Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Jun. 27, 2014 | Sep. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'Stevia First Corp. | ' | ' |
Entity Central Index Key | '0001438943 | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Trading Symbol | 'STVF | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 67,106,570 | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $18,186,584 |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Current Assets | ' | ' |
Cash | $1,403,403 | $392,483 |
Prepaid Expense and other current assets | 10,637 | 11,573 |
Advance payment on related party lease | 10,413 | 125,000 |
Total Current Assets | 1,424,453 | 529,056 |
Advance payment on related party lease, net of current portion | 0 | 10,417 |
Total Assets | 1,424,453 | 539,473 |
Current Liabilities | ' | ' |
Accounts payable and accrued liabilities | 79,915 | 112,263 |
Accounts Payable - Related Party | 16,100 | 6,930 |
Accrued Interest | 0 | 9,375 |
Derivative Liability | 1,438,814 | 398,603 |
Total Current Liabilities | 1,534,829 | 527,171 |
Convertible Notes Payable | 0 | 955,000 |
Less discount | 0 | -374,592 |
Convertible Notes Payable, , net of discount | 0 | 580,408 |
Total liabilities | 1,534,829 | 1,107,579 |
Stockholders' Deficiency | ' | ' |
Common stock, par value $0.001 per share; 525,000,000 shares authorized; 66,832,523 and 55,659,102 shares issued and outstanding, respectively | 66,833 | 55,659 |
Unvested, issued common stock | -149,714 | -157,500 |
Additional paid-in-capital | 8,299,366 | 3,707,772 |
Accumulated deficit | -8,326,861 | -4,174,037 |
Total stockholders' deficiency | -110,376 | -568,106 |
Total liabilities and stockholders' deficiency | $1,424,453 | $539,473 |
BALANCE_SHEETS_Parenthetical
BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 525,000,000 | 525,000,000 |
Common stock, shares issued | 66,832,523 | 55,659,102 |
Common stock, shares outstanding | 66,832,523 | 55,659,102 |
STATEMENTS_OF_OPERATIONS
STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Revenues | $0 | $0 |
Operating Expenses: | ' | ' |
General and Administrative | 2,866,095 | 1,663,799 |
Rent and other related party costs | 156,400 | 148,750 |
Research and development | 575,092 | 736,420 |
Loss from operations | -3,597,587 | -2,548,969 |
Other expenses | ' | ' |
Interest expense | -404,317 | -346,912 |
Change in fair value of derivative liability | 193,915 | 124,855 |
Cost of warrant modification | -344,835 | 0 |
Foreign currency translation | 0 | -42 |
Financing cost | 0 | -78,458 |
Gain on settlement of debt | 0 | 107,004 |
Net loss | ($4,152,824) | ($2,742,522) |
Loss per share - Basic and diluted | ($0.07) | ($0.05) |
Weighted average number of common shares outstanding, basic and diluted | 60,128,127 | 53,370,064 |
STATEMENTS_OF_STOCKHOLDERS_DEF
STATEMENTS OF STOCKHOLDERS' DEFICIENCY(DEFICIT) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Unvested Issued Common Stock [Member] | Accumulated Deficit during Development Stage [Member] |
Balance, amount at Mar. 31, 2012 | ($49,231) | $51,650 | $1,330,634 | $0 | ($1,431,515) |
Balance, shares at Mar. 31, 2012 | ' | 51,650,000 | ' | ' | ' |
Common stock subscribed for cash at $0.34 per share, net of derivative value of warrants, Value | 425,000 | 425 | 424,575 | 0 | 0 |
Common stock subscribed for cash at $0.34 per share, net of derivative value of warrants, shares | ' | 425,000 | ' | ' | ' |
Common stock issued upon exercise of options, value | 409,000 | 1,750 | 407,250 | 0 | 0 |
Common stock issued upon exercise of options, shares | 1,750,000 | 1,750,000 | ' | ' | ' |
Common stock issued on conversion of notes payable, value | 107,004 | 214 | 106,790 | 0 | 0 |
Common stock issued on conversion of notes payable, shares | ' | 214,008 | ' | ' | ' |
Common stock issued to employees and director, value | 31,500 | 700 | 188,300 | -157,500 | 0 |
Common stock issued to employees and director, shares | ' | 700,000 | ' | ' | ' |
Common stock issued as payment of accrued interest, value | 29,500 | 42 | 29,458 | 0 | 0 |
Common stock issued as payment of accrued interest, shares | ' | 42,316 | ' | ' | ' |
Common stock issued upon the conversion of convertible notes payable, value | 420,000 | 878 | 419,122 | 0 | 0 |
Common stock issued upon the conversion of convertible notes payable, shares | ' | 877,778 | ' | ' | ' |
Fair value of stock-based compensation | 801,643 | 0 | 801,643 | 0 | 0 |
Net Loss | -2,742,522 | 0 | 0 | 0 | -2,742,522 |
Balance, amount at Mar. 31, 2013 | -568,106 | 55,659 | 3,707,772 | -157,500 | -4,174,037 |
Balance, shares at Mar. 31, 2013 | ' | 55,659,102 | ' | ' | ' |
Common stock subscribed for cash at $0.34 per share, net of derivative value of warrants, Value | -115,775 | 3,677 | -119,452 | 0 | 0 |
Common stock subscribed for cash at $0.34 per share, net of derivative value of warrants, shares | ' | 3,676,472 | ' | ' | ' |
Common stock issued upon exercise of options, value | 325,998 | 1,250 | 324,748 | 0 | 0 |
Common stock issued upon exercise of options, shares | 1,250,000 | 1,250,000 | ' | ' | ' |
Common stock issued upon exercise of warrants, value | 1,824,505 | 4,677 | 1,819,828 | ' | ' |
Common stock issued upon exercise of warrants, shares | ' | 4,676,472 | ' | ' | ' |
Common stock issued to employees and director, value | 43,786 | 100 | 35,900 | 7,786 | ' |
Common stock issued to employees and director, shares | ' | 100,000 | ' | ' | ' |
Common stock issued as payment of accrued interest, value | 37,501 | 43 | 37,458 | 0 | 0 |
Common stock issued as payment of accrued interest, shares | ' | 43,370 | ' | ' | ' |
Common stock issued upon the conversion of convertible notes payable, value | 956,560 | 1,427 | 955,133 | 0 | 0 |
Common stock issued upon the conversion of convertible notes payable, shares | ' | 1,427,107 | ' | ' | ' |
Extinguishment of derivative liabilities | 359,734 | 0 | 359,734 | 0 | 0 |
Fair value of stock-based compensation | 1,178,245 | 0 | 1,178,245 | 0 | 0 |
Net Loss | -4,152,824 | 0 | 0 | 0 | -4,152,824 |
Balance, amount at Mar. 31, 2014 | ($110,376) | $66,833 | $8,299,366 | ($149,714) | ($8,326,861) |
Balance, shares at Mar. 31, 2014 | ' | 66,832,523 | ' | ' | ' |
STATEMENTS_OF_STOCKHOLDERS_DEF1
STATEMENTS OF STOCKHOLDERS' DEFICIENCY (DEFICIT) (Parenthetical) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Development Stage Entities, Equity Issuance, Per Share Amount | $0.34 | $1 |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | 81 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Operating activities | ' | ' | ' |
Net loss | ($4,152,824) | ($2,742,522) | ' |
Adjustments to reconcile net loss to net cash | ' | ' | ' |
Stock based compensation | 1,222,031 | 833,143 | ' |
Gain on settlement of debt | 0 | -107,004 | ' |
Financing cost | 0 | 78,458 | ' |
Cost of warrant modification | 344,835 | 0 | ' |
Change in fair value of derivative liability | -193,915 | -124,855 | ' |
Amortization of debt discount | 374,592 | 297,884 | ' |
Cancellation of fees applied to option exercise price | 0 | 196,000 | ' |
Changes in assets and liabilities: | ' | ' | ' |
Advance payment on related party lease | 125,004 | -135,417 | ' |
Prepaid expense | 936 | -7,873 | ' |
Accrued interest | 29,686 | 36,953 | ' |
Accounts payable - Related Party | 9,170 | -3,990 | ' |
Accounts payable and accrued liabilities | 107,652 | 32,500 | ' |
Net Cash Used in Operating Activities | -2,132,833 | -1,646,723 | ' |
Investing activities | ' | ' | ' |
Security deposit | 0 | -1,000 | ' |
Net Cash Used in Investing Activities | 0 | -1,000 | ' |
Financing activities | ' | ' | ' |
Proceeds from exercise of warrants, net | 1,824,505 | 0 | ' |
Proceeds from issuance of convertible notes, net | 0 | 870,000 | ' |
Proceeds from exercise of options | 185,998 | 213,000 | ' |
Proceeds from sale of common stock, net | 1,133,250 | 425,000 | ' |
Net Cash Provided by Financing Activities | 3,143,753 | 1,508,000 | ' |
Net increase (decrease) in cash | 1,010,920 | -139,723 | ' |
Cash - Beginning of Period | 392,483 | 532,206 | ' |
Cash - End of Period | 1,403,403 | 392,483 | 1,403,403 |
Cash paid during the period for: | ' | ' | ' |
Interest | 0 | 0 | ' |
Income taxes | 0 | 0 | ' |
Non-Cash Activities: | ' | ' | ' |
Fair value of warrants issued with common stock recorded as derivative liability | 1,249,025 | 0 | 1,249,025 |
Issuance of common stock upon conversion of notes payable and accrued interest | 994,061 | 556,504 | ' |
Cancellation of accounts payable applied to option exercise price | 140,000 | 0 | ' |
Extinguishment of derivative liability | 359,734 | 0 | ' |
Fair value of warrants issued with convertible debentures, recognized as note discount | $0 | $500,000 | ' |
BUSINESS_AND_BASIS_OF_OPERATIO
BUSINESS AND BASIS OF OPERATIONS | 12 Months Ended |
Mar. 31, 2014 | |
Nature and Continuance Of Operation [Abstract] | ' |
BUSINESS AND BASIS OF OPERATIONS | ' |
1. BUSINESS AND BASIS OF OPERATIONS | |
Stevia First Corp. (the “Company”, “we”, “us” or “our”), was incorporated under the laws of the State of Nevada on June 29, 2007. During the period from July 1, 2007 to June 30, 2011, the Company commenced operations by issuing shares and acquiring a mineral property located in the Province of Saskatchewan, Canada. The Company was unable to keep the mineral claim in good standing due to lack of funding, and accordingly its interest in it has expired. On October 10, 2011, the Company completed a merger with its wholly-owned subsidiary, Stevia First Corp., whereby it changed its name from “Legend Mining Inc.” to “Stevia First Corp.” In connection with a related change in management, the addition of key personnel, and the lease of property for laboratory and office space in California, the Company is now pursuing its new business as an agricultural biotechnology company engaged primarily in developing novel methods and technologies for industrial production of stevia, using such methods and technologies to develop, obtain approval for and commercialize one or more stevia extract products, and exploring and commercializing additional research applications for such methods and technologies. As of March 31, 2014, the Company had not produced any revenues. The Company's fiscal year end is March 31. | |
On June 10, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-10 (ASU 2014-10), Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. ASU 2014-10 eliminates the requirement to present inception-to-date information about income statement line items, cash flows, and equity transactions, and clarifies how entities should disclose the risks and uncertainties related to their activities. ASU 2014-10 also eliminates an exception provided to development stage entities in Consolidations (ASC Topic 810) for determining whether an entity is a variable interest entity on the basis of the amount of investment equity that is at risk. The presentation and disclosure requirements in Topic 915 are no longer required for interim and annual reporting periods beginning after December 15, 2014. The revised consolidation standards will take effect in annual periods beginning after December 15, 2015, however, early adoption is permitted. The Company adopted the provisions of ASU 2014-10 for this annual report on Form 10-K for the fiscal year ended March 31, 2014. | |
Going Concern | |
These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $8,326,861 as at March 31, 2014, and further losses are anticipated in the development of its business. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. | |
The ability to continue as a going concern is dependent on the Company attaining and maintaining profitable operations in the future and/or raising additional capital to meet its obligations and repay its liabilities arising from normal business operations when they come due. After giving effect to the funds received in recent equity and debt financings, we estimate as of March 31, 2014 we will have sufficient funds to operate the business for the next 6 months. We will require additional financing to fund our planned future operations, including the continuation of our ongoing research and development efforts, seeking to license or acquire new assets, and researching and developing any potential patents and any further intellectual property that we may acquire. Further, these estimates could differ if we encounter unanticipated difficulties, in which case our current funds may not be sufficient to operate our business for that period. In addition, our estimates of the amount of cash necessary to operate our business may prove to be wrong, and we could spend our available financial resources much faster than we currently expect. | |
We do not have any firm commitments for future capital. Significant additional financing will be required to fund our planned principal operations in the near term and in future periods, including research and development activities relating to stevia extract production, developing and seeking regulatory approval for any of our stevia product candidates, commercializing any product candidate for which we are able to obtain regulatory approval or certification, seeking to license or acquire new assets or businesses, and maintaining our intellectual property rights and pursuing rights to new technologies. We do not presently have, nor do we expect in the near future to have, significant revenue to fund our business from our operations, and will need to obtain most of our necessary funding from external sources in the near term. Since inception, we have funded our operations primarily through equity and debt financings, and we expect to continue to rely on these sources of capital in the future. However, if we raise additional funds by issuing equity or convertible debt securities, our existing stockholders’ ownership will be diluted, and obtaining commercial loans would increase our liabilities and future cash commitments. If we pursue capital through alternative sources, such as collaborations or other similar arrangements, we may be forced to relinquish rights to our proprietary technology or other intellectual property and could result in our receipt of only a portion of any revenue that may be generated from a partnered product or business. Further, these or other sources of capital may not be available on commercially reasonable or acceptable terms when needed, or at all. If we cannot raise the money that we need in order to continue to develop our business, we will be forced to delay, scale back or eliminate some or all of our proposed operations. If any of these were to occur, there is a substantial risk that our business would fail and our stockholders could lose all of their investment. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||||
