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11. WARRANTS
3 Months Ended
Jun. 30, 2012
Note 11. Warrants  
WARRANTS

 

A summary of warrant activity during the three months ended June 30, 2012 is presented below:

 

    Amount    

Range of Exercise

 Price

   

Weighted Average

Exercise

 Price

 
Warrants outstanding at March 31, 2012     59,807,849     $ 0.10 - 0.25       $ 0.14  
Exercised     --     $ --          
Issued     7,048,481     $ 0.107-0.125          
Cancelled/Expired     --     $ --          
Warrants outstanding at June 30, 2012     66,856,330     $ 0.10 - 0.25       $ 0.14  
Warrants exercisable at June 30, 2012     66,856,330     $ 0.10 - 0.25       $ 0.14  

 

The following outlines the significant weighted average assumptions used to estimate the fair value information presented, with respect to warrants utilizing the Binomial Lattice option pricing models at, and during the three months ended June 30, 2012:

 

Risk free interest rate 0.86% - 1.56%
Average expected life    6.5 years
Expected volatility      91.5 – 94.3%
Expected dividends  None