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11. WARRANTS

6 Months Ended

12 Months Ended

Sep. 30, 2014

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

11. WARRANTS

A summary of warrant activity during the six months ended September 30, 2014 is presented below:

		Amount				Range of Exercise Price		Weighted Average Exercise Price
Warrants outstanding at March 31, 2014			70,709,475			$0.042 - $0.25		$	0.13
Exercised			(2,166,104	)		$0.086 – $0.12		$	0.10
Issued			15,375,614			$0.042 - $0.24		$	0.07
Cancelled/Expired			(1,136,364	)		$0.13		$	0.13
Warrants outstanding at September 30, 2014			82,782,621			$0.042 - $0.25		$	0.10
Warrants exercisable at September 30, 2014			82,782,621			$0.042 - $0.25		$	0.10

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 six months ended September 30, 2014:

Risk free interest rate		0.79% - 2.29%
Average expected life		5 years – 7 years
Expected volatility		90.1% - 95.8%
Expected dividends		None

A summary of the aggregate warrant activity for the years ended March 31, 2014 and 2013 is presented below:

		Year Ended March 31,
		2014								2013
		Warrants				Weighted Average Exercise Price				Warrants				Weighted Average Exercise Price
Outstanding, beginning of year			75,647,294			$	0.11				59,807,849			$	0.14
Granted			14,530,519			$	0.18				16,710,445			$	0.11
Exercised			(12,716,225	)		$	0.08				–			$	–
Cancelled/Forfeited			(6,752,113	)		$	0.11				(871,000	)		$	0.25
Outstanding, end of year			70,709,475			$	0.10				75,647,294			$	0.11
Exercisable, end of year			70,709,475			$	0.10				75,647,294			$	0.11
Weighted average estimated fair value of warrants granted						$	0.09							$	0.07

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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