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Stockholders' Equity | 12 Months Ended
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Mar. 31, 2023
Stockholders' Equity [Abstract] |
STOCKHOLDERS' EQUITY | NOTE 7 – STOCKHOLDERS’ EQUITY February 2022 Public Offering On February 9, 2022, the Company entered into an underwriting agreement with Oppenheimer & Co. Inc., who acted as the representative of the several underwriters (the Underwriters), in a firm commitment underwritten public offering (the 2022 Offering) pursuant to which, on February 14, 2022, the Company sold to the Underwriters an aggregate of 2,500,000 shares of the Company’s common stock and 2,500,000 warrants (the Offering Warrants and, collectively with the shares of common stock, the Units), each to purchase one share of common stock. The price to the public in the 2022 Offering was $6.00 per Unit, before underwriting discounts and commissions. The common stock and the Offering Warrants comprising the Units were immediately separable upon issuance and were issued separately. The Offering Warrants were exercisable immediately, have an exercise price of $6.60 per share and expire on February 14, 2027. The gross proceeds from the 2022 Offering were $15,000,000, before deducting approximately $1,465,000 of underwriting discounts and commissions and other offering expenses. 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, 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. In October 2021, the Company sold 30,864 shares of common stock to two officers, its i) chief executive officer and ii) the chairman of the Company’s board of directors (the Board), president, chief financial officer and treasurer, at a purchase price of $8.10 per share, for gross proceeds of approximately $250,000. Issuances of Common Stock and Warrants During the years ended March 31, 2023 and 2022, the Company issued 11,264 and 90,000 shares of common stock to service providers, respectively, with fair values of approximately $21,727 and $594,400, respectively. Warrants As of March 31, 2023, the Company had the following warrants outstanding:
|  | Number of |  |  | Exercise |  |  |  |
Type |  | Shares |  |  | Prices |  |  | Expiration Dates |
Common stock |  |  | 1,348,314 |  |  | $ | 0.01 |  |  |  | — |
Common stock |  |  | 767,796 |  |  | $ | 6.00 |  |  |  | January - February 2027 |
Common stock |  |  | 4,011,276 |  |  | $ | 6.60 |  |  |  | February 2027 |
Common stock |  |  | 1,438,202 |  |  | $ | 6.60 |  |  |  | November 2027 |
Total |  |  | 7,565,588 |  |  |  |  |  |  |  |  |
As of March 31, 2022, the Company had the following warrants outstanding:
|  | Number of |  |  | Exercise |  |  |
Type |  | Shares |  |  | Prices |  |  | Expiration Dates
Common stock |  |  | 767,796 |  |  | $ | 6.00 |  |  | January - February 2027
Common stock |  |  | 4,011,276 |  |  | $ | 6.60 |  |  | February 2027
Total |  |  | 4,779,072 |  |  |  |  |  |  |

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