Annual report pursuant to Section 13 and 15(d)

5. EQUITY TRANSACTIONS (Tables)

v3.8.0.1
5. EQUITY TRANSACTIONS (Tables)
12 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Assumptions used for warrants granted

The following outlines the significant weighted average assumptions used to estimate the fair value information presented, with respect to warrants utilizing the Binomial Lattice option pricing models, issued during the fiscal year ended March 31, 2018: 

 

Risk free interest rate     1.38% - 1.92%  
Average expected life     5 years  
Expected volatility     100.2% - 111.1%  
Expected dividends     None  

 

The following outlines the significant weighted average assumptions used to estimate the fair value of warrants granted utilizing the Binomial Lattice option pricing model: 

 

      Year Ended March 31,  
      2018       2017  
Risk free interest rate     1.38% - 1.92%       0.7% - 1.93%  
Average expected life     5 years       3.42 – 5.5 years  
Expected volatility     100.2% - 111.1%       88.2% - 96.0%  
Expected dividends     None       None  
Summary of warrant activity

A summary of the aggregate warrant activity for the years ended March 31, 2018 and 2017 is presented below:

 

    Fiscal Year Ended March 31,  
    2018     2017  
    Warrants     Weighted
Average
Exercise Price
    Warrants     Weighted
Average
Exercise Price
 
Outstanding, beginning of year     2,604,096     $ 3.64       2,164,094     $ 6.68  
Granted     5,618,182     $ 1.10       749,825     $ 4.10  
Exercised     (2,160,350 )   $ 1.10       (2,660 )   $ 6.25  
Cancelled/Forfeited     (139,357 )   $ 6.52       (307,163 )   $ 5.18  
Outstanding, end of year     5,922,571     $ 1.80       2,604,096     $ 3.64  
Exercisable, end of year     5,922,571     $ 1.80       2,604,096     $ 3.64  
Weighted average estimated fair value of warrants granted           $ 0.71             $ 2.65  
Summary of warrant activity exercisable and outstanding

The detail of the warrants outstanding and exercisable as of March 31, 2018 is as follows: 

 

      Warrants Outstanding               Warrants Exercisable  
Range of
Exercise Prices
    Number
Outstanding
      Weighted
Average
Remaining
Life (Years)
      Weighted
Average
Exercise Price
      Number
Outstanding
      Weighted
Average
Exercise Price
 
$2.10 or Below     3,863,722       4.13     $ 1.21       3,863,722     $ 1.21  
3.95 - $4.94     1,377,087       3.59     $ 4.06       1,377,087     $ 4.06  
$5.20 - $12.05     681,762       2.07     $ 6.57       681,762     $ 6.57  
      5,922,571                       5,922,571  
RSU's expected to vest

RSUs outstanding that have vested and are expected to vest as of March 31, 2018 are as follows: 

 

    Number of RSUs  
Vested     46,125  
Expected to vest     322,875  
Total     369,000  
Summary of stock options outstanding

The following is a summary of the stock options outstanding at March 31, 2018 and 2017 and the changes during the years then ended:

 

    Fiscal Year Ended March 31,  
    2018   2017  
    Options     Weighted
Average
Exercise Price
    Options     Weighted
Average
Exercise Price
 
Outstanding, beginning of year     432,047     $ 10.98       438,547     $ 10.94  
Granted     34,500     $            1.68           $ N/A  
Exercised           N/A           $ N/A  
Cancelled/Forfeited     (57,500 )   $ 15.87       (6,500 )   $ 7.96  
Outstanding, end of year     409,047     $ 9.51       432,047     $ 10.98  
Exercisable, end of year     382,047     $ 10.07       414,547     $ 11.24  
Weighted average estimated fair value of options granted           1.46             $ N/A  

Detail of options outstanding and exercisable by exercise price

The detail of the options outstanding and exercisable as of March 31, 2018 is as follows: 

 

    Options Outstanding     Options Exercisable  
Exercise Prices   Number
Outstanding
    Weighted
Average
Remaining
Life (Years)
    Weighted
Average
Exercise
Price
    Number
Outstanding
    Weighted
Average
Exercise
Price
 
$1.68 - $9.50     211,047       6.26 years     $ 5.42       184,047     $ 5.96  
$12.50     163,000       2.39 years     $ 12.50       163,000     $ 12.50  
$20.50     35,000       0.42 years     $ 19.03       35,000     $ 19.03  
      409,047                       382,047      
Schedule of stock-based compensation

Our total stock-based compensation for fiscal years ended March 31, 2018 and 2017 included the following: 

 

    Fiscal Year Ended  
    March 31, 2018     March 31, 2017  
Vesting of restricted stock units   $ 1,212,794     $ 2,076,535  
Vesting of stock options     47,975       109,774  
Total Stock-Based Compensation   $ 1,260,769     $ 2,186,309