Scio Diamond Technology 10-K 29 Jun 15 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2015	Jun. 23, 2015	Sep. 30, 2014
Document Information [Line Items]
Entity Registrant Name	Scio Diamond Technology Corp
Entity Central Index Key	1,488,934
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	SCIO
Entity Common Stock, Shares Outstanding		57,516,499
Document Type	10-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 20,002,182

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Current Assets:
Cash and cash equivalents	$ 767,214	$ 47,987
Accounts receivable	243,929	42,085
Other receivables	0	89,192
Deferred contract costs	179,969	0
Inventory	295,760	152,817
Prepaid expenses	57,012	79,078
Prepaid rent	23,050	23,050
Total current assets	1,566,934	434,209
Property, plant and equipment
Facility	904,813	899,499
Manufacturing equipment	2,927,761	3,171,656
Other equipment	71,059	71,059
Construction in progress	207,252	0
Total property, plant and equipment	4,110,885	4,142,214
Less accumulated depreciation	(1,543,652)	(1,029,212)
Net property, plant and equipment	2,567,233	3,113,002
Intangible assets, net	8,047,948	9,240,640
Prepaid rent, noncurrent	19,238	42,288
Investment in joint venture - RCDC	30,041	0
Other assets	0	20,000
TOTAL ASSETS	12,231,394	12,850,139
Current Liabilities:
Notes payable	0	1,412,060
Accounts payable	708,760	671,782
Customer deposits	38,603	179,610
Deferred revenue	215,375	0
Accrued expenses	517,942	573,126
Total current liabilities	1,480,680	2,836,578
Notes payable, non-current	2,500,000	0
Other liabilities	118,092	84,144
TOTAL LIABILITIES	4,098,772	2,920,722
Common stock, $0.001 par value, 75,000,000 shares authorized; 56,531,499 and 50,739,312 shares issued and outstanding at March 31, 2015 and 2014, respectively	56,532	50,739
Additional paid-in capital	26,815,005	24,476,940
Accumulated deficit	(18,738,915)	(14,597,262)
Treasury stock, no and 1,000,000 shares at March 31, 2015 and 2014, respectively	0	(1,000)
Total stockholders’ equity	8,132,622	9,929,417
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 12,231,394	$ 12,850,139

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2015	Mar. 31, 2014
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	56,531,499	50,739,312
Common Stock, Shares, Outstanding	56,531,499	50,739,312
Treasury stock, shares	0	1,000,000

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenue
Product revenue, net	$ 351,193	$ 793,341
Licensing revenue	375,000	625,000
Revenues, net	726,193	1,418,341
Cost of goods sold
Cost of goods sold	1,497,465	2,321,534
Gross margin (deficit)	(771,272)	(903,193)
General and administrative expenses
Professional and consulting fees	566,154	1,272,212
Salaries and benefits	821,272	723,805
Rent, equipment lease and facilities expense	145,252	150,502
Marketing costs	59,727	49,216
Depreciation and amortization	798,477	799,928
Corporate general and administrative	345,263	379,552
Forgiveness of legal accounts payable	(165,453)	0
Loss on impairment of in-process research and development	418,065	0
Loss on disposal of equipment	182,609	129,308
Loss on impairment of fixed assets	0	381,798
Total general and administrative expenses	3,171,366	3,886,321
Loss from operations	(3,942,638)	(4,789,514)
Other income (expense)
Income from joint venture - RCDC	29,041	0
Interest expense	(228,056)	(161,439)
Net loss	$ (4,141,653)	$ (4,950,953)
Basic:
Weighted average number of shares outstanding (in shares)	53,025,462	49,548,045
Loss per share (in dollars per share)	$ (0.08)	$ (0.10)
Fully diluted:
Weighted average number of shares outstanding (in shares)	53,025,462	49,548,045
Loss per share (in dollars per share)	$ (0.08)	$ (0.10)

STATEMENTS OF CASH FLOW

STATEMENTS OF CASH FLOW - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	$ (4,141,653)	$ (4,950,953)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,476,916	1,574,418
Loss on disposal of equipment	182,609	129,308
Loss on impairment of fixed assets	0	381,798
Loss on impairment of in-process research and development	418,065	0
Expense for stock and inventory issued in exchange for operating expenses	77,858	421,496
Income from joint venture - RCDC	(29,041)	0
Employee stock based compensation	155,000	193,150
Inventory write down	68,722	100,557
Changes in assets and liabilities:
Decrease in accounts receivable	13,531	26,957
Decrease/(increase) in other receivables	89,192	(89,192)
Decrease/(increase) in prepaid expenses, rent and other assets	(37,517)	44,260
Decrease/(increase) in inventory	(291,634)	258,127
Increase in accounts payable	36,978	386,131
(Decrease)/increase in customer deposits	(141,007)	179,610
Decrease in accrued expenses	(43,184)	(54,436)
Increase in other liabilities	33,948	33,949
Net cash used in operating activities	(2,131,217)	(1,364,820)
Cash flows from investing activities:
Purchase of property, plant and equipment	(236,496)	(71,889)
Investment in joint venture - RCDC	(1,000)	0
Net cash used in investing activities	(237,496)	(71,889)
Cash flows from financing activities:
Proceeds from sale of common stock - net of fees	2,000,000	129
Proceeds from notes payable	2,653,615	1,412,060
Finance charges paid on note payable	0	(150,750)
Payments on notes payable	(1,565,675)	0
Net cash provided by financing activities	3,087,940	1,261,439
Change in cash and cash equivalents	719,227	(175,270)
Cash and cash equivalents, beginning of period	47,987	223,257
Cash and cash equivalents, end of period	767,214	47,987
Cash paid during the year for:
Interest	84,165	18,874
Income taxes	0	0
Non-cash investing and financing activities:
Payment of accounts payable and accrued expenses with common stock	112,000	81,761
Manufacturing equipment transferred to assets held for sale	$ 0	$ 20,000

STATEMENT OF SHAREHOLDERS' EQUI

STATEMENT OF SHAREHOLDERS' EQUITY - USD ($)	Total	Common Stock	Additional Paid in Capital	Treasury Stock	Accumulated Deficit
Balance at Mar. 31, 2013	$ 14,189,906	$ 47,737	$ 23,789,478	$ (1,000)	$ (9,646,309)
Balance (in Shares) at Mar. 31, 2013		47,736,812		(1,000,000)
Common stock issued in exchange for consulting services	319,200	$ 1,002	318,198	$ 0	0
Common stock issued in exchange for consulting services (in shares)		1,002,500		0
Common stock issued in exchange for past legal services	164,000	$ 1,000	163,000	$ 0	0
Common stock issued in exchange for past legal services (in shares)		1,000,000		0
Administrative fee received for previous stock issuance	129	$ 0	129	$ 0	0
Common stock issued for indemnification of legal settlement	0	$ 1,000	(1,000)	$ 0	0
Common stock issued for indemnification of legal settlement (in shares)		1,000,000		0
Employee stock based compensation	193,150	$ 0	193,150	$ 0	0
Employee stock based compensation (in shares)		0		0
Increase (Decrease) in Stockholders' Equity
Warrants issued in exchange for consulting services	13,985	$ 0	13,985	$ 0	0
Net loss	(4,950,953)	0	0	0	(4,950,953)
Ending Balance at Mar. 31, 2014	9,929,417	$ 50,739	24,476,940	$ (1,000)	(14,597,262)
Ending Balance (in Shares) at Mar. 31, 2014		50,739,312		(1,000,000)
Common stock issued in exchange for operating expenses and inventory	177,858	$ 559	177,299	$ 0	0
Common stock issued in exchange for operating expenses and inventory (in shares)		558,856		0
Common stock issued in exchange for past consulting services	12,000	$ 50	11,950	$ 0	0
Common stock issued in exchange for past consulting services (in shares)		50,000		0
Retirement of treasury stock	0	$ (1,000)	0	$ 1,000	0
Retirement of treasury stock (in shares)		(1,000,000)		1,000,000
Common stock issued for cash @ $0.30 per share	2,000,000	$ 6,667	1,993,333	$ 0	0
Common stock issued for cash @ $0.30 per share (in shares)		6,666,664		0
Common stock returned to Company and cancelled	0	$ (1,000)	1,000	$ 0	0
Common stock returned to Company and cancelled (in shares)		(1,000,000)		0
Employee stock based compensation	155,000	$ 517	154,483	$ 0	0
Employee stock based compensation (in shares)		516,667		0
Increase (Decrease) in Stockholders' Equity
Net loss	(4,141,653)	$ 0	0	$ 0	(4,141,653)
Ending Balance at Mar. 31, 2015	$ 8,132,622	$ 56,532	$ 26,815,005	$ 0	$ (18,738,915)
Ending Balance (in Shares) at Mar. 31, 2015		56,531,499		0

