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8. FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Fair value measurements based on the valuation technique

Quoted Prices

Significant

in Active

Other

Significant

Markets for

Observable

Unobservable

December 31,

Identical Assets

Inputs

Inputs

Description

2013

(Level 1)

(Level 2)

(Level 3)

Derivative Liabilities

$

5,576,065

$

–

$

–

$

5,576,065

Total Assets

$

5,576,065

$

–

$

–

$

5,576,065

Significant weighted average assumptions used to estimate the fair value information utilizing the Binomial Lattice option pricing model

		Nine Months Ended December 31, 2013
Risk free interest rate		0.02% - 2.04%
Average expected life		0.25 – 3 years
Expected volatility		58.0% - 103.1%
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, 2013:

										Change in				Reclassification
										estimated fair				of Derivative
						Recorded				value recognized				Liability to
		April 1,				New Derivative				in results				Paid in				December 31,
		2013				Liabilities				of operations				capital				2013
Derivative liabilities		$	3,588,239			$	–			$	2,304,702			($	316,876	)		$	5,576,065

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

X

- 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=25499696&loc=d3e19207-110258

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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 Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258



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-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

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-Paragraph 2

-Subparagraph (a),(b)

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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 3

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258



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-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258

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