DERIVATIVE LIABILITY (Tables)
 3 Months Ended 12 Months Ended
Jun. 30, 2013
Mar. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Warrants
At March 31, 2013, the date of issuance of new warrants during the period, and as of June 30, 2013, the derivative liabilities were valued using a probability weighted average Black-Scholes-Merton pricing model with the following assumptions:
 
Warrants:
 
 
 
June 30,
2013
 
At Date of
Issuance
 
March 31,
2013
 
Exercise Price
 
$
0.34-0.60
 
$
0.63 - $0.60
 
$
0.50
 
Stock Price
 
$
0.35
 
$
0.35
 
$
0.45
 
 
 
 
 
 
 
 
 
 
 
 
Risk-free interest rate
 
 
2.52
%
 
2.52
%
 
0.25
%
Expected volatility
 
 
78.7
%
 
78.7
%
 
123.68
%
Expected life (in years)
 
 
4.5-5 years
 
 
5.0 years
 
 
4.5 years
 
Expected dividend yield
 
 
0
 
 
0
 
 
0
 
Fair Value:
 
$
1,462,607
 
$
1,249,025
 
$
398,603
 
At the date of issuance and as of March 31, 2013, the derivative liabilities were valued using a probability weighted average Black-Scholes-Merton pricing model with the following assumptions:
 
Warrants:
 
 
 
March 31,
2013
 
 
At Date of
Issuance
 
Exercise Price
 
$
0.50
 
 
 
$0.63 - $0.70
 
Stock Price
 
$
0.45
 
 
$
0.50
 
 
 
 
 
 
 
 
 
 
Risk-free interest rate
 
 
0.25
%
 
 
0.25
%
Expected volatility
 
 
123.68
%
 
 
198.75
%
Expected life (in years)
 
 
4.5 years
 
 
 
5.0 years
 
Expected dividend yield
 
 
0
 
 
 
0
 
 
 
 
 
 
 
 
 
 
Fair Value:
 
$
398,603
 
 
$
523,458