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Business Scio Diamond Technology Corporation (referred to herein as the “Company”, “we”, “us” or “our”) was incorporated under the laws of the State of Nevada as Krossbow Holding Corp. on September 17, 2009. The Company’s focus is on man-made diamond technology development and commercialization. The Company has generated little revenue to date and consequently its operations are subject to all risks inherent in the establishment and commercial launch of a new business enterprise. These factors raise substantial doubt about the Company’s ability to continue as a going concern. During the year ended March 31, 2015, management has responded to these circumstances by taking the following actions: ⋅ Raised $ 2 ⋅ Raised $ 2.5 ⋅ Established a joint venture with Renaissance Diamonds, Inc. focused on the creation of recipes and procedures to develop, market, and sell lab-grown fancy-colored diamonds; and ⋅ Enhanced efforts on expanding and optimizing production of existing manufacturing capabilities. The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, provision for doubtful accounts, sales returns, provision for inventory obsolescence, fair value of acquired intangible assets, useful lives of intangible assets and property and equipment, employee stock options, and contingencies and litigation, among others. The Company generally bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts recorded could differ materially from those estimates In accordance with Accounting Standards Codification (“ASC”) 323, Investments—Equity Method and Joint Ventures 20 50 The carrying value of cash and cash equivalents, accounts receivable, accounts payable and notes payable approximate their fair value due to the short-term nature of these instruments Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with an original maturity of three months or less when purchased to be cash equivalents. At March 31, 2015 and 2014, the Company held no cash equivalents. Net loss per share is presented under two formats: basic net loss per common share, which is computed using the weighted average number of common shares outstanding during the period, and diluted net loss per common share, which is computed using the weighted average number of common shares outstanding, and the weighted average dilutive potential common shares outstanding, computed using the treasury stock method. Currently, for all periods presented, diluted net loss per share is the same as basic net loss per share as the inclusion of weighted average shares of common stock issuable upon the exercise of options and warrants would be anti-dilutive. March 31, 2015 2014 Common stock options and warrants 5,799,295 9,609,295 An allowance for uncollectible accounts receivable is maintained for estimated losses from customers’ failure to make payment on accounts receivable due to the Company. Management determines the estimate of the allowance for uncollectible accounts receivable by considering a number of factors, including: (1) historical experience, (2) aging of accounts receivable and (3) specific information obtained by the Company on the financial condition and the current credit worthiness of its customers. The Company also maintains a provision for estimated returns and allowances based upon historical experience. The Company has determined that an allowance was not necessary at March 31, 2015 or 2014. As of March 31, 2014, the Company considered a pending insurance settlement over the actions of a Company supplier of $ 89,192 Inventories are stated at the lower of average cost or market. The carrying value of inventory is reviewed and adjusted based upon slow moving and obsolete items. Inventory costs include material, labor, and manufacturing overhead and are determined by the “first-in, first-out” (FIFO) method. March 31, March 31, 2015 2014 Raw materials and supplies $ 58,390 $ 35,543 Work in process 31,371 25,611 Finished goods 205,999 91,663 $ 295,760 $ 152,817 During the first fiscal quarter of the fiscal year ended March 31, 2015, we experienced selling prices that were lower than cost and as a result recorded a lower of cost or market write down of $ 68,722 During the fiscal year ended March 31, 2014, the Company recorded a lower of cost or market write down to inventory of $ 100,557 Machinery and equipment 3–15 Furniture and fixtures 3–10 Engineering equipment 5–12 Leasehold improvements which are included in facility fixed assets on the balance sheet are depreciated over the lesser of the remaining term of the lease or the life of the asset (generally three to seven years). Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Manufacturing equipment was placed into service beginning July 1, 2012. The Company incurred total depreciation expense of $ 619,656 700,690 During the fiscal year ended March 31, 2015, the Company disposed of assets held for sale of $ 20,000 162,609 129,308 381,798 Intangible assets, such as acquired in-process research and development costs, are considered to have an indefinite useful life until such time as they are put into service at which time they will be amortized on a straight-line basis over the shorter of their economic or legal useful life. Management evaluates indefinite life intangible assets for impairment on an annual basis and on an interim basis if events or changes in circumstances between annual impairment tests indicate that the asset might be impaired. The ongoing evaluation for impairment of its indefinite life intangible assets requires significant management estimates and judgment. Management reviews definite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. During the fiscal year ended March 31, 2015, management evaluated assets included in IPRD and determined that certain projects will no longer be pursued for further development resulting in an impairment charge of $ 418,065 There were no impairment charges during the fiscal year ended March 31, 2014. Income taxes are accounted for under the asset and liability method. Deferred income taxes reflect the tax consequences on future years of differences between the tax bases of assets and liabilities and their financial reporting amounts. Valuation allowances are provided against deferred tax assets when it is more likely than not that an asset will not be realized in accordance with ASC 740, Accounting for Income Taxes Management has evaluated the potential impact in accounting for uncertainties in income taxes and has determined that it has no significant uncertain income tax positions as of March 31, 2015 or 2014. Income tax returns subject to review by taxing authorities include March 31, 2010 through March 31, 2015. Stock-based compensation for the value of stock options is estimated on the date of the grant using the Black-Scholes option-pricing model. The Black-Scholes model takes into account implied volatility in the price of the Company’s stock, the risk-free interest rate, the estimated life of the equity-based award, the closing market price of the Company’s stock on the grant date and the exercise price. The estimates utilized in the Black-Scholes calculation involve inherent uncertainties and the application of management judgment. During the year ended March 31, 2015 the Company had 31 10% 385,801 241,950 The Company expects this concentration of sales to RCDC to continue in the future. Revenue Recognition We recognize product revenue when persuasive evidence of an arrangement exists, delivery of products has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. For our Company, this generally means that we recognize revenue when we or our fabrication vendor has shipped finished product to the customer. Our sales terms do not allow for a right of return except for matters related to any manufacturing defects on our part. For product sales to our joint venture partners for further processing and finishing, we currently defer all revenues when products are shipped. We currently recognize revenue when the joint venture partner sells the finished goods manufactured from our materials. Licensing and development revenues are recognized in the month as detailed in appropriate licensing and development contracts. In the event that licensing funds are received prior to the contractual commitment, the Company will recognize deferred revenue (liability) for the amount received. In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment (the revised standard). Under the amendments in this updates, a company has the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that the it is more likely than not that the indefinite-lived intangible assert is impaired as a basis for determining whether it is necessary to perform the qualitative impairment test in accordance with Topic 350. The more likely than not threshold is defined as having a likely-hood of more than fifty percent. If after assessing the qualitative factors, a company determines it does not meet the more likely than not threshold, a company is required to perform the quantitative impairment test by calculating the fair value of an indefinite-lived intangible asset and comparing the fair value with the carrying amount of the asset. The Amendments in this update are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The Company adopted this new standard in the fiscal year ended March 31, 2014 and the adoption did not have a significant impact on its financial statements. In July 2013, the FASB issued ASU 2013-11, Income Taxes – Presentation of an Unrecognized Tax benefit When a Net Operation Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists Income Taxes In May 2014, the FASB issued ASU 2014-9, Revenue from Contracts with Customers (Topic 606). On May 28, 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," which affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The guidance supersedes the revenue recognition guidance in Topic 605, "Revenue Recognition", and most industry-specific guidance throughout the Industry Topics of the Codification. The guidance also supersedes some cost guidance included in Subtopic 605-35, "Revenue Recognition- Contract-Type and Production-Type Contracts". On April 1, 2015, the FASB voted to propose to defer the effective date of the pronouncement by one year. ASU 2014-9, as amended, is effective for annual periods, and interim periods within those years, beginning after December 15, 2016, or December 31, 2017, if deferred. An entity is required to apply the amendments using one of the following two methods: i) retrospectively to each prior period presented with three possible expedients: a) for completed contracts that begin and end in the same reporting period no restatement is required, b) for completed contract with variable consideration an entity may use the transaction price at completion rather than restating estimated variable consideration amounts in comparable reporting periods and c) for comparable reporting periods before date of initial application reduced disclosure requirements related to transaction price; ii) retrospectively with the cumulative effect of initially applying the amendment recognized at the date of initial application with additional disclosures for the differences of the prior guidance to the reporting periods compared to the new guidance and an explanation of the reasons for significant changes. We are required to adopt ASU 2014-09 in the first quarter of fiscal 2018, or in the first quarter of fiscal 2019, if deferred, and we are currently assessing the impact of this pronouncement on our financial statements. Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern There are currently no other accounting standards that have been issued but not yet adopted by the Company that will have a significant impact on the Company’s financial position, results of operations or cash flows upon adoption.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	NOTE 2 — INTANGIBLE ASSETS The assigned values of all patents considered in service by the Company are being amortized on a straight-line basis over the remaining effective lives of the patents. Intangible assets, such as acquired in-process research and development costs, are considered to have an indefinite useful life until such time as they are put into service at which time they will be amortized on a straight-line basis over the shorter of their economic or legal useful life. March 31, March 31, Life 2015 2014 Patents, gross 6.75 – 19.46 $ 8,135,063 $ 8,135,063 In-process research and development Indefinite 1,832,370 2,250,435 9,967,433 10,385,498 Accumulated amortization (1,919,485) (1,144,858) Net intangible assets $ 8,047,948 $ 9,240,640 During the fiscal year ended March 31, 2015, management evaluated assets included in IPRD and determined that certain projects will no longer be pursued for further development resulting in an impairment charge of $ 418,065 Total amortization expense during the years ended March 31, 2015 and 2014 was $ 774,627 775,011 Fiscal Year Ending March 31, 2016 $ 774,840 March 31, 2017 774,840 March 31, 2018 774,840 March 31, 2019 774,840 March 31, 2020 595,159 Thereafter $ 2,521,059

