11. WARRANTS (Tables)

9 Months Ended

Dec. 31, 2012

Note 11. Warrants

Summary of warrant activity exercisable and outstanding

A summary of warrant activity during the nine months ended December 31, 2012 is presented below:

	Amount			Range of Exercise  Price	Weighted Average Exercise  Price
Warrants outstanding at March 31, 2012		59,807,849		$0.07 - $0.25	$0.14
Exercised		–		–
Issued		12,912,227		$0.09 - $0.11	$0.09
Cancelled/Expired		(871,000	)	$ –
Warrants outstanding at December 31, 2012		71,849,076		$0.07 - $0.25	$0.13
Warrants exercisable at December 31, 2012		71,849,076		$0.07 - $0.25	$0.13

Weighted average assumptions used to estimate the fair value, with respect to warrants utilizing the Binomial Lattice option pricing model

The following outlines the significant weighted average assumptions used to estimate the fair value information presented, with respect to warrants utilizing the Binomial Lattice option pricing models at, and during the nine months ended December 31, 2012:

Risk free interest rate	0.086% – 1.56%
Average expected life	5 – 7 years
Expected volatility	91.5 – 94.3%
Expected dividends	None