Quarterly report pursuant to Section 13 or 15(d)

NOTE 11. WARRANTS

NOTE 11. WARRANTS

6 Months Ended

Sep. 30, 2011

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

NOTE 11. WARRANTS

A summary of warrant activity during the six months ended September 30, 2011 is presented below:

	Amount			Range of Exercise Price	Weighted Average Exercise Price
Warrants outstanding at March 31, 2011		38,675,169		$0.15 - $0.50	$0.31
Exercised		(1,209,623	)	$0.231
Issued		19,544,827		$0.10 - $0.125
Cancelled/Expired		(3,460,576	)	$0.33 - $0.50
Warrants outstanding at September 30, 2011		53,549,797		$0.10 - $0.25	$0.14
Warrants exercisable at September 30, 2011		53,549,797		$0.10 - $0.25	$0.14

The following outlines the significant weighted average assumptions used to estimate the fair value information presented, with respect to warrants utilizing the Binomial Lattice option pricing model at, and during the six months ended September 30, 2011:

Risk free interest rate	0.10% - 2.24%
Average expected life	0.78 - 5 years
Expected volatility	82.1% - 86.6%
Expected dividends	None

- Definition

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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