9. INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2015

Income Taxes Tables

Schedule of deferred tax assets

	YEAR ENDED MARCH 31,
	2015			2014
Deferred tax assets:
Capitalized research and development	$	3,442,000		$	3,442,000
Net operating loss carryforwards		17,927,000			15,193,000
Total deferred tax assets		21,369,000			18,635,000
Total deferred tax liabilities		–			–
Net deferred tax assets		21,369,000			18,635,000
Valuation allowance for deferred tax assets		(21,369,000	)		(18,635,000	)
Net deferred tax assets	$	–		$	–

Provision for income taxes

	2015			2014
Income taxes (benefit) at federal statutory rate of 34%	$	(2,373,000	)	$	(4,541,000	)
State income tax, net of federal benefit		(418,000	)		(156,000	)
Tax effect on non-deductible expenses and credits		1,524,000			4,297,000
Change in valuation allowance1		1,267,000			400,000
	$	–		$	–