15. SIGNIFICANT FOURTH QUARTER ADJUSTMENTS

12 Months Ended

Mar. 31, 2012

Accounting Changes and Error Corrections [Text Block]

15. SIGNIFICANT FOURTH QUARTER ADJUSTMENTS

During the fourth quarter of the fiscal year ended March 31, 2012, we did not deem any unusual or infrequently occurring items or adjustments to be material to our fourth quarter results.

During the fourth quarter of the fiscal year ended March 31, 2011, we recorded the following unusual or infrequently occurring items or adjustments that were deemed to be material to our fourth quarter results:

— A gain of $3,980,818 relating to the change in fair value of derivative liabilities.

— A charge of $378,850 relating to the acceleration of debt discount amortization in connection with the conversion of underlying convertible debt.

— Reduction of accrued liquidated damages of $242,200.