(6) Redeemable Preferred Stock

6 Months Ended

Sep. 30, 2013

Equity [Abstract]

Redeemable Preferred Stock

(6) Redeemable Preferred Stock

Redeemable preferred stock consists of the following as of September 30, 2013 and March 31, 2013:

	September 30,  2013		March 31,  2013
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 September 30, 2013 and March 31, 2013; redemption and liquidation value $3,922,221 at September 30, 2013	$	3,421,156	$	3,132,882

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 six months ended September 30, 2013, accretion, which is recorded to the accumulated deficit, amounted to $146,199 and $288,724, respectively, and for the three and six months ended September 30, 2012, accretion amounted to $138,850 and $276,332, respectively.