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10. WARRANTS | 9 Months Ended
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Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
WARRANTS | A summary of warrant activity during the nine months ended December 31, 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 |  |  | (4,985,204 | ) |  | $0.07 - $0.11 |  | $0.10
Issued |  |  | 12,851,982 |  |  | $0.121- $0.22 |  | $0.20
Cancelled/Expired |  |  | (6,037,419 | ) |  | $0.07 - $0.132 |  | $0.11
Warrants outstanding at December 31, 2013 |  |  | 77,476,653 |  |  | $0.076 - $0.25 |  | $0.13
Warrants exercisable at December 31, 2013 |  |  | 77,476,653 |  |  | $0.076 - $0.25 |  | $0.13
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 nine months ended December 31, 2013:
Risk free interest rate | 0.86% - 2.04%
Average expected life | 7 years
Expected volatility | 90.3 – 98.5%
Expected dividends | None

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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph i -Article 4 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 28 -Article 5 + Details
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