Annual report pursuant to Section 13 and 15(d)

SHARE-BASED COMPENSATION

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SHARE-BASED COMPENSATION
12 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE-BASED COMPENSATION

NOTE 11 – SHARE-BASED COMPENSATION

 

Common Stock

 

On January 25, 2017, the Company’s Board of Directors adopted, subject to the ratification of the shareholders, the Company’s Amended and Restated 2014 Stock Incentive Plan (”2014 Amended and Restated Plan”). At the annual shareholder meeting held on March 22, 2017, Company shareholders approved the 2014 Amended and Restated Plan providing for the Company to issue up to an additional 905,000 shares of common stock under the 2014 Incentive and 2014 Amended Plans (described below, 1,000,000 in total) to officers, directors, employees, contractors and consultants for services provided to the Company.

 

On February 8, 2016, the Company’s Board of Directors adopted, subject to the ratification of the shareholders, the Company’s Amendment to the 2014 Stock Incentive Plan (”2014 Amended Plan”). At the annual shareholder meeting held on March 29, 2016, Company shareholders approved the 2014 Amended Plan providing for the Company to issue up to an additional 55,000 shares of common stock under the 2014 Incentive Plan (described below, 95,000 in total) to officers, directors, employees, contractors and consultants for services provided to the Company and amend the definition of “Eligible Person” under the 2014 Amended Plan to exclude “instances where services are in connection with the offer or sale of securities in a capital-raising transaction, or they directly or indirectly promote or maintain a market for the Company’s securities”.

 

On December 27, 2013, the Company’s Board of Directors adopted, subject to the ratification of the shareholders, the Company’s 2014 Stock Incentive Plan (”2014 Incentive Plan”). At the annual shareholder meeting held on February 13, 2014, Company shareholders approved the 2014 Incentive Plan providing for the Company to issue up to 40,000 shares of common stock to officers, directors, employees, contractors and consultants for services provided to the Company. At March 31, 2017, 911,713 shares are available for issuance under the 2014 Incentive Plan as amended and restated.

 

During the annual shareholder meeting held on March 31, 2012, Company shareholders approved the Camber Energy, Inc. 2012 Stock Incentive Plan (”2012 Incentive Plan”) providing for the Company to issue up to 60,000 shares of common stock to officers, directors, employees, contractors and consultants for services provided to the Company. At March 31, 2017, 3,000 shares remained available for awards under the 2012 Incentive Plan. 

 

During the annual shareholder meeting held on March 30, 2010, Company shareholders approved the Camber Energy, Inc. Long Term Incentive Plan (”2010 Incentive Plan”) providing for the Company to issue up to 36,000 shares of common stock to officers, directors, employees, contractors and consultants for services provided to the Company. At March 31, 2017, 128 shares remained available for awards under the 2010 Incentive Plan.

 

For the year ended March 31, 2017, Camber issued 22,131 shares of its common stock with an aggregate grant date fair value of $72,035, which were valued based on the trading value of Camber’s common stock on the date of grant. Also, on December 31, 2016 the Company agreed to award an additional 19,010 shares of its common stock with an aggregate grant fair value of $23,572, which were valued based on the trading value of Camber’s common stock on the date of grant. Those common stock awards had yet to be physically issued as of March 31, 2017 and therefore, were recognized as accrued common stock payable on the balance sheet. The shares were awarded according to the employment agreement with an officer and as additional compensation for other officers and managerial personnel.

 

Stock Options

 

The following summarizes Camber’s stock option activity for each of the years ended March 31, 2017 and 2016:

 

      2017     2016  
      Number of Stock Options    

Weighted

Average

Grant Price

    Number of Stock Options    

Weighted

Average

Grant Price

 
Outstanding at Beginning of Period       22,920     $ 33.96       24,920     $ 33.81  
 Expired/Cancelled       (3,000 )     24.50       (2,000 )     32.00  
Outstanding at End of Period       19,920     $ 35.38       22,920     $ 33.96  

 

During the year ended March 31, 2017, the Company granted no stock options, and of the Company’s outstanding options, no options were exercised or forfeited, while options to purchase 3,000 shares of common stock expired, which were previously issued to two directors on December 24, 2013.

 

During the year ended March 31, 2016, the Company granted no stock options, and of the Company’s outstanding options, no options were exercised or forfeited, while options to purchase 2,000 shares of common stock expired, which were previously issued to a director on July 2, 2013.

 

Share-based compensation expense related to stock options during the years ended March 31, 2017 and 2016 was $19,266 and $61,202, respectively.

 

Options outstanding and exercisable at March 31, 2017 and 2016 had no intrinsic value. The intrinsic value is based upon the difference between the market price of Camber’s common stock on the date of exercise and the grant price of the stock options.

 

At March 31, 2017, unrecognized compensation expense related to non-vested stock options totaled $11,238. This unrecognized expense is expected to be amortized to expense on a straight-line basis over a weighted average period of 0.6 years.

 

Options outstanding and exercisable as of March 31, 2017:

 

Exercise     Remaining     Options     Options  
Price     Life (Yrs)     Outstanding     Exercisable  
$ 40.75       0.60       4,000       3,000  
$ 43.50       0.60       6,000       6,000  
$ 40.25       0.80       2,000       2,000  
$ 39.50       0.60       2,000       2,000  
$ 5.50       1.00       4,000       4,000  
$ 51.75       3.50       1,920       1,920  
          Total       19,920       19,920