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5. EQUITY TRANSACTIONS (Tables)

12 Months Ended

Mar. 31, 2020

Equity [Abstract]

Schedule of warrants issued

All of those warrants had a five year term and had exercise prices as follows:

Financing		Warrants Issued				Exercise Price
December 2019 Public Offering – Investors’ Warrants			3,333,334			$1.50
December 2019 Public Offering – Placement Agents’ Warrants			100,000			$1.875
January 2020 Registered Direct – Investors’ Warrants			942,689			$2.75
January 2020 Registered Direct – Placement Agents’ Warrants			56,562			$2.50

Summary of warrant activity

A summary of the aggregate warrant activity for the years ended March 31, 2021 and 2020 is presented below:

		Fiscal Year Ended March 31,
		2021								2020
		Warrants				Weighted Average Exercise Price				Warrants				Weighted Average Exercise Price
Outstanding, beginning of year			2,021,368			$	5.21				342,992			$	27.00
Granted			–				N/A				4,432,585			$	1.79
Adjustment for reverse split			–				N/A				73				N/A
Exercised			–				N/A				(2,700,000	)		$	1.50
Cancelled/Forfeited			(29,395	)		$	91.17				(54,282	)		$	91.23
Outstanding, end of year			1,991,973			$	5.23				2,021,368			$	5.21
Exercisable, end of year			1,991,973			$	5.23				2,021,368			$	5.21
Weighted average estimated fair value of warrants granted							N/A							$	1.22

Assumptions used for warrants granted

The following outlines the significant weighted average assumptions used to estimate the fair value of warrants granted in the fiscal year ended March 31, 2020 utilizing the Binomial Lattice option pricing model:

		Fiscal Year Ended
		March 31, 2020
Risk free interest rate		1.57% - 1.71%
Average expected life		5 years
Expected volatility		148.6% - 233.0%
Expected dividends		None

Summary of warrant activity exercisable and outstanding

The detail of the warrants outstanding and exercisable as of March 31, 2021 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
$2.75 or Below			1,732,585			3.80		$	2.23				1,732,585			$	2.23
$16.50 - $59.25			249,985			1.43		$	23.24				249,985			$	23.24
$64.50 - $135.00			9,403			0.58		$	77.62				9,403			$	77.62
			1,991,973										1,991,973

Schedule of Options outstanding vested

Options outstanding that were vested as of March 31, 2021 and options that are expected to vest subsequent to March 31, 2021 are as follows:

		Number of Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term in Years
Vested			58,954			$	20.06			7.35
Expected to vest			785,135			$	1.79			9.19
Total			844,089

Summary of stock options outstanding

The following is a summary of the stock options outstanding at March 31, 2021 and 2020 and the changes during the years then ended:

		Fiscal Year Ended March 31,
		2021								2020
		Options				Weighted Average Exercise Price				Options				Weighted Average Exercise Price
Outstanding, beginning of year			51,124			$	44.12				59,111			$	56.85
Granted			1,011,860			$	1.71				–			$	N/A
Exercised			(15,896	)		$	1.28				–			$	N/A
Cancelled/Forfeited			(202,999	)		$	6.76				(7,987	)		$	138.75
Outstanding, end of year			844,089			$	3.07				51,124			$	44.12
Exercisable, end of year			58,954			$	20.06				25,197			$	70.08
Weighted average estimated fair value of options granted						$	1.58							$	N/A

Detail of options outstanding and exercisable by exercise price

The detail of the options outstanding and exercisable as of March 31, 2021 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
	$1.28 - $1.68				479,814				9.25 years			$	1.34				--			$	N/A
	$2.45 - $2.52				329,766				9.00 years			$	2.50				24,445			$	2.45
	$18.75 - $142.50				34,509				5.88 years			$	32.53				34,509			$	32.53
					844,089												58,954

Schedule of stock-based compensation

Our total stock-based compensation for fiscal years ended March 31, 2021 and 2020 included the following:

		Fiscal Year Ended
		March 31, 2021				March 31, 2020
Vesting of restricted stock units		$	175,000			$	678,028
Vesting of restricted shares issued for services			1,500				–
Vesting of stock options			602,921				165,970
Total Stock-Based Compensation		$	779,421			$	843,998

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