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5. CONVERTIBLE NOTES PAYABLE (Tables) (Convertible Notes Payable [Member])
 3 Months Ended
Jun. 30, 2012
Convertible Notes Payable [Member]
  
Convertible notes payable

Convertible Notes Payable consist of the following at June 30, 2012:

 

    Principal   Unamortized
Discount		   Net
Amount		   Accrued
Interest
                 
Amended and Restated Series A 12% Convertible Notes, past due   $ 885,000     $ –     $ 885,000     $ 265,500  
2008 10% Convertible Notes, past due     25,000       –       25,000       12,604  
December 2006 10% Convertible Notes, past due     17,000       –       17,000       13,883  
October & November 2009 10% Convertible Notes, $25,000 past due     75,000       (3,762 )     71,238       24,250  
April 2010 10% Convertible Note     75,000       (8,607 )     66,393       18,313  
September 2010 10% Convertible Notes, past due     308,100       –       308,100       81,895  
April 2011 10% Convertible Notes, past due     400,400       –       400,400       55,050  
July and August 2011 10% Convertible Notes     357,655       (12,168 )     345,487       33,204  
September 2011 Convertible Notes     223,760       (60,734 )     163,026       –  
February 2012 Convertible Notes, past due     525,000       –       525,000       38,370  
Law Firm Note     75,000       –       75,000       1,042  
Total – Convertible Notes   $ 2,966,915     $ (85,271 )   $ 2,881,644     $ 544,111  

 

All but two of the Convertible Notes Payable in the above table are presently past due or will be due within one year of the June 30, 2012 balance sheet date. As a result, we expect to amortize all but $4,284 of the remaining discounts during the fiscal year ending March 31, 2013.

 

During the three months ended June 30, 2012, we recorded interest expense of $178,810 related to the contractual interest rates of our convertible notes and interest expense of $386,172 related to the amortization of debt discounts on the convertible notes for a total of $564,982.

 

Convertible Notes Payable consisted of the following at March 31, 2012:

 

    Principal   Unamortized
Discount		   Net
Amount		   Accrued
Interest
                 
Amended and Restated Series A 12% Convertible Notes, past due   $ 900,000     $ –     $ 900,000     $ 168,750  
2008 10% Convertible Notes, past due     25,000       –       25,000       11,667  
December 2006 10% Convertible Notes, past due     17,000       –       17,000       13,246  
October & November 2009 10% Convertible Notes, $25,000 past due     75,000       (4,833 )     70,167       22,500  
April 2010 10% Convertible Note     75,000       (10,107 )     64,893       16,438  
September 2010 10% Convertible Notes     338,100       –       338,100       70,804  
April 2011 10% Convertible Notes     400,400       –       400,400       40,040  
July and August 2011 10% Convertible Notes     357,655       (109,911 )     247,744       24,262  
September 2011 Convertible Notes     238,760       (106,932 )     131,828       –  
November 2011 Convertible Notes     525,000       (51,220 )     473,780       39,177  
February 2012 Convertible Notes     525,000       (188,439 )     336,561       12,120  
Total – Convertible Notes   $ 3,476,915     $ (471,442 )   $ 3,005,473     $ 419,004  
September 2010 10% Convertible note

The following conversions of the September 2010 10% Convertible Note have taken place during the fiscal year ended March 31, 2012 and the three months ended June 30, 2012:

 

   Fiscal Year Ended
March 31, 2012		  Three Months Ended June 30, 2012
Principal converted  $405,500   $30,000 
Accrued interest converted  $19,255   $–