Annual report pursuant to Section 13 and 15(d)

11. Derivative Liability (Tables)

v2.4.1.9
11. Derivative Liability (Tables)
12 Months Ended
Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of assumptions for valuation of derivatives
Fair Value - Issue Date Measurement
Date
Warrants Remaining
Contract
Term in
Years
Exercise
Price
Volatility Risk-free
Interest
Rate
Fair
Value
Placement Agent Warrants December 9, 2013 16,500 2.40 $ 5.00 223% 0.44% $ 64,000
Investor - Series A Warrants February 26, 2014 450,620 1.50 $ 3.00 100% 0.44%   814,000
Investor - Series B Warrants February 26, 2014 1,400,000 1.50 $ 3.63 100% 0.44%   2,271,000
Placement Agent Warrants February 26, 2014 69,037 2.18 $ 3.00 100% 0.44%   143,000
                $ 3,292,000
Fair Value – Exercises                  
Investor - Series A Warrants March 18, 2014 315,434 1.44 $ 3.00 104% 0.44% $ 1,180,000
Investor - Series A Warrants March 19, 2014 134,186 1.44 $ 3.00 104% 0.44%   503,000
                $ 1,683,000
Fair Value – Reporting Date                  
Placement Agent Warrants March 31, 2014 16,500 2.09 $ 5.00 128% 0.44% $ 37,000
Investor - Series A Warrants March 31, 2014 1,000 1.41 $ 3.00 128% 0.44%   1,000
Investor - Series B Warrants March 31, 2014 1,400,000 1.41 $ 3.63 128% 0.44%   2,958,000
Placement Agent Warrants March 31, 2014 69,037 2.09 $ 3.00 128% 0.44%   179,000
                $ 3,175,000
Fair Value – Reporting Date                  
Placement Agent Warrants March 31, 2015 16,500 1.09 $ 5.00 100% 0.26% $ 1,000
Investor - Series A Warrants March 31, 2015 1,000 0.41 $ 3.00 100% 0.14%  
Investor - Series B Warrants March 31, 2015 1,400,000 0.41 $ 3.63 100% 0.14%   5,000
Placement Agent Warrants March 31, 2015 69,037 1.09 $ 3.00 100% 0.26%   5,000
                $ 11,000
Changes in Level 3 on a recurring basis
    Year Ended March 31,  
    2015     2014  
Beginning balance   $ 3,175,000     $  
Fair value of warrants issued           3,292,000  
Mark to market net unrealized (gain) loss     (3,164,000 )     1,566,000  
Reclassification to additional paid in capital           (1,683,000 )
Ending balance   $ 11,000     $ 3,175,000