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v2.4.0.6
Derivative Liabilities
6 Months Ended
Sep. 30, 2012
Derivative Liabilities [Abstract]  
Derivative Liabilities

Note 6. Derivative Liabilities

In accordance with current accounting guidance, certain of the Company’s outstanding warrants to purchase shares of common stock are treated as derivatives because these instruments have reset or ratchet provisions in the event the Company raises additional capital at a lower price, among other adjustments. As such, the fair value of these common stock purchase warrants and embedded conversion features were treated as derivative liabilities since their date of issuance or modification. Changes in fair value are recorded as non-operating, non-cash income or expense at each reporting date. If the fair value of the derivatives is higher at the subsequent balance sheet date, the Company will record a non-operating, non-cash charge. If the fair value of the derivatives is lower at the subsequent balance sheet date, the Company will record non-operating, non-cash income. As of September 30, 2012 and March 31, 2012 the Company had derivative warrant liabilities of $3,510 and $37,334, respectively.

During the three and six months ended September 30, 2012 and 2011, the Company recognized aggregate gains of $14,489 and $33,824 and $14,685 and $48,968, respectively, due to the change in fair value of its derivative instruments. (See Note 2).

 

The Company’s common stock purchase warrants do not trade in an active securities market, and as such, the Company estimated the fair value of these warrants using Black-Scholes using the following assumptions:

 

         
    For the six
Months  Ended
September 30, 2012
  For the Year  Ended
March 31, 2012
   
    (unaudited)    

Expected dividend

  —     —  

Expected term (in years)

  1.51 to 1.81   2.01 to 2.81

Risk free interest rate

  0.23% to 0.33%   0.33% to 0.81%

Expected volatility

  129% to 130%   124% to 132%

Historical volatility was computed using daily pricing observations for recent periods that correspond to the remaining term of the warrants, which had an original term of five years from the date of issuance. The expected life is based on the remaining term of the warrants. The risk-free interest rate is based on U.S. Treasury securities with a maturity corresponding to the remaining term of the warrants.