Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.6
Fair Value Measurements (Tables)
9 Months Ended
Dec. 31, 2012
Fair Value Measurements Tables  
Fair value heirarchy for liabilities measured at fair value on a recurring basis

The fair value hierarchy for liabilities measured at fair value on a recurring basis is as follows:

 

          Fair Value Measurements at Reporting Date Using  
          Quoted Prices              
          in Active     Significant        
          Markets for     Other     Significant  
    Total     Identical     Observable     Unobservable  
    Carrying     Assets     Inputs     Inputs  
    Value     (Level 1)     (Level 2)     (Level 3)  
December 31, 2012:                        
 Warrant liability   $ 3,910,400     $ -     $ -     $ 3,910,400  
March 31, 2012:                                
 Warrant liability   $ -     $ -     $ -     $ -  

 

Changes in Level 3 liabilities

The changes in Level 3 liabilities measured at fair value on a recurring basis are as follows:

 

 

    Warrant        
    Liability     Total  
Balance at March 31, 2012   $ -     $ -  
Recognition of warrant liability upon issuance of warrants to Platinum under October 2012 Agreement 1,200,000       1,200,000  
Recognition of warrant liability in connection with Series A Exchange Warrant potentially issuable to Platinum under October 2012 Agreement      3,068,200       3,068,200  
 Mark to market gain included in net loss     (357,800 )     (357,800 )
                 
Balance at December 31, 2012   $ 3,910,400     $ 3,910,400