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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

12 Months Ended

Dec. 31, 2014

Mar. 31, 2014

Accounting Policies [Abstract]

Share-based compensation

		Nine Months Ended December 31, 2014				Nine Months Ended December 31, 2013
Vesting of stock options		$	338,580			$	156,993
Incremental fair value of option modifications			–				1,914
Vesting expense associated with CEO restricted stock grant			–				64,444
Total stock-based compensation expense		$	338,580			$	223,351
Weighted average number of common shares outstanding – basic and diluted			5,254,459				3,750,111
Basic and diluted loss per common share associated with stock-based compensation expense		$	(0.06	)		$	(0.06	)

The following table summarizes share-based compensation expenses relating to shares and options granted and the effect on loss per common share during the years ended March 31, 2014 and 2013:

		March 31, 2014				March 31, 2013
Vesting of Stock Options		$	541,588			$	355,578
Incremental fair value of option Modifications			1,914				23,028
Vesting Expense Associated with CEO Restricted Stock Grant			64,444				386,667
Total Stock-Based Compensation Expense		$	607,946			$	765,273
Basic and diluted loss per common share		$	(0.16	)		$	(0.26	)

Research and development expenses

		December 31,				December 31,
		2014				2013
Three months ended		$	214,165			$	542,383
Nine months ended		$	747,657			$	1,178,488

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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Tabular disclosure of the nature and amounts of capitalized costs of a research and development nature that were acquired in a transaction other than a business combination, the amount of such assets charged to expense during the period, and identification of the income statement caption in which the charges are included.

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