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Stockholders' Equity

9 Months Ended

Dec. 31, 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 $9.5 million, after deducting placement agent fees and other offering expenses totaling $1.0 million paid by the Company.

Issuance of Common Stock for Services to Consultants

During the nine months ended December 31, 2019, the Company issued 956,575 shares of its common stock valued at $3.5 million to certain Company consultants and vendors. Additionally, the Company has $0.6 million in Accounts Payable and accrued liabilities for stock earned by its consultants, but not yet issued. During the three and nine months ended December 31, 2019, the Company recorded $0.2 million and $0.6 million, respectively, of expense related to stock issuances to its consultants. The remaining unrecognized compensation cost of approximately $0.3 million is expected to be recorded over the next year as the shares vest.

During the nine months ended December 31, 2018, the Company issued 159,243 shares of its common stock valued at $0.7 million to certain Company consultants. During the three and nine months ended December 31, 2018, the Company recorded $0.2 million and $1.4 million, respectively, of expense related to stock issuances to consultants.

Issuance of Common Stock for Services to Employees

During the three and nine months ended December 31, 2019 the Company recorded $0 and less than $0.1 million, respectively, of expense related to prior stock issuances to employees. As of December 31, 2019, there was no remaining unrecognized compensation cost.

During the three and nine months ended December 31, 2018, the Company recorded $0.1 million and $0.4 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 nine months ended December 31, 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 December 31, 2019			-				-

Warrants

The table below summarizes the Company’s warrant activities during the nine months ended December 31, 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, December 31, 2019			167,363				4.01				1.44
Exercisable, December 31, 2019			167,363				4.01				1.44

At December 31, 2019, the intrinsic value of warrants outstanding and exercisable was $0.