Options

12 Months Ended

Mar. 31, 2013

Note 5 Options

Option awards under the employee incentive stock option plan (“EISOP”) provide that the strike price shall not be less than the fair market value of the common stock on the date of grant and that no portion of any option award may be exercised beyond ten years from that date. Options granted under the EISOP, in prior years, were issued for past performance and therefore vest immediately at the date the options were granted.

A summary of the activity of the Company’s options for the years ended March 31, 2013 and 2012 is as follows:

Weighted Average

Remaining

Options

Intrinsic

Exercise

Contractual

Outstanding

Vested

Value

Price

Term

Options, March 31, 2011

2,300,000

Granted

––

Exercised

––

Forfeited

––

Options, March 31, 2012

2,300,000

Granted

––

Exercised

––

Forfeited

––

Options, March 31, 2013

2,300,000

0.00

.05

4.25 years

The following table summarizes information regarding options outstanding at March 31, 2013:

Weighted Average:
Dividend yield				0.0%
Risk-free interest rate				1.39%
Expected life in years				3.0
Expected price volatility				10.0%

All options were fully vested as of March 31, 2013 and 2012. No additional expense has been recorded regarding these options and no additional options have been issued. There were no options exercised during the years ended March 31, 2013 and 2012.

AMERICAN FIRST FINANCIAL INC 10-K