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||
Use of Estimates and Assumptions | ||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. The more significant estimates and assumptions by management include, among others, the fair value of shares issued for services, fair value of warrants issued in conjunction with convertible debentures, and assumptions used in the valuation of conversion features and derivative liabilities. | ||||||||||||||
Financial Assets and Liabilities Measured at Fair Value | ||||||||||||||
The Company uses various inputs in determining the fair value of its investments and measures these assets on a recurring basis. Financial assets recorded at fair value in the balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. Authoritative guidance provided by FASB defines the following levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these financial assets: | ||||||||||||||
Level 1 | Quoted prices in active markets for identical assets or liabilities. | |||||||||||||
Level 2 | Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. | |||||||||||||
Level 3 | Unobservable inputs based on the Company’s assumptions. | |||||||||||||
The following table presents certain investments and liabilities of the Company’s financial assets measured and recorded at fair value on the Company’s balance sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2014 and 2013: | ||||||||||||||
31-Mar-14 | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Fair value of Derivative Liability | $ | - | $ | 1,438,814 | $ | - | $ | 1,438,814 | ||||||
31-Mar-13 | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Fair value of Derivative Liability | $ | - | $ | 398,603 | $ | - | $ | 398,603 | ||||||
The carrying value of cash and accounts payable and accrued liabilities approximates their fair value because of the short maturity of these instruments. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. | ||||||||||||||
Derivative Financial Instruments | ||||||||||||||
The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses the probability weighted average Black-Scholes-Merton models to value the derivative instruments at inception and on subsequent valuation dates through the March 31, 2014 reporting date. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. | ||||||||||||||
Income Taxes | ||||||||||||||
The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized as income (loss) in the period that includes the enactment date. | ||||||||||||||
Stock-Based Compensation | ||||||||||||||
The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions, for services and for financing costs. The Company accounts for share-based payments under the guidance as set forth in the Share-Based Payment Topic of the FASB Accounting Standards Codification (“ASC”), which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, officers, directors, and consultants, including employee stock options, based on estimated fair values. The Company estimates the fair value of share-based payment awards to employees and directors on the date of grant using an Black-Scholes-Merton option-pricing model, and the value of the portion of the award that is ultimately expected to vest is recognized as expense over the required service period in the Company's statements of operations. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) the date at which the necessary performance to earn the equity instruments is complete. Stock-based compensation is based on awards ultimately expected to vest and is reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, as necessary, in subsequent periods if actual forfeitures differ from those estimates. | ||||||||||||||
Basic and Diluted Loss Per Share | ||||||||||||||
The Company computes loss per share in accordance with ASC Topic 260, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing the net loss applicable to common stockholders by the weighted average number of outstanding common shares during the period. Diluted loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Diluted loss per share excludes all potential common shares if their effect is anti-dilutive. | ||||||||||||||
As of March 31, 2014, the Company had no potential common shares that would have a dilutive effect and accordingly the calculations of basic loss and diluted loss per share are the same. Options to acquire 5,150,000 shares of common stock and warrants to acquire 7,727,129 shares of common stock have been excluded from the calculation at March 31, 2014 as the effect would have been anti-dilutive. | ||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||
In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360)." ASU 2014-08 amends the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations or that have a major effect on the Company's operations and financial results should be presented as discontinued operations. This new accounting guidance is effective for annual periods beginning after December 15, 2014. The Company is currently evaluating the impact of adopting ASU 2014-08 on the Company's results of operations or financial condition. | ||||||||||||||
On May 28, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for reporting periods beginning after December 15, 2016, and early adoption is not permitted. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Management has not determined the effect of adopting ASU 2014-09 on our ongoing financial reporting. | ||||||||||||||
Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements. | ||||||||||||||
RECLASSIFICATION
RECLASSIFICATION | 12 Months Ended |
Mar. 31, 2014 | |
Reclassification Disclosure [Abstract] | ' |
RECLASSIFICATION | ' |
3. RECLASSIFICATION | |
In presenting the Company’s statement of operations for the year ended March 31, 2013, the Company previously presented $481,698 as general and administrative expenses. In presenting the Company’s statement of operations for the year ended March 31, 2014 and 2013, the Company has reclassified these expenses to research and development. | |
CONVERTIBLE_NOTES_PAYABLE
CONVERTIBLE NOTES PAYABLE | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
CONVERTIBLE NOTES PAYABLE | ' | |||||||
4. CONVERTIBLE NOTES PAYABLE | ||||||||
Convertible notes payable consists of the following as of March 31, 2014 and 2013: | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
Subordinated unsecured convertible notes payable, | $ | - | $ | 625,000 | ||||
interest at 6% per annum payable quarterly (a) | ||||||||
Convertible notes payable (b) | - | 330,000 | ||||||
Total convertible notes | - | 955,000 | ||||||
Less: note discount | - | -374,592 | ||||||
Convertible notes payable, net of note discount | $ | - | $ | 580,408 | ||||
(a) On February 7, 2012, the Company entered into a Subscription Agreement with one investor in a private placement, pursuant to which such investor purchased an aggregate of (i) 625,000 shares of common stock at a purchase price of $1.00 per share and (ii) convertible debentures with an aggregate principal amount of $625,000 convertible into a total of 693,774 shares of our common stock at prices ranging from $0.65 to $1.25, in five tranches over a 12 month period beginning on March 1, 2012, for proceeds to us of $250,000 per tranche. The entire principal balance of each debenture was due and payable three years following its date of issuance unless earlier redeemed by the Company in accordance with its terms. Each of these convertible debentures accrued interest at the rate of 6.0% per annum, payable semi-annually in arrears on June 30 and December 31 of each year. As of March 31, 2014, all $625,000 of these convertible debentures had been converted into 693,773 shares of our common stock. During the year ending March 31, 2014, the aggregate accrued interest due on these convertible debentures of $37,501 was converted into 43,370 shares of the Company’s common stock based on the conversion rates of the five tranches of these convertible debentures ranging from $0.65 to $1.25 per share. | ||||||||
Upon the issuance of the convertible notes under the Subscription Agreement, the market price of our common shares was in excess of the conversion price, creating a beneficial conversion feature of $177,404 upon issuance in March 2012, representing the amount by which the value of the shares into which the notes are convertible exceeded the aggregate conversion price on the date of issuance. The beneficial conversion feature was recorded as a discount to the notes payable and was being amortized over the life of the notes. As of March 31, 2013, the balance of the unamortized discount was $113,341. During the year ended March 31, 2014, the Company recognized interest expense of $113,341 relating to the amortization of the remaining unamortized debt discount as all of the notes were converted into shares of our common stock. | ||||||||
(b) On October 29, 2012, we entered into a Securities Purchase Agreement with two investors providing for the issuance and sale of an aggregate of $500,000 in convertible debentures and warrants to purchase 1,000,000 shares of our common stock, for proceeds to us of $500,000. The financing closed on November 1, 2012. After deducting for fees and expenses, the aggregate net proceeds from the sale of the debentures and warrants was $445,000. The convertible debentures were non-interest bearing and would have matured on November 1, 2014. The convertible debentures were convertible at the investors’ option into shares of the Company’s common stock at an initial conversion price of $0.50 per share, subject to adjustment upon a reclassification or other change in the Company’s outstanding common stock and certain distributions to all holders of the Company’s common stock. The Company analyzed the conversion feature of the convertible debentures and determined that they called for a fixed number of shares upon their conversion, and were indexed to the Company’s own stock, and were therefore, not subject to derivative accounting. The Company also analyzed whether a beneficial conversion feature existed at the date of issuance of the convertible debentures and determined that no beneficial conversion feature existed on the conversion feature of the convertible debentures upon issuance date as their conversion price equaled the market price of the Company’s stock. | ||||||||
During the year ended March 31, 2013, $170,000 of the debentures were converted into 377,778 shares of common stock, and the remaining balance due on these debentures at March 31, 2013 was $330,000. All of the $330,000 remaining balance of the debentures was converted into 733,334 shares of our common stock during the fiscal year ended March 31, 2014 based on the adjusted conversion price of $0.45 per share. | ||||||||
Each of the investors was also issued a warrant to purchase up to a number of shares of the Company’s common stock equal to 100% of the shares initially issuable to such investor upon conversion of the convertible debenture issued pursuant to the Securities Purchase Agreement, totaling up to 1,000,000 shares of common stock. The warrants had an initial exercise price of $0.70 per share, were exercisable immediately upon issuance and had a term of exercise equal to five years. The Company also issued warrants to purchase up to 80,000 shares of the Company’s common stock to its placement agent related to the financing that had an initial exercise price of $0.625 per share. On March 6, 2013, the exercise price of all the warrants was reduced to $0.50. On June 28, 2013, the exercise price of all of the warrants was further reduced to $0.34. During the year ended March 31, 2014, the investors exercised all of their warrants and acquired 1,000,000 shares of the Company’s common stock at the then-effective exercise price of $0.34 per share. As of March 31, 2014, all of the placement agent’s warrants remained outstanding. | ||||||||
Each of the warrants included an anti-dilution provision that allows for the automatic reset of the exercise price upon any future sale of the Company’s common stock, warrants, options, convertible debt or any other equity-linked securities at an issuance, exercise or conversion price below the current exercise price of the warrants issued with the convertible debentures, provided that the exercise price shall not be reduced to less than $0.20 per share. The Company considered the current FASB guidance of “Determining Whether an Instrument Indexed to an Entity’s Own Stock” and determined that the exercise price of the warrants was not a fixed amount because it is subject to fluctuation based on the occurrence of future offerings or events. As a result, the Company determined that the warrants were not considered indexed to the Company’s own stock and characterized the initial fair value of these warrants as a derivative liability upon issuance. The Company determined the aggregate initial fair value of the warrants issued to investors and the placement agent to be $523,458 upon issuance. These amounts were determined by management using a using a probability weighted average Black-Scholes Merton option pricing model. | ||||||||
