16. Stock Option Plans

12 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

16.                 Stock Option Plans

In March 2006, the Board of Directors adopted the 2006 Stock Option Plan (“the Plan”) which reserved for issuance options to purchase up to 250,000 shares of its Common Stock.  The stockholders approved the Plan at the December 2006 annual meeting.  The Plan, which has a term of ten years from the date of adoption, is administered by the Board of Directors or by a committee appointed by the Board of Directors. The selection of participants, allotment of shares, and other conditions related to the grant of options, to the extent not set forth in the Plan, are determined by the Board of Directors.  Options granted under the Plan are exercisable up to a period of 5 years from the date of grant at an exercise price which is not less than the fair market value of the common stock at the date of grant, except as to a stockholder owning 10% or more of the outstanding common stock of the Company, as to whom the exercise price must not be less than 110% of the fair market value of the common stock at the date of grant. Options, for the most part are exercisable, on a cumulative basis, 20% at or after each of the first, second, and third anniversary of the grant and 40% after the fourth year anniversary. These terms can be modified based upon approval of the Board of Directors.

The fair value of each option awarded is estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the following table. Expected volatilities are based on historical volatility of the Company’s stock. The expected life of the options granted represents the period of time from date of grant to expiration (5 years). The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant. The per share weighted-average fair value of stock options granted for the years ended March 31, 2014 and 2013 was $1.76 and $1.40, respectively, on the date of grant using the Black Scholes option-pricing model with the following assumptions:

	Dividend Yield			Risk-free Interest rate			Volatility			Life
2014		0.0	%		1.37	%		46.31	%	5 years
2013		0.0	%		0.79	%		45.30	%	5 years

A summary of the status of the Company’s stock option plans for the fiscal years ended March 31, 2014 and 2013 and changes during the years are presented below: (in number of options):

	Number of Options			Average Exercise Price		Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding options at April 1, 2012		201,100		$	5.14
Options granted		10,000		$	3.50
Options exercised		(39,100	)	$	3.53
Options canceled/forfeited		(57,400	)	$	5.17
Outstanding options at March 31, 2013		114,600		$	5.53	2.0 years	$	-0-
Options granted		10,000		$	4.22
Options exercised		(8,300	)	$	3.98
Options canceled/forfeited		(28,300	)	$	3.67
Outstanding options at March 31, 2014		88,000		$	6.12	2.0 years	$	11,200
Vested Options:
March 31, 2014:		61,800		$	6.12	1.2 years	$	9,200
March 31, 2013:		71,100		$	5.14	1.4 years	$	-0-

Remaining options available for grant were 237,278 and 218,978 as of March 31, 2014 and 2013, respectively.

The total intrinsic value of options exercised during the years ended March 31, 2014 and 2013 were $3,760 and $38,940, respectively. Cash received from the exercise of stock options for the years ended March 31, 2014 and 2013 was $33,020 and $138,090, respectively.

For the years ended March 31, 2014 and 2013, the unamortized compensation expense for stock options was $39,255 and $108,807, respectively. Unamortized compensation expense is expected to be recognized over a weighted-average period of approximately 1 year.

A summary of the Company’s non-vested shares as of March 31, 2014, and changes during the year ended March 31, 2014 is presented below:

Non-vested Shares	Shares			Weighted-Average Grant-Date Fair value
Non-vested at April 1, 2013		43,500		$	6.18
Granted		10,000		$	4.22
Vested		(27,300	)	$	5.52
Forfeited		-		$	-
Non-vested at March 31, 2014		26,200		$	6.13

The compensation cost that has been charged was $84,742 and $81,517 for the fiscal years ended March 31, 2014 and 2013, respectively. The total income tax benefit recognized in the statement of operations for share-based compensation arrangements was $3,468 and $7,190 for the fiscal years ended March 31, 2014 and 2013, respectively, and relates to the compensation cost associated with non-qualified stock options