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Warrants And Derivative Liabilities (Tables)
9 Months Ended
Dec. 31, 2012
Schedule Of Fair Value Assumptions Used To Calculate The Value Of The Convertible Note Derivative Feature

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Post-modification

 

 

Pre-modification

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

December 20,

 

 

December 20,

 

 

September 30,

 

 

June 30,

 

 

April 4,

 

 

 

2012

 

 

2012

 

 

2012

 

 

2012

 

 

2012

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Price

$

2.62 

 

$

2.95 

 

$

2.95 

 

$

4.15 

 

$

4.68 

 

$

3.97 

 

Percentage Volume Condition Met

 

94.5 

%

 

94.9 

%

 

28.6 

%

 

51.0 

%

 

75.2 

%

 

85.9 

%

Expected Volatility

 

73.5 

%

 

72.5 

%

 

72.5 

%

 

70.0 

%

 

71.0 

%

 

75.0 

%

Risk Free Rate

 

0.23 

%

 

0.25 

%

 

0.25 

%

 

0.23 

%

 

0.33 

%

 

0.44 

%

Bond Yield 

 

16.5 

%

 

16.5 

%

 

16.5 

%

 

15.0 

%

 

16.0 

%

 

15.0 

%

Recovery Rate 

 

30.0 

%

 

30.0 

%

 

30.0 

%

 

30.0 

%

 

30.0 

%

 

30.0 

%

Redeemable 

 

yes

 

 

yes

 

 

yes

 

 

yes

 

 

yes

 

 

yes

 

Total Time (years) 

 

1.76 

 

 

1.79 

 

 

1.79 

 

 

2.01 

 

 

2.28 

 

 

2.5 

 

Dilution Effect 

 

yes

 

 

yes

 

 

yes

 

 

yes

 

 

yes

 

 

yes

 

Indicated Percent of Par 

 

98.0 

%

 

119.0 

%

 

99.0 

%

 

108.0 

%

 

121.0 

%

 

117.0 

%

Fair Value 

$

1.0 million

 

$

1.5 million

 

$

0.9 million

 

$

2.8 million

 

$

4.5 million

 

$

3.8 million

 

 

Securities Purchase Agreement [Member]
 
Schedule Of The Fair Value Of The Warrants Using The Black-Scholes Option Pricing Model

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

April 4,

 

 

 

2012

 

 

2012

 

 

2012

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

0.75 

%

 

0.63 

%

 

0.77 

%

 

1.19 

%

Expected annual dividend yield

 

0.0 

%

 

0.0 

%

 

0.0 

%

 

0.0 

%

Expected volatility

 

80.6 

%

 

80.9 

%

 

80.8 

%

 

80.0 

%

Term  (years)

 

4.76 

 

 

5.01 

 

 

5.28 

 

 

5.5 

 

Fair Value 

$

4.4 million

 

$

7.1 million

 

$

8.6 million

 

$

7.0 million

 

 

Loan And Security Agreement [Member]
 
Schedule Of The Fair Value Of The Warrants Using The Black-Scholes Option Pricing Model

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

June 5,

 

 

 

2012

 

 

2012

 

 

2012

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

0.75 

%

 

0.64 

%

 

0.80 

%

 

0.77 

%

Expected annual dividend yield

 

0.0 

%

 

0.0 

%

 

0.0 

%

 

0.0 

%

Expected volatility

 

80.14 

%

 

81.18 

%

 

80.32 

%

 

79.90 

%

Term  (years)

 

4.93 

 

 

5.18 

 

 

5.44 

 

 

5.5 

 

Fair Value 

$

0.2 million

 

$

0.4 million

 

$

0.5 million

 

$

0.4 million