The total cost to the Company of the transactions related to the Securities Purchase Agreement was $578,458, which included placement fees and expenses of $55,000 and the fair value of the warrant derivative of $523,458. To account for these costs, the Company recorded a valuation discount of $500,000 upon issuance, and the incremental cost of $78,458 over the face amount of the convertible debentures was recorded as a financing cost during the year ended March 31, 2013. The Company was amortizing the valuation discount to interest expense over the life of the convertible debentures. As of March 31, 2013, the balance of the unamortized discount was $261,249. During the year ended March 31, 2014, the Company recognized interest expense of $261,249 relating to the amortization of the remaining unamortized debt discount as all of the debentures were converted into shares of our common stock. | ||||||||
EQUITY
EQUITY | 12 Months Ended |
Mar. 31, 2014 | |
Stockholders Equity Note [Abstract] | ' |
EQUITY | ' |
5. EQUITY | |
Equity financing | |
On June 25, 2013, the Company entered into a Securities Purchase Agreement with three investors for the sale of an aggregate of 3,676,472 shares of the Company's common stock and warrants to purchase an aggregate of 11,029,416 shares of the Company’s common stock for total gross proceeds of $1,250,000, or a sales price of $ 0.34 per share. The offering closed on June 28, 2013. The Company incurred $ 116,750 of direct costs in connection with the financing, resulting in net cash proceeds to the Company of $1,133,250. The purchasers who entered into the Securities Purchase Agreement were also issued warrants to purchase up to 11,029,416 shares of the Company’s common stock. The warrants were issued in three series of 3,676,472 each and have initial exercise prices of $ 0.40 , $ 0.50 and $ 0.60 per share, respectively, are exercisable immediately upon issuance and have a term of exercise equal to five years, six months and nine months, respectively. The Company also issued warrants to purchase up to 294,185 shares of the Company’s common stock to its placement agent related to the financing. The placement agent’s warrants have an exercise price of $ 0.425 per share and a term of five years and are exercisable immediately. | |
Each of the warrants includes an anti-dilution provision that allows for the automatic reset of the exercise price upon any future sale of the Company’s common stock, warrants, options, convertible debt or any other equity-linked securities at an issuance, exercise or conversion price below the current exercise price of the warrants, provided that the exercise price shall not be reduced to less than $ 0.20 per share. The Company considered the current FASB guidance of “Determining Whether an Instrument Indexed to an Entity’s Own Stock” and determined that the exercise prices of the warrants were not fixed amounts because they are subject to fluctuation based on the occurrence of future offerings or events. As a result, the Company determined that the warrants are not considered indexed to the Company’s own stock and characterized the initial fair value of these warrants as derivative liabilities upon issuance. The Company determined the aggregate initial fair value of the warrants issued to investors and the placement agent in the financing to be $ 1,249,025 at issuance based upon a weighted average Black-Scholes option pricing model. For financial statement purposes, the amount of the derivative liability created from the issuance of the warrants of $1,249,025 has been offset to the net cash proceeds received of $1,133,250, resulting in a net reduction of additional paid in capital of $ 115,775 resulting from the sale of the shares and warrants. | |
Common stock issued to employees | |
In July and August 2012, the Company issued an aggregate of 700,000 shares of its common stock to employees and a director of the Company vesting over a period ranging from 16 months to 60 months from the date of grant under the Company's stock option and incentive plan (the “2012 Stock Incentive Plan”). These shares of common stock issued to employees and a director were valued based upon the market price of the Company’s common stock at the dates of grant for an aggregate fair value of $189,000. As the shares were issued, but not yet vested, the aggregate fair value of these shares was accounted for as a contra-equity account that is being amortized over the vesting term of the common stock award. During the year ended March 31, 2014, the Company amortized $33,876 of the fair value of the common stock as services were provided and recognized such amount as stock compensation in the Company’ s statement of operations, and $123,786 remained unamortized as of the period then ended. | |
In July 2013, the Company issued 100,000 shares of its common stock to an employee of the Company vesting over a period of 31 months from the date of grant under the Company's 2012 Stock Incentive Plan. These shares of common stock issued to the employee were valued based upon the market price of the Company’s common stock at the date of grant for an aggregate fair value of $36,000. As the shares were issued, but not yet vested, the aggregate fair value of these shares was accounted for as a contra-equity account that is being amortized over the vesting term of the common stock award. During the year ended March 31, 2014, the Company amortized $9,910 of the fair value of the common stock as services were provided and recognized such amount as stock compensation in the Company’ s statement of operations, and $26,090 remained unamortized as of the period then ended. | |
STOCK_OPTIONS
STOCK OPTIONS | 12 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Stock Options [Abstract] | ' | ||||||||||
STOCK OPTIONS | ' | ||||||||||
6. STOCK OPTIONS | |||||||||||
The 2012 Stock Incentive Plan authorizes the Company to issue common stock, stock options and other equity awards to its employees, directors and consultants as compensation for services.. Pursuant to the terms of the 2012 Stock Incentive Plan, the exercise price for all equity awards issued under the 2012 Stock Incentive Plan is based on the market price per share of the Company’s common stock on the date of grant of the applicable award. | |||||||||||
During the year ended March 31, 2013, options to purchase 450,000 shares of the Company’s common stock at an exercise price of $0.10 per share, and options to purchase 600,000 shares of the Company’s common stock at an exercise price of $0.28 per share were exercised resulting in total proceeds to the Company of $213,000. Also during the year ended March 31, 2013, options to purchase an aggregate of 700,000 shares of common stock with exercise prices of $0.28 per share were exercised by consultants in exchange for an aggregate of $196,000 in fees owed to such consultants pursuant to their respective consulting service agreements with the Company. | |||||||||||
During the year ended March 31, 2014, the Company granted 225,000 options to employees and 4,000,000 options to consultants that expire between three and ten years from the applicable date of grant. Assumptions used in valuing stock options granted during the year ended March 31, 2014 are as follows: (i) volatility rate between 78.74% and 92.15%, (ii) discount rate of between 0.63% and 3.04%, (iii) zero expected dividend yield, and (iv) expected life of between 3 and five years for options granted to consultants based upon the contractual term of the option and expected life of approximately 7 years for options granted to employees, which represents the average of the term of the option and the vesting period. | |||||||||||
In November 2013, 500,000 options were exercised by a consultant at an exercise price of $0.32 per share. In lieu of cash proceeds, the options were exercised in exchange for $140,000 in fees owed pursuant to their consulting service agreement. Also, between the months of November 2013 to March 2014, an aggregate of 750,000 options were exercised in exchange for 750,000 shares of the Company’s common stock at exercise prices ranging from $0.10 to $0.32 per share or total proceeds to the Company of $185,998. | |||||||||||
A summary of the Company’s stock option activity during the fiscal years ended March 31, 2013 and 2014 is as follows: | |||||||||||
Shares | Weighted | ||||||||||
Average | |||||||||||
Exercise | |||||||||||
Price | |||||||||||
Balance at March 31, 2012 | 2,100,000 | $ | 0.1 | ||||||||
Granted | 2,025,000 | 0.29 | |||||||||
Exercised | -1,750,000 | ||||||||||
Cancelled | -100,000 | ||||||||||
Balance outstanding at March 31, 2013 | 2,275,000 | $ | 0.16 | ||||||||
Granted | 4,225,000 | ||||||||||
Exercised | -1,250,000 | ||||||||||
Cancelled | -100,000 | ||||||||||
Balance outstanding at March 31, 2014 | 5,150,000 | $ | 0.26 | ||||||||
Balance exercisable at March 31,2014 | 4,291,670 | $ | 0.29 | ||||||||
A summary of the Company’s stock options outstanding as of March 31, 2014 is as follows: | |||||||||||
Number of | Weighted | Weighted | |||||||||
options | Average | Average | |||||||||
Exercise | Grant-date Stock | ||||||||||
Price | Price | ||||||||||
Options Outstanding, March 31, 2014 | 1,350,000 | $ | 0.1 | $ | 1 | ||||||
200,000 | $ | 0.27 | $ | 0.27 | |||||||
750,000 | $ | 0.32 | $ | 0.32 | |||||||
300,000 | $ | 0.35 | $ | 0.35 | |||||||
100,000 | $ | 0.36 | $ | 0.36 | |||||||
1,600,000 | $ | 0.4 | $ | 0.4 | |||||||
25,000 | $ | 0.42 | $ | 0.42 | |||||||
100,000 | $ | 0.44 | $ | 0.44 | |||||||
125,000 | $ | 0.47 | $ | 0.47 | |||||||
600,000 | $ | 0.51 | $ | 0.51 | |||||||
5,150,000 | |||||||||||
Options Exercisable, March 31, 2014 | 1,350,000 | $ | 0.1 | $ | 1 | ||||||
141,666 | $ | 0.27 | $ | 0.27 | |||||||
750,000 | $ | 0.32 | $ | 0.32 | |||||||
200,000 | $ | 0.35 | $ | 0.35 | |||||||
16,670 | $ | 0.36 | $ | 0.36 | |||||||
1,600,000 | $ | 0.4 | $ | 0.4 | |||||||
8,334 | $ | 0.42 | $ | 0.42 | |||||||
25,000 | $ | 0.44 | $ | 0.44 | |||||||
- | $ | 0.47 | $ | 0.47 | |||||||
200,000 | $ | 0.51 | $ | 0.51 | |||||||
4,291,670 | |||||||||||
During the years ended March 31, 2014 and 2013, we expensed total stock-based compensation related to stock options of $1,178,245 and $801,643, respectively, and the remaining unamortized cost of the outstanding stock-based awards at March 31, 2014 was $290,332. This cost will be amortized on a straight line basis over a weighted average remaining vesting period of 2 years and will be adjusted for subsequent changes in estimated forfeitures. Future option grants will increase the amount of compensation expense that will be recorded. | |||||||||||
The intrinsic value of all outstanding stock options at March 31, 2014, was $553,000. | |||||||||||
WARRANTS
WARRANTS | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Warrants and Rights Note Disclosure [Abstract] | ' | |||||||
WARRANTS | ' | |||||||
7. WARRANTS | ||||||||
A summary of warrants to purchase common stock issued during the fiscal years ended March 31, 2013 and 2014 is as follows: | ||||||||
Shares | Weighted | |||||||
Average | ||||||||
Exercise | ||||||||
Price | ||||||||
Balance at March 31, 2012 | - | $ | - | |||||
Granted | 1,080,000 | 0.5 | ||||||
Exercised | - | |||||||
Cancelled | - | - | ||||||
Balance outstanding at March 31, 2013 | 1,080,000 | $ | 0.5 | |||||
Granted | 11,323,601 | 0.5 | ||||||
Exercised | -4,676,472 | 0.41 | ||||||
Cancelled | ||||||||
Balance outstanding at March 31, 2014 | 7,727,129 | $ | 0.41 | |||||
Balance exercisable at March 31, 2014 | 7,727,129 | $ | 0.41 | |||||
The purchasers who entered into the Securities Purchase Agreement on October 29, 2012, were issued warrants to purchase up to 1,000,000 shares of the Company’s common stock. The warrants had an initial exercise price of $ 0.70 per share, were exercisable immediately upon issuance and had a term of exercise equal to five years. On March 6, 2013, the exercise price of the warrants was reduced to $0.50, and on June 28, 2013, the exercise price was further reduced to $ 0.34 per share. We also issued warrants to purchase up to 80,000 shares of the Company’s common stock to the placement agent in the offering. The placement agent’s warrants had an initial exercise price of $0.625 per share and a term of five years and were exercisable immediately. On March 6, 2013, the exercise price of the placement agent’s warrants was reduced to $0.50 and on June 28, 2013, the exercise price of the placement agent’s warrants was reduced to $ 0.34. During the year ended March 31, 2014, the purchasers exercised all of their warrants and acquired 1,000,000 shares of the Company’s common stock at the then-effective exercise price of $0.34 per share, resulting in $340,000 in proceeds to the Company. All of the placement agent’s warrants remained outstanding as of March 31, 2014. | ||||||||
The purchasers who entered into the Securities Purchase Agreement on June 25, 2013, were issued warrants to purchase up to 11,029,416 shares of the Company’s common stock. The warrants were issued in three series of 3,676,472 each and had initial exercise prices of $ 0.40, $ 0.50 and $ 0.60 per share, respectively, are exercisable immediately upon issuance, and have a term of exercise equal to five years, six months and nine months, respectively. The Company also issued warrants to purchase up to 294,185 shares of the Company’s common stock to its placement agent in the financing. The placement agent warrants have an exercise price of $ 0.425 per share and a term of five years and are exercisable immediately. | ||||||||
