SUBSEQUENT EVENTS (Details Narrative) (USD $)
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0 Months Ended | 1 Months Ended | 6 Months Ended | 66 Months Ended | |||||
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Apr. 30, 2013
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Apr. 16, 2013
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Apr. 05, 2013
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Mar. 27, 2013
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Oct. 05, 2012
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Mar. 31, 2013
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Mar. 31, 2013
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Mar. 31, 2012
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Mar. 31, 2013
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Description of warrants notification | the Company notified the holders of the Series B warrants, exercisable at $1.19 per share, that it had accelerated the date of expiration of the Series B warrants in accordance with their terms to April 18, 2013. The Company also made an offer to Series B warrant holders that would exercise at least 33% of their warrants to amend the terms of such holders' unexercised Series B warrants (the "Qualified warrants") to provide for (i) an extension of the expiration date of the Qualified warrants to September 30, 2013 ("New Warrant Expiration Date"), (ii) an increase of the exercise price to $2.25, (iii) an acceleration of the New Warrant Expiration Date at the option of the Company following a period of 5 consecutive trading days where the market price per share exceeds 200% of the exercise price then in effect, and (iv) an exercise via a net exercise feature (the Qualified warrants, as amended, referred to as the "Amended Series B warrants") | ||||||||
Proceeds from warrants exercised for cash | $ 5,060,000 | $ 55,481 | $ 188,573 | $ 4,096,133 | |||||
Exercise of awards, shares | 4,244,984 | 237,420 | |||||||
Warrants expired | 979,790 | ||||||||
Conversion of Series B Preferred shares to common stock, preferred stock converted | 138,889 | 138,889 | |||||||
Preferred shares conversion price | 1:1 | ||||||||
Conversion of Series B Preferred shares to common stock, common stock | 138,889 | 138,889 | |||||||
Stock options granted | 350,000 | ||||||||
Stock option exercise price | $ 1.58 | ||||||||
Stock option vesting terms | 87,500 vested upon issuance and the remaining 262,500 vest at 87,500 each year on the anniversary date for the next three years | ||||||||
Qualified Series B Warrants
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Warrants outstanding | 6,760,593 | ||||||||
Amended Series B Warrants
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Warrants outstanding | 6,760,593 |
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Description of warrant notification that occurred subsequent to the balance sheet date. No definition available.
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The number of warrants that expired during the period. No definition available.
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Aggregate amount of each class of warrants or rights outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The number of shares converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The number of new shares issued in the conversion of stock in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Specific terms relevant to convertibility. Includes class of preferred stock and number of shares convertible into, exercise (or conversion) price or rates, dates relevant to conversion timing and events relevant to conversion. Describe also any beneficial conversion features. where convertible preferred stock with a nondetachable conversion feature is in-the-money at commitment date. For contingently convertible preferred stock, discuss the circumstances of the contingency, including the events or changes in circumstance that would cause the contingency to be met and any of the significant features necessary to understand the conversion rights and the timing of those rights. Include also an events or changes in circumstance, if any, that could adjust or change the contingency, conversion price, or number of shares, including significant terms of those changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The cash inflow associated with the amount received from holders exercising their stock warrants. No definition available.
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- Definition
Description of award terms as to how many shares or portion of an award are no longer contingent on satisfaction of either a service condition, market condition or a performance condition, thereby giving the employee the legal right to convert the award to shares, to sell the shares, and be entitled to the cash proceeds of such sale. For example, vesting may be expressed as being 25 percent of the shares under option on each anniversary of the grant date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Net number of share options (or share units) granted during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Weighted average price at which grantees can acquire the shares reserved for issuance on stock options awarded. No definition available.
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Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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