| Options to Purchase Common Shares |
A summary of the Company’s stock option activity for the period ended June 30, 2013 is presented below: | | | Shares | | Weighted
Average
Exercise
Price | | | Balance at March 31, 2013 | | | 2,275,000 | | $ | 0.16 | | | Granted | | | 1,500,000 | | | 0.40 | | | Exercised | | | - | | | | | | Cancelled | | | (100,000) | | | 0.42 | | | Balance outstanding at June 30, 2013 | | | 3,675,000 | | $ | 0.26 | | | Balance exercisable at June 30,2013 | | | 2,800,000 | | $ | 0.28 | | |
At March 31, 2013, options to purchase common shares were outstanding as follows: | | | Shares | | Weighted
Average
Exercise
Price | | | Balance at March 31, 2011 | | | - | | | | | | Granted | | | 2,100,000 | | $ | 0.10 | | | Exercised | | | - | | | | | | Cancelled | | | - | | | | | | Balance at March 31, 2012 | | | 2,100,000 | | $ | 0.10 | | | Granted | | | 2,025,000 | | | 0.29 | | | Exercised | | | (1,750,000) | | | | | | Cancelled | | | (100,000) | | | | | | Balance outstanding at March 31, 2013 | | | 2,275,000 | | $ | 0.16 | | | Balance exercisable at March 31,2013 | | | 1,333,333 | | $ | 0.13 | | |
| Stock Option Activity |
At June 30, 2013, options to purchase common shares were outstanding as follows: | | | Number of
options | | Weighted
Average
Exercise
Price | | Weighted
Average
Grant-date Stock
Price | | | | | | | | | | | | | | Options Outstanding, June 30, 2013 | | 1,650,000 | | $ | 0.10 | | $ | 1.00 | | | | | 100,000 | | $ | 0.27 | | $ | 0.27 | | | | | 300,000 | | $ | 0.28 | | $ | 0.27 | | | | | 1,500,000 | | $ | 0.40 | | $ | 0.40 | | | | | 125,000 | | $ | 0.42 | | $ | 0.42 | | | | | | | | | | | | | | | | 3,675,000 | | | | | | | | | | | | | | | | | | | | Exercisable, June 30, 2013 | | 1,075,000 | | $ | 0.10 | | $ | 1.00 | | | | | 25,000 | | $ | 0.27 | | $ | 0.27 | | | | | 200,000 | | $ | 0.28 | | $ | 0.27 | | | | | 1,500,000 | | $ | 0.40 | | $ | 0.40 | | | | | 2,800,000 | | | | | | | | |
A summary of the Company’s stock option activity for the year ended March 31, 2013 is presented below: | | | Number of
options | | Weighted
Average
Exercise
Price | | Weighted
Average
Grant-date Stock
Price | | | | | | | | | | | | | | | Options Outstanding, March 31, 2013 | | | 1,650,000 | | $ | 0.10 | | $ | 1.00 | | | | | | 100,000 | | $ | 0.27 | | $ | 0.27 | | | | | | 300,000 | | $ | 0.28 | | $ | 0.27 | | | | | | 125,000 | | $ | 0.42 | | $ | 0.42 | | | | | | 100,000 | | $ | 0.44 | | $ | 0.44 | | | | | | 2,275,000 | | | | | | | | | Exercisable, March 31, 2013 | | | 1,075,000 | | $ | 0.10 | | $ | 1.00 | | | | | | 58,333 | | $ | 0.27 | | $ | 0.27 | | | | | | 200,000 | | $ | 0.28 | | $ | 0.27 | | | | | | 1,333,333 | | | | | | | | |