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTE 3 — NOTES PAYABLE On October 16, 2014, the Company entered into a Second Amendment to Loan Agreement (“Amendment No. 2”) with Platinum Capital Partners, LP (“Platinum”) to its existing loan agreement dated as of June 21, 2013 with Platinum, as modified by the First Amendment to Loan Agreement dated as of October 11, 2013 1,500,000 63,619 1,500,000 1,000,000 500,000 June 30, 2015 18 December 19, 2014 18 The loan agreement contained a number of restrictions on the Company’s business, including restrictions on its ability to merge, sell assets, create or incur liens on assets, make distributions to its shareholders and sell, purchase or lease real or personal property or other assets or equipment. The loan agreement also contains affirmative covenants and events of default. On December 16, 2014 the Company entered into a Loan Agreement (the “HGI Loan Agreement”) and a Security Agreement (the “HGI Security Agreement”) with Heritage Gemstone Investors, LLC (“HGI”) providing for a $ 2,000,000 7.25 2,000,000 4.0 Also on December 16, 2014, the Company entered into an agreement for the Sale and Lease of Growers (the “Grower Sale-Lease Agreement”) with HGI to allow for the expansion of current growers and the purchase of new growers. Pursuant to the Grower Sale-Lease Agreement, the Company agreed to a sale-leaseback arrangement for certain diamond growers produced by the Company during the term of the Grower Sale-Leaseback Agreement by which the Company will sell diamond growers to HGI and then lease the growers back from HGI. The term of the Grower Sale-Leaseback Agreement is ten years. For the new and upgraded growers, the direct profit margin generated from the growers will be split between the Company and HGI in accordance with the Grower Sale-Lease Agreement. The Grower Sale-Lease Agreement requires the Company to operate and service the growers, and requires HGI to up-fit certain existing growers and to make capital improvements to the new growers under certain circumstances. At the end of the Grower Sale-Leaseback Agreement the Company takes ownership of the leased equipment. The Company will also have the right to repurchase the leased growers upon the occurrence of certain events prior to the expiration of the Grower Sale-Leaseback Agreement. As of March 31, 2015, HGI has advanced the Company $ 300,000 In addition, HGI has advanced the Company $ 200,000 500,000

CAPITAL STOCK

CAPITAL STOCK	12 Months Ended
	Mar. 31, 2015
Equity [Abstract]
CAPITAL STOCK	The authorized capital of the Company is 75,000,000 0.001 At the request of the then Board of Directors, the Company entered into an agreement, effective April 12, 2014, with Mr. Joseph Cunningham to provide consulting services to the Company. Under this agreement, the Company agreed to provide Mr. Cunningham $ 4,000 20,000 80,000 0.43 34,200 On June 20, 2014, the then Board of Directors granted restricted stock grants to Mr. Michael Laub of 50,000 On June 23, 2014, the Company, members of its Board of Directors and various plaintiffs (See NOTE 12 – LITIGATION) reached a settlement agreement that resulted in the return and cancellation of 1,000,000 On July 15, 2014, the Board of Directors approved the issuance and sale of up to 2,000,000 0.30 6,666,667 2,000,000 issued 6,666,664 0.30 2,000,000 On October 30, 2014, the Board of Directors approved the issuance of 50,000 15,000 95,522 28,658 0.30 On March 12, 2015, the Board of Directors approved the issuance of 333,333 100,000 0.30 In addition, on March 12, 2015, the Board of Directors approved the retirement of all 1,000,000 The Company had 56,531,499 The Company had 5,566,795 1.53 1.60

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	NOTE 5 — SHARE-BASED COMPENSATION The Company currently has one equity-based compensation plan under which stock-based compensation awards can be granted to directors, officers, employees and consultants providing bona fide services to or for the Company. The Company’s 2012 Share Incentive Plan was adopted on May 7, 2012 (the “2012 Share Incentive Plan” or “Plan”) and allows the Company to issue up to 5,000,000 On September 25, 2014, the Company entered into a severance agreement with our former Chief Executive Officer, Mr. Michael McMahon, whereby the Company granted him 416,667 0.30 125,000 100,000 0.30 30,000 In total the Company recognized $ 305,077 Weighted- Weighted-Average Average Exercise Remaining Options Shares Price Contractual Term Options Outstanding April 1, 2013 4,092,500 $ 0.87 2.29 Granted 706,250 0.36 — Exercised — — — Expired/Cancelled (456,250) 0.73 — Options Outstanding March 31, 2014 4,342,500 $ 0.77 1.75 Granted — — — Exercised — — — Expired/cancelled (4,110,000) 0.79 — Options Outstanding March 31, 2015 232,500 $ 0.35 1.45 Exercisable at March 31, 2015 23,125 $ 0.44 1.20 The intrinsic value of options outstanding and exercisable at March 31, 2015 and 2014 was $ 17,071 0 The Company did not issue any options during the fiscal year ended March 31, 2015. Weighted Average Grant-Date Non-vested Shares Shares Fair Value Non-vested at April 1, 2013 2,466,167 $ 0.65 Granted 706,250 0.22 Vested (575,625) 0.45 Expired/cancelled: non-vested (182,000) 0.38 Non-vested at March 31, 2014 2,414,792 0.49 Granted — — Vested (122,000) 0.43 Expired/cancelled: non-vested (2,083,417) 0.52 Non-vested at March 31, 2015 209,375 $ 0.21 Options Outstanding Options Exercisable Exercise Price Number Weighted Average Weighted Average Number of Weighted Average $ 0.80 7,500 0.27 $ 0.80 5,500 $ 0.80 $ 0.33 225,000 1.49 0.33 17,625 0.33 232,500 1.45 $ 0.35 23,125 $ 0.44 For the years ended March 31, 2015 and 2014, the Company recognized $ 0 193,150 0 At March 31, 2015, unrecognized compensation expense related to non-vested awards was $ 44,529 if certain performance metrics are attainded over the weighted average remaining life of the options 1.48

OTHER INCOME AND EXPENSE

OTHER INCOME AND EXPENSE	12 Months Ended
	Mar. 31, 2015
Other Income and Expenses [Abstract]
OTHER INCOME AND EXPENSE	NOTE 6 — OTHER INCOME AND EXPENSE For the fiscal year ended March 31, 2015, the Company recognized $ 29,041 228,056

OPERATING LEASES

OPERATING LEASES	12 Months Ended
	Mar. 31, 2015
Leases, Operating [Abstract]
OPERATING LEASES	During the fiscal year ended March 31, 2015, the Company leased office space at a location in Greenville, South Carolina. Under the terms of the lease, the Company is obligated to pay escalation rentals for certain operating expenses and real estate taxes. The Company’s lease in Greenville, South Carolina expires in March 2019. The Company leases electrical equipment in its production facility in South Carolina with these leases expiring during the 2017 fiscal year. The Company recognizes lease expense on a straight-line basis and recognized $ 398,590 421,038 118,092 84,144 2016 $ 407,410 2017 361,660 2018 224,410 2019 224,410 2020 — 2021 and thereafter $ —

