Annual report pursuant to Section 13 and 15(d)

3. Summary of Significant Accounting Policies (Tables)

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3. Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Mar. 31, 2014
Accounting Policies [Abstract]  
Financial liabilities measured at fair value on a recurring basis
    Fair Value Measurements at March 31, 2014 Using  
    Total
March 31,
2014		     Quoted prices in active markets for identical assets
(Level 1)		     Significant other observable inputs
(Level 2)		     Significant other unobservable inputs
(Level 3)		  
Liabilities:                                
Derivative liabilities – warrants   $ 3,175,000       –       –     $ 3,175,000  
Property and equipment estimated useful life
    Years  
Office equipment   3  
Manufacturing, lab and other equipment   5  
Furniture and fixtures   7  
Earnings (loss) per share information
    For the Years Ended  
    March 31,  
    2014     2013  
Net income (loss) available to common stockholders - basic   $ 3,735,000     $ (6,493,000 )
                 
Denominator - basic:                
Weighted average number of common shares outstanding     6,882,000       4,977,000  
Basic earnings (loss) per common share   $ 0.54     $ (1.30 )
                 
Net income (loss) income available to common stockholders - diluted   $ 3,735,000     $ (6,493,000 )
Denominator - diluted:                
Weighted average number of common shares outstanding     6,882,000       4,977,000  
Common share equivalents of outstanding stock options     12,000       –  
Common share equivalents of outstanding warrants     4,000       –  
Weighted average number of common shares outstanding     6,898,000       4,977,000  
Dilutive earnings (loss) per common share   $ 0.54     $ (1.30 )

 
Schedule of antidilutive shares
                 
Securities excluded from the weighted average dilutive common shares outstanding because their inclusion would have been anti-dilutive:                
Stock options     1,122,000       975,000  
Warrants     1,410,000       1,318,000  
      2,532,000       2,293,000