10. Warrants

9 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Warrants

During the nine months ended December 31, 2015, we issued 746,656 warrants with an exercise price of $6.30 per share. Those warrants were issued in connection with our June 2015 financing (see Note 6).

A summary of warrant activity during the nine months ended December 31, 2015 is presented below:

	Amount			Range of Exercise Price		Weighted Average Exercise Price
Warrants outstanding at March 31, 2015		1,430,738			$2.10 - $15.00	$	6.84
Exercised		(12,049	)		$2.10 - $5.40	$	2.15
Issued		746,656			$6.30	$	6.30
Cancelled/Expired		(1,252	)		$2.10	$	2.10
Warrants outstanding at December 31, 2015		2,164,093			$2.10 - $15.00	$	6.68
Warrants exercisable at December 31, 2015		2,164,093			$2.10 - $15.00	$	6.68

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 nine months ended December 31, 2015:

Risk free interest rate	1.70%
Average expected life	5 years
Expected volatility	98.6%
Expected dividends	None

The expected volatility was based on the historic volatility. The expected life of options granted was based on the "simplified method" as described in the SEC's guidance due to changes in the vesting terms and contractual life of current option grants compared to our historical grants.