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTIES	NOTE 8 — RELATED PARTIES The Company incurred expenses of $ 19,658 On March 6, 2013, the then Board of Directors retained two then directors, Mr. Michael Monahan and Mr. Theo Strous, to provide consulting services for the Company. The Company recognized $ 45,000 On January 6, 2014, the then Board of Directors created a Special Litigation Committee (“SLC”) to consider the merits of shareholder allegations made in ongoing litigation. The Board appointed the current board member Mr. Theo Strous and Mr. Laurence Zipkin, an unaffiliated third party, to the SLC. During the fiscal year ended March 31, 2014, the Company recognized $ 93,750 168,750 On May 27, 2014, the Board of Directors appointed Mr. James Korn and Mr. Gerald McGuire as independent members to the Board. Each of Messrs. Korn and McGuire were provided 250,000 4,000,000 On June 22, 2014, the equity granted to Messrs. Korn, Likly, and McGuire for their service on the Board of Directors consisting of 250,000 4,000,000 250,000 During the fiscal year ended March 31, 2015, five directors of the Company participated in the Company’s private placement stock offering. Karl Leaverton purchased 333,333 100,000 375,000 112,500 666,666 200,000 133,333 40,000 158,333 47,500 See Item 8, NOTES 10 and 11 for discussion of revenues recognized from our joint venture partners.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 9 — INCOME TAXES There was no current or deferred tax expense (benefit) for the years ended March 31, 2015 and 2014. At March 31, At March 31, 2015 2014 Accrued expenses $ 194,165 $ 235,998 Property and equipment (185,992) (150,810) Impairment of fixed assets 299,537 142,767 Capitalized startup/acquisition costs 461,636 499,288 Federal and state net operating loss carry-forward 5,344,982 3,857,269 Intangible assets 59,849 14,537 $ 6,174,177 $ 4,599,049 Valuation allowance (6,174,177) (4,599,049) Total $ — $ — The Company recorded a valuation allowance against its net deferred tax asset at March 31, 2015 and March 31, 2014, as the Company believes that it is more likely than not that this asset will not be realized. At March 31, 2015 At March 31, 2014 Amount % Amount % Tax at statutory federal income tax rate $ (1,408,162) (34.0) % $ (1,683,324) (34.0) % Increase (decrease) resulting from: State income tax expense — 0.0 % — 0.0 % Change in valuation allowance 1,406,400 34.0 % 1,671,941 33.8 % Incentive stock options — 0.0 % — 0.0 % Other, net 1,762 0.0 % 11,383 0.2 % Total $ — 0.0 % $ — 0.0 % The Company had federal and state net operating loss carry-forwards (“carry-forward”) of $ 16,447,935 10,231,000 2031

INVESTMENT IN GRACE RICH JOINT

INVESTMENT IN GRACE RICH JOINT VENTURE	12 Months Ended
	Mar. 31, 2015
Grace Rich LTD [Member]
Schedule of Equity Method Investments [Line Items]
INVESTMENT IN GRACE RICH JOINT VENTURE	NOTE 10 — INVESTMENT IN GRACE RICH JOINT VENTURE On September 16, 2013, the Company entered into a series of agreements with SAAMABA, LLC (“SAAMABA”) and S21 Research Holdings (the “Grace Rich Agreements”) to form a joint venture with operations in the People’s Republic of China (“PRC”) to deploy a minimum of 100 30 Under the Grace Rich Agreements, the Company has agreed to license its proprietary technology for the manufacture of diamond gemstones of agreed upon specifications. In exchange for the license, the Company will receive licensing revenue and 30 The initial ownership interests in Grace Rich LTD are as follows: SAAMABA LLC- 60 30 10 The Company is licensing a portion of its patented technology to Grace Rich LTD and is not directly contributing any of its intellectual property. Under the license agreement, the Company received $ 250,000 750,000 The Company believes the joint venture will be operational during calendar year 2016 and 250 25,000 The Company has determined the fair value of the license agreement does not exceed the value of the expected returns from the joint venture and accordingly established an initial investment value of $ 0 As of March 31, 2015, the Company has not guaranteed obligations of the joint venture nor has it committed to provide additional funding. Therefore, the Company’s share of the joint venture’s net loss for the years ended March 31, 2015 or 2014 were not recognized because the initial carrying value of the Company’s ownership interest in the joint venture was zero. The Company recognized $ 375,000 625,000 The Company recognized $ 10,801 96,776 151,359 The Company had no outstanding receivables from of payables due Grace Rich LTD at March 31, 2015.

INVESTMENT IN RCDC JOINT VENTUR

INVESTMENT IN RCDC JOINT VENTURE	12 Months Ended
	Mar. 31, 2015
Renaissance Created Diamond Company, LLC [Member]
Schedule of Equity Method Investments [Line Items]
INVESTMENT IN RCDC JOINT VENTURE	NOTE 11 — INVESTMENT IN RCDC JOINT VENTURE On December 18, 2014 the Company entered into an arrangement with Renaissance Diamonds, Inc. (“Renaissance”) through the execution of a limited liability company agreement (the “LLC Agreement”) of Renaissance Created Diamond Company, LLC, a Florida limited liability company (“RCDC”), pursuant to which the Company and Renaissance are each 50 The LLC Agreement provides that RCDC is a manager-managed limited liability company, and each of the Company and Renaissance will appoint one manager, with both such managers appointing a third manager. The managers will manage the day-to-day operations of RCDC, subject to certain customary limitations on managerial actions that require the consent of the Company and Renaissance, including but not limited to making or guaranteeing loans, distributing cash or other property to the members of RCDC, entering into affiliate transactions, amending or modifying limited liability company organizational documents, and entering into major corporate events, such as a merger, acquisition or asset sale. The arrangement was entered into in order to facilitate the development of procedures and recipes for, and to market and sell, lab-grown fancy-colored diamonds. Pursuant to the LLC Agreement, the arrangement will last three years, unless terminated earlier, with the option to automatically renew for additional two-year periods. The Company made an initial $ 1,000 50 Through March 31, 2015 the operations of RCDC have been focused on the development and processing of diamond material into finished Gemstone material and establishing sales and distribution channels for the finished goods. Through March 31, 2014, the Company has sold product to RCDC valued at $ 241,950 26,575 215,375 179,969 The Company utilizes the equity method of accounting for its investment in RCDC. As such, the Company recognized $ 29,041 Balance of ownership interest in joint venture at December 18, 2014 $ 1,000 Aggregate fiscal 2014 equity gain – share of joint venture income 29,041 Balance of ownership interest in joint venture at March 31, 2015 $ 30,041 Cumulative recognized income on ownership interest in joint venture at March 31, 2015 $ 29,041 Revenues $ 124,908 Expenses 66,825 Net Income $ 58,083 Total Assets $ 551,405 Total Liabilities $ 491,322 Total Partners Capital 60,083 Total Liabilities and Partner Capital $ 551,405

LITIGATION

LITIGATION	12 Months Ended
	Mar. 31, 2015
Legal Matters And Contingencies [Abstract]
LITIGATION	NOTE 12 — LITIGATION On October 15, 2013, plaintiff Mark P. Sennott, as Trustee of the Sennott Family Charitable Trust, (“Sennott”) filed a complaint derivatively, on behalf of ADI, in the United Stated District Court for the District of South Carolina (“District Court”), against Edward S. Adams (our then Chairman), Michael R. Monahan (a former member of the Company’s Board of Directors), the law firm of Adams Monahan, LLP, Loblolly, Inc., which was formerly known as Scio Diamond Technology Corporation, and the Company (collectively, “Sennott Defendants”). This derivative complaint on ADI’s behalf (the “ADI Derivative Complaint”) alleges claims for breach of fiduciary duty, constructive fraud and unjust enrichment. The ADI Derivative Complaint was effectively settled on June 23, 2014. The settlement included all claims previously asserted against the Company by the parties named in the Settlement Agreement. As part of the settlement Agreement, 1,000,000 On May 16, 2014 the Company received a subpoena issued by the SEC ordering the provision of documents and related information concerning various corporate transactions between the Company and its predecessors and other persons and entities. The Company continues to cooperate with this inquiry. The Company recognizes legal fees for litigation as they are incurred as professional and consulting fees. The Company then submits the expenses to our insurance carrier for reimbursement under our insurance policy. During the fiscal year ended March 31, 2015, our insurance carrier paid $ 168,015 During the fiscal year ended March 31, 2015, the Company reached an agreement with a former legal services provider that allowed the Company to settle outstanding past legal fees from prior fiscal years. This settlement of $ 165,453

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Mar. 31, 2015
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 13 – SUBSEQUENT EVENTS On May 7, 2015, the Board of Directors of the Company approved restricted stock awards for Mr. Gerald McGuire, the Company President and Chief Executive Officer and Mr. Jonathan Pfohl, the Company Chief Financial Officer. Mssrs. McGuire and Pfohl were granted 400,000 and 385,000 restricted shares of stock, respectively that will vest on July 1, 2018. The restricted shares are valued at $1.03, the closing price of the Company’s stock on May 7, 2015. The Company anticipates recognizing compensation expense for these restricted stock awards on a straight line basis over the vesting period. In addition, on May 7, 2015, the Board of Directors granted Renaissance Diamond Inc. a restricted stock award of 200,000 shares and a grant of 333,333 non-qualified stock options that only vest based on the attainment of specific performance criteria. The Company does not anticipate recognizing any financial impact for these restricted stock and option awards unless the performance criteria are met.