In consideration of applicable guidance, the Company has determined that none of the warrants are considered indexed to the Company’s own stock, since the exercise prices of the warrants are subject to fluctuation based on the occurrence of future offerings or events and are not a fixed amount, and therefore characterizes the fair value of these warrants as derivative liabilities (See Note 8). The aggregate intrinsic value of all of the outstanding warrants at March 31, 2014 was $42,365. | ||||||||
In November 2013 and December 2013, certain purchasers under the June 25, 2013 Securities Purchase Agreement exercised some of their six-month warrants and acquired an aggregate of 314,000 shares of the Company's common stock at the then-effective exercise price of $0.50 per share, resulting in gross proceeds of $ 157,000 to the Company. On December 6, 2013, the Company offered the purchasers holding the remaining six-month warrants the right to exercise all of those warrants, for an aggregate of 3,362,472 shares of the Company’s common stock, based on the terms of an early exercise offer wherein such warrants became exercisable at a reduced exercise price of $0.42 per share, so long as the exercise thereof occurred on or before December 9, 2013. The Company accounted for the reset of the exercise price of the Series B warrants as a modification of the Series B warrants. As such, the Company calculated the fair value of the warrants as of that date and accounted for the incremental change in the fair value of the Series B warrants of $109,503 as a cost of modification expense in the Company’s statement of operations for the fiscal year ended March 31, 2014. | ||||||||
On December 9, 2013, all of the purchasers acted on the early exercise offer and the Company issued 3,362,472 shares of its common stock, resulting in gross proceeds of $1,327,504 to the Company. As these warrants were accounted for as derivative liabilities as of their issue date, their corresponding fair values at the date of exercise of $359,731 were extinguished when the $3,676,472 Series B warrants were exercised, and charged to additional paid-in capital. | ||||||||
In March 2014, we extended to September 30, 2014 the expiration date of the 3,676,472 Series C nine-month warrants issued pursuant to the June 25, 2013 Securities Purchase Agreement. The Company accounted for the extension of the termination date as a modification of the of the Series C warrants and accounted for the incremental change in the fair value of the Series C warrants of $235,332 as a cost of modification expense in the Company’s statement of operations for the fiscal year ended March 31, 2014. As these warrants were accounted for as derivative liabilities as of their issue date, the fair value at the date of modification was calculated by the Company based upon an internally-prepared valuation tool using an option-pricing model reflecting a probability weighted average Black Scholes-Merton valuation technique. | ||||||||
DERIVATIVE_LIABILITY
DERIVATIVE LIABILITY | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
DERIVATIVE LIABILITY | ' | ||||||||||||||||
8. DERIVATIVE LIABILITY | |||||||||||||||||
In June 2008, the FASB issued authoritative guidance on determining whether an instrument (or embedded feature) is indexed to an entity’s own stock. Under the authoritative guidance, effective January 1, 2009, instruments which do not have fixed settlement provisions are deemed to be derivative instruments. The warrants issued to investors and placement agents in relation to the Securities Purchase Agreements (described in Note 4 and Note 5), and the warrants issued as part of the equity financing (described in Note 5) do not have fixed settlement provisions because their exercise prices will be lowered if the Company issues securities at lower prices in the future. The Company was required to include the reset provisions in order to protect the holders of the warrants from the potential dilution associated with future financings. In accordance with the FASB authoritative guidance, the warrants issued pursuant to these Securities Purchase Agreements have been characterized as derivative liabilities to be re-measured at the end of every reporting period with the change in value reported in the statement of operations. | |||||||||||||||||
At the applicable dates of issuance and as of March 31, 2014, the derivative liabilities were valued using a probability weighted average Black-Scholes-Merton pricing model with the following assumptions: | |||||||||||||||||
Warrants: | |||||||||||||||||
March 31, 2013 | Upon | Modification | March 31, 2014 | ||||||||||||||
Issuance | |||||||||||||||||
Exercise Price | $ | 0.5 | $ | 0.40- 0.60 | $ | 0.42 | $ | 0.34 – 0.42 | |||||||||
Stock Price | $ | 0.45 | $ | 0.35 | $ | 0.44 - 0,52 | $ | 0.41 | |||||||||
Risk-free interest rate | 0.25 | % | 2.52 | % | 0.02 to 0.07 | % | 0.07 – 1.73 | % | |||||||||
Expected volatility | 123.68 | % | 78.7 | % | 78.7% to 92.15 | % | 92.15 | % | |||||||||
Expected life (in years) | 4.5 years | 0.5-5.0 years | 0.06 - 0.50 years | 0.50 – 4.25 years | |||||||||||||
Expected dividend yield | 0 | 0 | 0 | 0 | |||||||||||||
Fair Value: | $ | 398,603 | $ | 1,249,025 | $ | 344,835 | $ | 1,438,814 | |||||||||
The risk-free interest rate was based on rates established by the Federal Reserve Bank. The Company uses the historical volatility of its common stock to estimate the future volatility for its common stock. The expected life of the warrants was determined by the expiration date of the warrants. The expected dividend yield was based on the fact that the Company has not paid dividends to its common stockholders in the past and does not expect to pay dividends to its common stockholders in the future. | |||||||||||||||||
During the year ended March 31, 2013, we recognized derivative liabilities of $523,458 related to the warrants issued in conjunction with the issuance of convertible debentures. For the year ended March 31, 2013, the Company recorded a change in fair value of the derivative liability of $124,855. As of the fiscal year ended March 31, 2013, balance of the fair value of the derivative liabilities was $398,603. | |||||||||||||||||
During the year ended March 31, 2014, we recognized additional derivative liabilities of $1,249,025 related to the warrants issued in conjunction with the sale of the Company’s common stock. Also, during the current fiscal year ended March 31, 2014, certain terms of the derivative liabilities were modified, and the aggregate incremental change in their fair values of $344,835 were accounted for as an increase in the fair value of the derivative liabilities as of date of modification (described in Note 7). Additionally, certain warrants that were accounted for as derivatives were exercised, and as such their corresponding fair value at the exercise dates of $359,731 were extinguished from the derivative liabilities balance. For the year ended March 31, 2014, the Company recorded a change in fair value of the derivative liability of $193,915. As of the current fiscal year ended March 31, 2014, the aggregate fair value of the derivative liabilities was $1,438,814. | |||||||||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
9. INCOME TAXES | |
The Company has no tax provision for any period presented due to our history of operating losses. As of March 31, 2014, the Company had net operating loss carry forwards of approximately $8,326,859 that may be available to reduce future years' taxable income through 2029. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as management has determined that their realization is not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. | |
RELATED_PARTY_TRANSACTIONS_AND
RELATED PARTY TRANSACTIONS AND LEASE OBLIGATIONS | 12 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS AND LEASE OBLIGATIONS | ' |
10. RELATED PARTY TRANSACTIONS AND LEASE OBLIGATIONS | |
Advance payment of related party lease | |
On April 23, 2012, the Company entered into a lease agreement (the “Sutter Lease”) with Sutter Buttes LLC (“Sutter Buttes”), pursuant to which the Company has agreed to lease from Sutter Buttes approximately 1,000 acres of land in Sutter County, California. The Sutter Lease began on May 1, 2012 and expired on May 1, 2014 and the Company pre-paid the aggregate amount of all rent payments thereunder, totaling $250,000. Sutter Buttes, the landlord under the Sutter Lease, is jointly-owned by Dr. Avtar Dhillon, the Chairman of the Board of Directors of the Company, and his wife, Diljit Bains. | |
The amount of all rent payments under the Sutter Lease of $250,000 was accounted for by the Company as an asset, advance payment of related party lease, and was amortized over the term of the lease of 24 months. During the year ended March 31, 2014, the Company recognized rent expense of $125,000 related to the Sutter Lease. As of March 31, 2014, the unamortized balance of the advance payment of the related party lease was $10,413. The lease expired on May 1, 2014 and was not renewed and the Company is not renting or leasing the property after the expiration of the lease. | |
Other related party lease obligations | |
On April 23, 2012, the Company entered into a lease agreement with One World Ranches LLC (“One World Ranches”), pursuant to which the Company has agreed to lease from One World Ranches certain office and laboratory space located at 5225 Carlson Road, Yuba City, California (the “Carlson Lease”). The Carlson Lease began on May 1, 2012 and expires on May 1, 2017, and the Company’s rent payments thereunder are $2,300 per month. The Company has paid $1,500 as a refundable security deposit under the Carlson Lease. | |
On August 18, 2012, the Company entered into a lease agreement (the “Sacramento Lease”) with Sacramento Valley Real Estate, which is jointly-owned by Dr. Avtar Dhillon, the Chairman of the Board of Directors of the Company, and his wife, Diljit Bains, pursuant to which the Company leases an apartment located at 33-800 Clark Avenue, Yuba City, California. This Company uses this apartment as an alternative to renting hotel rooms for management use since several of our managers are not resident in Yuba City. The month to month lease began on August 20, 2012 and the Company’s rent payment is $1,000 per month. On August 22, 2012, the Company paid $1,000 as a refundable security deposit under the Sacramento lease. | |
Aggregate payments under the above leases for the years ended March 31, 2014 and 2013 were $156,400 and $148,750, respectively. | |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
COMMITMENTS | ' |
11. COMMITMENTS | |
We have exclusive and worldwide rights to patents and patent applications obtained through a license agreement with Vineland Research and Innovations Centre, Inc. entered into in August 2012 and amended in October 2013 (the “Vineland License”). The patent family includes an issued U.S. patent, an issued European Union patent, and an issued Canadian patent. On October 10, 2013, we entered into an amendment to the Vineland License, pursuant to which Vineland agreed to license to us an additional patent application and to pay up to $50,000 in patent prosecution cost related to the new patent application. The patents and patent applications covered by the Vineland License relate to microbial production of steviol and steviol glycosides. The Vineland License has an initial term of 10 years and may be renewed by us for additional two-year terms until all licensed patents have expired. Pursuant to the Vineland License, we agreed to total cash fees due and payable within the first year of the agreement of $50,000, all of which have been paid and recorded as expenses. In addition to these cash fees, we will owe royalties of 0.5% of the sale price of products developed using the intellectual property, and in the third year and all subsequent years of the Vineland License the Company will owe a minimum annual royalty of $10,000. | |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
12. SUBSEQUENT EVENTS | |
One consultant exercised options to purchase 50,000 shares of the Company’s common stock in April 2014 at an exercise price of $0.10 per share. The Company received proceeds of $5,000 from this exercise. | |
In May 2014, the Company issued 224,047 shares of the Company’s common stock to a consultant as payment for services and recorded expenses of $94,100 based on the closing market price of our common stock on the date of the issuance. These shares were issued outside of the 2012 Stock Incentive Plan. Also in May 2014, the Company granted to an employee under the 2012 Stock Incentive Plan an option to purchase 150,000 shares of the Company’s common stock which vest over three years and 100,000 shares of restricted common stock which vest over two years. | |
In May 2014, the Company purchased from a third party, for aggregate proceeds of $50,000, certain assets related to facilitate the initiation of its research products operations, pursuant to which the Company intends to commercialize research products that it develops in connection with its stevia-related research and development activities. The Company began marketing and selling certain research products and recognizing revenue from those sales in May 2014. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Use of Estimates and Assumptions | ' | |||||||||||||
Use of Estimates and Assumptions | ||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. The more significant estimates and assumptions by management include, among others, the fair value of shares issued for services, fair value of warrants issued in conjunction with convertible debentures, and assumptions used in the valuation of conversion features and derivative liabilities. | ||||||||||||||
Financial Assets and Liabilities Measured at Fair Value | ' | |||||||||||||
Financial Assets and Liabilities Measured at Fair Value | ||||||||||||||
