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Note 9 - Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2014

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.

September 30, 2014		Level I				Level II				Level III				Total
Total Assets		$	-			$	-			$	-			$	-

Warrant liability			-				-				460,389				460,389
Total Liabilities		$	-			$	-			$	460,389			$	460,389

March 31, 2014		Level I				Level II				Level III				Total
Total Assets		$	-			$	-			$	-			$	-

Warrant liability			-				-				354,309				354,309
Total Liabilities		$	-			$	-			$	354,309			$	354,309

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, 2014 through September 30, 2014, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to the liability held at September 30, 2014:

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			354,309				106,080				-				-				460,389
Total Liabilities		$	354,309			$	106,080			$	-			$	-			$	460,389

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

The common stock warrants were not issued with the intent of effectively hedging any future cash flow, fair value of any asset, liability or any net investment in a foreign corporation. The warrants do not qualify for hedge accounting, and, as such, all changes in the fair value of these warrants are recognized as other income/expense in the statement of operations until such time as the warrants are exercised or expire. 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			$	4.42				43.35	%			5.45				1.73	%		$	123,564
	09-10-2010				09-10-2015				10,416			$	6.70			$	4.42				43.35	%			1.45				0.44	%		$	2,498
	07-26-2012				09-10-2019				50,000			$	3.35			$	4.42				43.35	%			5.45				1.73	%		$	77,626
	07-26-2012				09-10-2019				20,000			$	3.35			$	4.42				43.35	%			5.45				1.73	%		$	31,050
	11-20-2012				09-10-2019				20,000			$	3.56			$	4.42				43.35	%			5.45				1.73	%		$	29,892
	02-14-2013				09-10-2019				20,000			$	3.58			$	4.42				43.35	%			5.45				1.73	%		$	29,310
	07-12-2013				09-10-2019				20,000			$	3.33			$	4.42				43.35	%			5.45				1.73	%		$	31,163
	08-12-2013				09-10-2019				20,000			$	3.69			$	4.42				43.35	%			5.45				1.73	%		$	29,206

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			$	5.34				41.86	%			4.95				1.78	%		$	160,990
	09-10-2010				09-10-2015				10,416			$	6.70			$	5.34				41.86	%			0.95				0.13	%		$	3,199
	07-26-2012				09-10-2019				50,000			$	3.35			$	5.34				41.86	%			4.95				1.78	%		$	100,668
	07-26-2012				09-10-2019				20,000			$	3.35			$	5.34				41.86	%			4.95				1.78	%		$	40,267
	11-20-2012				09-10-2019				20,000			$	3.56			$	5.34				41.86	%			4.95				1.78	%		$	38,818
	02-14-2013				09-10-2019				20,000			$	3.58			$	5.34				41.86	%			4.95				1.78	%		$	38,085
	07-12-2013				09-10-2019				20,000			$	3.33			$	5.34				41.86	%			4.95				1.78	%		$	40,409
	08-12-2013				09-10-2019				20,000			$	3.69			$	5.34				41.86	%			4.95				1.78	%		$	37,953

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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