ORGANIZATION AND SUMMARY OF S20

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Going Concern	The Company has generated little revenue to date and consequently its operations are subject to all risks inherent in the establishment and commercial launch of a new business enterprise. These factors raise substantial doubt about the Company’s ability to continue as a going concern. During the year ended March 31, 2015, management has responded to these circumstances by taking the following actions: ⋅ Raised $ 2 ⋅ Raised $ 2.5 ⋅ Established a joint venture with Renaissance Diamonds, Inc. focused on the creation of recipes and procedures to develop, market, and sell lab-grown fancy-colored diamonds; and ⋅ Enhanced efforts on expanding and optimizing production of existing manufacturing capabilities.
Accounting Basis	Accounting Basis The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, provision for doubtful accounts, sales returns, provision for inventory obsolescence, fair value of acquired intangible assets, useful lives of intangible assets and property and equipment, employee stock options, and contingencies and litigation, among others. The Company generally bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts recorded could differ materially from those estimates In accordance with Accounting Standards Codification (“ASC”) 323, Investments—Equity Method and Joint Ventures 20 50
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying value of cash and cash equivalents, accounts receivable, accounts payable and notes payable approximate their fair value due to the short-term nature of these instruments
Cash and Cash Equivalents	For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with an original maturity of three months or less when purchased to be cash equivalents. At March 31, 2015 and 2014, the Company held no cash equivalents.
Basic and Diluted Net Loss per Share	Basic and Diluted Net Loss per Share Net loss per share is presented under two formats: basic net loss per common share, which is computed using the weighted average number of common shares outstanding during the period, and diluted net loss per common share, which is computed using the weighted average number of common shares outstanding, and the weighted average dilutive potential common shares outstanding, computed using the treasury stock method. Currently, for all periods presented, diluted net loss per share is the same as basic net loss per share as the inclusion of weighted average shares of common stock issuable upon the exercise of options and warrants would be anti-dilutive. March 31, 2015 2014 Common stock options and warrants 5,799,295 9,609,295
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts An allowance for uncollectible accounts receivable is maintained for estimated losses from customers’ failure to make payment on accounts receivable due to the Company. Management determines the estimate of the allowance for uncollectible accounts receivable by considering a number of factors, including: (1) historical experience, (2) aging of accounts receivable and (3) specific information obtained by the Company on the financial condition and the current credit worthiness of its customers. The Company also maintains a provision for estimated returns and allowances based upon historical experience. The Company has determined that an allowance was not necessary at March 31, 2015 or 2014.
Other Receivables	Other Receivables As of March 31, 2014, the Company considered a pending insurance settlement over the actions of a Company supplier of $ 89,192
Inventories	Inventories are stated at the lower of average cost or market. The carrying value of inventory is reviewed and adjusted based upon slow moving and obsolete items. Inventory costs include material, labor, and manufacturing overhead and are determined by the “first-in, first-out” (FIFO) method. March 31, March 31, 2015 2014 Raw materials and supplies $ 58,390 $ 35,543 Work in process 31,371 25,611 Finished goods 205,999 91,663 $ 295,760 $ 152,817 During the first fiscal quarter of the fiscal year ended March 31, 2015, we experienced selling prices that were lower than cost and as a result recorded a lower of cost or market write down of $ 68,722 During the fiscal year ended March 31, 2014, the Company recorded a lower of cost or market write down to inventory of $ 100,557
Property, Plant and Equipment	Property, Plant and Equipment Machinery and equipment 3–15 Furniture and fixtures 3–10 Engineering equipment 5–12 Leasehold improvements which are included in facility fixed assets on the balance sheet are depreciated over the lesser of the remaining term of the lease or the life of the asset (generally three to seven years). Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Manufacturing equipment was placed into service beginning July 1, 2012. The Company incurred total depreciation expense of $ 619,656 700,690 During the fiscal year ended March 31, 2015, the Company disposed of assets held for sale of $ 20,000 162,609 129,308 381,798
Intangible Assets	Intangible Assets Intangible assets, such as acquired in-process research and development costs, are considered to have an indefinite useful life until such time as they are put into service at which time they will be amortized on a straight-line basis over the shorter of their economic or legal useful life. Management evaluates indefinite life intangible assets for impairment on an annual basis and on an interim basis if events or changes in circumstances between annual impairment tests indicate that the asset might be impaired. The ongoing evaluation for impairment of its indefinite life intangible assets requires significant management estimates and judgment. Management reviews definite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. During the fiscal year ended March 31, 2015, management evaluated assets included in IPRD and determined that certain projects will no longer be pursued for further development resulting in an impairment charge of $ 418,065 There were no impairment charges during the fiscal year ended March 31, 2014.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income taxes reflect the tax consequences on future years of differences between the tax bases of assets and liabilities and their financial reporting amounts. Valuation allowances are provided against deferred tax assets when it is more likely than not that an asset will not be realized in accordance with ASC 740, Accounting for Income Taxes Management has evaluated the potential impact in accounting for uncertainties in income taxes and has determined that it has no significant uncertain income tax positions as of March 31, 2015 or 2014. Income tax returns subject to review by taxing authorities include March 31, 2010 through March 31, 2015.
Stock-based Compensation	Stock-based Compensation Stock-based compensation for the value of stock options is estimated on the date of the grant using the Black-Scholes option-pricing model. The Black-Scholes model takes into account implied volatility in the price of the Company’s stock, the risk-free interest rate, the estimated life of the equity-based award, the closing market price of the Company’s stock on the grant date and the exercise price. The estimates utilized in the Black-Scholes calculation involve inherent uncertainties and the application of management judgment.
Concentration of Credit Risk	Concentration of Credit Risk During the year ended March 31, 2015 the Company had 31 10% 385,801 241,950 The Company expects this concentration of sales to RCDC to continue in the future.
Revenue Recognition	Revenue Recognition We recognize product revenue when persuasive evidence of an arrangement exists, delivery of products has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. For our Company, this generally means that we recognize revenue when we or our fabrication vendor has shipped finished product to the customer. Our sales terms do not allow for a right of return except for matters related to any manufacturing defects on our part. For product sales to our joint venture partners for further processing and finishing, we currently defer all revenues when products are shipped. We currently recognize revenue when the joint venture partner sells the finished goods manufactured from our materials. Licensing and development revenues are recognized in the month as detailed in appropriate licensing and development contracts. In the event that licensing funds are received prior to the contractual commitment, the Company will recognize deferred revenue (liability) for the amount received.
Recent Accounting Pronouncements	In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment (the revised standard). Under the amendments in this updates, a company has the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that the it is more likely than not that the indefinite-lived intangible assert is impaired as a basis for determining whether it is necessary to perform the qualitative impairment test in accordance with Topic 350. The more likely than not threshold is defined as having a likely-hood of more than fifty percent. If after assessing the qualitative factors, a company determines it does not meet the more likely than not threshold, a company is required to perform the quantitative impairment test by calculating the fair value of an indefinite-lived intangible asset and comparing the fair value with the carrying amount of the asset. The Amendments in this update are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The Company adopted this new standard in the fiscal year ended March 31, 2014 and the adoption did not have a significant impact on its financial statements. In July 2013, the FASB issued ASU 2013-11, Income Taxes – Presentation of an Unrecognized Tax benefit When a Net Operation Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists Income Taxes In May 2014, the FASB issued ASU 2014-9, Revenue from Contracts with Customers (Topic 606). On May 28, 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," which affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The guidance supersedes the revenue recognition guidance in Topic 605, "Revenue Recognition", and most industry-specific guidance throughout the Industry Topics of the Codification. The guidance also supersedes some cost guidance included in Subtopic 605-35, "Revenue Recognition- Contract-Type and Production-Type Contracts". On April 1, 2015, the FASB voted to propose to defer the effective date of the pronouncement by one year. ASU 2014-9, as amended, is effective for annual periods, and interim periods within those years, beginning after December 15, 2016, or December 31, 2017, if deferred. An entity is required to apply the amendments using one of the following two methods: i) retrospectively to each prior period presented with three possible expedients: a) for completed contracts that begin and end in the same reporting period no restatement is required, b) for completed contract with variable consideration an entity may use the transaction price at completion rather than restating estimated variable consideration amounts in comparable reporting periods and c) for comparable reporting periods before date of initial application reduced disclosure requirements related to transaction price; ii) retrospectively with the cumulative effect of initially applying the amendment recognized at the date of initial application with additional disclosures for the differences of the prior guidance to the reporting periods compared to the new guidance and an explanation of the reasons for significant changes. We are required to adopt ASU 2014-09 in the first quarter of fiscal 2018, or in the first quarter of fiscal 2019, if deferred, and we are currently assessing the impact of this pronouncement on our financial statements. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern There are currently no other accounting standards that have been issued but not yet adopted by the Company that will have a significant impact on the Company’s financial position, results of operations or cash flows upon adoption.

