Quarterly report pursuant to sections 13 or 15(d)

Description of Stock Plans (Tables)

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Description of Stock Plans (Tables)
 3 Months Ended
Jun. 30, 2012
Summary of Options Granted

The following table summarizes options granted under the Company’s 2007 Employee, Director and Consultant Stock Plan equity compensation plan for the periods or as of the dates indicated:

 

(in thousands)   Number of     Weighted Average  
    Shares     Exercise Price  
Outstanding at March 31, 2012     4,798     $ 1.80  
Granted     -     $ -  
Canceled     -     $ -  
Forfeited     -     $ -  
Exercised     -     $ -  
Outstanding at June 30, 2012     4,798     $ 1.80  
Exercisable at June 30, 2012     4,798     $ 1.80  
Exercise Price for Options Outstanding and Options Exercisable

The exercise price for options outstanding and options exercisable at June 30, 2012 was as follows:

 

      Weighted                    
      Average           Weighted        
      Remaining     Number     Average     Aggregate  
Range of     Contractual Life     Outstanding     Exercise     Intrinsic  
Exercise Price     (Years)     June 30, 2012     Price     Value  
                           
  $0 - $1.00       4.02       2,698     $ 0.47     $ 807,598  
  $2.00 - $3.00       5.97       1,300     $ 2.75     $ -  
  $4.00 - $5.00       5.62       800     $ 4.75     $ -  
          4.81       4,798     $ 1.80     $ 807,598  
Stock Compensation Expense

Total stock compensation expense for the Company’s 2007 Employee, Director and Consultant Stock Plan equity compensation plan and Amended and Restated 2011 Equity Incentive Plan is included in the following statements of operations components:

 

    Three Months Ended     Three Months Ended  
    June 30,     June 30,  
    2012     2011  
             
Product development   $ -     $ 69  
Sales and marketing     -       -  
General and administrative     122       -  
    $ 122     $ 69