Weighted-average common shares outstanding
   
2,834,257
     
2,657,279
 
  Incremental shares attributable to the assumed exercise of
       outstanding stock options and warrants
   
-
     
60,541
 
  Total adjusted weighted-average shares
   
2,834,257
     
2,717,820
 
  Diluted net (loss) income per share
 
$
(0.98
)
 
$
0.02
 

 (1) For the year ended March 31, 2012 net income excludes the gain on the change in the value of stock warrants.

For the year ended March 31, 2013, all outstanding warrants and options were excluded from the computation of diluted loss per share because their effect would be anti-dilutive. For the year ended March 31, 2012, 51,500 shares were excluded from the calculation of diluted loss per share because of their anti-dilutive effects.