ORGANIZATION AND SUMMARY OF S21

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of anti-dilutive securities excluded from the calculation of diluted net loss per share	The following table summarizes the number of securities outstanding at each of the periods presented, which were not included in the calculation of diluted net loss per share as their inclusion would be anti-dilutive: March 31, 2015 2014 Common stock options and warrants 5,799,295 9,609,295
Schedule of components of inventories	The components of inventories are as follows: March 31, March 31, 2015 2014 Raw materials and supplies $ 58,390 $ 35,543 Work in process 31,371 25,611 Finished goods 205,999 91,663 $ 295,760 $ 152,817
Schedule of estimated useful lives of property, plant and equipment	Machinery and equipment 3–15 Furniture and fixtures 3–10 Engineering equipment 5–12

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	Intangible assets consist of the following: March 31, March 31, Life 2015 2014 Patents, gross 6.75 – 19.46 $ 8,135,063 $ 8,135,063 In-process research and development Indefinite 1,832,370 2,250,435 9,967,433 10,385,498 Accumulated amortization (1,919,485) (1,144,858) Net intangible assets $ 8,047,948 $ 9,240,640
Schedule of estimated annual amortization expense of intangible assets	Total annual amortization expense of finite lived intangible assets is estimated to be as follows: Fiscal Year Ending March 31, 2016 $ 774,840 March 31, 2017 774,840 March 31, 2018 774,840 March 31, 2019 774,840 March 31, 2020 595,159 Thereafter $ 2,521,059

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of options to purchase shares of the Company's stock issued and outstanding	The following sets forth the options to purchase shares of the Company’s stock issued and outstanding as of March 31, 2015: Weighted- Weighted-Average Average Exercise Remaining Options Shares Price Contractual Term Options Outstanding April 1, 2013 4,092,500 $ 0.87 2.29 Granted 706,250 0.36 — Exercised — — — Expired/Cancelled (456,250) 0.73 — Options Outstanding March 31, 2014 4,342,500 $ 0.77 1.75 Granted — — — Exercised — — — Expired/cancelled (4,110,000) 0.79 — Options Outstanding March 31, 2015 232,500 $ 0.35 1.45 Exercisable at March 31, 2015 23,125 $ 0.44 1.20
Summary of the status of non-vested shares	A summary of the status of non-vested shares as of March 31, 2015 and changes during the year ended March 31, 2015 is presented below. Weighted Average Grant-Date Non-vested Shares Shares Fair Value Non-vested at April 1, 2013 2,466,167 $ 0.65 Granted 706,250 0.22 Vested (575,625) 0.45 Expired/cancelled: non-vested (182,000) 0.38 Non-vested at March 31, 2014 2,414,792 0.49 Granted — — Vested (122,000) 0.43 Expired/cancelled: non-vested (2,083,417) 0.52 Non-vested at March 31, 2015 209,375 $ 0.21
Summary of information about stock options outstanding by price range	The following table summarizes information about stock options outstanding by price range as of March 31, 2015: Options Outstanding Options Exercisable Exercise Price Number Weighted Average Weighted Average Number of Weighted Average $ 0.80 7,500 0.27 $ 0.80 5,500 $ 0.80 $ 0.33 225,000 1.49 0.33 17,625 0.33 232,500 1.45 $ 0.35 23,125 $ 0.44

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	12 Months Ended
	Mar. 31, 2015
Leases, Operating [Abstract]
Summary of the minimum future rental payments under the leases	Minimum future rental payments under the leases are summarized as follows: 2016 $ 407,410 2017 361,660 2018 224,410 2019 224,410 2020 — 2021 and thereafter $ —

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities	The deferred tax asset (liability) at March 31, 2015 and 2014 consists of the following types of temporary differences and their related tax effects: At March 31, At March 31, 2015 2014 Accrued expenses $ 194,165 $ 235,998 Property and equipment (185,992) (150,810) Impairment of fixed assets 299,537 142,767 Capitalized startup/acquisition costs 461,636 499,288 Federal and state net operating loss carry-forward 5,344,982 3,857,269 Intangible assets 59,849 14,537 $ 6,174,177 $ 4,599,049 Valuation allowance (6,174,177) (4,599,049) Total $ — $ —
Schedule of Effective Income Tax Rate Reconciliation	At March 31, 2015 At March 31, 2014 Amount % Amount % Tax at statutory federal income tax rate $ (1,408,162) (34.0) % $ (1,683,324) (34.0) % Increase (decrease) resulting from: State income tax expense — 0.0 % — 0.0 % Change in valuation allowance 1,406,400 34.0 % 1,671,941 33.8 % Incentive stock options — 0.0 % — 0.0 % Other, net 1,762 0.0 % 11,383 0.2 % Total $ — 0.0 % $ — 0.0 %

INVESTMENT IN RCDC JOINT VENT26

INVESTMENT IN RCDC JOINT VENTURE (Tables)	12 Months Ended
	Mar. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule Of Rollforward Of Ownership Interest In Joint Venture	Rollforward of the Company’s ownership interest in the joint venture for the year ended March 31, 2015: Balance of ownership interest in joint venture at December 18, 2014 $ 1,000 Aggregate fiscal 2014 equity gain – share of joint venture income 29,041 Balance of ownership interest in joint venture at March 31, 2015 $ 30,041 Cumulative recognized income on ownership interest in joint venture at March 31, 2015 $ 29,041
Schedule Of Selected Financial Results Of Joint Venture	Selected financial results for RCDC from inception through March 31, 2015 are as follows: Revenues $ 124,908 Expenses 66,825 Net Income $ 58,083 Total Assets $ 551,405 Total Liabilities $ 491,322 Total Partners Capital 60,083 Total Liabilities and Partner Capital $ 551,405

ORGANIZATION AND SUMMARY OF S27

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Class of Stock [Line Items]
Common stock options and warrants (in shares)	5,799,295	9,609,295

ORGANIZATION AND SUMMARY OF S28

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Inventories
Raw materials and supplies	$ 58,390	$ 35,543
Work in process	31,371	25,611
Finished goods	205,999	91,663
Inventory Net	$ 295,760	$ 152,817

ORGANIZATION AND SUMMARY OF S29

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2)	12 Months Ended
	Mar. 31, 2015
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	15 years
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture and Fixtures [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Furniture and Fixtures [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Engineering equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	12 years
Engineering equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years

ORGANIZATION AND SUMMARY OF S30

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Organization And Summary Of Significant Accounting Policies [Line Items]
Other Receivables		$ 89,192
Proceeds from Issuance of Private Placement	$ 2,000,000
Impairment Charge	418,065	0
Secured Debt	2,500,000
Gain (Loss) on Disposition of Assets	162,609	129,308
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment	$ 381,798
Concentration Risk, Customer	31
Inventory Write-down	$ 68,722	100,557
Assets held for sale	$ 20,000
Sales Revenue, Net [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Benchmark Description	10%
Sales Revenue, Net [Member] | Grace Rich LTD [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Net Assets Amount, Geographic Area	$ 385,801
Sales Revenue, Net [Member] | Diamond Company, LLC [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Net Assets Amount, Geographic Area	241,950
Equipment [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Depreciation	619,656	$ 700,690
In Process Research and Development [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Impairment Charge	$ 418,065
Maximum [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Minimum [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Equity Method Investment, Ownership Percentage	20.00%

