Quarterly report pursuant to Section 13 or 15(d)

OPTIONS AND WARRANTS

v3.5.0.2
OPTIONS AND WARRANTS
6 Months Ended
Sep. 30, 2016
OPTIONS AND WARRANTS [Text Block]

NOTE 8 – OPTIONS AND WARRANTS

Stock option awards

On January 29, 2016, the Company granted a total of 1,310,000 stock options to certain employees. The stock options are exercisable at the exercise price of $0.52 per share for a period of 7.6 years from the date of grant and vested upon the date of grant.

On January 29, 2016, the Company granted a total of 3,000,000 stock options Steven A. Nickolas and Richard A. Wright ( 1,500,000 stock options to each). The stock options are exercisable at the exercise price of $0.52 per share for a period of 7.6 years from the date of grant and vested upon the date of grant.

On March 4, 2016, the Company completed the offering and sale of an aggregate of 9,000,000 shares of our common stock the offering included warrants to purchase an aggregate of 4,500,000 shares of our common stock, at an exercise price of $0.50 per share for a period of two years from the date of issuance.

Stock option activity summary covering options is presented in the table below:

                Weighted-  
          Weighted-     Average  
          Average     Remaining  
    Number of     Exercise     Contractual  
    Shares     Price     Term  
                (years)  
Outstanding at March 31, 2015   343,400   $ 7.00     8.2  
Granted   4,310,000   $ 0.52     7.8  
Exercised   -   $   -     -  
Expired/Forfeited   -   $   -     -  
Outstanding at March 31, 2016   4,653,400   $ 0.92     7.7  
Granted   -   $   -     -  
Exercised   (85,000 ) $ 0.52     6.4  
Expired/Forfeited   (8,800 ) $ 1.91     6.4  
Outstanding at September 30, 2016   4,559,600   $ 0.92     5.7  
Exercisable at September 30, 2016   4,559,600   $ 0.92     5.7  

Warrants

For the six months period ended warrants activity at September 30, 2016 is presented in the table below:

                Weighted-  
          Weighted-     Average  
    Number     Average     Remaining  
    of Warrant       Exercise     Contractual  
    Shares     Price     Term  
                (years)  
Outstanding at March 31, 2016   4,988,118   $ 0.96     .94  
Granted   -   $   -     -  
Exercised   (795,202 ) $ 1.58     .13  
Expired/Forfeited   -   $ 5.00     .05  
Outstanding at September 30, 2016   4,192,916   $ 0.84     .67  
Exercisable at September 30, 2016   4,192,916   $ 0.84     .67  

In July 2016, the Company issued 25,600 shares of our common stock in connection with a cashless exercise of a warrant and cancelled 32,000 warrants were cancelled.

On August 20, 2016 two warrant holder exercised 600,000 warrants to acquire 600,000 common shares at an exercise price of $0.50 per share