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Stockholders' Equity

6 Months Ended

Sep. 30, 2019

Equity [Abstract]

Stockholders' Equity

Note 15 — Stockholders' Equity

Issuance of Common Stock in the Public Offering

On July 25, 2019, in a registered direct public offering, the Company entered into securities purchase agreements with certain institutional investors pursuant to which the Company sold a total of 5,000,000 shares of the its common stock at a price per share of $2.10. The gross proceeds to the Company were $10.5 million. The net proceeds of the offering to the Company were $9.6 million, after deducting placement agent fees and other offering expenses totaling $0.9 million paid by the Company.

Issuance of Common Stock for Services to Consultants

During the six months ended September 30, 2019, the Company issued 559,586 shares of its common stock valued at $2.5 million to certain Company consultants and vendors. Additionally, the Company has $0.3 million in Accounts Payable and accrued liabilities for stock earned by its consultants, but not yet issued. During the three and six months ended September 30, 2019, the Company recorded $0.2 million and $0.4 million, respectively, of expense related to stock issuances to its consultants. The remaining unrecognized compensation cost of approximately $0.5 million is expected to be recorded over the next year as the shares vest.

During the six months ended September 30, 2018, the Company issued 143,523 shares of its common stock valued at $0.7 million to certain Company consultants. During the three and six months ended September 30, 2018, the Company recorded $0.5 million and $1.2 million, respectively, of expense related to stock issuances to consultants.

Issuance of Common Stock for Services to Employees

During the three and six months ended September 30, 2019, the Company recorded less than $0.1 million, respectively, of expense related to prior stock issuances to employees. As of September 30, 2019, there was no remaining unrecognized compensation cost.

During the three and six months ended September 30, 2018, the Company recorded $0.2 million and $0.3 million, respectively, of expense related to the stock issuances to employees.

Additional details of the Company's issuances of its common stock to its employees during the six months ended September 30, 2019 are as follows:

		Number of Shares				Weighted- Average Grant Date Fair Value per Share
Non-vested as of March 31, 2019			15,278			$	5.01
Granted			-				-
Vested			(15,278	)			5.01
Forfeited or expired			-				-
Non-vested as of September 30, 2019			-				-

Warrants

The table below summarizes the Company's warrant activities during the six months ended September 30, 2019:

		Number of Warrants				Weighted Average Exercise Price				Weighted- Average Remaining Contractual Term (in years)
Balance outstanding, March 31, 2019			167,363				4.01				1.94
Granted			-				-				-
Exercised			-				-				-
Forfeited/expired			-				-				-
Balance outstanding, September 30, 2019			167,363				4.01				1.44
Exercisable, September 30, 2019			167,363				4.01				1.44

At September 30, 2019, the intrinsic value of warrants outstanding and exercisable was $0.