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 9,967,433	$ 10,385,498
Accumulated amortization	(1,919,485)	(1,144,858)
Net intangible assets	8,047,948	9,240,640
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 8,135,063	8,135,063
Patents [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period	6 years 9 months
Patents [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period	19 years 5 months 16 days
In Process Research and Development [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 1,832,370	$ 2,250,435

INTANGIBLE ASSETS (Details 1)

INTANGIBLE ASSETS (Details 1)	Mar. 31, 2015USD ($)
Estimated annual amortization expense of intangible assets
March 31, 2016	$ 774,840
March 31, 2017	774,840
March 31, 2018	774,840
March 31, 2019	774,840
March 31, 2020	595,159
Thereafter	$ 2,521,059

INTANGIBLE ASSETS (Details Text

INTANGIBLE ASSETS (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Intangible Assets	$ 774,627	$ 775,011
Impairment charge	418,065	$ 0
In Process Research and Development [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment charge	$ 418,065

NOTES PAYABLE (Details Textual)

NOTES PAYABLE (Details Textual) - USD ($)	Dec. 15, 2014	Dec. 16, 2016	Dec. 18, 2014	Oct. 17, 2014	Oct. 16, 2014	Mar. 31, 2015	Dec. 16, 2014	Oct. 11, 2013	Jun. 21, 2013
Debt Instrument [Line Items]
Minimum Amount Of Maintain Book Net Worth							$ 4,000,000
Sale Leaseback Transaction, Lease Terms		ten years
Heritage Gemstone Investors, LLC [Member]
Debt Instrument [Line Items]
Notes Payable, Related Parties						$ 500,000
Heritage Gemstone Investors, LLC [Member] | Manufacturing Facility [Member]
Debt Instrument [Line Items]
Other Borrowings						300,000
Heritage Gemstone Investors, LLC [Member] | Machinery and Equipment [Member]
Debt Instrument [Line Items]
Other Borrowings						$ 200,000
Revolving Promissory Note [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Amount Outstanding					$ 1,500,000
Deferred Interest Promissory Note [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Amount Outstanding					$ 63,619
Line of Credit Facility, Interest Rate at Period End					18.00%
Debt Instrument, Maturity Date					Dec. 19, 2014
HGI Loan Agreement [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 2,000,000
Annual interest rate (as a percent)							7.25%
Loan draw			$ 2,000,000
Debt Instrument, Maturity Date	Oct. 11, 2013
New Revolving Promissory Note [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate at Period End					18.00%
Long-term Debt, Gross				$ 1,500,000
Debt Instrument, Maturity Date				Jun. 30, 2015
Promissory Note [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross								$ 500,000	$ 1,000,000

CAPITAL STOCK (Details Textual)

CAPITAL STOCK (Details Textual) - Related Party [Domain] - USD ($)	Mar. 12, 2015	Dec. 23, 2014	Oct. 30, 2014	Jun. 20, 2014	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2016	Sep. 25, 2014	Jul. 15, 2014	Jun. 23, 2014
Class of Stock [Line Items]
Common stock, shares authorized (in shares)					75,000,000	75,000,000
Common stock, par value (in dollars per share)					$ 0.001	$ 0.001
Common stock issued in exchange for consulting services						$ 319,200
Common stock, issued (in shares)					56,531,499	50,739,312
Warrants outstanding					5,566,795
Assumptions used to calculate fair value of options
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 1.53
Development Stage Entities, Stock Issued, Value, Issued for Cash					$ 2,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross					0	706,250
Stock Cancelled During Period Shares										1,000,000
Scenario, Forecast [Member]
Assumptions used to calculate fair value of options
Class of Warrant or Right, Exercise Price of Warrants or Rights							$ 1.60
Accredited Investors [Member]
Class of Stock [Line Items]
Common stock price in exchange for consulting services (in dollars per shares)									$ 0.30
Assumptions used to calculate fair value of options
Common Stock, Capital Shares Reserved for Future Issuance								6,666,667	2,000,000
Common Stock, Potential Value, Future Issuance								$ 2,000,000
Bradley Robb [Member]
Class of Stock [Line Items]
Common stock issued in exchange for consulting services			$ 15,000
Assumptions used to calculate fair value of options
Common Stock, Capital Shares Reserved for Future Issuance			50,000
Development Stage Entities, Equity Issuance, Per Share Amount			$ 0.30
Common Stock [Member]
Class of Stock [Line Items]
Common stock issued in exchange for consulting services (in shares)						1,002,500
Common stock issued in exchange for consulting services						$ 1,002
Assumptions used to calculate fair value of options
Development Stage Entities, Stock Issued, Shares, Issued for Cash					6,666,664
Development Stage Entities, Equity Issuance, Per Share Amount		$ 0.30
Development Stage Entities, Stock Issued, Value, Issued for Cash					$ 6,667
Stock Repurchased and Retired During Period, Shares					1,000,000
Common Stock [Member] | Accredited Investors [Member]
Assumptions used to calculate fair value of options
Development Stage Entities, Stock Issued, Shares, Issued for Cash		6,666,664
Development Stage Entities, Stock Issued, Value, Issued for Cash		$ 2,000,000
Mr Joseph Cunningham [Member]
Class of Stock [Line Items]
Consulting Expenses					$ 4,000
Common stock issued in exchange for consulting services per month (in shares)					20,000
Common stock issued in exchange for consulting services (in shares)					80,000
Common stock price in exchange for consulting services (in dollars per shares)					$ 0.43
Common stock issued in exchange for consulting services					$ 34,200
Mr Michael Laub [Member] | Restricted Stock [Member]
Assumptions used to calculate fair value of options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				50,000
Affiliated Entity [Member]
Assumptions used to calculate fair value of options
Common Stock, Capital Shares Reserved for Future Issuance			95,522
Accrued Rent			$ 28,658
Renaissance Diamond [Member]
Assumptions used to calculate fair value of options
Liabilities Related to Seed Inventory Purchased	$ 100,000
Share-based Goods and Nonemployee Services Transaction, Shares Approved for Issuance	333,333
Share Based Goods And Nonemployee Services Transaction Shares Approved For Issuance Per Share Price	$ 0.30

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - Equity Award [Domain] - Relationship to Entity [Domain] - $ / shares	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Options
Options outstanding at beginning of period (in shares)	4,342,500	4,092,500
Granted (in shares)	0	706,250
Exercised (in shares)	0	0
Expired/Cancelled (in shares)	(4,110,000)	(456,250)
Options outstanding at the end of the period (in shares)	232,500	4,342,500	4,092,500
Exercisable at March 31, 2015 (in shares)	23,125
Weighted Average Exercise Price
Options outstanding at the beginning of the period (in dollars per share)	$ 0.77	$ 0.87
Granted (in dollars per share)	0	0.36
Exercised (in dollars per share)	0	0
Expired/cancelled (in dollars per share)	0.79	0.73
Options outstanding at the end of the period (in dollars per share)	0.35	$ 0.77	$ 0.87
Exercisable at March 31, 2015 (in dollars per share)	$ 0.44
Weighted-Average Remaining Contractual Term
Options outstanding (in years)	1 year 5 months 12 days	1 year 9 months	2 years 3 months 14 days
Exercisable at March 31, 2015 (in years)	1 year 2 months 12 days

SHARE-BASED COMPENSATION (Det37

SHARE-BASED COMPENSATION (Details 1) - $ / shares	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Non-vested Shares
Non-vested at the beginning of the period (in shares)	2,414,792	2,466,167
Granted (in shares)	0	706,250
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	(122,000)	(575,625)
Expired/cancelled: non-vested (in shares)	(2,083,417)	(182,000)
Non-vested at the end of the period	209,375	2,414,792
Weighted Average Grant-Date Fair Value
Non-vested at the beginning of the period (in dollars per share)	$ 0.49	$ 0.65
Granted (in dollars per share)	0	0.22
Vested (in dollars per share)	0.43	0.45
Expired/cancelled: non-vested (in dollars per share)	0.52	0.38
Non-vested at the end of the period (in dollars per share)	$ 0.21	$ 0.49

SHARE-BASED COMPENSATION (Det38

SHARE-BASED COMPENSATION (Details 2) - Mar. 31, 2015 - $ / shares	Total
Options Outstanding
Number Outstanding	232,500
Weighted Average Remaining Contractual Life	1 year 5 months 12 days
Weighted Average Exercise Price (in dollars per share)	$ 0.35
Options Exercisable
Number of Shares	23,125
Weighted Average Exercise Price (in dollars per share)	$ 0.44
Exercise Price One [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Exercise Price	$ 0.80
Options Outstanding
Number Outstanding	7,500
Weighted Average Remaining Contractual Life	3 months 7 days
Weighted Average Exercise Price (in dollars per share)	$ 0.80
Options Exercisable
Number of Shares	5,500
Weighted Average Exercise Price (in dollars per share)	$ 0.80
Exercise Price Two [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Exercise Price	$ 0.33
Options Outstanding
Number Outstanding	225,000
Weighted Average Remaining Contractual Life	1 year 5 months 26 days
Weighted Average Exercise Price (in dollars per share)	$ 0.33
Options Exercisable
Number of Shares	17,625
Weighted Average Exercise Price (in dollars per share)	$ 0.33

