Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2013

Fair Value Measurements Tables

Fair value heirarchy for liabilities measured at fair value on a recurring basis

The fair value hierarchy for liabilities measured at fair value on a recurring basis is as follows:

			Fair Value Measurements at Reporting Date Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
	Total		Identical		Observable		Unobservable
	Carrying		Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
March 31, 2013:
Warrant liability	$	6,394,000	$	-	$	-	$	6,394,000
March 31, 2012:
Put option and note term extension option liabilities	$	-	$	-	$	-	$	-
Warrant liability	$	-	$	-	$	-	$	-

Changes in Level 3 liabilities

The changes in Level 3 liabilities measured at fair value on a recurring basis are as follows:

		Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
		Put Option and
		Note Term Extension			Warrant
		Liabilities			Liability			Total
Balance at March 31, 2011		$	90,800		$	417,100		$	507,900
Mark to market loss included in net loss			71,000			7,000			78,000
Reclassification of liability to note discount on Original Platinum Notes upon Merger			(161,800	)		-			(161,800	)
Reclassification of remaining warrant liability to equity upon Merger			-			(424,100	)		(424,100	)
Balance at March 31, 2012		$	-		$	-		$	-
Recognition of warrant liability upon issuance of  Exchange and Investment Warrants
to Platinum under October 2012 Agreement			-			1,690,000			1,690,000
Recognition of warrant liability in connection with Series A Exchange Warrant
potentially issuable to Platinum under October 2012 Agreement			-			3,068,200			3,068,200
Mark to market loss included in net loss			-			1,635,800			1,635,800
Balance at March 31, 2013		$	-		$	6,394,000		$	6,394,000