(6) Redeemable Preferred Stock

12 Months Ended

Mar. 31, 2013

Equity [Abstract]

Redeemable Preferred Stock

(6) Redeemable Preferred Stock

Redeemable preferred stock consists of the following as of March 31, 2013 and 2012:

	March 31, 2013		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 March 31, 2013; redemption and liquidation value $3,732,681 at March 31, 2013	$	3,132,882	$	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 Note 4, 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 below. For the years ended March 31, 2013 and 2012, accretion amounted to $563,535 and $566,262, respectively.