4. COMMON STOCK WARRANTS (Tables)

3 Months Ended

Jun. 30, 2013

Common Stock Warrants

Common Stock Warrants

A summary of the warrants outstanding at June 30 and March 31, 2013 is presented as follows.

	Shares issuable under warrants		Weighted- average exercise price		Expiration date
Outstanding, June 30 and March 31, 2013		405,000	$	0.07		April 13, 2016

Assumptions used in the Black-Scholes valuation model

The assumptions used in the Black-Scholes valuation model are as follows:

	June 30, 2013		March 31, 2013
Expected dividend yield		0.0%		0.0%
Risk-free interest rate		0.6%		0.4%
Expected volatility		39.8%		39.9%
Expected term (in years)		2.80		3.05