Equity |
9 Months Ended |
|---|---|
Dec. 31, 2017 | |
| Equity [Abstract] | |
| Equity |
NOTE 8 — EQUITY
Equity distribution agreement - In November 2014, the Company entered into an Equity Distribution Agreement (the “2014 Distribution Agreement”) with Barrington Research Associates, Inc. (“Barrington”), as sales agent, under which the Company could issue and sell over time and from time to time, to or through Barrington, shares (the “Shares”) of its common stock having a gross sales price of up to $10,000,000.
The Company did not sell any Shares pursuant to the 2014 Distribution Agreement during the nine months ended December 31, 2017. The Company did not sell any Shares pursuant to the 2014 Distribution Agreement during the nine months ended December 31, 2016, but incurred $12,000 of issuance costs related to the 2014 Distribution Agreement.
The 2014 Distribution Agreement expired in August 2017 upon the expiration of the Company’s Registration Statement on Form S-3 under which the Shares were sold.
Convertible Notes conversion - In the nine months ended December 31, 2017, Convertible Note holders converted $928,167 of Convertible Notes and interest accrued thereon into 1,031,297 shares of common stock. The converting holders included Mark E. Andrews, III and an affiliate of Richard J. Lampen.
GCP Acquisition - As described in Note 4, in March 2017, the Company issued 1,800,000 shares of common stock to the Sellers in connection with the GCP Acquisition. |