CONVERSIONS OF PREFERRED STOCK MEZZANINE EQUITY TO COMMON STOCK

12 Months Ended

Mar. 31, 2016

Conversions Of Preferred Stock Derivatives To Common Stock Abstract [Abstract]

Conversions Of Preferred Stock Derivatives To Common Stock Disclosure [Text Block]

NOTE 27 - CONVERSIONS OF PREFERRED STOCK MEZZANINE EQUITY TO COMMON STOCK

The Certificate of Designations of the Series I Convertible Preferred Stock Mezzanine Equity (the “Series I Mezzanine Equity”), includes provisions entitling its rights to convert shares of the Series I Mezzanine Equity into shares of Common Stock.

Conversions of Series I Mezzanine Equity to Common Stock during Fiscal 2016 and Fiscal 2015 are summarized as follows:

	Fiscal 2016		Fiscal 2015
Series I Preferred Derivatives
Number of Derivative Shares Converted		—		4.242
Number of Common Shares issued pursuant to conversion		—		6,060,000
Value of Preferred Derivative shares at time of conversion (represents decrease in derivative liability resulting from conversions)		—		2,272,500
Change in value of preferred share derivative liability recorded at time of conversion		—		(303,000)
Par value of Common Shares issued		—		6,060
Additional paid in capital recorded as a result of the conversions		—		2,266,440

Please also see Note 15 for further details on the Series I Mezzanine Equity.