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9. FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Dec. 31, 2012
Note 9. Fair Value Measurements |
Fair value measurements based on the valuation technique | Our fair value measurements at the December 31, 2012 reporting date are classified based on the valuation technique level noted in the table below (there were no transfers in or out of level 3 for all periods presented):
|  |  |  |  | Quoted Prices |  |  | Significant |  |  |  |
|  |  |  |  | in Active |  |  | Other |  |  | Significant |
|  |  |  |  | Markets for |  |  | Observable |  |  | Unobservable |
|  | December 31, |  |  | Identical Assets |  |  | Inputs |  |  | Inputs |
Description |  | 2012 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Derivative Liabilities |  | $ | 1,810,138 |  |  | $ | – |  |  | $ | – |  |  | $ | 1,810,138 |
Significant weighted average assumptions used to estimate the fair value information utilizing the Binomial Lattice option pricing model | The following outlines the significant weighted average assumptions used to estimate the fair value information presented, in connection with our warrant and embedded conversion option derivative instruments utilizing the Binomial Lattice option pricing model:
|  | Nine Months Ended December 31, 2012 |
Risk free interest rate |  |  | 0.05% - 0.60% |
Average expected life |  |  | 0.02 – 4.2 years |
Expected volatility |  |  | 76.0% - 107.1% |
Expected dividends |  |  | None |
Summary of changes in the fair value of our Level 3 financial instruments | The table below sets forth a summary of changes in the fair value of our Level 3 financial instruments for the nine months ended December 31, 2012:
|  |  |  |  |  |  |  | Change in |  |  | Reclassification |  |  |  |
|  |  |  |  |  |  |  | estimated fair |  |  | of Derivative |  |  |  |
|  |  |  |  | Recorded |  |  | value recognized |  |  | Liability to |  |  |  |
|  | April 1, |  |  | New Derivative |  |  | in results |  |  | Paid in |  |  | December 31, |
|  | 2012 |  |  | Liabilities |  |  | of operations |  |  | capital |  |  | 2012 |
Derivative liabilities |  | $ | 3,588,615 |  |  | $ | – |  |  | $ | (1,745,718 | ) |  | $ | (32,759 | ) |  | $ | 1,810,138 |
The table below sets forth a summary of changes in the fair value of our Level 3 financial instruments for the nine months ended December 31, 2011:
|  |  |  |  |  |  |  | Change in |  |  | Reclassification |  |  |  |
|  |  |  |  |  |  |  | estimated fair |  |  | of Derivative |  |  |  |
|  |  |  |  | Recorded |  |  | value recognized |  |  | Liability to |  |  |  |
|  | April 1, |  |  | New Derivative |  |  | in results |  |  | Paid in |  |  | December 31, |
|  | 2011 |  |  | Liabilities |  |  | of operations |  |  | capital |  |  | 2011 |
Derivative liabilities |  |  | 2,002,896 |  |  | $ | 1,107,940 |  |  | $ | (1,596,442 | ) |  | $ | (263,689 | ) |  | $ | 1,250,705 |

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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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