(5) Redeemable Preferred Stock

9 Months Ended

Dec. 31, 2012

Preferred Stock [Text Block]

(5) Redeemable Preferred Stock

Redeemable preferred stock consists of the following as of December 31, 2012 and March 31, 2012:

	December 31, 2012		March 31, 2012
Series D Convertible Participating Preferred Stock, par value  $0.001, stated value $1.00, 2,500,000 shares designated,  2,500,000 shares issued and outstanding at December 31, 2012 and March 31, 2012; redemption and liquidation value $3,638,744 at December 31, 2012	$	2,991,422	$	2,569,347

The Series D Preferred Stock is subject to accretion to its redemption value, through charges to equity, over the period from issuance to the contractual redemption date, discussed in the Financing Overview, above, using the effective interest method. The redemption value is determined based upon the stated redemption amount of $1.00 per share, plus an accretion amount, more fully discussed above. For the three and nine months ended December 31, 2012, accretion amounted to $145,753 and $422,075, respectively, and for the three and nine months ended December 31, 2011, accretion amounted to $133,123 and $430,046, respectively.