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Note 10 - Warrants
6 Months Ended
Sep. 30, 2011
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]
Note 10 – Warrants

The Company has three classes of warrants, namely, special warrants, bridge warrants, and convertible debt warrants.

a)   Special Warrants

The Company has issued 5,247,776 warrants from its inception in exchange for cash totaling $1,826,408.  Each warrant issued, entitles the holder, without payment of additional consideration, to acquire fully paid and non-assessable common shares.  The warrants can be exercised by the holder at any time.  As of September 30, 2011 and March 31, 2011, there were 5,247,776 special warrants outstanding.

b)    Bridge Warrants

In connection with the issuance of certain notes payable (see note 7), the Company granted bridge warrants to the note holders.  These bridge warrants give the holder the right to purchase shares of the Company’s common stock at $0.40 per share.  As of September 30, 2011 and March 31, 2011, there were 244,420 bridge warrants issued and outstanding.

c)    Convertible Debt Warrants

In connection with the Company’s $1,750,000 private convertible note offering, the Company granted warrants to the note holders.  These warrants give the holder the right to purchase shares of the Company’s common stock at approximately $0.50 per share.  The warrants expire on April 30, 2014.  As of September 30, 2011 and March 31, 2011, there were 2,346,701 and zero warrants outstanding, respectively.