Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.8
Fair Value Measurements (Tables)
6 Months Ended
Sep. 30, 2013
Fair Value Measurements Tables  
Fair value heirarchy for liabilities measured at fair value on a recurring basis
          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)  
September 30, 2013:                        
 Warrant liability   $ 4,657,300     $ -     $ -     $ 4,657,300  
March 31, 2013:                                
 Warrant liability   $ 6,394,000     $ -     $ -     $ 6,394,000  
Changes in Level 3 liabilities

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

    Fair Value Measurements  
    Using Significant  
    Unobservable Inputs  
    (Level 3)  
    Warrant Liability  
       
Balance at March 31, 2013   $ 6,394,000  
         
Recognition of warrant liability upon issuance of Senior Secured Convertible Promissory Note to Platinum on July 26, 2013     146,800  
Mark to market gain included in net loss     (1,883,500 )
Balance at September 30, 2013   $ 4,657,300