Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations (USD $)
3 Months Ended 9 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2011
Dec. 31, 2010
REVENUES        
Government contract revenue $ 958,075   $ 958,075  
OPERATING EXPENSES        
Professional fees 427,419 386,828 1,037,613 889,161
Payroll, consulting and related services 487,959 534,747 1,553,514 2,350,825
General and administrative 384,025 125,126 623,712 378,701
Total operating expenses 1,299,403 1,046,701 3,214,839 3,618,687
OPERATING LOSS (341,328) (1,046,701) (2,256,764) (3,618,687)
OTHER EXPENSE (INCOME)        
Loss on extinguishment of debt   963,018   3,189,942
Loss on settlement of accrued interest and damages       68,703
(Gain) on change in fair value of derivative liability (74,940) (430,077) (1,596,442) (2,098,954)
Interest and other debt expenses 308,386 594,128 2,594,526 3,346,247
Interest income (56) (5,599) (938) (19,496)
Other   (300,000) 360,185  
Total other expense (income) 233,390 821,470 1,357,331 4,486,442
NET LOSS $ (574,718) $ (1,868,171) $ (3,614,095) $ (8,105,129)
BASIC AND DILUTED LOSS PER COMMON SHARE (in Dollars per share) $ (0.01) $ (0.03) $ (0.04) $ (0.12)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC AND DILUTED (in Shares) 107,061,316 70,918,490 98,202,051 67,991,430