4. COMMON STOCK WARRANTS (Tables)

12 Months Ended

Mar. 31, 2013

Common Stock Warrants Tables

Common Stock Warrants

A summary of warrant activity for the years ended March 31, 2013 and 2012 is presented as follows.

				Weighted-
	Shares issuable			average		Expiration
	under warrants			exercise price		date
Outstanding, March 31, 2012 and 2011		405,000		$	0.07		April 13, 2013
Repurchased		(16,800	)	$	0.07		April 13, 2013
Issued		16,800		$	0.07		April 13, 2016
Amended (old expiration date)		(388,200	)	$	0.07		April 13, 2013
Amended (new expiration date)		388,200		$	0.07		April 13, 2016
Outstanding, March 31, 2013		405,000		$	0.07		April 13, 2016

Assumptions used in the Black-Scholes valuation model

	March 31, 2013		February 7, 2013		March 31, 2012
Expected dividend yield		0.0%		0.0%		0.0%
Risk-free interest rate		0.4%		0.4%		0.2%
Expected volatility		39.9%		40.3%		57.3%
Expected term (in years)		3.05		3.18		1.04