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10. Warrants
 6 Months Ended
Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Warrants

During the six months ended September 30, 2015, we issued 746,656 warrants with an exercise price of $6.30 per share. Those warrants were issued in connection with our June 2015 financing (see Note 6).

 

A summary of warrant activity during the six months ended September 30, 2015 is presented below:

 

    Amount     Range of
Exercise
Price		     Weighted
Average
Exercise
Price		  
Warrants outstanding at March 31, 2015     1,430,738       $2.10 - $15.00     $ 6.84  
Exercised     (5,292 )      $2.10     $  2.10  
Issued     746,656       $6.30     $ 6.30  
Cancelled/Expired     (1,252 )      $2.10     $  2.10  
Warrants outstanding at September 30, 2015     2,170,850       $2.10 - $15.00     $ 6.67  
Warrants exercisable at September 30, 2015     2,170,850       $2.10 - $15.00     $ 6.67  

 

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, 2015:

 

Risk free interest rate 1.70%
Average expected life 5 years
Expected volatility 98.6%
Expected dividends None

 

The expected volatility was based on the historic volatility. The expected life of options granted was based on the "simplified method" as described in the SEC's guidance due to changes in the vesting terms and contractual life of current option grants compared to our historical grants.