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5. EQUITY TRANSACTIONS (Tables)
 6 Months Ended 12 Months Ended
Sep. 30, 2018
Mar. 31, 2017
Equity [Abstract]    
Assumptions used for warrants granted  

The following outlines the significant weighted average assumptions used to estimate the fair value information presented, with respect to warrants utilizing the Binomial Lattice option pricing models, issued during the fiscal year ended March 31, 2018: 

 

Risk free interest rate     1.38% - 1.92%  
Average expected life     5 years  
Expected volatility     100.2% - 111.1%  
Expected dividends     None  

 

The following outlines the significant weighted average assumptions used to estimate the fair value of warrants granted utilizing the Binomial Lattice option pricing model: 

 

      Year Ended March 31,  
      2018       2017  
Risk free interest rate     1.38% - 1.92%       0.7% - 1.93%  
Average expected life     5 years       3.42 – 5.5 years  
Expected volatility     100.2% - 111.1%       88.2% - 96.0%  
Expected dividends     None       None  
Summary of warrant activity
      Amount     Range of
Exercise
Price		     Weighted
Average
Exercise
Price		  
  Warrants outstanding at March 31, 2018       5,922,571       $1.10 - $12.05     $ 1.83  
  Exercised       –       n/a       n/a  
  Issued       –       n/a       n/a  
  Cancelled/Expired       (463,146 )     $2.10 – $6.25     $ 2.61  
  Warrants outstanding at September 30, 2018       5,459,425       $1.10 – $12.05     $ 1.77  
  Warrants exercisable at September 30, 2018       5,459,425       $1.10 – $12.05     $ 1.77  

A summary of the aggregate warrant activity for the years ended March 31, 2018 and 2017 is presented below:

 

    Fiscal Year Ended March 31,  
    2018     2017  
    Warrants     Weighted
Average
Exercise Price		     Warrants     Weighted
Average
Exercise Price		  
Outstanding, beginning of year     2,604,096     $ 3.64       2,164,094     $ 6.68  
Granted     5,618,182     $ 1.10       749,825     $ 4.10  
Exercised     (2,160,350 )   $ 1.10       (2,660 )   $ 6.25  
Cancelled/Forfeited     (139,357 )   $ 6.52       (307,163 )   $ 5.18  
Outstanding, end of year     5,922,571     $ 1.80       2,604,096     $ 3.64  
Exercisable, end of year     5,922,571     $ 1.80       2,604,096     $ 3.64  
Weighted average estimated fair value of warrants granted           $ 0.71             $ 2.65  
Summary of warrant activity exercisable and outstanding  

The detail of the warrants outstanding and exercisable as of March 31, 2018 is as follows: 

 

      Warrants Outstanding               Warrants Exercisable  
Range of
Exercise Prices		     Number
Outstanding		       Weighted
Average
Remaining
Life (Years)		       Weighted
Average
Exercise Price		       Number
Outstanding		       Weighted
Average
Exercise Price		  
$2.10 or Below     3,863,722       4.13     $ 1.21       3,863,722     $ 1.21  
3.95 - $4.94     1,377,087       3.59     $ 4.06       1,377,087     $ 4.06  
$5.20 - $12.05     681,762       2.07     $ 6.57       681,762     $ 6.57  
      5,922,571                       5,922,571  
RSU's expected to vest  

RSUs outstanding that have vested and are expected to vest as of March 31, 2018 are as follows: 

 

    Number of RSUs  
Vested     46,125  
Expected to vest     322,875  
Total     369,000  
Summary of stock options outstanding
   Amount   Range of
Exercise Price		   Weighted
Average
Exercise
Price		 
Stock options outstanding at March 31, 2018   409,047    $1.68-$20.50   $9.51 
Exercised   –    –   $– 
Granted   –    –   $– 
Cancelled/Expired   35,000   $20.50   $20.50 
Stock options outstanding at September 30, 2018   374,047    $1.68 – $12.50   $8.48 
Stock options exercisable at September 30, 2018   356,047    $1.68 – $12.50   $8.83 

The following is a summary of the stock options outstanding at March 31, 2018 and 2017 and the changes during the years then ended:

 

    Fiscal Year Ended March 31,  
    2018   2017  
    Options     Weighted
Average
Exercise Price		     Options     Weighted
Average
Exercise Price		  
Outstanding, beginning of year     432,047     $ 10.98       438,547     $ 10.94  
Granted     34,500     $            1.68       –     $ N/A  
Exercised     –       N/A       –     $ N/A  
Cancelled/Forfeited     (57,500 )   $ 15.87       (6,500 )   $ 7.96  
Outstanding, end of year     409,047     $ 9.51       432,047     $ 10.98  
Exercisable, end of year     382,047     $ 10.07       414,547     $ 11.24  
Weighted average estimated fair value of options granted           $  1.46             $ N/A  
Detail of options outstanding and exercisable by exercise price
   Number of
Shares		   Weighted
Average
Exercise
Price		   Weighted
Average
Remaining
Contractual
Term in
Years		 
             
Vested   356,047   $8.83    3.84 
Expected to vest   18,000   $1.68    8.71 
Total   374,047           

The detail of the options outstanding and exercisable as of March 31, 2018 is as follows: 

 

    Options Outstanding     Options Exercisable  
Exercise Prices   Number
Outstanding		     Weighted
Average
Remaining
Life (Years)		     Weighted
Average
Exercise
Price		     Number
Outstanding		     Weighted
Average
Exercise
Price		  
$1.68 - $9.50     211,047       6.26 years     $ 5.42       184,047     $ 5.96  
$12.50     163,000       2.39 years     $ 12.50       163,000     $ 12.50  
$20.50     35,000       0.42 years     $ 19.03       35,000     $ 19.03  
      409,047                       382,047      
Schedule of other than options
   Number of RSUs 
Vested   46,125 
Expected to vest   342,926 
Total   389,051 
  
Schedule of stock-based compensation
   Three Months
Ended
September 30,
2018		   Three Months
Ended
September 30,
2017		   Six Months
Ended
September 30,
2018		   Six Months
Ended
September 30,
2017		 
Vesting of stock options and restricted stock units  $336,496   $283,534   $599,658   $564,445 
Total stock-based compensation expense  $336,496   $283,534   $599,658   $564,445 
                     
Weighted average number of common shares outstanding – basic and diluted   17,789,236    9,032,157    17,771,918    8,939,624 
                     
Basic and diluted loss per common share attributable to stock-based compensation expense  $(0.02)  $(0.03)  $(0.03)  $(0.06)

Our total stock-based compensation for fiscal years ended March 31, 2018 and 2017 included the following: 

 

    Fiscal Year Ended  
    March 31, 2018     March 31, 2017  
Vesting of restricted stock units   $ 1,212,794     $ 2,076,535  
Vesting of stock options     47,975       109,774  
Total Stock-Based Compensation   $ 1,260,769     $ 2,186,309  
Schedule of stock options valuation assumptions
Risk free interest rate 2.21%
Average expected life 10 years
Expected volatility 92.14%
Expected dividends  None