The Company uses various inputs in determining the fair value of its investments and measures these assets on a recurring basis. Financial assets recorded at fair value in the balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. Authoritative guidance provided by FASB defines the following levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these financial assets: | ||||||||||||||
Level 1 | Quoted prices in active markets for identical assets or liabilities. | |||||||||||||
Level 2 | Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. | |||||||||||||
Level 3 | Unobservable inputs based on the Company’s assumptions. | |||||||||||||
The following table presents certain investments and liabilities of the Company’s financial assets measured and recorded at fair value on the Company’s balance sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2014 and 2013: | ||||||||||||||
31-Mar-14 | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Fair value of Derivative Liability | $ | - | $ | 1,438,814 | $ | - | $ | 1,438,814 | ||||||
31-Mar-13 | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Fair value of Derivative Liability | $ | - | $ | 398,603 | $ | - | $ | 398,603 | ||||||
The carrying value of cash and accounts payable and accrued liabilities approximates their fair value because of the short maturity of these instruments. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. | ||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||
Derivative Financial Instruments | ||||||||||||||
The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses the probability weighted average Black-Scholes-Merton models to value the derivative instruments at inception and on subsequent valuation dates through the March 31, 2014 reporting date. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. | ||||||||||||||
Income Taxes | ' | |||||||||||||
Income Taxes | ||||||||||||||
The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized as income (loss) in the period that includes the enactment date. | ||||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Stock-Based Compensation | ||||||||||||||
The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions, for services and for financing costs. The Company accounts for share-based payments under the guidance as set forth in the Share-Based Payment Topic of the FASB Accounting Standards Codification (“ASC”), which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, officers, directors, and consultants, including employee stock options, based on estimated fair values. The Company estimates the fair value of share-based payment awards to employees and directors on the date of grant using an Black-Scholes-Merton option-pricing model, and the value of the portion of the award that is ultimately expected to vest is recognized as expense over the required service period in the Company's statements of operations. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) the date at which the necessary performance to earn the equity instruments is complete. Stock-based compensation is based on awards ultimately expected to vest and is reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, as necessary, in subsequent periods if actual forfeitures differ from those estimates. | ||||||||||||||
Basic and Diluted Loss Per Share | ' | |||||||||||||
Basic and Diluted Loss Per Share | ||||||||||||||
The Company computes loss per share in accordance with ASC Topic 260, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing the net loss applicable to common stockholders by the weighted average number of outstanding common shares during the period. Diluted loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Diluted loss per share excludes all potential common shares if their effect is anti-dilutive. | ||||||||||||||
As of March 31, 2014, the Company had no potential common shares that would have a dilutive effect and accordingly the calculations of basic loss and diluted loss per share are the same. Options to acquire 5,150,000 shares of common stock and warrants to acquire 7,727,129 shares of common stock have been excluded from the calculation at March 31, 2014 as the effect would have been anti-dilutive. | ||||||||||||||
Recent Accounting Pronouncements | ' | |||||||||||||
Recent Accounting Pronouncements | ||||||||||||||
In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360)." ASU 2014-08 amends the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations or that have a major effect on the Company's operations and financial results should be presented as discontinued operations. This new accounting guidance is effective for annual periods beginning after December 15, 2014. The Company is currently evaluating the impact of adopting ASU 2014-08 on the Company's results of operations or financial condition. | ||||||||||||||
On May 28, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for reporting periods beginning after December 15, 2016, and early adoption is not permitted. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Management has not determined the effect of adopting ASU 2014-09 on our ongoing financial reporting. | ||||||||||||||
Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements. | ||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Investments and Liabilities of the Companys Financial Assets | ' | |||||||||||||
The following table presents certain investments and liabilities of the Company’s financial assets measured and recorded at fair value on the Company’s balance sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2014 and 2013: | ||||||||||||||
31-Mar-14 | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Fair value of Derivative Liability | $ | - | $ | 1,438,814 | $ | - | $ | 1,438,814 | ||||||
31-Mar-13 | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Fair value of Derivative Liability | $ | - | $ | 398,603 | $ | - | $ | 398,603 | ||||||
CONVERTIBLE_NOTES_PAYABLE_Tabl
CONVERTIBLE NOTES PAYABLE (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Convertible Note Payable [Abstract] | ' | |||||||
Convertible Notes Payable | ' | |||||||
Convertible notes payable consists of the following as of March 31, 2014 and 2013: | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
Subordinated unsecured convertible notes payable, | $ | - | $ | 625,000 | ||||
interest at 6% per annum payable quarterly (a) | ||||||||
Convertible notes payable (b) | - | 330,000 | ||||||
Total convertible notes | - | 955,000 | ||||||
Less: note discount | - | -374,592 | ||||||
Convertible notes payable, net of note discount | $ | - | $ | 580,408 | ||||
(a) On February 7, 2012, the Company entered into a Subscription Agreement with one investor in a private placement, pursuant to which such investor purchased an aggregate of (i) 625,000 shares of common stock at a purchase price of $1.00 per share and (ii) convertible debentures with an aggregate principal amount of $625,000 convertible into a total of 693,774 shares of our common stock at prices ranging from $0.65 to $1.25, in five tranches over a 12 month period beginning on March 1, 2012, for proceeds to us of $250,000 per tranche. The entire principal balance of each debenture was due and payable three years following its date of issuance unless earlier redeemed by the Company in accordance with its terms. Each of these convertible debentures accrued interest at the rate of 6.0% per annum, payable semi-annually in arrears on June 30 and December 31 of each year. As of March 31, 2014, all $625,000 of these convertible debentures had been converted into 693,773 shares of our common stock. During the year ending March 31, 2014, the aggregate accrued interest due on these convertible debentures of $37,501 was converted into 43,370 shares of the Company’s common stock based on the conversion rates of the five tranches of these convertible debentures ranging from $0.65 to $1.25 per share. | ||||||||
Upon the issuance of the convertible notes under the Subscription Agreement, the market price of our common shares was in excess of the conversion price, creating a beneficial conversion feature of $177,404 upon issuance in March 2012, representing the amount by which the value of the shares into which the notes are convertible exceeded the aggregate conversion price on the date of issuance. The beneficial conversion feature was recorded as a discount to the notes payable and was being amortized over the life of the notes. As of March 31, 2013, the balance of the unamortized discount was $113,341. During the year ended March 31, 2014, the Company recognized interest expense of $113,341 relating to the amortization of the remaining unamortized debt discount as all of the notes were converted into shares of our common stock. | ||||||||
(b) On October 29, 2012, we entered into a Securities Purchase Agreement with two investors providing for the issuance and sale of an aggregate of $500,000 in convertible debentures and warrants to purchase 1,000,000 shares of our common stock, for proceeds to us of $500,000. The financing closed on November 1, 2012. After deducting for fees and expenses, the aggregate net proceeds from the sale of the debentures and warrants was $445,000. The convertible debentures were non-interest bearing and would have matured on November 1, 2014. The convertible debentures were convertible at the investors’ option into shares of the Company’s common stock at an initial conversion price of $0.50 per share, subject to adjustment upon a reclassification or other change in the Company’s outstanding common stock and certain distributions to all holders of the Company’s common stock. The Company analyzed the conversion feature of the convertible debentures and determined that they called for a fixed number of shares upon their conversion, and were indexed to the Company’s own stock, and were therefore, not subject to derivative accounting. The Company also analyzed whether a beneficial conversion feature existed at the date of issuance of the convertible debentures and determined that no beneficial conversion feature existed on the conversion feature of the convertible debentures upon issuance date as their conversion price equaled the market price of the Company’s stock. | ||||||||
During the year ended March 31, 2013, $170,000 of the debentures were converted into 377,778 shares of common stock, and the remaining balance due on these debentures at March 31, 2013 was $330,000. All of the $330,000 remaining balance of the debentures was converted into 733,334 shares of our common stock during the fiscal year ended March 31, 2014 based on the adjusted conversion price of $0.45 per share. | ||||||||
Each of the investors was also issued a warrant to purchase up to a number of shares of the Company’s common stock equal to 100% of the shares initially issuable to such investor upon conversion of the convertible debenture issued pursuant to the Securities Purchase Agreement, totaling up to 1,000,000 shares of common stock. The warrants had an initial exercise price of $0.70 per share, were exercisable immediately upon issuance and had a term of exercise equal to five years. The Company also issued warrants to purchase up to 80,000 shares of the Company’s common stock to its placement agent related to the financing that had an initial exercise price of $0.625 per share. On March 6, 2013, the exercise price of all the warrants was reduced to $0.50. On June 28, 2013, the exercise price of all of the warrants was further reduced to $0.34. During the year ended March 31, 2014, the investors exercised all of their warrants and acquired 1,000,000 shares of the Company’s common stock at the then-effective exercise price of $0.34 per share. As of March 31, 2014, all of the placement agent’s warrants remained outstanding. | ||||||||
Each of the warrants included an anti-dilution provision that allows for the automatic reset of the exercise price upon any future sale of the Company’s common stock, warrants, options, convertible debt or any other equity-linked securities at an issuance, exercise or conversion price below the current exercise price of the warrants issued with the convertible debentures, provided that the exercise price shall not be reduced to less than $0.20 per share. The Company considered the current FASB guidance of “Determining Whether an Instrument Indexed to an Entity’s Own Stock” and determined that the exercise price of the warrants was not a fixed amount because it is subject to fluctuation based on the occurrence of future offerings or events. As a result, the Company determined that the warrants were not considered indexed to the Company’s own stock and characterized the initial fair value of these warrants as a derivative liability upon issuance. The Company determined the aggregate initial fair value of the warrants issued to investors and the placement agent to be $523,458 upon issuance. These amounts were determined by management using a using a probability weighted average Black-Scholes Merton option pricing model. | ||||||||
The total cost to the Company of the transactions related to the Securities Purchase Agreement was $578,458, which included placement fees and expenses of $55,000 and the fair value of the warrant derivative of $523,458. To account for these costs, the Company recorded a valuation discount of $500,000 upon issuance, and the incremental cost of $78,458 over the face amount of the convertible debentures was recorded as a financing cost during the year ended March 31, 2013. The Company was amortizing the valuation discount to interest expense over the life of the convertible debentures. As of March 31, 2013, the balance of the unamortized discount was $261,249. During the year ended March 31, 2014, the Company recognized interest expense of $261,249 relating to the amortization of the remaining unamortized debt discount as all of the debentures were converted into shares of our common stock. | ||||||||
