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10. Warrants | 6 Months Ended
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Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Warrants | During the six months ended September 30, 2016, we issued 30,000 warrants with an exercise price of $5.00 per share. Those warrants were issued in connection with the Amendment of November 2014 Investment Documents (see Note 6). A summary of warrant activity during the six months ended September 30, 2016 is presented below:
|  | Amount |  |  | Range of Exercise Price |  |  | Weighted Average Exercise Price |
Warrants outstanding at March 31, 2016 |  |  | 2,164,094 |  |  |  | $2.10 - $15.00 |  |  | $ | 6.68 |
Exercised |  |  | (2,660 | ) |  |  | $6.25 |  |  | $ | 6.25 |
Issued |  |  | 30,000 |  |  |  | $5.00 |  |  | $ | 5.00 |
Cancelled/Expired |  |  | (19,563 | ) |  |  | $6.25 |  |  | $ | 6.25 |
Warrants outstanding at September 30, 2016 |  |  | 2,171,871 |  |  |  | $2.10 - $15.00 |  |  | $ | 5.37 |
Warrants exercisable at September 30, 2016 |  |  | 2,171,871 |  |  |  | $2.10 - $15.00 |  |  | $ | 5.37 |
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, 2016:
Risk free interest rate | 0.70%
Average expected life | 3.5 years
Expected volatility | 91.5%
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. Based on the above assumptions, we valued the 30,000 new warrants issued during the six months ended September 30, 2016 at $111,900 and classified that fair value as equity.

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