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11. WARRANTS
3 Months Ended
Jun. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
WARRANTS

A summary of warrant activity during the three months ended June 30, 2013 is presented below:

 

    Amount    

Range of

Exercise Price

   

Weighted Average

Exercise Price

 
Warrants outstanding at March 31, 2013     75,647,294     $ 0.07 - $0.25     $ 0.11  
Exercised                    
Issued     790,124     $ 0.12     $ 0.12  
Cancelled/Expired                    
Warrants outstanding at June 30, 2013     76,437,418     $ 0.07 - $0.25     $ 0.11  
Warrants exercisable at June 30, 2013     76,437,418     $ 0.07 - $0.25     $ 0.11  

 

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 three months ended June 30, 2013:

 

Risk free interest rate 1.53%
Average expected life 7 years
Expected volatility 91.2%
Expected dividends  None