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6. EQUITY TRANSACTIONS (Tables)
 6 Months Ended 12 Months Ended
Sep. 30, 2014
Mar. 31, 2014
Equity [Abstract]    
Summary of warrant activity

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

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

 

The following outlines the significant weighted average assumptions used to estimate the fair value of warrants granted utilizing the Binomial Lattice option pricing model:

 

  Year Ended March 31,
  2014   2013
Risk free interest rate 1.3%-2.04%   0.86%-1.56%
Average expected life 5 to 7 years   5 to 7 years
Expected volatility 91.2% - 98.5%   90.3% - 94.3%
Expected dividends None   None
Summary of warrant activity exercisable and outstanding  

The detail of the warrants outstanding and exercisable as of March 31, 2014 is as follows:

 

    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     37,094,795       2.42     $ 0.05       37,094,795     $ 0.05  
$0.11 - $0.19     21,876,000       4.74     $ 0.13       21,876,000     $ 0.13  
$0.20 - $0.25     11,738,680       5.05     $ 0.21       11,738,680     $ 0.21  
      70,709,475                       70,709,475          

 
Summary of the stock options outstanding

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 is a summary of the stock options outstanding at March 31, 2014 and 2013 and the changes during the years then ended:

 

    Year Ended March 31,  
    2014     2013  
    Options     Weighted Average
Exercise Price		     Options     Weighted Average
Exercise Price		  
Outstanding, beginning of year     21,095,798     $ 0.28       19,428,693     $ 0.31  
Granted     5,220,536     $ 0.09       1,667,105     $ 0.08  
Exercised     182,927     $ 0.08       –     $ –  
Cancelled/Forfeited     –     $ –       –     $ –  
Outstanding, end of year     26,133,407     $ 0.25       21,095,798     $ 0.28  
Exercisable, end of year     22,487,563     $ 0.27       19,141,625     $ 0.29  
Weighted average estimated fair value of options granted           $ 0.13             $ 0.08  

 
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, 2014: 

 

Risk free interest rate   2.6%
Average expected life   10 years
Expected volatility   90.23%
Expected dividends   None

 

The following outlines the significant weighted average assumptions used to estimate the fair value information, which is based on historical data, 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

The following outlines the significant weighted average assumptions used to estimate the fair value with respect to stock options utilizing the Binomial Lattice option pricing model for the years ended March 31, 2014 and March 31, 2013:

 

  Year Ended March 31,
  2014   2013
Risk free interest rate 0.38% to 2.65%   1.44%
Average expected life 3 to 10 years   10 years
Expected volatility 91.05% to 102.67%   117.53%
Expected dividends None   None

 
Detail of options outstanding and exercisable  

The detail of the options outstanding and exercisable as of March 31, 2014 is as follows:

 

      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 - $0.11       6,704,714       9.68 years     $ 0.09       3,204,714     $ 0.08  
$0.21 - $0.25       11,207,143       4.28 years     $ 0.24       11,061,299     $ 0.24  
$0.36 - $0.41       8,221,550       2.68 years     $ 0.38       8,221,550     $ 0.38  
          26,133,407                       22,487,563          
                                             

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

Our total stock-based compensation for fiscal years ended March 31, 2014 and 2013 included the following:

 

    March 31, 2014     March 31, 2013  
Vesting  of restricted stock grant   $ 64,444     $ 386,668  
Incremental fair value of option modifications     1,914       23,027  
Vesting of stock options     541,588       355,578  
Total Stock-Based Compensation   $ 607,946     $ 765,273