US DATAWORKS INC - FORM 10-K - XML - IDEA: XBRL DOCUMENT - July 13, 2012

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Stockholders' Equity
 12 Months Ended
Mar. 31, 2012
Stockholders Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
7. Stockholders’ Equity

 

Preferred Stock

 

The Company has 10,000,000 authorized shares of $0.0001 par value preferred stock. The preferred stock may be issued in series, from time to time, with such designations, rights, preferences, and limitations as the Board of Directors may determine by resolution.

 

Convertible Series B Preferred Stock

 

The Company has 700,000 shares authorized, 109,933 shares issued and outstanding of $0.0001 par value convertible Series B preferred stock. The Series B has a liquidation preference of $3.75 per share and carries a 10% cumulative dividend payable each March 1 and September 1, as and when declared by the Board of Directors. The Series B is convertible upon issuance into common stock at $3.75 per share. The Company has the right to redeem the Series B at any time after issuance at a redemption price of $4.15 per share, plus any accrued but unpaid dividends.

 

At March 31, 2012 and March 31, 2011 there were accumulated, undeclared dividends in arrears of $458,802 and $417,444, respectively.

 

Common Stock Grants

 

During the year ended March 31, 2012, the Company completed the following:

 

The Company granted 46,240 shares of common stock (at $0.18 per share based on the closing price of the common stock on the grant date), 36,403 shares of common stock (at $0.16 per share based on the closing price of the common stock on the grant date), 24,663 shares of common stock (at $0.15 per share based on the closing price of the common stock on the grant date) and 59,687 shares of common stock (at $0.08 per share based on the closing price of the common stock on the grant date) to its outside directors pursuant to the Company’s Outside Director Compensation Plan. The Company expensed $22,622 related to these grants during the twelve months ended March 31, 2012. These grants were made under the 2000 Plan (defined below). 

 

During the year ended March 31, 2011, the Company completed the following:

 

The Company granted 41,625 shares of common stock (at $0.20 per share based on the closing price of the common stock on the grant date), 43,807 shares of common stock (at $0.19 per share based on the closing price of the common stock on the grant date), 41,625 shares of common stock (at $0.20 per share based on the closing price of the common stock on the grant date) and 37,834 shares of common stock (at $0.22 per share based on the closing price of the common stock on the grant date) to its outside directors pursuant to the Company’s Outside Director Compensation Plan. The Company expensed $33,282 related to these grants during the twelve months ended March 31, 2011. These grants were made under the 2000 Plan (defined below). 

 

Stock Options

 

In August 1999, the Company implemented its 1999 Stock Option Plan (the “1999 Plan”). In August 2000, the Company’s Board of Directors approved the 2000 Stock Option Plan (the “2000 Plan”), which amends and restates the 1999 Plan.  As of March 31, 2012, the maximum aggregate number of shares which may be granted under the 2000 Plan was 10,000,000. Under the 2000 Plan, the exercise price must not be less than the fair market value on the date of grant of the option. The options vest in varying increments over varying periods and expire 10 years from the date of grant. In the case of incentive stock options granted to any 10% owners of the Company, the exercise price must not be less than 100% of the fair market value on the date of grant. Such incentive stock options vest in varying increments and expire five years from the date of vesting.

 

During the year ended March 31, 2012, the Company granted 806,000 stock options. During the year ended March 31, 2011, the Company granted 56,000 stock options.

 

The following table summarizes certain information relative to stock options:

 

    2000 Stock Option Plan     Outside of Plan  
    Shares     Weighted
Average
Exercise
Price		     Shares     Weighted
Average
Exercise
Price		  
                         
Outstanding, March 31, 2010     7,845,720     $ 0.63       1,160,000     $ 1.02  
Granted     56,000     $ 0.19       —     $ —  
Forfeited/cancelled     (1,456,588 )   $ 0.44       (580,000 )   $ 1.02  
Outstanding, March 31, 2011     6,445,132     $ 0.67       580,000     $ 1.02  
Granted     806,000     $ 0.13       —     $ —  
Forfeited/cancelled     (559,963 )   $ 0.85       (580,000 )   $ 1.02  
Outstanding, March 31, 2012     6,691,169     $ 0.59       —     $ —  
Exercisable, March 31, 2012     5,889,501     $ 0.66       —     $ —  

 

The weighted-average remaining life and the weighted-average exercise price of all of the options outstanding at March 31, 2012 were 4.90 years and $0.59, respectively. The exercise prices for the options outstanding at March 31, 2012 ranged from $0.08 to $2.90, and information relating to these options is as follows:

 

Range of Exercise
Prices		   Stock
Options
Outstanding		     Stock
Options
Exercisable		     Weighted-
Average
Remaining
Contractual Life		     Weighted
-Average
Exercise
Price		     Weighted-
Average Exercise
Price of Options
Exercisable		  
                               
$0.08 - 0.80     4,939,335       4,137,667       5.81 years     $ 0.44     $ 0.50  
$0.81 - 1.35     1,658,834       1,658,834       2.39 years     $ 0.92     $ 0.92  
$1.36 – 2.90     93,000       93,000       1.59 years     $ 2.88     $ 2.88  
      6,691,169       5,889,501                          

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