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Stock-Based Compensation (Tables)

9 Months Ended

12 Months Ended

Dec. 31, 2014

Mar. 31, 2014

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

We typically issue warrants to purchase shares of our common stock to investors as part of a financing transaction or in connection with services rendered by placement agents and consultants. Our outstanding warrants expire on varying dates through November 2021. A summary of warrant activity is as follows:

					Weighted-
			Weighted-		Average
			Average		Remaining		Aggregate
	Number of		Exercise		Contractual		Intrinsic
	Shares		Price/Share		Term (Years)		Value (1)
Outstanding — March 31, 2014		61,194,343	$	0.84
Issued		6,322,196		0.50
Exercised		(50,000)		0.20
Cancelled		—		—
Expired		(283,392)		2.85
Outstanding — December 31, 2014		67,183,147	$	0.80		2.5	$	2,074,500
Vested (exercisable) — December 31, 2014		65,565,647	$	0.80		2.4	$	2,074,500

(1) Aggregate intrinsic value represents the difference between the exercise price of the warrant and the closing market price of our common stock on December 31, 2014, which was $0.44 per share.

A summary of warrant activity is as follows:

	Number of Shares		Weighted- Average Exercise Price/Share		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (1)
Outstanding — March 31, 2012		37,144,504	$	1.18
Issued		30,000		0.50
Exercised		—		—
Forfeited		(123,376)		0.77
Expired		(23,929)		8.89
Outstanding — March 31, 2013		37,027,199		1.18
Issued		25,241,227		0.35
Exercised		(926,315)		0.22
Forfeited		(39,728)		8.49
Expired		(108,040)		7.96
Outstanding — March 31, 2014		61,194,343	$	0.84		2.9	$	3,987,500
Vested (exercisable) — March 31, 2014		60,297,010	$	0.84		2.9	$	3,960,600

(1)

Aggregate intrinsic value represents the difference between the exercise price of the warrant and the closing market price of the common stock on March 31, 2014, which was $0.52 per share.

Schedule of Information by Exercise Price Range

The following table summarizes information with respect to warrants outstanding and exercisable at March 31, 2014:

Exercise Price	Number Outstanding		Weighted- Average Remaining Contractual Life (Years)		Weighted- Average Exercise Price		Number Exercisable		Weighted- Average Exercise Price
$0.19 – 0.20		2,437,574		4.3	$	0.20		2,437,574	$	0.20
$0.21 – 0.37		20,980,838		4.5	$	0.37		20,980,838	$	0.37
$0.38 – 0.69		10,932,429		3.0	$	0.67		10,035,929	$	0.69
$0.70 – 0.92		21,431,557		1.7	$	0.77		21,431,557	$	0.77
$0.93 – 10.80		5,411,945		0.9	$	3.53		5,411,112	$	3.53
		61,194,343						60,297,010

Schedule of Fair Value Assumptions of Stock Options

The fair value of each warrant grant was estimated on the date of grant using Black-Scholes with the following weighted average assumptions for the nine months ended December 31, 2014:

Expected life (years)			4.3 – 7.0
Risk-free interest rate			1.2% - 2.0%
Volatility			116.5% – 125.3%
Dividend yield			0%

The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

	March 31,
	2014		2013
Expected life (years)		1.6 – 6.02		2.6 -10.0
Risk-free interest rate		0.19% - 1.84%		0.63%-2.22%
Volatility		127% - 140%		124% - 166%
Dividend yield		0%		0%

Schedule of Stock Option Activity

The summary of stock option activity is as follows:

					Weighted-
			Weighted-		Average
			Average		Remaining		Aggregate
	Number of		Exercise		Contractual		Intrinsic
	Shares		Price/Share		Term (Years)		Value (1)

Outstanding — March 31, 2014		11,894,205	$	0.35
Granted (weighted-average fair value of $0.35 per share)		9,691,388		0.41
Exercised		(7,892)		0.27
Forfeited		(222,369)		0.30
Expired		(22,200)		2.29
Outstanding — December 31, 2014		21,333,132	$	0.38		8.5	$	2,047,600
Vested (exercisable) — December 31, 2014		7,177,674	$	0.39		6.7	$	978,400
Unvested (unexercisable) — December 31, 2014		14,155,458	$	0.37		9.4	$	1,069,200

(1)

Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of our common stock on December 31, 2014, which was $0.44 per share.

A summary of stock option activity is as follows:

	Number of Shares		Weighted- Average Exercise Price/Share		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (1)
Outstanding — March 31, 2012		1,355,132	$	1.14
Granted (weighted-average fair value of $0.26 per share)		4,063,109		0.29
Exercised		—		—
Forfeited		(322,500)		0.98
Expired		—		—

Outstanding — March 31, 2013		5,095,741	$	0.47
Granted (weighted-average fair value of $0.24 per share)		7,673,272		0.28
Exercised		(657,000)		0.20
Forfeited		(197,808)		0.32
Expired		(20,000)		6.00

Outstanding — March 31, 2014		11,894,205	$	0.35		8.6	$	2,578,900

Vested (exercisable) — March 31, 2014		5,543,002	$	0.42		8.0	$	1,110,600

Unvested (unexercisable) — March 31, 2014		6,351,203	$	0.30		3.0	$	1,468,300

(1)

Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of the common stock on March 31, 2014, which was $0.52 per share.

Stock Options [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Information by Exercise Price Range

The following table summarizes information with respect to stock options outstanding and exercisable at March 31, 2014:

Exercise Price	Number Outstanding		Weighted- Average Remaining Contractual Life (Years)		Weighted- Average Exercise Price		Number Exercisable		Weighted- Average Exercise Price
$0.17 – 0.48		10,523,036		8.9	$	0.27		4,428,083	$	0.27
$0.52 – 0.98		1,234,469		6.3	$	0.66		987,594	$	0.66
$1.05 – 2.20		48,600		6.4	$	1.64		39,225	$	1.69
$4.30 – 8.31		88,100		2.3	$	4.74		88,100	$	4.74
		11,894,205						5,543,002

Schedule of Fair Value Assumptions of Stock Options

The fair value of each option grant was estimated on the date of grant using Black-Scholes with the following weighted average assumptions for the nine months ended December 31, 2014:

Expected life (years)			1.5 – 6.1
Risk-free interest rate			0.31% - 2.03%
Volatility			102.7% – 127.7%
Dividend yield			0%

- 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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