STOCK_OPTIONS_Tables
STOCK OPTIONS (Tables) | 12 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Stock Options [Abstract] | ' | ||||||||||
Options to Purchase Common Shares | ' | ||||||||||
A summary of the Company’s stock option activity during the fiscal years ended March 31, 2013 and 2014 is as follows: | |||||||||||
Shares | Weighted | ||||||||||
Average | |||||||||||
Exercise | |||||||||||
Price | |||||||||||
Balance at March 31, 2012 | 2,100,000 | $ | 0.1 | ||||||||
Granted | 2,025,000 | 0.29 | |||||||||
Exercised | -1,750,000 | ||||||||||
Cancelled | -100,000 | ||||||||||
Balance outstanding at March 31, 2013 | 2,275,000 | $ | 0.16 | ||||||||
Granted | 4,225,000 | ||||||||||
Exercised | -1,250,000 | ||||||||||
Cancelled | -100,000 | ||||||||||
Balance outstanding at March 31, 2014 | 5,150,000 | $ | 0.26 | ||||||||
Balance exercisable at March 31,2014 | 4,291,670 | $ | 0.29 | ||||||||
Stock Option Activity | ' | ||||||||||
A summary of the Company’s stock options outstanding as of March 31, 2014 is as follows: | |||||||||||
Number of | Weighted | Weighted | |||||||||
options | Average | Average | |||||||||
Exercise | Grant-date Stock | ||||||||||
Price | Price | ||||||||||
Options Outstanding, March 31, 2014 | 1,350,000 | $ | 0.1 | $ | 1 | ||||||
200,000 | $ | 0.27 | $ | 0.27 | |||||||
750,000 | $ | 0.32 | $ | 0.32 | |||||||
300,000 | $ | 0.35 | $ | 0.35 | |||||||
100,000 | $ | 0.36 | $ | 0.36 | |||||||
1,600,000 | $ | 0.4 | $ | 0.4 | |||||||
25,000 | $ | 0.42 | $ | 0.42 | |||||||
100,000 | $ | 0.44 | $ | 0.44 | |||||||
125,000 | $ | 0.47 | $ | 0.47 | |||||||
600,000 | $ | 0.51 | $ | 0.51 | |||||||
5,150,000 | |||||||||||
Options Exercisable, March 31, 2014 | 1,350,000 | $ | 0.1 | $ | 1 | ||||||
141,666 | $ | 0.27 | $ | 0.27 | |||||||
750,000 | $ | 0.32 | $ | 0.32 | |||||||
200,000 | $ | 0.35 | $ | 0.35 | |||||||
16,670 | $ | 0.36 | $ | 0.36 | |||||||
1,600,000 | $ | 0.4 | $ | 0.4 | |||||||
8,334 | $ | 0.42 | $ | 0.42 | |||||||
25,000 | $ | 0.44 | $ | 0.44 | |||||||
- | $ | 0.47 | $ | 0.47 | |||||||
200,000 | $ | 0.51 | $ | 0.51 | |||||||
4,291,670 | |||||||||||
WARRANTS_Tables
WARRANTS (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Warrants [Abstract] | ' | |||||||
Warrants | ' | |||||||
A summary of warrants to purchase common stock issued during the fiscal years ended March 31, 2013 and 2014 is as follows: | ||||||||
Shares | Weighted | |||||||
Average | ||||||||
Exercise | ||||||||
Price | ||||||||
Balance at March 31, 2012 | - | $ | - | |||||
Granted | 1,080,000 | 0.5 | ||||||
Exercised | - | |||||||
Cancelled | - | - | ||||||
Balance outstanding at March 31, 2013 | 1,080,000 | $ | 0.5 | |||||
Granted | 11,323,601 | 0.5 | ||||||
Exercised | -4,676,472 | 0.41 | ||||||
Cancelled | ||||||||
Balance outstanding at March 31, 2014 | 7,727,129 | $ | 0.41 | |||||
Balance exercisable at March 31, 2014 | 7,727,129 | $ | 0.41 | |||||
DERIVATIVE_LIABILITY_Tables
DERIVATIVE LIABILITY (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Warrants | ' | ||||||||||||||||
At the applicable dates of issuance and as of March 31, 2014, the derivative liabilities were valued using a probability weighted average Black-Scholes-Merton pricing model with the following assumptions: | |||||||||||||||||
Warrants: | |||||||||||||||||
March 31, 2013 | Upon | Modification | March 31, 2014 | ||||||||||||||
Issuance | |||||||||||||||||
Exercise Price | $ | 0.5 | $ | 0.40- 0.60 | $ | 0.42 | $ | 0.34 – 0.42 | |||||||||
Stock Price | $ | 0.45 | $ | 0.35 | $ | 0.44 - 0,52 | $ | 0.41 | |||||||||
Risk-free interest rate | 0.25 | % | 2.52 | % | 0.02 to 0.07 | % | 0.07 – 1.73 | % | |||||||||
Expected volatility | 123.68 | % | 78.7 | % | 78.7% to 92.15 | % | 92.15 | % | |||||||||
Expected life (in years) | 4.5 years | 0.5-5.0 years | 0.06 - 0.50 years | 0.50 – 4.25 years | |||||||||||||
Expected dividend yield | 0 | 0 | 0 | 0 | |||||||||||||
Fair Value: | $ | 398,603 | $ | 1,249,025 | $ | 344,835 | $ | 1,438,814 | |||||||||
BUSINESS_AND_BASIS_OF_OPERATIO1
BUSINESS AND BASIS OF OPERATIONS (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Nature And Continuance Of Operation [Line Items] | ' | ' |
Accumulated deficit | ($8,326,861) | ($4,174,037) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Fair value of Derivative Liability (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Fair value of Derivative Liability | $1,438,814 | $398,603 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Fair value of Derivative Liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Fair value of Derivative Liability | 1,438,814 | 398,603 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Fair value of Derivative Liability | $0 | $0 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Stock Options To Purchase | 5,150,000 |
Warrant [Member] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,727,129 |
RECLASSIFICATION_Details
RECLASSIFICATION (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Reclassification Adjustment [Line Items] | ' | ' |
General and Administrative | $2,866,095 | $1,663,799 |
Research and Development Expense, Total | 575,092 | 736,420 |
Restatement Adjustment [Member] | ' | ' |
Reclassification Adjustment [Line Items] | ' | ' |
General and Administrative | ' | 481,698 |
Research and Development Expense, Total | $481,698 | ' |
CONVERTIBLE_NOTES_PAYABLE_Sche
CONVERTIBLE NOTES PAYABLE: Schedule of convertible notes payable (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | ||
Extinguishment of Debt [Line Items] | ' | ' | ||
Total convertible notes | $0 | $955,000 | ||
Less: note discount | 0 | -374,592 | ||
Convertible notes payable, net of note discount | 0 | 580,408 | ||
Subordinated Unsecured Convertible Notes Payable Interest At Six Percent Per Annum Payable Quarterly [Member] | ' | ' | ||
Extinguishment of Debt [Line Items] | ' | ' | ||
Subordinated unsecured convertible notes payable, interest at 6% per annum payable quarterly | 0 | [1] | 625,000 | [1] |
Convertible Notes Payable [Member] | ' | ' | ||
Extinguishment of Debt [Line Items] | ' | ' | ||
Convertible notes payable | 0 | [2] | 330,000 | [2] |
Less: note discount | ($113,341) | ' | ||
[1] | On February 7, 2012, the Company entered into a Subscription Agreement (the bSubscription Agreementb) with one investor in a private placement, pursuant to which such investor purchased an aggregate of (i) 625,000 shares of common stock at a purchase price of $1.00 per share and (ii) convertible debentures with an aggregate principal amount of $625,000 convertible into a total of 693,774 shares of our common stock at prices ranging from $0.65 to $1.25, in five tranches over a 12 month period beginning on March 1, 2012, for proceeds to us of $250,000 per tranche. The conversion price of the common stock underlying each of the convertible debentures is subject to adjustment upon a reclassification or other change in the Companybs outstanding common stock and certain distributions to all holders of the Companybs common stock. The entire principal balance of each debenture was due and payable three years following its date of issuance unless earlier redeemed by the Company in accordance with its terms. Each of these convertible debentures accrued interest at the rate of 6.0% per annum, payable semi-annually in arrears on June 30 and December 31 of each year. During the year ending March 31, 2014, the aggregate accrued interest due on these convertible debentures of $37,501 was converted into 43,370 shares of the Companybs common stock based on the conversion rates of the five tranches of these convertible debentures ranging from $0.65 to $1.25 per share. As of March 31, 2014, all $625,000 of these convertible debentures had been converted into 693,773 shares of our common stock. Upon the issuance of the convertible notes under the Subscription Agreement, the market price of our common shares was in excess of the conversion price, creating a beneficial conversion feature of $177,404 upon issuance in March 2012, representing the amount by which the value of the shares into which the notes are convertible exceeded the aggregate conversion price on the date of issuance. The beneficial conversion feature was recorded as a discount to the notes payable and was being amortized over the life of the notes. During the year ended March 31, 2014, the Company recognized interest expense of $113,341 relating to the amortization of the remaining unamortized debt discount as all of the notes were converted into shares of our common stock. | |||
[2] | On October 29, 2012, we entered into a Securities Purchase Agreement with two investors providing for the issuance and sale of an aggregate of $500,000 in convertible debentures and warrants to purchase 1,000,000 shares of our common stock, for proceeds to us of $500,000. The financing closed on November 1, 2012. After deducting for fees and expenses, the aggregate net proceeds from the sale of the debentures and warrants was $445,000. The convertible debentures were non-interest bearing and would have matured on November 1, 2014. The convertible debentures were convertible at the investorsb option into shares of the Companybs common stock at an initial conversion price of $0.50 per share, subject to adjustment upon a reclassification or other change in the Companybs outstanding common stock and certain distributions to all holders of the Companybs common stock. The Company analyzed the conversion feature of the convertible debentures and determined that they called for a fixed number of shares upon their conversion, and were indexed to the Companybs own stock, and were therefore, not subject to derivative accounting. The Company also analyzed whether a beneficial conversion feature existed at the date of issuance of the convertible debentures and determined that no beneficial conversion feature existed on the conversion feature of the convertible debentures upon issuance date as their conversion price equaled the market price of the Companybs stock. During the year ended March 31, 2013, $170,000 of the debentures were converted into 377,778 shares of common stock, and the remaining balance due on these debentures at March 31, 2013 was $330,000. All of the $330,000 remaining balance of the debentures was converted into 733,334 shares of our common stock during the fiscal year ended March 31, 2014 based on the adjusted conversion price of $0.45 per share. Each of the investors was also issued a warrant to purchase up to a number of shares of the Companybs common stock equal to 100% of the shares initially issuable to such investor upon conversion of the convertible debenture issued pursuant to the Securities Purchase Agreement, totaling up to 1,000,000 shares of common stock. The warrants had an initial exercise price of $0.70 per share, were exercisable immediately upon issuance and had a term of exercise equal to five years. The Company also issued warrants to purchase up to 80,000 shares of the Companybs common stock to its placement agent related to the financing that had an initial exercise price of $0.625 per share. On March 6, 2013, the exercise price of all the warrants was reduced to $0.50. On June 28, 2013, the exercise price of all of the warrants was further reduced to $0.34. During the year ended March 31, 2014, the investors exercised all of their warrants and acquired 1,000,000 shares of the Companybs common stock at the then-effective exercise price of $0.34 per share. As of March 31, 2014, all of the placement agentbs warrants remained outstanding. Each of the warrants included an anti-dilution provision that allows for the automatic reset of the exercise price upon any future sale of the Companybs common stock, warrants, options, convertible debt or any other equity-linked securities at an issuance, exercise or conversion price below the current exercise price of the warrants issued with the convertible debentures, provided that the exercise price shall not be reduced to less than $0.20 per share. The Company considered the current FASB guidance of bDetermining Whether an Instrument Indexed to an Entitybs Own Stockb and determined that the exercise price of the warrants was not a fixed amount because it is subject to fluctuation based on the occurrence of future offerings or events. As a result, the Company determined that the warrants were not considered indexed to the Companybs own stock and characterized the initial fair value of these warrants as a derivative liability upon issuance. The Company determined the aggregate initial fair value of the warrants issued to investors and the placement agent to be $523,458 upon issuance. These amounts were determined by management using a using a probability weighted average Black-Scholes Merton option pricing model. The total cost to the Company of the transactions related to the Securities Purchase Agreement was $578,458, which included placement fees and expenses of $55,000 and the fair value of the warrant derivative of $523,458. To account for these costs, the Company recorded a valuation discount of $500,000 upon issuance, and the incremental cost of $78,458 over the face amount of the convertible debentures was recorded as a financing cost during the year ended March 31, 2013. The Company was amortizing the valuation discount to interest expense over the life of the convertible debentures. As of March 31, 2013, the balance of the unamortized discount was $261,249. During the year ended March 31, 2014, the Company recognized interest expense of $261,249 relating to the amortization of the remaining unamortized debt discount as all of the debentures were converted into shares of our common stock. |
CONVERTIBLE_NOTES_PAYABLE_Deta
CONVERTIBLE NOTES PAYABLE (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Mar. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Feb. 07, 2012 | Mar. 31, 2012 | Feb. 07, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Feb. 07, 2012 | Feb. 07, 2012 | Feb. 07, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | |||
