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11. WARRANTS
6 Months Ended
Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
WARRANTS

A summary of warrant activity during the six months ended September 30, 2013 is presented below:

 

    Number of Warrants    

Range of Exercise

Price

 

Weighted Average

Exercise

Price

Warrants outstanding at March 31, 2013     75,647,294     $0.076 - $0.25   $0.11
Exercised     (3,407,468   $0.11   $0.11
Issued     3,513,302     $0.121-$0.167   $0.13
Cancelled/Expired     (3,173,791 )   $0.11   $0.11
Warrants outstanding at September 30, 2013     72,579,337     $0.076 - $0.25   $0.12
Warrants exercisable at September 30, 2013     72,579,337     $0.076 - $0.25   $0.12

 

The following outlines the significant weighted average assumptions used to estimate the fair value information, which is based on historical data, with respect to warrants utilizing the Binomial Lattice option pricing models at, and during the six months ended September 30, 2013:

 

Risk free interest rate 1.53% - 2.04%
Average expected life    7 years
Expected volatility      91.2 – 96.0%
Expected dividends  None