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6. EQUITY TRANSACTIONS (Tables) | 6 Months Ended | 12 Months Ended
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Sep. 30, 2014 | Mar. 31, 2014
Equity [Abstract] |  |
Summary of warrant activity | 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 |
Weighted average assumptions used to estimate the fair value, with respect to warrants utilizing the Binomial Lattice option pricing model | 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
| The following outlines the significant weighted average assumptions used to estimate the fair value of warrants granted utilizing the Binomial Lattice option pricing model:
| Year Ended March 31,
| 2014 |  | 2013
Risk free interest rate | 1.3%-2.04% |  | 0.86%-1.56%
Average expected life | 5 to 7 years |  | 5 to 7 years
Expected volatility | 91.2% - 98.5% |  | 90.3% - 94.3%
Expected dividends | None |  | None
Summary of warrant activity exercisable and outstanding |  | The detail of the warrants outstanding and exercisable as of March 31, 2014 is as follows:
|  | Warrants Outstanding |  |  | Warrants Exercisable |
Range of Exercise Prices |  | Number Outstanding |  |  | Weighted Average Remaining Life (Years) |  |  | Weighted Average Exercise Price |  |  | Number Outstanding |  |  | Weighted Average Exercise Price |
$0.10 or Below |  |  | 37,094,795 |  |  |  | 2.42 |  |  | $ | 0.05 |  |  |  | 37,094,795 |  |  | $ | 0.05 |
$0.11 - $0.19 |  |  | 21,876,000 |  |  |  | 4.74 |  |  | $ | 0.13 |  |  |  | 21,876,000 |  |  | $ | 0.13 |
$0.20 - $0.25 |  |  | 11,738,680 |  |  |  | 5.05 |  |  | $ | 0.21 |  |  |  | 11,738,680 |  |  | $ | 0.21 |
|  |  | 70,709,475 |  |  |  |  |  |  |  |  |  |  |  | 70,709,475 |  |  |  |  |
Summary of the stock options outstanding | 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 is a summary of the stock options outstanding at March 31, 2014 and 2013 and the changes during the years then ended:
|  | Year Ended March 31, |
|  | 2014 |  |  | 2013 |
|  | Options |  |  | Weighted Average Exercise Price |  |  | Options |  |  | Weighted Average Exercise Price |
Outstanding, beginning of year |  |  | 21,095,798 |  |  | $ | 0.28 |  |  |  | 19,428,693 |  |  | $ | 0.31 |
Granted |  |  | 5,220,536 |  |  | $ | 0.09 |  |  |  | 1,667,105 |  |  | $ | 0.08 |
Exercised |  |  | 182,927 |  |  | $ | 0.08 |  |  |  | – |  |  | $ | – |
Cancelled/Forfeited |  |  | – |  |  | $ | – |  |  |  | – |  |  | $ | – |
Outstanding, end of year |  |  | 26,133,407 |  |  | $ | 0.25 |  |  |  | 21,095,798 |  |  | $ | 0.28 |
Exercisable, end of year |  |  | 22,487,563 |  |  | $ | 0.27 |  |  |  | 19,141,625 |  |  | $ | 0.29 |
Weighted average estimated fair value of options granted |  |  |  |  |  | $ | 0.13 |  |  |  |  |  |  | $ | 0.08 |
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
| The following outlines the significant weighted average assumptions used to estimate the fair value with respect to stock options utilizing the Binomial Lattice option pricing model for the years ended March 31, 2014 and March 31, 2013:
| Year Ended March 31,
| 2014 |  | 2013
Risk free interest rate | 0.38% to 2.65% |  | 1.44%
Average expected life | 3 to 10 years |  | 10 years
Expected volatility | 91.05% to 102.67% |  | 117.53%
Expected dividends | None |  | None
Detail of options outstanding and exercisable |  | The detail of the options outstanding and exercisable as of March 31, 2014 is as follows:
|  |  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise Prices |  |  | Number Outstanding |  |  | Weighted Average Remaining Life (Years) |  |  | Weighted Average Exercise Price |  |  | Number Outstanding |  |  | Weighted Average Exercise Price |
$0.08 - $0.11 |  |  |  | 6,704,714 |  |  |  | 9.68 years |  |  | $ | 0.09 |  |  |  | 3,204,714 |  |  | $ | 0.08 |
$0.21 - $0.25 |  |  |  | 11,207,143 |  |  |  | 4.28 years |  |  | $ | 0.24 |  |  |  | 11,061,299 |  |  | $ | 0.24 |
$0.36 - $0.41 |  |  |  | 8,221,550 |  |  |  | 2.68 years |  |  | $ | 0.38 |  |  |  | 8,221,550 |  |  | $ | 0.38 |
|  |  |  |  | 26,133,407 |  |  |  |  |  |  |  |  |  |  |  | 22,487,563 |  |  |  |  |
Summary of share-based compensation expenses relating to shares and options granted |  | Our total stock-based compensation for fiscal years ended March 31, 2014 and 2013 included the following:
|  | March 31, 2014 |  |  | March 31, 2013 |
Vesting of restricted stock grant |  | $ | 64,444 |  |  | $ | 386,668 |
Incremental fair value of option modifications |  |  | 1,914 |  |  |  | 23,027 |
Vesting of stock options |  |  | 541,588 |  |  |  | 355,578 |
Total Stock-Based Compensation |  | $ | 607,946 |  |  | $ | 765,273 |

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: 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 number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired 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 (c)(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 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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