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Capital Stock (Tables)
 12 Months Ended
Mar. 31, 2015
Capital Stock Tables  
Unit Warrant grants and allocation of Proceeds

 

Unit Warrants        
  Weighted Average Issuance Date Valuation Assumptions

Per Share

Fair

Aggregate

Fair Value

Aggregate

Proceeds

Aggregate Allocation of Proceeds

Based on Relative Fair Value of:

Warrant       Risk free    
Shares Market Exercise Term Interest   Dividend Value of of Unit of Unit   Unit  
Issued Price Price (Years) Rate Volatility Rate Warrant Warrants Sales Unit Stock Warrant Unit Note
                         
        282,850  $9.28  $10.00         2.17 0.62% 72.36% 0.0%  $3.63  $1,027,000  $3,133,500  $1,122,400  $454,200  $1,556,900

 

 

 

2013 Unit Warrants        
  Weighted Average Issuance Date Valuation Assumptions

Per Share

Fair

Aggregate

Fair Value

Aggregate

Proceeds

Aggregate Allocation of Proceeds

Based on Relative Fair Value of:

Warrant       Risk free    
Shares Market Exercise Term Interest   Dividend Value of of Unit of Unit   Unit  
Issued Price Price (Years) Rate Volatility Rate Warrant Warrants Sales Unit Stock Warrant Unit Note
                         
        100,750  $9.01  $20.00         2.68 0.58% 76.29% 0.0%  $2.53  $254,700  $1,007,500  $415,000  $111,400  $481,100
Black-Scholes Option Pricing Model

 

Assumption:   Pre-modification     Post-modification  
Market price per share   $ 12.60     $ 12.60  
Exercise price per share   $ 20.00     $ 10.00  
Risk-free interest rate     0.44%       0.62%  
Remaining contractual term in years     2.17       2.59  
Volatility     75.6%       76.6%  
Dividend rate     0.0%       0.0%  
                 
Fair Value per share   $ 3.73     $ 6.65  

 

Assumption:   Pre-modification     Post-modification  
Market price per share at modification date   $ 8.00     $ 8.00  
Exercise price per share (weighted average)   $ 23.13     $ 13.00  
Risk-free interest rate (weighted average)     0.04%       0.31%  
Contractual term in years (weighted average)     0.24       1.24  
Volatility (weighted average)     69.7%       69.8%  
Dividend rate     0.0%       0.0%  
                 
Weighted Average Fair Value per share   $ 0.22     $ 1.31  

 

 

Assumption:   Pre-modification     Post-modification  
Market price per share at modification date   $ 10.00     $ 10.00  
Exercise price per share (weighted average)   $ 31.97     $ 24.68  
Risk-free interest rate (weighted average)     0.33%       0.44%  
Contractual term in years (weighted average)     1.40       2.10  
Volatility (weighted average)     74.4%       75.8%  
Dividend rate     0.0%       0.0%  
                 
Weighted Average Fair Value per share   $ 1.08     $ 2.29  

 

Assumption:   Pre-modification     Post-modification  
Market price per share at modification date   $ 8.00     $ 8.00  
Exercise price per share (weighted average)   $ 33.49     $ 10.00  
Risk-free interest rate (weighted average)     0.51%       0.57%  
Contractual term in years (weighted average)     2.06       2.34  
Volatility (weighted average)     73.6%       74.4%  
Dividend rate     0.0%       0.0%  
                 
Weighted Average Fair Value per share   $ 0.91     $ 2.85  

 
Description of units

 

 

    March 31,  
    2015     2014  
             
Market price of common stock   $ 10.00     $ 9.20  
Exercise price per share   $ 10.00     $ 9.80 to $10.00  
Risk-free interest rate   0.74% to 1.37%       1.73%  
Volatility   73.3% to 75.9%       75%  
Term (years)   2.5 to 5.0     3.5 to 5.0  
Dividend rate     0%       0%  
Probability of Series A Preferred exchange     95%       95%  
                 
Fair value per share   $ 4.45 to $6.17     $ 5.20 to $5.80  

 

Exercise Price per Share   Expiration Date  

Shares Subject

to Purchase at

March 31,

2015

  
           
$ 10.00   1/31/2016 to 1/1/2020     1,064,683  
$ 12.80   3/3/2023     147,000  
$ 15.00   1/31/2016 to 6/11/2016     54,477  
$ 20.00   7/30/2016 to 9/30/2017     186,388  
$ 30.00   2/13/2016 to 3/4/2018     69,426  
$ 40.00   9/15/2017     21,250  
$ 60.00   2/13/2016     1,250  
               
            1,544,474  

 
Shares reserved for future issuance

At March 31, 2015, the Company has reserved shares of its common stock for future issuance as follows:

 

Upon exchange of all shares of Series A Preferred Stock currently issued and outstanding (1)     750,000  
         
Warrant shares issuable to Platinum upon exercise of common stock warrant upon exchange of Series A preferred stock under the terms of the October 11, 2012 Note Purchase and Exchange Agreement     375,000  
         
110% of shares issuable upon conversion of 10% senior secured convertible notes issued to Platinum in October 2012, February 2013, March 2013 and July 2013, including interest accrued through maturity (2)     563,871  
         
Pursuant to warrants to purchase common stock:        
    Subject to outstanding warrants     1,544,474  
    Issuable pursuant to accrued interest through maturity on outstanding promissory notes issued to Morrison & Foerster, Cato Research Ltd., and University Health Network     33,612  
      1,578,086  
         
Pursuant to stock incentive plans:        
    Subject to outstanding options under the 2008 and 1999 Stock Incentive Plans     207,638  
    Available for future grants under the 2008 Stock Incentive Plan     40,491  
      248,129  
         
For additional issuances under the 2014 Private Placement of Units and upon conversion of notes and accrued interest pursuant to the 2013 Private Placement of Units and 2014 Private Placement of Units     807,800  
         
         
Total     4,322,886  
____________        
(1)  assumes exchange under the terms of the October 11, 2012  Note Exchange and Purchase Agreement with Platinum
(2)  assumes conversion under the terms of the October 11, 2012  Note Exchange and Purchase Agreement with Platinum and the terms of the individual notes