Warrant | subsciption agreements [Member] | subsciption agreements [Member] | Placement Agent Agreement [Member] | Placement Agent Agreement [Member] | Placement Agent Agreement [Member] | Warrant [Member] | Subordinated Unsecured Convertible Notes Payable Interest At Six Percent Per Annum Payable Semi Annually [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Minimum [Member] | Maximum [Member] | Per Tranche [Member] | Five Tranche [Member] | Five Tranche [Member] | ||||||||||
Dawson [Member] | Dawson [Member] | Warrant | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||
Extinguishment of Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common stock share amount | ' | ' | ' | ' | ' | ' | ' | 625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Convertible debenture amount | ' | ' | ' | ' | ' | ' | ' | $625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000 | ' | ' | ||
Debenture pursuant to Subscription Agreement | ' | ' | ' | ' | ' | ' | ' | 693,774 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debenture conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.65 | $1.25 | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Unamortized Discount | ' | 374,592 | ' | ' | 0 | 0 | 374,592 | ' | ' | ' | ' | ' | ' | ' | ' | 113,341 | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | $0.45 | $0.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.65 | $1.25 | ||
Fair value of beneficial conversion feature of convertible notes | ' | ' | ' | ' | ' | ' | ' | ' | 177,404 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds From Issuance Of Common Stock | ' | ' | 500,000 | ' | ' | 1,133,250 | 425,000 | ' | ' | ' | ' | ' | ' | 1,133,250 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Issuance Cost | ' | ' | ' | ' | ' | 0 | 78,458 | ' | ' | ' | ' | ' | ' | ' | ' | 78,458 | ' | ' | ' | ' | ' | ' | ||
Loan Placement Fees | ' | ' | ' | ' | ' | 55,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Derivative, Fair Value, Net | ' | 523,458 | ' | ' | 523,458 | 523,458 | 523,458 | ' | ' | ' | ' | ' | ' | 523,458 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Warrants To Purchase Of Common Stock | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Free Standing Derivative Value | ' | ' | 500,000 | ' | 500,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from Issuance or Sale of Equity | ' | ' | 445,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Conversion Shares Issuable To Purchaser Percentage | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Warrants Exercise Price | ' | $0.50 | ' | ' | ' | $0.34 | ' | ' | ' | ' | ' | ' | ' | $0.34 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Conversion of Stock, Shares Issued | ' | ' | ' | ' | 733,334 | 733,334 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debenture Outstanding Amount | ' | ' | ' | ' | ' | ' | 330,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Warrants Granted In Period | ' | ' | 1,000,000 | ' | 11,323,601 | 11,323,601 | 1,080,000 | ' | ' | ' | 294,185 | 80,000 | 80,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Warrants Granted Period In Weighted Exercise Price | 0.42 | ' | 0.7 | 0.34 | 0.5 | 0.5 | 0.5 | ' | ' | ' | 0.425 | 0.625 | 0.5 | 0.5 | ' | 0.7 | ' | ' | ' | ' | ' | ' | ||
Minimum Warrants Exercise Price | ' | ' | ' | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Conversion, Original Debt, Amount | ' | ' | ' | ' | ' | ' | 170,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Convertible Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 330,000 | [1] | ' | ' | ' | ' | ' |
Payment Of Costs Related To Purchase Agreement | ' | ' | ' | ' | ' | 578,458 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Increase, Accrued Interest | ' | ' | ' | ' | ' | 261,249 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Conversion, Converted Instrument, Shares Issued | ' | ' | ' | ' | 43,370 | 43,370 | 377,778 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock Issued During Period Value Accrued Interest | ' | ' | ' | ' | ' | $37,501 | $29,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common Par Value | ' | $0.00 | ' | ' | $0.00 | $0.00 | $0.00 | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of Common Stock To Be Issued Upon Exercise of Warrants | ' | ' | ' | ' | 1,000,000 | 3,676,472 | ' | ' | ' | ' | ' | ' | ' | 11,029,416 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Warrants Exercise Price | ' | $0.50 | ' | ' | ' | $0.34 | ' | ' | ' | ' | ' | ' | ' | $0.34 | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | On October 29, 2012, we entered into a Securities Purchase Agreement with two investors providing for the issuance and sale of an aggregate of $500,000 in convertible debentures and warrants to purchase 1,000,000 shares of our common stock, for proceeds to us of $500,000. The financing closed on November 1, 2012. After deducting for fees and expenses, the aggregate net proceeds from the sale of the debentures and warrants was $445,000. The convertible debentures were non-interest bearing and would have matured on November 1, 2014. The convertible debentures were convertible at the investorsb option into shares of the Companybs common stock at an initial conversion price of $0.50 per share, subject to adjustment upon a reclassification or other change in the Companybs outstanding common stock and certain distributions to all holders of the Companybs common stock. The Company analyzed the conversion feature of the convertible debentures and determined that they called for a fixed number of shares upon their conversion, and were indexed to the Companybs own stock, and were therefore, not subject to derivative accounting. The Company also analyzed whether a beneficial conversion feature existed at the date of issuance of the convertible debentures and determined that no beneficial conversion feature existed on the conversion feature of the convertible debentures upon issuance date as their conversion price equaled the market price of the Companybs stock. During the year ended March 31, 2013, $170,000 of the debentures were converted into 377,778 shares of common stock, and the remaining balance due on these debentures at March 31, 2013 was $330,000. All of the $330,000 remaining balance of the debentures was converted into 733,334 shares of our common stock during the fiscal year ended March 31, 2014 based on the adjusted conversion price of $0.45 per share. Each of the investors was also issued a warrant to purchase up to a number of shares of the Companybs common stock equal to 100% of the shares initially issuable to such investor upon conversion of the convertible debenture issued pursuant to the Securities Purchase Agreement, totaling up to 1,000,000 shares of common stock. The warrants had an initial exercise price of $0.70 per share, were exercisable immediately upon issuance and had a term of exercise equal to five years. The Company also issued warrants to purchase up to 80,000 shares of the Companybs common stock to its placement agent related to the financing that had an initial exercise price of $0.625 per share. On March 6, 2013, the exercise price of all the warrants was reduced to $0.50. On June 28, 2013, the exercise price of all of the warrants was further reduced to $0.34. During the year ended March 31, 2014, the investors exercised all of their warrants and acquired 1,000,000 shares of the Companybs common stock at the then-effective exercise price of $0.34 per share. As of March 31, 2014, all of the placement agentbs warrants remained outstanding. Each of the warrants included an anti-dilution provision that allows for the automatic reset of the exercise price upon any future sale of the Companybs common stock, warrants, options, convertible debt or any other equity-linked securities at an issuance, exercise or conversion price below the current exercise price of the warrants issued with the convertible debentures, provided that the exercise price shall not be reduced to less than $0.20 per share. The Company considered the current FASB guidance of bDetermining Whether an Instrument Indexed to an Entitybs Own Stockb and determined that the exercise price of the warrants was not a fixed amount because it is subject to fluctuation based on the occurrence of future offerings or events. As a result, the Company determined that the warrants were not considered indexed to the Companybs own stock and characterized the initial fair value of these warrants as a derivative liability upon issuance. The Company determined the aggregate initial fair value of the warrants issued to investors and the placement agent to be $523,458 upon issuance. These amounts were determined by management using a using a probability weighted average Black-Scholes Merton option pricing model. The total cost to the Company of the transactions related to the Securities Purchase Agreement was $578,458, which included placement fees and expenses of $55,000 and the fair value of the warrant derivative of $523,458. To account for these costs, the Company recorded a valuation discount of $500,000 upon issuance, and the incremental cost of $78,458 over the face amount of the convertible debentures was recorded as a financing cost during the year ended March 31, 2013. The Company was amortizing the valuation discount to interest expense over the life of the convertible debentures. As of March 31, 2013, the balance of the unamortized discount was $261,249. During the year ended March 31, 2014, the Company recognized interest expense of $261,249 relating to the amortization of the remaining unamortized debt discount as all of the debentures were converted into shares of our common stock. |
EQUITY_Details
EQUITY (Details) (USD $) | 1 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | 81 Months Ended | ||
Dec. 31, 2013 | Oct. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Warrant | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Warrants Granted In Period | ' | 1,000,000 | ' | ' | 11,323,601 | 1,080,000 | ' |
Proceeds From Issuance Of Common Stock | ' | $500,000 | ' | ' | 1,133,250 | $425,000 | ' |
Warrants Granted Period In Weighted Exercise Price | 0.42 | 0.7 | ' | 0.34 | 0.5 | 0.5 | ' |
Stock Issued During Period, Value, Issued For Noncash Considerations | ' | ' | ' | ' | 1,249,025 | 0 | 1,249,025 |
Number of Common Stock To Be Issued Upon Exercise of Warrants | ' | ' | ' | ' | 3,676,472 | ' | ' |
Minimum Warrants Exercise Price | ' | ' | ' | $0.20 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | ' | ' | 750,000 | ' | ' | ' | ' |
Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock and Warrants Issued During Period, Share, Preferred Stock and Warrants | ' | ' | ' | ' | 3,676,472 | ' | ' |
Number of Common Stock To Be Issued Upon Exercise of Warrants | ' | ' | ' | ' | 11,029,416 | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | ' | ' | ' | ' | 1,427,107 | 877,778 | ' |
Warrant [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Payments of Financing Costs, Total | ' | ' | ' | ' | 116,750 | ' | ' |
Proceeds From Issuance Of Common Stock | ' | ' | ' | ' | 1,133,250 | ' | ' |
Warrants Granted Period In Weighted Exercise Price | ' | ' | ' | ' | 0.5 | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Gross | ' | ' | ' | ' | 33,876 | ' | ' |
Stock Issued During Period, Value, Issued For Noncash Considerations | ' | ' | ' | ' | 1,249,025 | ' | ' |
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | ' | ' | ' | ' | 115,775 | ' | ' |
Number of Common Stock To Be Issued Upon Exercise of Warrants | ' | ' | ' | ' | 11,029,416 | ' | ' |
Minimum Warrants Exercise Price | ' | ' | ' | ' | 0.2 | ' | ' |
Warrant One [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Warrants Granted Period In Weighted Exercise Price | ' | ' | ' | ' | 0.4 | ' | ' |
Warrant Two [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Warrants Granted Period In Weighted Exercise Price | ' | ' | ' | ' | 0.5 | ' | ' |
Warrant Three [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Warrants Granted Period In Weighted Exercise Price | ' | ' | ' | ' | 0.6 | ' | ' |
Placement Agent Agreement [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Warrants Granted In Period | ' | ' | ' | ' | 294,185 | ' | ' |
Warrants Granted Period In Weighted Exercise Price | ' | ' | ' | ' | 0.425 | ' | ' |
Unvested Issued Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Unvested Issued Common Stock | ' | ' | 123,786 | ' | 123,786 | ' | 123,786 |
Stock Incentive Plan 2012 [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Fair Value | ' | ' | ' | ' | 189,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | ' | ' | ' | ' | 100,000 | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | ' | ' | ' | ' | 9,910 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | ' | ' | 26,090 | ' | 26,090 | ' | 26,090 |
Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value | ' | ' | ' | ' | 36,000 | ' | ' |
employees and a director [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | 700,000 | ' | ' |
Subscription Agreement [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period Shares Conversion Of Convertible Securities Per Share | ' | ' | ' | ' | 0.34 | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | ' | ' | ' | ' | 1,250,000 | ' | ' |
STOCK_OPTIONS_Purchase_common_
STOCK OPTIONS: Purchase common shares (Details) (USD $) | 1 Months Ended | 5 Months Ended | 12 Months Ended | |
Nov. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares, Balance | ' | ' | 2,275,000 | 2,100,000 |
Shares, Granted | ' | ' | 4,225,000 | 2,025,000 |
Shares, Exercised | -500,000 | -750,000 | -1,250,000 | -1,750,000 |
Shares, Cancelled | ' | ' | -100,000 | -100,000 |
Shares, Balance | ' | 5,150,000 | 5,150,000 | 2,275,000 |
