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10. WARRANTS
9 Months Ended
Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
WARRANTS

A summary of warrant activity during the nine months ended December 31, 2013 is presented below:

 

    Number of Warrants     Range of Exercise
Price
  Weighted Average
Exercise
Price
Warrants outstanding at March 31, 2013     75,647,294     $0.076 - $0.25   $0.11
Exercised     (4,985,204 )   $0.07 - $0.11   $0.10
Issued     12,851,982     $0.121- $0.22   $0.20
Cancelled/Expired     (6,037,419 )   $0.07 - $0.132   $0.11
Warrants outstanding at December 31, 2013     77,476,653     $0.076 - $0.25   $0.13
Warrants exercisable at December 31, 2013     77,476,653     $0.076 - $0.25   $0.13

 

The following outlines the significant weighted average assumptions used to estimate the fair value information, which is based on historical data, with respect to warrants utilizing the Binomial Lattice option pricing models at, and during the nine months ended December 31, 2013:

 

Risk free interest rate 0.86% - 2.04%
Average expected life    7 years
Expected volatility      90.3 – 98.5%
Expected dividends  None