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Note 10 - Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 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.

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

Warrant liability			-				-				423,059				423,059
Total Liabilities		$	-			$	-			$	423,059			$	423,059

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 December 31, 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 December 31, 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				68,750				-				-				423,059
Total Liabilities		$	354,309			$	68,750			$	-			$	-			$	423,059

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

Date of Warrant				Expiration Date				Number of Warrants				Exercise Price				Fair Market Value Per Share				Expected Volatility				Put Option Value				Market Price Option				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				Put Option Value				Market Price Option				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				Put Option Value				Market Price Option				Remaining Life in Years				Risk Free Interest Rate				Warrant Liability
	09-10-2010				09-10-2019				136,920			$	6.70			$	5.34				-			$	138,289				NA				4.70				-			$	138,289
	09-10-2010				09-10-2015				10,416			$	6.70			$	5.34				-				NA				NA				0.70				-			$	3,270*
	07-26-2012				09-10-2019				50,000			$	3.35			$	5.34				-			$	20,200				39,800				4.70				-			$	39,800
	07-26-2012				09-10-2019				20,000			$	3.35			$	5.34				-			$	50,500				99,500				4.70				-			$	99,500
	11-20-2012				09-10-2019				20,000			$	3.56			$	5.34				-			$	20,200				35,600				4.70				-			$	35,600
	02-14-2013				09-10-2019				20,000			$	3.58			$	5.34				-			$	20,200				33,400				4.70				-			$	33,400
	07-12-2013				09-10-2019				20,000			$	3.33			$	5.34				-			$	20,200				40,200				4.70				-			$	40,200
	08-12-2013				09-10-2019				20,000			$	3.69			$	5.34				-			$	20,200				33,000				4.70				-			$	33,000

* Based on Black-Scholes Calculation

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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