SHARE-BASED COMPENSATION (Det39

SHARE-BASED COMPENSATION (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 25, 2014	Mar. 31, 2015	Mar. 31, 2014	May. 07, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested awards		$ 44,529
Weighted average period to recognize unrecognized compensation expense related to nonvested awards		1 year 5 months 23 days
Intrinsic value of options outstanding		$ 17,071	$ 0
Allocated Share-based Compensation Expense		0	$ 193,150
Deferred tax asset recorded, relating to recognized compensation cost		$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		0	706,250
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 0	$ 0.36
2012 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock authorized				5,000,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		$ 30,000
Severance Costs		$ 305,077
Restricted Stock [Member] | Mr. Michael McMahon [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock authorized		100,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	416,667
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 0.30
Stock Granted, Value, Share-based Compensation, Gross	$ 125,000
Share Price		$ 0.30

OTHER INCOME AND EXPENSE (Detai

OTHER INCOME AND EXPENSE (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Interest expense related to its outstanding note payable	$ 228,056	$ 161,439
Income (Loss) from Equity Method Investments	$ 29,041	$ 0

OPERATING LEASES (Details)

OPERATING LEASES (Details)	Mar. 31, 2015USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,016	$ 407,410
2,017	361,660
2,018	224,410
2,019	224,410
2,020	0
2021 and thereafter	$ 0

OPERATING LEASES (Details Textu

OPERATING LEASES (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating Leased Assets [Line Items]
Lease expense	$ 398,590	$ 421,038
Deferred rent payable	$ 118,092	$ 84,144

RELATED PARTIES (Details Textua

RELATED PARTIES (Details Textual) - USD ($)	1 Months Ended		12 Months Ended
	Jun. 22, 2014	Jun. 16, 2014	Mar. 31, 2015	Mar. 31, 2014
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Issued for Services				$ 319,200
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			0	706,250
Karl Leaverton [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues			333,333
Stock Issued During Period, Value, New Issues			$ 100,000
Bruce Likly [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues			375,000
Stock Issued During Period, Value, New Issues			$ 112,500
Lewis Smoak [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues			666,666
Stock Issued During Period, Value, New Issues			$ 200,000
Bern McPheely [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues			133,333
Stock Issued During Period, Value, New Issues			$ 40,000
Ben Wolkowitz [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues			158,333
Stock Issued During Period, Value, New Issues			$ 47,500
Adams Monahan LLP [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Issued for Services				$ 19,658
Michael Monahan And Theo Strous [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Issued for Services				45,000
Strous [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Issued for Services				93,750
Special Litigation Committee [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Issued for Services				$ 168,750
Likely [Member] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	4,000,000	250,000
Messrs Korn And McGuire [Member] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		4,000,000
Messrs [Member] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	250,000
McGuire [Member] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	250,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Income Taxes [Line Items]
Accrued expenses	$ 194,165	$ 235,998
Property and equipment	(185,992)	(150,810)
Impairment of fixed assets	299,537	142,767
Capitalized startup/acquisition costs	461,636	499,288
Federal and state net operating loss carry-forward	5,344,982	3,857,269
Intangible assets	59,849	14,537
Deferred Tax Assets, Gross	6,174,177	4,599,049
Valuation allowance	(6,174,177)	(4,599,049)
Total	$ 0	$ 0

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Taxes [Line Items]
Tax at statutory federal income tax rate, Amount	$ (1,408,162)	$ (1,683,324)
Tax at statutory federal income tax rate, Percentage	(34.00%)	(34.00%)
State income tax expense, Amount	$ 0	$ 0
State income tax expense, Percent	0.00%	0.00%
Change in valuation allowance, Amount	$ 1,406,400	$ 1,671,941
Change in valuation allowance, Percent	34.00%	33.80%
Incentive stock options, Amount	$ 0	$ 0
Incentive stock options, Percent	0.00%	0.00%
Other, net, Amount	$ 1,762	$ 11,383
Other, net, Percent	0.00%	0.20%
Total, Amount	$ 0	$ 0
Total, Percent	0.00%	0.00%

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 16,447,935	$ 10,231,000
Operating Loss Carryforwards, Limitations on Use	2,031

INVESTMENT IN GRACE RICH JOIN47

INVESTMENT IN GRACE RICH JOINT VENTURE (Details Textual)	1 Months Ended	12 Months Ended
	Sep. 16, 2013USD ($)	Mar. 31, 2015USD ($)	Mar. 31, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Balance of ownership interest in joint venture, beginning balance		$ 30,041	$ 1,000
Licensing revenue		375,000	625,000
Sales Revenue, Goods, Net		$ 351,193	793,341
Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint venture		20.00%
Grace Rich Agreements [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint venture	30.00%
Grace Rich LTD [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint venture	30.00%
Minimum number of Company designed diamond growing machines to be deployed in joint venture	100
Development fees under license agreement	$ 750,000
Licensing fees per machine per month upon commencement of operation	250
Minimum licensing fees upon commencement of operation	25,000
Balance of ownership interest in joint venture, beginning balance		$ 0
Licensing revenue	$ 250,000	375,000	625,000
Reimbursable joint venture related expense		96,776	$ 151,359
Sales Revenue, Goods, Net		$ 10,801
Grace Rich LTD [Member] | SAAMABA, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint venture	60.00%
Grace Rich LTD [Member] | S21 Holdings [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint venture	10.00%
Scio Diamond Technology Corporation [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint venture	30.00%

INVESTMENT IN RCDC JOINT VENT48

INVESTMENT IN RCDC JOINT VENTURE (Details) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Schedule of Equity Method Investments [Line Items]
Balance of ownership interest in joint venture at December 18, 2014	$ 1,000
Income from joint venture - RCDC	29,041	$ 0
Balance of ownership interest in joint venture at March 31, 2015	30,041	$ 1,000
Cumulative recognized income on ownership interest in joint venture at March 31, 2015	$ 29,041

INVESTMENT IN RCDC JOINT VENT49

INVESTMENT IN RCDC JOINT VENTURE (Details 1) - Mar. 31, 2015 - USD ($)	Total
Schedule of Equity Method Investments [Line Items]
Revenues	$ 124,908
Expenses	66,825
Net Income	58,083
Total Assets	551,405
Total Liabilities	491,322
Total Partners Capital	60,083
Total Liabilities and Partner Capital	$ 551,405

INVESTMENT IN RCDC JOINT VENT50

INVESTMENT IN RCDC JOINT VENTURE (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 18, 2014
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Aggregate Cost	$ 30,041	$ 1,000
Equity Method Investment, Summarized Financial Information, Revenue	124,908
Equity Method Investment Related Expenses	66,825
Sales Revenue, Goods, Net	351,193	793,341
Income (Loss) from Equity Method Investments	29,041	$ 0
Renaissance Created Diamond Company, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Aggregate Cost	$ 1,000
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Equity Method Investment, Amount Sold	$ 241,950
Equity Method Investment, Summarized Financial Information, Revenue	215,375
Equity Method Investment Related Expenses	179,969
Sales Revenue, Goods, Net	$ 26,575

LITIGATION (Details Textual)

LITIGATION (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Loss Contingencies [Line Items]
Malpractice Loss Contingency, Insurance Recoveries	$ 168,015
Litigation Settlement, Amount	$ 165,453	$ 0
Common Stock [Member]
Loss Contingencies [Line Items]
Stock Repurchased and Retired During Period, Shares	1,000,000

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - $ / shares	May. 07, 2015	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Subsequent events
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		0	706,250
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price		$ 0.35	$ 0.77	$ 0.87
Subsequent events | Restricted Stock [Member]
Subsequent events
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 1.03
Subsequent events | Restricted Stock [Member] | Renaissance Diamond [Member]
Subsequent events
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	200,000
Stock Issued During Period, Shares, Issued for Services	333,333
Subsequent events | Gerald McGuire [Member] | Restricted Stock [Member]
Subsequent events
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	400,000
Subsequent events | Jonathan Pfohl [Member] | Restricted Stock [Member]
Subsequent events
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	385,000