Note 9 - Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2015

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, 2015	Level I		Level II		Level III		Total
Total Assets	$	-	$	-	$	-	$	-
Warrant liability		-		-		1,216,541		1,216,541
Total Liabilities	$	-	$	-	$	1,216,541	$	1,216,541

March 31, 2015	Level I		Level II		Level III		Total
Total Assets	$	-	$	-	$	-	$	-
Warrant liability		-		-		518,962		518,962
Total Liabilities	$	-	$	-	$	518,962	$	518,962

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, 2015 through December 31, 2015, 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, 2015:

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	$	518,962	$	697,579	$	-	$	-	$	1,216,541
Total Liabilities	$	518,962	$	697,579	$	-	$	-	$	1,216,541

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			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		Put Option Value		Market Price Option		Remaining Life in Years		Warrant Liability
	09-10-2010		09-10-2019		136,920	$	6.70	$	6.42	$	68,460		NA		4.45	$	68,460
	09-10-2010		09-10-2015		10,416	$	6.70	$	6.42		NA		NA		0.45	$	7,002	*
	07-26-2012		09-10-2019		50,000	$	3.35	$	6.42	$	30,000		153,500		4.45	$	153,500
	07-26-2012		09-10-2019		20,000	$	3.35	$	6.42	$	13,200		61,400		4.45	$	61,400
	11-20-2012		09-10-2019		20,000	$	3.56	$	6.42	$	13,200		57,200		4.45	$	57,200
	02-14-2013		09-10-2019		20,000	$	3.58	$	6.42	$	13,200		55,000		4.45	$	55,000
	07-12-2013		09-10-2019		20,000	$	3.33	$	6.42	$	13,200		61,800		4.45	$	61,800
	08-12-2013		09-10-2019		20,000	$	3.69	$	6.42	$	13,200		54,600		4.45	$	54,600

Date of  Warrant		Expiration Date		Number of Warrants		Exercise Price		Fair Market Value Per Share		Put Option Value		Market Price Option		Remaining Life in Years		Warrant Liability
	09-10-2010		09-10-2019		136,920	$	6.70	$	4.85	$	580,541		NA		3.70	$	580,541
	07-26-2012		09-10-2019		50,000	$	3.35	$	4.85	$	212,000		75,000		3.70	$	212,000
	07-26-2012		09-10-2019		20,000	$	3.35	$	4.85	$	84,800		30,000		3.70	$	84,800
	11-20-2012		09-10-2019		20,000	$	3.56	$	4.85	$	84,800		25,800		3.70	$	84,800
	02-14-2013		09-10-2019		20,000	$	3.58	$	4.85	$	84,800		23,600		3.70	$	84,800
	07-12-2013		09-10-2019		20,000	$	3.33	$	4.85	$	84,800		30,400		3.70	$	84,800
	08-12-2013		09-10-2019		20,000	$	3.69	$	4.85	$	84,800		23,200		3.70	$	84,800