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10. STOCK COMPENSATION (Tables)

6 Months Ended

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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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

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

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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.

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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.

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

-Publisher FASB

-Name Accounting Standards Codification

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-Section 50

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