Quarterly report pursuant to sections 13 or 15(d)

Description of Stock Plans

v2.3.0.15
Description of Stock Plans
 6 Months Ended
Sep. 30, 2011
Description of Stock Plans
 
7.
Description of Stock Plans
 
On September 27, 2007, the stockholders of the Company adopted the 2007 Employee, Director and Consultant Stock Plan (“Plan”). Under the Plan, the Company may grant up to 3,000 shares or equivalents of common stock of the Company as incentive stock options (“ISO”), non-qualified options (“NQO”), stock grants or stock-based awards to employees, directors or consultants, except that ISOs shall only be issued to employees. Generally, ISOs and NQOs shall be issued at prices not less than fair market value at the date of issuance, as defined, and for terms ranging up to ten years, as defined. All other terms of grants shall be determined by the board of directors of the Company, subject to the Plan.
 
On February 12, 2008, the Company amended the Plan to increase the number of shares of our common stock that may be issued under the Plan to 7,000 shares and on March 7, 2008, amended the Plan to increase the maximum number of shares of the Company's common stock with respect to which stock rights may be granted in any fiscal year to 1,100 shares. All other terms of the plan remain in full force and effect.
 
Option Plans
 
The following table summarizes options granted for the periods or as of the dates indicated:
 
   
Number of
    
Weighted Average
  
(in thousands)
  
Shares
    
Exercise Price
  
Outstanding at March 31, 2011
     6,187     $ 1.79  
Granted
     -     $ -  
Canceled
     (347 )   $ 0.48  
Exercised
     -     $ -  
Outstanding at September 30, 2011
     5,840     $ 1.87  
Exercisable at September 30, 2011
     5,840     $ 1.87  
 
In April 2011, two former employees each agreed to cancel options to purchase 173,622 shares of common stock in connection with their respective termination agreements.
 
The exercise price for options outstanding and options exercisable at September 30, 2011 was as follows:
 
Options Outstanding and Exercisable
  
                           
     
Weighted
                    
     
Average
          
Weighted
        
     
Remaining
    
Number
    
Average
    
Aggregate
  
Range of
    
Contractual Life
    
Outstanding
    
Exercise
    
Intrinsic
  
Exercise Price
    
(Years)
    
September 30, 2011
    
Price
    
Value
  
                           
$0 - $1.00       4.81       2,923     $ 0.49     $ 612,310  
$2.00 - $3.00       6.69       2,117     $ 2.67     $ -  
$4.00 - $5.00       6.38       800     $ 4.75     $ -  
        5.71       5,840     $ 1.87     $ 612,310  
 
Stock Plans
 
A summary of the status of the Company’s nonvested shares as of September 30, 2011 and March 31, 2011 pursuant to the Plan, and changes during the period ended September 30, 2011 is presented below:
 
         
Weighted Average
 
   
Number of
   
Grant Date
 
(in thousands)
  
Shares
   
Fair Value
 
Nonvested at March 31, 2011
     -     $ -  
Granted
     -     $ -  
Vested
     -     $ -  
Exercised
     -     $ -  
Nonvested at September 30, 2011
     -     $ -  
                 
Cumulative forfeited
     (565 )   $ 0.53  
 
Option Plans and Stock Plans
 
Total stock compensation expense is included in the following statements of operations components:
 
   
Six Months Ended
    
Six Months Ended
  
   
September 30,
    
September 30,
  
   
2011
    
2010
  
Product development
   $ 69     $ 4  
Sales and marketing
   $ -     $ 10  
General and administrative
   $ -     $ 222  
    $ 69     $ 236