10. STOCK COMPENSATION (Tables)

6 Months Ended

Sep. 30, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

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

The following table summarizes share-based compensation expenses relating to shares and options granted and the effect on basic and diluted loss per common share during the three and six months ended September 30, 2013 and 2012:

	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Total share-based compensation expense	$	74,813		$	226,196		$	190,601		$	395,495
Total share-based compensation expense included in net loss	$	74,813		$	226,196		$	190,601		$	395,495
Basic and diluted loss per common share	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

The following table breaks out the components of our share-based compensation expenses relating to shares and options granted and the effect on basic and diluted loss per common share during the three and six months ended September 30, 2013 and 2012.

	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Vesting of stock options		73,856			128,572			124,243			181,047
Incremental fair value of option modifications		957			957			1,914			21,114
Vesting expense associated with CEO restricted stock grant		–			96,667			64,444			193,334
Total share-based compensation expense	$	74,813		$	226,196		$	190,601		$	395,495
Total share-based compensation expense included in net loss	$	74,813		$	226,196		$	190,601		$	395,495
Basic and diluted loss per common share	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

Weighted average assumptions used to estimate the fair value information

The following outlines the significant weighted average assumptions used to estimate the fair value information presented, with respect to stock option grants utilizing the Binomial Lattice option pricing models at, and during the six months ended September 30, 2013:

Risk free interest rate	0.38% - 2.50%
Average expected life	3 years - 10 years
Expected volatility	94.6% - 102.7%
Expected dividends	None

Options outstanding

Options outstanding that have vested and are expected to vest as of September 30, 2013 are as follows:

					Weighted
			Weighted		Average
			Average		Remaining
	Number of		Exercise		Contractual
	Shares		Price		Term in Years
Vested		20,949,956	$	0.28		3.77
Expected to vest		3,770,842	$	0.11		9.69
Total		24,720,798	$	0.26		4.68

Stock option activity

A summary of stock option activity during the six months ended September 30, 2013 is presented below:

	Number of Options		Range of Exercise  Price		Weighted Average Exercise  Price
Stock options outstanding at March 31, 2013		21,095,798		$0.076 - $0.41	$	0.28
Exercised		–	$	–
Issued		3,625,000		$0.10 - 0.11	$	0.10
Cancelled/Expired		–		–
Stock options outstanding at September 30, 2013		24,720,798		$0.076 - $0.41	$	0.28
Stock options exercisable at September 30, 2013		20,949,956		$0.076 - $0.41	$	0.26