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Equity
12 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Equity

NOTE 9 - EQUITY

 

Employee Stock Purchase Plan - In February 2017, the Company’s shareholders approved the 2017 Employee Stock Purchase Plan (“2017 ESPP”) which provides for an aggregate of 3,000,000 shares of the Company’s stock reserved for issuance over the term of the 2017 ESPP. The purpose of the 2017 ESPP is to provide incentives for present and future employees of the Company and any designated subsidiary to acquire a proprietary interest in the Company through the purchase of shares of the Company’s common stock. As of March 31, 2018, 32,894 shares had been acquired under the 2017 ESPP; as of March 31, 2017, no shares had been acquired under the 2017 ESPP.

 

Convertible Notes conversion - In the year ended March 31, 2018, certain holders of the Convertible Notes converted an aggregate of $1,632,000 of the outstanding principal and interest balances of their Convertible Notes into 1,813,334 shares of the Company’s common stock, pursuant to the terms of the Convertible Notes. The converting holders included an affiliate of Dr. Phillip Frost, Mark E. Andrews, III an affiliate of Richard J. Lampen, and Vector Group Ltd.

 

Subsidiary dividend - In September 2015, GCP declared and paid a $1,500,000 cash dividend to its shareholders. The Company allocated 40% of this dividend, or $600,000, to non-controlling interests. No dividends were declared or paid in the years ended March 31, 2018 or 2017.

 

GCP Acquisition - As described in Note 4, in March 2017, the Company issued 1,800,000 shares of Common Stock as consideration in connection with the GCP Acquisition.