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Note 10 - Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2016

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, 2016		Level I				Level II				Level III				Total
Total Assets		$	-			$	-			$	-			$	-

Warrant liability			-				-				165,000				165,000
Total Liabilities		$	-			$	-			$	165,000			$	165,000

March 31, 2016		Level I				Level II				Level III				Total
Total Assets		$	-			$	-			$	-			$	-

Warrant liability			-				-				1,136,203				1,136,203
Total Liabilities		$	-			$	-			$	1,136,203			$	1,136,203

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, 2016 through September 30, 2016, 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, 2016:

Level 3 Reconciliation		Balance 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		$	1,136,203			$	(251,203	)		$	(720,000	)		$	-			$	165,000
Total Liabilities		$	1,136,203			$	(251,203	)		$	(720,000	)		$	-			$	165,000

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

During May 2016, BCA Mezzanine Fund LLP (“BCA”) informed the Company that BCA has elected to exercise its “put option”, thereby requiring the Company to purchase all the warrants held by BCA. Total warrants were to purchase a total of 236,920 shares of the Company’s common stock. The table below shows the warrants held by BCA for which the “put option” has been exercised.

Date of Warrant				Expiration Date				Number of Warrants				Exercise Price
	09-10-2010				09-10-2019				136,920			$	6.70
	07-26-2012				09-10-2019				20,000			$	3.35
	11-20-2012				09-10-2019				20,000			$	3.56
	02-14-2013				09-10-2019				20,000			$	3.58
	07-12-2013				09-10-2019				20,000			$	3.33
08/12/2013					09-10-2019				20,000			$	3.69

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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