Quarterly report pursuant to Section 13 or 15(d)

NOTE 11. WARRANTS

NOTE 11. WARRANTS

9 Months Ended

Dec. 31, 2011

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

NOTE 11. WARRANTS

A summary of warrant activity during the nine months ended December 31, 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		22,914,533		$	0.10 - $0.125
Cancelled/Expired		(4,428,757	)	$	0.17 - $0.50
Warrants outstanding at December 31, 2011		55,951,322		$	0.10 - $0.25		$0.15
Warrants exercisable at December 31, 2011		55,951,322		$	0.10 - $0.25		$0.15

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 nine months ended December 31, 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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