Convertible Promissory Notes and Other Notes Payable (Tables)

12 Months Ended

Mar. 31, 2016

Schedule of the components of the Company's convertible promissory notes and other notes payable

The following table summarizes the components of the Company’s convertible promissory notes and other notes payable:

	March 31, 2016									March 31, 2015
	Principal			Accrued						Principal			Accrued
	Balance			Interest			Total			Balance			Interest			Total
Senior Secured 10% Convertible Promissory Notes issued to PLTG:
Exchange Note issued on October 11, 2012	$	-		$	-		$	-		$	1,272,600		$	360,200		$	1,632,800
Investment Note issued on October 11, 2012		-			-			-			500,000			141,500			641,500
Investment Note issued on October 19, 2012		-			-			-			500,000			140,100			640,100
Investment Note issued on February 22, 2013		-			-			-			250,000			59,100			309,100
Investment Note issued on March 12, 2013		-			-			-			750,000			172,600			922,600
		-			-			-			3,272,600			873,500			4,146,100
Convertible promissory note issued on July 26, 2013		-			-			-			250,000			46,200			296,200
Total Senior notes		-			-			-			3,522,600			919,700			4,442,300
Aggregate note discount		-			-			-			-			-			-
Net Senior notes		-			-			-			3,522,600			919,700			4,442,300
less: current portion		-			-			-			(3,272,600	)		(873,500	)		(4,146,100	)
Senior notes - non-current portion and discount	$	-		$	-		$	-		$	250,000		$	46,200		$	296,200
10% Convertible Promissory Notes (Unit Notes)
2014 Unit Notes, including amended notes, due 3/31/15	$	-		$	-		$	-		$	4,066,900		$	270,700		$	4,337,600
Note discounts		-			-			-			(180,000	)		-			(180,000	)
Net convertible notes (all current)	$	-		$	-		$	-		$	3,886,900		$	270,700		$	4,157,600
Notes Payable to unrelated parties:
7.5% Notes payable to service providers for accounts payable converted to notes payable:
Burr, Pilger, Mayer	$	-		$	-		$	-		$	90,400		$	13,100		$	103,500
Desjardins		-			-			-			156,300			24,100			180,400
McCarthy Tetrault		-			-			-			319,700			46,000			365,700
August 2012 Morrison & Foerster Note A		-			-			-			918,200			193,200			1,111,400
August 2012 Morrison & Foerster Note B		-			-			-			1,379,400			333,100			1,712,500
University Health Network		-			-			-			549,500			101,800			651,300
		-			-			-			3,413,500			711,300			4,124,800
Note discount		-			-			-			(474,500	)		-			(474,500	)
		-			-			-			2,939,000			711,300			3,650,300
less: current portion (and discount at March 31, 2015)		-			-			-			(2,939,000	)		(711,300	)		(3,650,300	)
non-current portion and discount	$	-		$	-		$	-		$	-		$	-		$	-
5.75% and 10.25% Notes payable to insurance premium financing company (current)	$	-		$	-		$	-		$	5,800		$	-		$	5,800
10% Notes payable to vendors for accounts payable converted to notes payable	$	-		$	-		$	-		$	378,300		$	51,500		$	429,800
less: current portion		-			-			-			(378,300	)		(51,500	)		(429,800	)
non-current portion	$	-		$	-		$	-		$	-		$	-		$	-
7.0% Note payable (August 2012)	$	58,800		$	12,000		$	70,800		$	58,800		$	7,900		$	66,700
less: current portion		(31,600	)		(12,000	)		(43,600	)		(23,200	)		(7,900	)		(31,100	)
7.0% Notes payable - non-current portion	$	27,200		$	-		$	27,200		$	35,600		$	-		$	35,600
Total notes payable to unrelated parties	$	58,800		$	12,000		$	70,800		$	3,381,900		$	770,700		$	4,152,600
less: current portion (and discount at March 31, 2015)		(31,600	)		(12,000	)		(43,600	)		(3,346,300	)		(770,700	)		(4,117,000	)
Net non-current portion	$	27,200		$	-		$	27,200		$	35,600		$	-		$	35,600
Notes payable to related parties:
October 2012 7.5% Note to Cato Holding Co.	$	-		$	-		$	-		$	293,600		$	55,900		$	349,500
October 2012 7.5% Note to Cato Research Ltd.		-			-			-			1,009,000			204,800			1,213,800
		-			-			-			1,302,600			260,700			1,563,300
Note discount		-			-			-			(54,500	)		-			(54,500	)
Total notes payable to related parties		-			-			-			1,248,100			260,700			1,508,800
less: current portion		-			-			-			(1,248,100	)		(260,700	)		(1,508,800	)
non-current portion and discount	$	-		$	-		$	-		$	-		$	-		$	-

Schedule of Black Scholes option pricing model

We used the Black-Scholes option valuation model with the following assumptions to determine share-based compensation expense related to option grants during the fiscal years ended March 31, 2016 and 2015: 

	Fiscal Years Ended March 31,
	2016			2015
	(weighted average)
Exercise price	$	8.78		not applicable
Market price on date of grant	$	8.69		not applicable
Risk-free interest rate		1.99	%	not applicable
Expected term (years)		8.45		not applicable
Volatility		93.27	%	not applicable
Expected dividend yield		0.00	%	not applicable
Fair value per share at grant date	$	7.09		not applicable

Platinum Unit Notes And Acquired Unit Notes [Member] | Warrant [Member]

Schedule of Black Scholes option pricing model

We valued the warrants issued in connection with the 2014 Unit Note conversions at an aggregate of $5,168,400 using the Black Scholes option pricing model and the following assumptions:

Assumption:	Platinum Unit Notes and Acquired Unit Notes			Investor Unit Notes
Market price per share at conversion date	$	10.00		$	8.00
Exercise price per share	$	7.00		$	7.00
Risk-free interest rate		1.58			1.57
Contractual term in years		5.00			5.00
Volatility		76.5	%		75.7	%
Dividend rate		0.0	%		0.0	%
Warrant shares		506,004			327,016
Fair Value per share	$	6.89		$	5.15

Cato Notes [Member] | Cato Holding Co & Cato Research Ltd [Member]

Schedule of Black Scholes option pricing model

The warrants subject to the exercise price modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions:

Assumption:	Pre-modification			Post-modification
Market price per share at modification date	$	10.00		$	10.00
Exercise price per share	$	20.00 and $30.00		$	7.00
Risk-free interest rate		0.87	%		0.87	%
Contractual term in years		2.31			2.31
Volatility		73.9	%		73.9	%
Dividend rate		0.0	%		0.0	%
Weighted Average Fair Value per share	$	2.44 and $1.57		$	5.33

7.5% B Notes Payable August 2012 (Service providers for accounts payable converted to notes payable) [Member] | Morrison & Foerster [Member]

Schedule of Black Scholes option pricing model

The warrants subject to the exercise price and term modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions:

Assumption:	Pre-modification			Post-modification
Market price per share at modification date	$	10.00		$	10.00
Exercise price per share	$	20.00 and $40.00		$	20.00
Risk-free interest rate		0.86	%		1.57	%
Contractual term in years		2.27			4.27
Volatility		73.8	%		76.7	%
Dividend rate		0.0	%		0.0	%
Weighted Average Fair Value per share	$	2.39 and $1.04		$	4.35