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11. WARRANTS | 6 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2014 | Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract] |  |
WARRANTS | 11. WARRANTS A summary of warrant activity during the six months ended September 30, 2014 is presented below:
|  | Amount |  |  | Range of Exercise Price |  | Weighted Average Exercise Price |
Warrants outstanding at March 31, 2014 |  |  | 70,709,475 |  |  | $0.042 - $0.25 |  | $ | 0.13 |
Exercised |  |  | (2,166,104 | ) |  | $0.086 – $0.12 |  | $ | 0.10 |
Issued |  |  | 15,375,614 |  |  | $0.042 - $0.24 |  | $ | 0.07 |
Cancelled/Expired |  |  | (1,136,364 | ) |  | $0.13 |  | $ | 0.13 |
Warrants outstanding at September 30, 2014 |  |  | 82,782,621 |  |  | $0.042 - $0.25 |  | $ | 0.10 |
Warrants exercisable at September 30, 2014 |  |  | 82,782,621 |  |  | $0.042 - $0.25 |  | $ | 0.10 |
The following outlines the significant weighted average assumptions used to estimate the fair value information presented, with respect to warrants utilizing the Binomial Lattice option pricing models at, and during, the six months ended September 30, 2014:
Risk free interest rate |  | 0.79% - 2.29%
Average expected life |  | 5 years – 7 years
Expected volatility |  | 90.1% - 95.8%
Expected dividends |  | None
| A summary of the aggregate warrant activity for the years ended March 31, 2014 and 2013 is presented below:
|  | Year Ended March 31, |
|  | 2014 |  |  | 2013 |
|  | Warrants |  |  | Weighted Average Exercise Price |  |  | Warrants |  |  | Weighted Average Exercise Price |
Outstanding, beginning of year |  |  | 75,647,294 |  |  | $ | 0.11 |  |  |  | 59,807,849 |  |  | $ | 0.14 |
Granted |  |  | 14,530,519 |  |  | $ | 0.18 |  |  |  | 16,710,445 |  |  | $ | 0.11 |
Exercised |  |  | (12,716,225 | ) |  | $ | 0.08 |  |  |  | – |  |  | $ | – |
Cancelled/Forfeited |  |  | (6,752,113 | ) |  | $ | 0.11 |  |  |  | (871,000 | ) |  | $ | 0.25 |
Outstanding, end of year |  |  | 70,709,475 |  |  | $ | 0.10 |  |  |  | 75,647,294 |  |  | $ | 0.11 |
Exercisable, end of year |  |  | 70,709,475 |  |  | $ | 0.10 |  |  |  | 75,647,294 |  |  | $ | 0.11 |
Weighted average estimated fair value of warrants granted |  |  |  |  |  | $ | 0.09 |  |  |  |  |  |  | $ | 0.07 |

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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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