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13 WARRANTS | 9 Months Ended
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Dec. 31, 2015
Temporary Equity Disclosure [Abstract] |
WARRANTS | NOTE 13. WARRANTS On May 26, 2015, the Company issued 2,777,777 warrants, which vest immediately, have an exercise price of $1.80 and expire on May 26, 2020. The warrants were valued using the Black-Scholes pricing model. Significant assumptions used in the valuation include stock price on the measurement date of $1.50, expected term of 2.5 years, expected volatility of 50%, risk free interest rate of 1.53%, and expected dividend yield of 0%. The value on the grant date of the options was $1,078,523 and the expense for March 31, 2015 and December 31, 2015 was determined to be $0 and $0. As of December 31, 2013, no options have been exercised from this tranche of options. There was no warrant activity before 2015. Below is a table summarizing the Company's outstanding warrants as of March 31, 2015 and December 31, 2015:
|  |  |  |  |  |  |  | Weighted Avg. |  |  |  |
|  | Number of |  |  | Weighted Avg. |  |  | Remaining |  |  | Intrinsic |
|  | Shares |  |  | Exercise Price |  |  | Term |  |  | Value |
None outstanding at March 31, 2015 |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Granted |  |  | 2,777,777 |  |  |  | 1.8 |  |  |  | 4.41 |  |  | $ | 13,333,330 |
Outstanding at December 31, 2015 |  |  | 2,777,777 |  |  |  | 1.8 |  |  |  | 4.41 |  |  | $ | 13,333,330 |
For the year ended March 31, 2015 and nine-months December 31, 2015, the Company has incurred no warrants based expense.

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- Definition Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 480 -SubTopic 10 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65877616&loc=d3e177068-122764 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (27) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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