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10. STOCK COMPENSATION (Tables) | 6 Months Ended
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Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Components of share-based compensation expenses relating to shares and options granted | The following table breaks out the components of our share-based compensation expenses relating to shares and options granted and the effect on basic and diluted loss per common share during the three and six months ended September 30, 2014 and 2013.
|  | Three Months Ended |  |  | Three Months Ended |  |  | Six Months Ended |  |  | Six Months Ended |
|  | September 30, 2014 |  |  | September 30, 2013 |  |  | September 30, 2014 |  |  | September 30, 2013 |
Vesting of stock options |  |  | 89,793 |  |  |  | 73,856 |  |  |  | 260,680 |  |  |  | 124,243 |
Incremental fair value of option modifications |  |  | – |  |  |  | 957 |  |  |  | – |  |  |  | 1,914 |
Vesting expense associated with CEO restricted stock grant |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 64,444 |
Total share-based compensation expense |  | $ | 89,793 |  |  | $ | 74,813 |  |  | $ | 260,680 |  |  | $ | 190,601 |
Total share-based compensation expense included in net loss |  | $ | 89,793 |  |  | $ | 73,856 |  |  | $ | 260,680 |  |  | $ | 190,601 |
Weighted average number of common shares outstanding – basic and diluted |  |  | 259,369,911 |  |  |  | 187,643,582 |  |  |  | 243,494,916 |  |  |  | 182,004,220 |
Basic and diluted loss per common share |  | $ | (0.00 | ) |  | $ | (0.00 | ) |  | $ | (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 six months ended September 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, which is based on historical data, with respect to stock option grants utilizing the Binomial Lattice option pricing models at, and during the six months ended September 30, 2013:
Risk free interest rate |  | 0.38% - 2.50%
Average expected life |  | 3 years - 10 years
Expected volatility |  | 94.6% - 102.7%
Expected dividends |  | None
Options outstanding | Options outstanding that have vested and are expected to vest as of September 30, 2014 are as follows:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term in Years |
Vested |  |  | 24,294,227 |  |  | $ | 0.26 |  |  |  | 3.96 |
Expected to vest |  |  | 4,711,811 |  |  | $ | 0.14 |  |  |  | 9.15 |
Total |  |  | 29,006,038 |  |  |  |  |  |  |  |  |
Stock option activity | A summary of stock option activity during the six months ended September 30, 2014 is presented below:
|  | Number of Options |  |  | 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 |  |  | 2,972,631 |  |  |  | 0.19 |  |  | $ | 0.19 |
Cancelled/Expired |  |  | (100,000 | ) |  |  | 0.19 |  |  |  | 0.19 |
Stock options outstanding at September 30, 2014 |  |  | 29,006,038 |  |  |  | $0.076 - $0.41 |  |  | $ | 0.24 |
Stock options exercisable at September 30, 2014 |  |  | 24,294,227 |  |  |  | $0.076 - $0.41 |  |  | $ | 0.26 |

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- Definition 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition 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 -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the weighted-average grant-date fair value of equity options or other equity instruments granted during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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