Note 10 - Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2012

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.

September  30, 2012	Level I		Level II		Level III		Total
Total Assets	$	-	$	-	$	-	$	-
Warrant liability		-		-		198,903		198,903
Total Liabilities	$	-	$	-	$	198,903	$	198,903

March 31, 2012	Level I		Level II		Level III		Total
Total Assets	$	-	$	-	$	-	$	-
Warrant liability		-		-		355,290		355,290
Total Liabilities	$	-	$	-	$	355,290	$	355,290

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

Since these common stock warrants do not trade in an active securities market, the Company recognizes a warrant liability and estimates the fair value of these warrants using the Black-Scholes options model using the following assumptions:

Date of Warrant	Expiration  Date		Number of Warrants		Exercise  Price		Fair Market Value Per Share		Expected Volatility			Remaining  Life in Years		Risk Free  Interest Rate			Warrant  Liability
09-10-2010		09-10-2019		136,920	$	6.70	$	6.70		28.51	%		9		2.81	%	$	267,848
09-10-2010		09-10-2015		10,416	$	6.70	$	6.70		28.51	%		5		1.59	%	$	13,808
07-26-2012		09-10-2019		50,000	$	3.35	$	3.90		42.04	%		7		0.94	%	$	66,193
07-26-2012		09-10-2019		20,000	$	3.35	$	3.90		42.04	%		7		0.94	%	$	26,477

Date of  Warrant	Expiration  Date		Number of Warrants		Exercise Price		Fair Market Value Per Share		Expected Volatility			Remaining Life in Years		Risk Free Interest Rate			Warrant Liability
09-10-2010		09-10-2019		136,920	$	6.70	$	6.33		53.19	%		7.45		2.23	%	$	338,116
09-10-2010		09-10-2015		10,416	$	6.70	$	6.33		53.19	%		3.45		2.23	%	$	17,174

Date of  Warrant	Expiration Date		Number of Warrants		Exercise  Price		Fair Market Value Per Share		Expected Volatility			Remaining  Life in Years		Risk Free Interest Rate			Warrant Liability
09-10-2010		09-10-2019		136,920	$	6.70	$	3.72		43.48	%		6.95		1.64	%	$	108,063
09-10-2010		09-10-2015		10,416	$	6.70	$	3.72		43.48	%		2.95		1.59	%	$	3,314
07-26-2012		09-10-2019		50,000	$	3.35	$	3.72		43.48	%		6.83		0.94	%	$	62,519
07-26-2012		09-10-2019		20,000	$	3.35	$	3.72		43.48	%		6.83		0.94	%	$	25,007