Warrant Liabilities (Tables)

6 Months Ended

Sep. 30, 2012

	September 30, 2012		March 31, 2012
Number of shares underlying the warrants	34,165,965		32,880,252
Exercise price	$0.64-$1.00		$0.64-$1.00
Volatility	181	%	211	%
Risk-free interest rate	0.23%-0.33	%	1.04	%
Expected dividend yield	0.00	%	0.00	%
Expected warrant life (years)	2.00 - 4.33		2.24 - 4.33

Schedule of Warrant Liabilities at Fair Value


			Fair Value							Fair Value
			at				Decrease			at
	Number of		March 31,		Initial		in			September 30,
Description	Warrants		2012		Measurement		Fair Value			2012

Bridge Warrant		8,789,064	$	6,604,706	$	-	$	(1,625,276	)	$	4,979,430

Bridge Warrant Placement Agent		1,165,875		876,119		-		(215,594	)		660,525

Unit Offering		19,800,313		15,816,980		-		(3,042,276	)		12,774,704

Unit Offering Placement Agent		3,125,000		2,499,810		-		(476,723	)		2,023,088

2012 Bridge Warrant		1,071,428		-		716,760		(58,264	)		658,496

2012 Bridge Placement Agent Warrant		214,285		-		143,352		(11,653	)		131,699
		34,165,965	$	25,797,615	$	860,112	$	(5,429,786	)	$	21,227,942

- Definition

Tabular disclosure of the activity in the balance of servicing liabilities subsequently measured at fair value (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (through assumptions of servicing obligations, and servicing obligations that result from transfers of financial assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value and a description of those changes, and other changes that affect the balance and a description of those changes.

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- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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