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Subsequent Events | 9 Months Ended
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Dec. 31, 2018
Subsequent Events [Abstract] |
Subsequent Events | Note 19 — Subsequent Events Amendment to the 2016 Equity Incentive Plan On February 11, 2019, the Company amended its 2016 Equity Incentive Plan to (i) increase the number of shares available for issuance under the plan by 5,000,000 shares, which increase was previously approved by the Company’s board of directors and its stockholders at its 2018 annual meeting of stockholders, and (ii) make other immaterial changes to the plan. Employment Agreement with Michael Bebel On February 6, 2019 and effective as of January 29, 2019 (the “Effective Date”), Michael Bebel, the Company’s Executive Vice President of Corporate Development and Rights Management, was promoted to the role of the Senior Executive Vice President of the Company. In connection with such promotion, the Company and Mr. Bebel entered into an employment agreement, dated as of the Effective Date (the “Employment Agreement”), for a term of three years (the “Term”) at an annual salary of $275,000, which salary shall be increased to $325,000 as provided in the Employment Agreement. The Company also agreed to reimburse Mr. Bebel for his relocation expenses in an amount not to exceed $35,000, as well as to pay him an additional amount to compensate him for tax payments due on such amount, such that the net after-tax proceeds to him of the reimbursement of his relocation expenses and such relocation tax gross-up equal to the amount of his reimbursable expenses. Pursuant to the Employment Agreement, Mr. Bebel was granted 500,000 restricted stock units of the Company (the “RSUs”) under the 2016 Plan. 83,105 of the RSUs shall vest on the later of (i) July 28, 2019 and (ii) the earlier of (x) the expiration of any “lock up” agreement in respect of shares of the Company’s capital stock to which Mr. Bebel is subject and (y) June 30, 2019, and the remainder of 416,895 of the RSUs shall vest in ten equal installments every three months thereafter with the last vesting date being the three-year anniversary of the Effective Date, subject to Mr. Bebel’s continued employment with the Company through the applicable vesting date. Each vested RSU shall be settled by delivery to Mr. Bebel of one share of the Company’s common stock as soon as practicable after the applicable vesting. In the event of a “Change of Control” (as defined in the Employment Agreement) any unvested portion of the RSUs shall vest immediately prior to such event. Each RSU grant will be evidenced by an award agreement that will comply with the provisions of the Employment Agreement applicable to the RSUs. Issuance of Additional Debentures Effective February 11, 2019, the Company amended the SPA with the Purchasers to obtain additional financing by selling $3.0 million, $3.2 million in aggregate principal amount, of the February 2019 Debentures. In conjunction with the additional financing, the Company (i) recorded issuance costs of $0.1 million against the liability, (ii) modified certain financial liquidity covenants in the Debentures, (iii) modified the definition of “Monthly Allowance” by increasing it from $170,000 to $221,000, and (iv) amended the definition of “Prepayment Amount” to mean, with respect to any payment of the Debentures prior to the maturity date, the entire outstanding principal balance (including any original issue discount) of the Debentures, all accrued and unpaid interest thereon, together with a prepayment premium equal to the following: (a) if the Debentures are prepaid on or after the original issuance date, but on or prior to December 31, 2019, all remaining regularly scheduled interest to be paid on the Debentures from the date of such payment of the Debentures to, but excluding, December 31, 2019, plus 10% of the entire outstanding principal balance of the Debentures, (b) if the Debentures are prepaid after December 31, 2019, but on or prior to June 30, 2020, 10% of the entire outstanding principal balance of the Debentures; (c) if the Debentures are prepaid on or after June 30, 2020, but on or prior to December 31, 2020, 8% of the entire outstanding principal balance of the Debentures; and (d) if the Debentures are prepaid on or after December 31, 2020, but prior to the maturity date, 6% of the entire outstanding principal balance of the Debentures. The terms of the February 2019 Debentures were otherwise the same as the June 2018 Debentures.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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