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14. SUBSEQUENT EVENTS
6 Months Ended
Sep. 30, 2012
Note 16. Subsequent Events  
Subsequent Events

Management has evaluated events subsequent to September 30, 2012 through the date that the accompanying condensed consolidated financial statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustment of and/or disclosure in such financial statements.

 

In October 2012, we completed a unit subscription agreement with four accredited investors (the “Purchasers”) pursuant to which the Purchasers purchased an aggregate of $135,000 (the "Subscription Amount") of restricted Common Stock at an average price of $0.074 per share. The Common Stock purchase price under the Subscription Agreement was determined to be 80% of the average closing price of our Common Stock for the five-day period immediately preceding the date of the Subscription Agreement, resulting in the issuance of 1,823,412 shares of Common Stock.

 

Each Purchaser also received one Common Stock Purchase Warrant for each two shares of Common Stock purchased under the Subscription Agreement. The Warrant exercise price was calculated based upon 120% of the average of the closing prices of our Common Stock for the five-day period immediately preceding the parties entering into the Subscription Agreement.

 

In October 2012, we issued 483,638 shares of common stock to the holder of a note payable in exchange for the value of the principal and related accrued interest of $30,000 for a conversion price of $0.062 per share.

 

In October 2012, we issued 466,690 shares of common stock pursuant to our S-8 registration statement covering our Amended 2010 Stock Plan at an average price of $0.10 per share in payment for scientific consulting services valued at $46,669 based on the value of the services provided.

 

In October 2012, we invoiced the US Government for the first milestone in the second year under our DARPA contract in the amount of $208,781.

 

In November 2012, we issued 439,382 shares of common stock to the holder of a note payable in exchange for the value of the principal and related accrued interest of $30,000 for a conversion price of $0.07 per share