Annual report pursuant to Section 13 and 15(d)

5. EQUITY TRANSACTIONS (Tables)

v3.21.2
5. EQUITY TRANSACTIONS (Tables)
12 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Schedule of warrants issued

All of those warrants had a five year term and had exercise prices as follows:

 

Financing   Warrants Issued     Exercise Price
December 2019 Public Offering – Investors’ Warrants     3,333,334     $1.50
December 2019 Public Offering – Placement Agents’ Warrants     100,000     $1.875
January 2020 Registered Direct – Investors’ Warrants     942,689     $2.75
January 2020 Registered Direct – Placement Agents’ Warrants     56,562     $2.50
Summary of warrant activity

A summary of the aggregate warrant activity for the years ended March 31, 2021 and 2020 is presented below:

 

    Fiscal Year Ended March 31,  
    2021     2020  
    Warrants     Weighted
Average
Exercise Price
    Warrants     Weighted
Average
Exercise Price
 
Outstanding, beginning of year     2,021,368     $ 5.21       342,992     $ 27.00  
Granted           N/A       4,432,585     $ 1.79  
Adjustment for reverse split           N/A       73       N/A  
Exercised           N/A       (2,700,000 )   $ 1.50  
Cancelled/Forfeited     (29,395 )   $ 91.17       (54,282 )   $ 91.23  
Outstanding, end of year     1,991,973     $ 5.23       2,021,368     $ 5.21  
Exercisable, end of year     1,991,973     $ 5.23       2,021,368     $ 5.21  
Weighted average estimated fair value of warrants granted             N/A             $ 1.22  
Assumptions used for warrants granted

The following outlines the significant weighted average assumptions used to estimate the fair value of warrants granted in the fiscal year ended March 31, 2020 utilizing the Binomial Lattice option pricing model:

 

    Fiscal Year Ended
    March 31, 2020
Risk free interest rate   1.57% - 1.71%
Average expected life   5 years
Expected volatility   148.6% - 233.0%
Expected dividends   None
Summary of warrant activity exercisable and outstanding

The detail of the warrants outstanding and exercisable as of March 31, 2021 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
 
$2.75 or Below     1,732,585     3.80   $ 2.23       1,732,585     $ 2.23  
$16.50 - $59.25     249,985     1.43   $ 23.24       249,985     $ 23.24  
$64.50 - $135.00     9,403     0.58   $ 77.62       9,403     $ 77.62  
      1,991,973                   1,991,973          
Schedule of Options outstanding vested

Options outstanding that were vested as of March 31, 2021 and options that are expected to vest subsequent to March 31, 2021 are as follows:

 

    Number of
Shares
    Weighted
Average
Exercise
Price
    Weighted
Average
Remaining
Contractual
Term in
Years
Vested     58,954     $ 20.06     7.35
Expected to vest     785,135     $ 1.79     9.19
Total     844,089              
Summary of stock options outstanding

The following is a summary of the stock options outstanding at March 31, 2021 and 2020 and the changes during the years then ended:

 

    Fiscal Year Ended March 31,  
    2021     2020  
    Options     Weighted
Average
Exercise Price
    Options     Weighted
Average
Exercise Price
 
Outstanding, beginning of year     51,124     $ 44.12       59,111     $ 56.85  
Granted     1,011,860     $ 1.71           $ N/A  
Exercised     (15,896 )   $ 1.28           $ N/A  
Cancelled/Forfeited     (202,999 )   $ 6.76       (7,987 )   $ 138.75  
Outstanding, end of year     844,089     $ 3.07       51,124     $ 44.12  
Exercisable, end of year     58,954     $ 20.06       25,197     $ 70.08  
Weighted average estimated fair value of options granted           $ 1.58           $ N/A  
Detail of options outstanding and exercisable by exercise price

The detail of the options outstanding and exercisable as of March 31, 2021 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
 
  $1.28 - $1.68       479,814       9.25 years     $ 1.34       --     $ N/A  
  $2.45 - $2.52       329,766       9.00 years     $ 2.50       24,445     $ 2.45  
  $18.75 - $142.50       34,509       5.88 years     $ 32.53       34,509     $ 32.53  
          844,089                       58,954          
Schedule of stock-based compensation

Our total stock-based compensation for fiscal years ended March 31, 2021 and 2020 included the following:

 

    Fiscal Year Ended  
    March 31, 2021     March 31, 2020  
Vesting of restricted stock units   $ 175,000     $ 678,028  
Vesting of restricted shares issued for services     1,500        
Vesting of stock options     602,921       165,970  
Total Stock-Based Compensation   $ 779,421     $ 843,998