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14. SUBSEQUENT EVENTS | 9 Months Ended
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Dec. 31, 2012
Note 16. Subsequent Events |
Subsequent Events | Management has evaluated events subsequent to December 31, 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. On January 4, 2013, the Depository Trust Company (DTC) informed our counsel that DTC determined to lift the deposit transaction restriction (DTC Chill) imposed on our common stock and will resume accepting deposits of our common stock for depository and book-entry transfer services. In January 2013, we issued 150,542 shares of common stock pursuant to our S-8 registration statement covering our Amended 2010 Stock Plan at an average price of $0.08 per share in payment for scientific and legal consulting services valued at $11,667 based on the value of the services provided. In January 2013, we issued 246,429 shares of restricted common stock to the owner of a patent as a patent license payment valued at $17,250 per the terms of the patent license. In January 2013, we issued 379,005 restricted shares of common stock to a consultant for investor relations services valued at $31,667, or an average of $0.84 cents per share, based upon the fair value of the shares issued. In January 2013, we extended the expiration date of the Tonaquint Note by one month to August 31, 2013 (see Note 4). In February 2013, we issued 101,250 shares of common stock pursuant to our S-8 registration statement covering our Amended 2010 Stock Plan at an average price of $0.08 per share in payment for internal controls consulting services valued at $8,100 based on the value of the services provided. In February 2013, we issued 454,483 shares of restricted common stock to the holder of a note issued by the Company in exchange for the partial conversion of principal and interest in an aggregate amount of $30,000 at an average conversion price of $0.07 per share. In February 2013, we invoiced the US Government for the second milestone in the second year under our DARPA contract in the amount of $195,581. In February 2013, we completed a unit subscription agreement with six accredited investors (the “Purchasers”) pursuant to which the Purchasers purchased an aggregate of $205,000 (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 3,203,125 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.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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