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11. WARRANTS (Tables)

9 Months Ended

12 Months Ended

Dec. 31, 2014

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of warrant activity

		Amount				Range of Exercise Price				Weighted Average Exercise Price
Warrants outstanding at March 31, 2014			1,414,190				$2.10 - $12.50			$	6.50
Exercised			(587,084	)			$2.10 – $11.00			$	4.50
Issued			806,478				$2.10 - $15.00			$	8.50
Cancelled/Expired			(197,692	)			$2.10 - $11.00			$	7.00
Warrants outstanding at December 31, 2014			1,435,892				$2.10 - $15.00			$	7.00
Warrants exercisable at December 31, 2014			1,435,892				$2.10 - $15.00			$	7.00

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			1,512,946			$	5.50				1,196,157			$	7.00
Granted			290,610			$	9.00				334,209			$	5.50
Exercised			(254,324	)		$	4.00				–			$	–
Cancelled/Forfeited			(135,042	)		$	5.50				(17,420	)		$	12.50
Outstanding, end of year			1,414,190			$	5.00				1,512,946			$	5.50
Exercisable, end of year			1,414,190			$	5.00				1,512,946			$	5.50
Weighted average estimated fair value of warrants granted						$	4.50							$	3.50

Weighted average assumptions used to estimate the fair value, with respect to warrants utilizing the Binomial Lattice option pricing model

Risk free interest rate	0.79% - 2.29%
Average expected life	5 years – 7 years
Expected volatility	87.8% - 107.4%
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

Warrants outstanding and exerceisable

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
$5.00 or Below			741,896				2.42			$	2.50				741,896			$	2.50
$5.50 - $9.50			437,520				4.74			$	6.50				437,520			$	6.50
$10.00 - $12.50			234,774				5.05			$	10.50				234,774			$	10.50
			1,414,190												1,414,190

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.

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