6. EQUITY TRANSACTIONS (Tables)

12 Months Ended

Mar. 31, 2013

Equity Transactions Tables

Summary of warrant activity

	Year Ended March 31,
	2013					2012
	Warrants			Weighted Average Exercise Price		Warrants			Weighted Average Exercise Price
Outstanding, beginning of year		59,807,849		$	0.14		38,675,169		$	0.26
Granted		16,710,445		$	0.11		28,159,240		$	0.11
Exercised		–		$	–		(1,209,623	)	$	0.23
Cancelled/Forfeited		(871,000	)	$	0.25		(5,816,937	)	$	0.26
Outstanding, end of year		75,647,294		$	0.11		59,807,849		$	0.14
Exercisable, end of year		75,647,294		$	0.11		59,807,849		$	0.14
Weighted average estimated fair value of warrants granted				$	0.07				$	0.11

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

	Year Ended March 31,
	2013	2012
Risk free interest rate	0.86%-1.56%	0.10%-2.24%
Average expected life	5 to 7 years	1.0 to 5 years
Expected volatility	90.3% - 94.3%	52.1% - 90.5%
Expected dividends	None	None

Summary of warrant activity exercisable and outstanding

	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
$0.10 or Below		34,261,862		3.24	$	0.10		34,261,862	$	0.10
$0.11 - $0.19		26,487,500		4.94	$	0.12		26,487,500	$	0.12
$0.20 - $0.25		14,897,932		2.62	$	0.21		14,897,932	$	0.21
		75,647,294						75,647,294

Summary of the stock options outstanding

	Year Ended March 31,
	2013				2012
	Options		Weighted Average Exercise Price		Options			Weighted Average Exercise Price
Outstanding, beginning of year		19,428,693	$	0.31		19,933,560		$	0.32
Granted		1,667,105	$	0.08		–		$	–
Exercised		–	$	–		–		$	–
Cancelled/Forfeited		–	$	–		(504,867	)	$	1.17
Outstanding, end of year		21,095,798	$	0.28		19,428,693		$	0.31
Exercisable, end of year		19,141,625	$	0.29		17,416,191		$	0.32
Weighted average estimated fair value of options granted			$	0.08				$	–

Weighted average assumptions used to estimate the fair value information

	Year Ended March 31,
	2013	2012
Risk free interest rate	1.44%	–
Average expected life	10.0 years	–
Expected volatility	117.53%	–
Expected dividends	None	–

Detail of options outstanding and exercisable

	Options Outstanding						Options Exercisable
Range of Exercise Prices	Number Outstanding		Weighted Average Remaining Life (Years)		Weighted Average Exercise Price		Number Outstanding		Weighted Average Exercise Price
$ 0.08		1,667,105		9.92 years	$	0.08		792,105	$	0.08
$0.21 - $0.25		11,207,143		5.96 years	$	0.24		10,127,970	$	0.24
$0.36 - $0.41		8,221,550		3.43 years	$	0.38		8,221,550	$	0.38
		21,095,798						19,141,625

Summary of share-based compensation expenses relating to shares and options granted

	March 31, 2013		March 31, 2012
Vesting  of restricted stock grant	$	386,668	$	386,668
Incremental fair value of option modifications		23,027		–
Vesting of stock options		355,578		372,295
Total Stock-Based Compensation	$	765,273	$	758,963