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10. STOCK COMPENSATION (Tables)

3 Months Ended

Jun. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Components of share-based compensation expenses relating to shares and options granted

		June 30, 2014				June 30, 2013
Vesting of stock options		$	170,887			$	50,387
Incremental fair value of option modifications			–				957
Vesting expense associated with CEO restricted stock grant			–				64,444
Total stock-based compensation expense		$	170,887			$	115,788
Basic and diluted loss per common share		$	(0.00	)		$	(0.00	)

Weighted average assumptions used to estimate the fair value information

The following outlines the significant weighted average assumptions used to estimate the fair value information presented, with respect to stock option grants utilizing the Binomial Lattice option pricing models at, and during the three months ended June 30, 2014: 

Risk free interest rate	2.6%
Average expected life	10 years
Expected volatility	90.23%
Expected dividends	None

The following outlines the significant weighted average assumptions used to estimate the fair value information presented, with respect to stock option grants utilizing the Binomial Lattice option pricing models at, and during the three months ended June 30, 2013: 

Risk free interest rate	0.38%
Average expected life	3 years
Expected volatility	94.6%
Expected dividends	None

Options outstanding

		Number of Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term in Years
Vested			23,356,728			$	0.27				2.34
Expected to vest			5,749,310			$	0.14				9.25
Total			29,106,038

Stock option activity

		Amount				Range of Exercise Price				Weighted Average Exercise Price
Stock options outstanding at March 31, 2014			26,133,407				$0.076 - $0.41			$	0.25
Exercised			–				–
Granted			2,972,632				0.19			$	0.19
Cancelled/Expired			–				–
Stock options outstanding at June 30, 2014			29,106,038				$0.076 - $0.41			$	0.24
Stock options exercisable at June 30, 2014			23,356,728				$0.076 - $0.41			$	0.27

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Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901



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Tabular disclosure of the following for fully vested share options (or share units) and share options expected to vest at the date of the latest statement of financial position: the number, weighted-average exercise price (or conversion ratio), aggregate intrinsic value (except for nonpublic entities), and weighted-average remaining contractual term of options (or share units) outstanding.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (e)(1)

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

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Tabular disclosure of the weighted-average grant-date fair value of equity options or other equity instruments granted during the year.

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-Publisher FASB

-Name Accounting Standards Codification

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-Section 50

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