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Note 10 - Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

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.

December 31, 2013		Level I				Level II				Level III				Total
Total Assets		$	-			$	-			$	-			$	-

Warrant liability			-				-				511,939				511,939
Total Liabilities		$	-			$	-			$	511,939			$	511,939

March 31, 2013		Level I				Level II				Level III				Total
Total Assets		$	-			$	-			$	-			$	-

Warrant liability			-				-				198,330				198,330
Total Liabilities		$	-			$	-			$	198,330			$	198,330

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table provides a summary of the changes in fair value of our Level 3 financial liabilities from March 31, 2013 through December 31, 2013, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to the liability held at December 30, 2013:

Level 3 Reconciliation		Beginning at beginning of period				Gains and losses for the period (realized and unrealized)				Purchases, issuances, sales and settlements, net				Transfers in or out of Level 3				Balance at the end of period

Warrant liability			198,330				272,499				41,110			-					511,939
Total Liabilities		$	198,330			$	272,499			$	41,110			$	-			$	511,939

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
	11-20-2012				09-10-2019				20,000			$	3.56			$	3.50				42.45	%			6.83				1.09	%		$	21,441
	02-14-2013				09-10-2019				20,000			$	3.58			$	3.80				41.25	%			6.58				1.43	%		$	23,714
	07-12-2013				09-10-2019				20,000			$	3.33			$	3.32				40.26	%			6.17				2.00	%		$	19,523
	08-12-2013				09-10-2019				20,000			$	3.69			$	3.69				40.20	%			6.08				2.01	%		$	21,587

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			$	3.50				41.45	%			6.45				1.24	%		$	81,080
	09-10-2010				09-10-2015				10,416			$	6.70			$	3.50				41.45	%			2.45				0.25	%		$	1,870
	07-26-2012				09-10-2019				50,000			$	3.35			$	3.50				41.45	%			6.33				1.24	%		$	53,269
	07-26-2012				09-10-2019				20,000			$	3.35			$	3.50				41.45	%			6.33				1.24	%		$	21,307
	11-20-2012				09-10-2019				20,000			$	3.56			$	3.50				41.45	%			6.50				1.24	%		$	20,664
	02-14-2013				09-10-2019				20,000			$	3.67			$	3.50				41.45	%			6.45				1.24	%		$	20,140

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			$	5.55				40.73	%			5.70				1.75	%		$	183,711
	09-10-2010				09-10-2015				10,416			$	6.70			$	5.55				40.73	%			1.70				0.38	%		$	5,809
	07-26-2012				09-10-2019				50,000			$	3.35			$	5.55				40.73	%			5.70				1.75	%		$	109,407
	07-26-2012				09-10-2019				20,000			$	3.35			$	5.55				40.73	%			5.70				1.75	%		$	43,762
	11-20-2012				09-10-2019				20,000			$	3.56			$	5.55				40.73	%			5.70				1.75	%		$	42,321
	02-14-2013				09-10-2019				20,000			$	3.67			$	5.55				40.73	%			5.70				1.75	%		$	41,592
	07-1-2013				09-10-2019				20,000			$	3.33			$	5.55				40.73	%			5.70				1.75	%		$	43,876
	08-12-2013				09-10-2019				20,000			$	3.69			$	5.55				40.73	%			5.70				1.75	%		$	41,461

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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