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SUBSEQUENT EVENT | 9 Months Ended
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Dec. 31, 2024
SUBSEQUENT EVENT |
SUBSEQUENT EVENT | NOTE 16 – SUBSEQUENT EVENT Private Placement On February 11. 2025, the Company received $498 in proceeds from the sale of the remaining shares of the Company’s common stock, and common stock purchase warrants in a private placement pursuant to a Securities Purchase Agreement with certain accredited investors which closed on July 8, 2024 (see Note 2, Basis of Presentation and Significant Accounting Policies).Pursuant to the Securities Purchase Agreement, we agreed to have a registration statement registering for resale the shares and the shares underlying the warrants declared effective with 60 days of the closing date. The registration statement was declared effective by the Securities and Exchange Commission on January 31, 2025. Since, the registration statement was not declared effective in a timely manner, the Company is obligated to pay approximately $108 as liquidated damages under the agreement, which is included in accrued expenses. On January 24, 2024, pursuant to the 2016 Equity Incentive Plan, the Company awarded 54,880 shares, in the aggregate, of restricted common stock to our four non-employee directors. The restricted common stock shall vest and become nonforfeitable on December 19, 2025. During the period commencing on the grant date and ending on the vesting date, the grantee is not permitted to sell, transfer, pledge, assign or otherwise encumber the restricted common stock. The grantee must be serving as a director as of the vesting date and must have been continuously serving in such capacity from the grant date through the vesting date. Fair value of $180 was measured on the date of grant based on the number of shares expected to vest and the quoted market price of the Company’s common stock. Stock-based compensation expense will be recognized ratably over the vesting period.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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