Property and Equipment

12 Months Ended

Mar. 31, 2013

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following:

	March 31,
	2013			2012
Laboratory equipment	$	649,500		$	515,800
Computers and network equipment		12,900			12,900
Office furniture and equipment		69,600			75,600
		732,000			604,300
Accumulated depreciation and amortization		(551,300	)		(529,800	)
Property and equipment, net	$	180,700		$	74,500

In connection with the issuance of Senior Secured Convertible Promissory Notes to Platinum in July and August 2012 and with the October 2012 Agreement with Platinum, the Company entered into a Security Agreement with Platinum under which the repayment of all amounts due under the terms of the various notes issued to Platinum are secured by the Company’s assets, including its tangible and intangible personal property, licenses, patent licenses, trademarks and trademark licenses (see Note 8, Convertible Promissory Notes and Other Notes Payable).  In February 2004, the Company granted a security interest covering its laboratory and computer equipment in conjunction with notes payable under a line of credit agreement.  The security interest was released in April 2011 in connection with the consolidation of certain notes payable.