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Warrants (Tables)

6 Months Ended

Sep. 30, 2013

As of September 30, 2013, we had the following warrants outstanding:

Outstanding Warrants	Exercise Price ($)	Expiration	Notes
600	3.15 –4.04	2018
1,787,171	4.05	2018	Contain full ratchet anti-dilution protection to $3.50 per share
307,424	6.00 – 17.00	2017, 2018
159,468	62.50 – 251.00	2014 - 2018
2,254,663

Service warrants

Warrants

Schedule of assumptions used in estimating the fair value of awards granted

Assumptions used in estimating the fair value of service warrants granted through September 30, 2013 included the following:

Expected Term		0.25 to 4.8 years
Volatility*		121.5% to 176.7%
Risk-Free Rate		0.02% to 1.30%
Dividend Yield		—

*The Company’s estimates of expected volatility are based on the historic volatility of the Company’s common stock as well as the historic volatility of the Company’s peers due to the limited availability of historical trading information on the Company itself.

Investor Warrants

Warrants

Schedule of assumptions used in estimating the fair value of awards granted

Assumptions used in estimating the fair value of investor warrants granted through September 30, 2013 included the following:

Expected Term		0.09 to 5.7 years
Volatility*		123.6% to 174.9%
Risk-Free Rate		0.02% to 1.60%
Dividend Yield		—

- 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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