Shares, Ending exercisable | ' | 4,291,670 | 4,291,670 | ' |
Weighted Average Exercise Price, Balance | ' | ' | $0.16 | $0.10 |
Weighted Average Exercise Price, Granted | ' | ' | ' | $0.29 |
Weighted Average Exercise Price, Balance | ' | $0.26 | $0.26 | $0.16 |
Weighted Average Exercise Price, exercisable | ' | $0.29 | $0.29 | ' |
STOCK_OPTIONS_Stock_option_act
STOCK OPTIONS: Stock option activity (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Stock Options 1 [Member] | Stock Options 2 [Member] | Stock Options 3 [Member] | Stock Option 4 [Member] | Stock Option 5 [Member] | Stock Options 6 [Member] | Stock Options 7 [Member] | Stock Options 8 [Member] | Stock Options 9 [Member] | Stock Options 10 [Member] | Vested 1 [Member] | Vested 2 [Member] | Vested 3 [Member] | Vested 4 [Member] | Vested 5 [Member] | Vested 6 [Member] | Vested 7 [Member] | Vested 8 [Member] | Vested 9 [Member] | Vested 10 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options Outstanding | 5,150,000 | 2,275,000 | 2,100,000 | 1,350,000 | 200,000 | 750,000 | 300,000 | 100,000 | 1,600,000 | 25,000 | 100,000 | 125,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price, Options Outstanding | $0.26 | $0.16 | $0.10 | $0.10 | $0.27 | $0.32 | $0.35 | $0.36 | $0.40 | $0.42 | $0.44 | $0.47 | $0.51 | $0.10 | $0.27 | $0.32 | $0.35 | $0.36 | $0.40 | $0.42 | $0.44 | $0.47 | $0.51 |
Weighted Average Grant-Date Stock Price, Options Outstanding | ' | ' | ' | $1 | $0.27 | $0.32 | $0.35 | $0.36 | $0.40 | $0.42 | $0.44 | $0.47 | $0.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,350,000 | 141,666 | 750,000 | 200,000 | 16,670 | 1,600,000 | 8,334 | 25,000 | 0 | 200,000 |
Weighted Average Grant-Date Stock Price, Vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | $0.27 | $0.32 | $0.35 | $0.36 | $0.40 | $0.42 | $0.44 | $0.47 | $0.51 |
Option Shares, Ending exercisable | 4,291,670 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
STOCK_OPTIONS_Details
STOCK OPTIONS (Details) (USD $) | 1 Months Ended | 5 Months Ended | 12 Months Ended | |
Nov. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Weighted Average Remaining Vesting Period | ' | ' | '2 years | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period | 500,000 | 750,000 | 1,250,000 | 1,750,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $0.32 | ' | ' | $0.28 |
Proceeds From Stock Options Exercised | ' | ' | $185,998 | $213,000 |
Professional Fees | 140,000 | ' | ' | 196,000 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | ' | ' | 4,225,000 | 2,025,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | 0.00% | ' |
Total Stock Based Compensation | ' | ' | 1,178,245 | 801,643 |
Unamortized Cost Stock Awards | ' | ' | 290,332 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | ' | 553,000 | 553,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | ' | 750,000 | ' | ' |
Employees [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | '7 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total | ' | ' | 225,000 | ' |
Consultants [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period | ' | ' | ' | 700,000 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | ' | ' | 4,000,000 | ' |
Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | ' | ' | 0.63% | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | ' | $0.10 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | '3 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | ' | ' | 78.74% | ' |
Minimum [Member] | Consultants [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | '3 years | ' |
Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | ' | ' | 3.04% | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | ' | $0.32 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | '10 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | ' | ' | 92.15% | ' |
Maximum [Member] | Consultants [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | '5 years | ' |
Stock Incentive Plan 2012 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Proceeds From Stock Options Exercised | ' | ' | ' | $213,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | ' | ' | 100,000 | ' |
Stock Incentive Plan 2012 [Member] | Options Exercises1 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period | ' | ' | ' | 450,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | ' | ' | ' | $0.10 |
Stock Incentive Plan 2012 [Member] | Options Exercises2 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period | ' | ' | ' | 600,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | ' | ' | ' | $0.28 |
WARRANTS_Warrants_to_purchase_
WARRANTS: Warrants to purchase common Stock issued (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' |
Shares, Balance | ' | ' | 1,080,000 | 1,080,000 | 0 |
Shares, Granted | ' | 1,000,000 | ' | 11,323,601 | 1,080,000 |
Shares, Exercised | ' | ' | ' | -4,676,472 | 0 |
Shares, Cancelled | ' | ' | ' | ' | 0 |
Shares, Balance | ' | ' | ' | 7,727,129 | 1,080,000 |
Shares, exercisable | ' | ' | ' | 7,727,129 | ' |
Weighted Average Exercise Price, Balance | ' | ' | 0.5 | 0.5 | 0 |
Weighted Average Exercise Price, Granted | 0.42 | 0.7 | 0.34 | 0.5 | 0.5 |
Weighted Average Exercise Price, Exercised | ' | ' | ' | $0.41 | ' |
Weighted Average Exercise Price, Cancelled | ' | ' | ' | ' | $0 |
Weighted Average Exercise Price Balance | ' | ' | ' | 0.41 | 0.5 |
Weighted Average exercisable Balance | ' | ' | ' | $0.41 | ' |
WARRANTS_Details
WARRANTS (Details) (USD $) | 1 Months Ended | 2 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Mar. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Shares, Granted | ' | ' | 1,000,000 | ' | ' | 11,323,601 | 1,080,000 |
Warrants Granted Period In Weighted Exercise Price | 0.42 | ' | 0.7 | ' | 0.34 | 0.5 | 0.5 |
Warrants Exercise Price | ' | $0.50 | ' | ' | ' | $0.34 | ' |
Number of Common Stock To Be Issued Upon Exercise of Warrants | ' | ' | ' | ' | ' | 1,000,000 | ' |
Warrants Exercised | 3,362,472 | ' | ' | 314,000 | ' | ' | ' |
Aggregate Intrinsic Value Of Warrants Outstanding | ' | ' | ' | ' | ' | $42,365 | ' |
Proceeds from Warrant Exercises | ' | ' | ' | 157,000 | ' | ' | ' |
Cost Of Warrant Modification | ' | ' | ' | ' | ' | 344,835 | 0 |
Fair Value Of Warrants Exercise | ' | ' | ' | ' | ' | 359,731 | ' |
Series B Warrants [Member] | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Cost Of Warrant Modification | ' | ' | ' | ' | ' | 109,503 | ' |
Exercise Of Warrants Value | ' | ' | ' | ' | ' | 3,676,472 | ' |
Series C Warrants [Member] | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Cost Of Warrant Modification | ' | ' | ' | ' | ' | 235,332 | ' |
Warrants Expiration Date | ' | ' | ' | ' | ' | '2014-09-30 | ' |
Warrant One [Member] | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Shares, Granted | ' | ' | ' | ' | 109,503 | ' | ' |
Warrants Granted Period In Weighted Exercise Price | ' | ' | ' | ' | ' | 0.4 | ' |
Number of Common Stock To Be Issued Upon Exercise of Warrants | ' | ' | ' | ' | ' | 3,676,472 | ' |
Warrant Two [Member] | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Warrants Granted Period In Weighted Exercise Price | ' | ' | ' | 0.5 | ' | 0.5 | ' |
Warrant Three [Member] | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Warrants Granted Period In Weighted Exercise Price | ' | ' | ' | ' | ' | 0.6 | ' |
Warrant [Member] | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Warrants Granted Period In Weighted Exercise Price | ' | ' | ' | ' | ' | 0.5 | ' |
Warrants Exercise Price | ' | ' | ' | ' | ' | $0.34 | ' |
Number of Common Stock To Be Issued Upon Exercise of Warrants | ' | ' | ' | ' | ' | 11,029,416 | ' |
Warrants Exercised | ' | ' | ' | ' | ' | 1,000,000 | ' |
Proceeds from Warrant Exercises | ' | ' | ' | ' | ' | $340,000 | ' |
Placement Agent Agreement [Member] | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Shares, Granted | ' | ' | ' | ' | ' | 294,185 | ' |
Warrants Granted Period In Weighted Exercise Price | ' | ' | ' | ' | ' | 0.425 | ' |
Placement Agent Agreement [Member] | Dawson [Member] | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Shares, Granted | ' | ' | ' | ' | ' | 80,000 | 80,000 |
Warrants Granted Period In Weighted Exercise Price | ' | ' | ' | ' | ' | 0.625 | 0.5 |
DERIVATIVE_LIABILITY_weighted_
DERIVATIVE LIABILITY: weighted average pricing model (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Exercise Price | ' | $0.50 |
Stock Price | $0.41 | $0.45 |
Risk-free interest rate | ' | 0.25% |
Expected volatility | 92.15% | 123.68% |
Expected life (in years) | ' | '4 years 6 months |
Expected dividend yield | 0.00% | 0.00% |
Fair value of Derivative Liability | $1,438,814 | $398,603 |
Modification [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Exercise Price | $0.42 | ' |
Expected dividend yield | 0.00% | ' |
Fair value of Derivative Liability | 344,835 | ' |
Upon Issuance [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Stock Price | $0.35 | ' |
Risk-free interest rate | 2.52% | ' |
Expected volatility | 78.70% | ' |
Expected dividend yield | 0.00% | ' |
Fair value of Derivative Liability | $1,249,025 | ' |
Maximum [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Exercise Price | $0.42 | ' |
Risk-free interest rate | 1.73% | ' |
Expected life (in years) | '4 years 3 months | ' |
Maximum [Member] | At Date of Issuance [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Exercise Price | $0.60 | ' |
Expected life (in years) | '5 years | ' |
Maximum [Member] | Modification [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Stock Price | $0.52 | ' |
Risk-free interest rate | 0.07% | ' |
Expected volatility | 92.15% | ' |
Expected life (in years) | '6 months | ' |
Minimum [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Exercise Price | $0.34 | ' |
Risk-free interest rate | 0.07% | ' |
Expected life (in years) | '6 months | ' |
Minimum [Member] | At Date of Issuance [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Exercise Price | $0.40 | ' |
Expected life (in years) | '6 months | ' |
Minimum [Member] | Modification [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Stock Price | $0.44 | ' |
Risk-free interest rate | 0.02% | ' |
Expected volatility | 78.70% | ' |
Expected life (in years) | '22 days | ' |
DERIVATIVE_LIABILITY_Details
DERIVATIVE LIABILITY (Details) (USD $) | 12 Months Ended | 81 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Fair value of Derivative Liability | $1,438,814 | $398,603 | $1,438,814 |
Change in fair value of derivative liability | 193,915 | 124,855 | ' |
Fair value of warrants issued with common stock recorded as derivative liability | 1,249,025 | 0 | 1,249,025 |
Fair Value Of Warrants Exercise | 359,731 | ' | ' |
Derivative, Fair Value, Net | 523,458 | 523,458 | 523,458 |
Modification [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Fair value of Derivative Liability | $344,835 | ' | $344,835 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | Mar. 31, 2014 |
Operating Loss Carryforwards [Line Items] | ' |
Net operating loss carry forwards | $8,326,859 |
RELATED_PARTY_TRANSACTIONS_AND1
RELATED PARTY TRANSACTIONS AND LEASE OBLIGATIONS (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Aug. 20, 2012 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Aug. 22, 2012 |
Sutter Buttes Llc [Member] | Sutter Lease [Member] | Carlson Lease [Member] | Carlson Lease [Member] | Sacramento Lease [Member] | ||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Land lease agreement, aggregate rent amount | $156,400 | $148,750 | $1,000 | ' | ' | ' | ' | ' |
Payments for Rent | ' | ' | ' | 250,000 | 250,000 | ' | ' | ' |
Operating Leases, Rent Expense | ' | ' | ' | ' | 125,000 | ' | ' | ' |
Due from Related Parties | ' | ' | ' | ' | 10,413 | ' | ' | ' |
Security deposit | ' | ' | ' | ' | ' | ' | 1,500 | 1,000 |
Monthly Payments For Rent | ' | ' | ' | ' | ' | $2,300 | ' | ' |
Lease Agreement Expiry Term | ' | ' | ' | ' | '24 months | ' | ' | ' |
COMMITMENTS_Details
COMMITMENTS (Details) (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies [Line Items] | ' |
Initial Term Of Patents License Agreement | '10 years |
Cash Fees And Payable For Patents License Agreement | $50,000 |
Percentage Of Royalties On Sale Price Of Products | 0.50% |
Minimum Annual Royalty | 10,000 |
Proceeds From Patent Prosecution Cost | $50,000 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 1 Months Ended | 5 Months Ended | 12 Months Ended | |
Nov. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Proceeds From Stock Options Exercised | ' | ' | $185,998 | $213,000 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period | 500,000 | 750,000 | 1,250,000 | 1,750,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $0.32 | ' | ' | $0.28 |
Professional Fees | 140,000 | ' | ' | 196,000 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | ' | ' | 4,225,000 | 2,025,000 |
Common Stock [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period | ' | ' | 1,250,000 | 1,750,000 |
Stock Incentive Plan 2012 [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Proceeds From Stock Options Exercised | ' | ' | ' | 213,000 |
Subsequent Event [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Proceeds From Stock Options Exercised | ' | ' | 5,000 | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period | ' | ' | 50,000 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | ' | ' | $0.10 | ' |
Stock Issued During Period, Shares, Issued for Services | ' | ' | 224,047 | ' |
Professional Fees | ' | ' | 94,100 | ' |
Proceeds from Related Party Debt | ' | ' | $50,000 | ' |
Subsequent Event [Member] | Common Stock [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | ' | ' | 150,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '3 years | ' |
Subsequent Event [Member] | Restricted Common Stock [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | ' | ' | 100,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '2 years | ' |