XML 20 R11.htm IDEA: XBRL DOCUMENT v3.22.2.2
STOCKHOLDERS’ EQUITY (DEFICIT)
 6 Months Ended
Sep. 30, 2022
Equity [Abstract]  
STOCKHOLDERS’ EQUITY (DEFICIT)

NOTE 5 – STOCKHOLDERS’ EQUITY (DEFICIT)

Placements of Common Stock and Warrants

On May 2, 2022, the Company entered into a securities purchase agreement (the Purchase Agreement) with an institutional investor, pursuant to which the Company sold, in a registered direct offering (the Registered Offering), which closed on May 5, 2022, an aggregate of 449,438 shares (the Shares) of the Company’s common stock, par value $0.001 per share, at a purchase price per Share of $4.45 and pre-funded warrants (the Pre-Funded Warrants) to purchase an aggregate of 1,348,314 shares of common stock at a purchase price per Pre-Funded Warrant of $4.44. The Pre-Funded Warrants will be exercisable immediately on the date of issuance at an exercise price of $0.01 per share and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full.

In a concurrent private placement under the Purchase Agreement, the Company issued to the Investor warrants (the Private Placement Warrants) to purchase an aggregate of 1,438,202 shares of common stock at an exercise price of $6.60 per share. The Private Placement Warrants will be exercisable beginning on the six-month anniversary of the date of issuance (the Initial Exercise Date) and will expire on the five-year anniversary of the Initial Exercise Date.

 

Warrants

As of September 30, 2022, the Company had the following warrants outstanding:

Type  Number of
Shares		   Exercise
Price		   Expiration
Date		 
Common stock   1,348,314   $0.01    — 
Common stock   767,796   $6.00    April 2027 - May 2027 
Common stock   4,011,276   $6.60    February 2027 
Common stock   1,438,202   $6.60    November 2027 
Total   7,565,588           

 

Other

During the six months ended September 30, 2022 and 2021, the Company issued 348 and 20,000 shares of common stock, respectively, with a fair value of approximately $1,576 and $172,200, respectively, to service providers.