Quarterly report pursuant to Section 13 or 15(d)

NOTE 11. WARRANTS

v2.4.0.6
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