Capital Stock (Tables)

12 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Schedule of the aggregate allocation unit sales proceeds based on the relative fair values

The table below also presents the aggregate allocation of the 2014 Unit sales proceeds based on the relative fair values of the 2014 Unit Stock, 2014 Unit Warrants and 2014 Unit Notes as of their respective 2014 Unit sales dates.

Unit Warrants																							Aggregate Allocation of Proceeds Based on Relative Fair Value of:
		Weighted Average Issuance Date Valuation Assumptions															Per Share		Aggregate		Aggregate
Warrant								Risk free									Fair		Fair Value		Proceeds
Shares		Market		Exercise		Term		Interest						Dividend			Value of		of Unit		of Unit		Unit		Unit		Unit
Issued		Price		Price		(Years)		Rate			Volatility			Rate			Warrant		Warrants		Sales		Stock		Warrant		Note
	282,850	$	9.28	$	10.00		2.17		0.62	%		72.36	%		0.00	%	$	3.63	$	1,027,000	$	3,133,500	$	1,122,400	$	454,200	$	1,556,900

The table below also presents the aggregate allocation of the 2014 Unit sales proceeds based on the relative fair values of the 2014 Unit Stock, 2014 Unit Warrants and 2014 Unit Notes as of their respective 2014 Unit sales dates during the fiscal year ended March 31, 2016.

Unit Warrants																							Aggregate Allocation of Proceeds Based on Relative Fair Value of:
		Weighted Average Issuance Date Valuation Assumptions															Per Share		Aggregate		Aggregate
Warrant								Risk free									Fair		Fair Value		Proceeds
Shares		Market		Exercise		Term		Interest						Dividend			Value of		of Unit		of Unit		Unit		Unit		Unit
Issued		Price		Price		(Years)		Rate			Volatility			Rate			Warrant		Warrants		Sales		Stock		Warrant		Note
	24,250	$	10.00	$	10.00		1.70		0.45	%		73.19	%		0.00	%	$	3.69	$	89,600	$	280,000	$	128,900	$	2,057,900	$	118,200

Accordingly, we have recognized a deemed dividend in the aggregate amount of $2,058,000 in arriving at net loss attributable to common stockholders in the accompanying Condensed Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2016.

Unit Warrants

Aggregate Allocation of Proceeds Based on Relative Fair Value of:

Weighted Average Issuance Date Valuation Assumptions

Per Share

Aggregate

Aggregate

Warrant

Risk free

Fair

Fair Value

Proceeds

Shares

Market

Exercise

Term

Interest

Dividend

Value of

of Unit

of Unit

Unit

Unit

Issued

Price

Price

(Years)

Rate

Volatility

Rate

Warrant

Warrants

Sales

Stock

Warrant

717,978

$

10.45

$

7.00

5.00

1.61

%

77.30

%

0.0

%

$

7.37

$

5,288,600

$

5,025,800

$

2,967,900

$

2,057,900

Schedule of Black Scholes option pricing model

The warrants subject to the term extension were valued using the Black-Scholes Option Pricing Model and the following weighted average assumptions:

Assumption:	Pre-modification		Post-modification
Market price per share	$	8.25	$	8.25
Exercise price per share	$	12.99	$	12.99
Risk-free interest rate		0.28%		0.36%
Remaining contractual term in years		0.15		0.40
Volatility		91.2%		91.2%
Dividend rate		0.0%		0.0%
Fair Value per share	$	0.30	$	0.80

We valued the warrants granted on the dates indicated using the Black Scholes Option Pricing Model and the following assumptions: 

Assumption:	11/23/2015		12/11/2015		3/25/2016
Market price per share	$	6.75	$	5.00	$	8.00
Exercise price per share	$	7.00	$	7.00	$	8.00
Risk-free interest rate		1.70%		1.16%		1.39%
Contractual term in years		5.0		3.0		5.0
Volatility		77.95%		77.88%		78.96%
Dividend rate		0.0%		0.0%		0.0%
Fair Value per share	$	4.22	$	2.12	$	5.08
Warrant shares granted		7,500		37,500		230,000
Expense recognized	$	31,700	$	79,600	$	1,169,500

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	$	10.00	$	10.00
Exercise price per share (weighted average)	$	30.23	$	11.92
Risk-free interest rate (weighted average)		0.83%		0.83%
Remaining contractual term in years (weighted average)		2.26		2.26
Volatility (weighted average)		73.7%		73.7%
Dividend rate		0.0%		0.0%
Fair Value per share (weighted average)	$	1.55	$	3.79

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	$	6.50	$	6.50
Exercise price per share (weighted average)	$	9.97	$	7.00
Risk-free interest rate (weighted average)		1.74%		1.75%
Remaining contractual term in years (weighted average)		5.13		5.16
Volatility (weighted average)		78.8%		78.7%
Dividend rate		0.0%		0.0%
Fair Value per share (weighted average)	$	3.65	$	4.08

The warrants subject to the exercise price modifications and term extensions 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	$	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

Schedule of outstanding warrants to purchase shares

The following table summarizes outstanding warrants to purchase shares of our common stock as of March 31, 2016.  The weighted average exercise price of outstanding warrants at March 31, 2016 was $8.17 per share. 

Exercise Price		Expiration	Shares Subject to Purchase at
per Share		Date	March 31, 2016
$	7.00	12/11/2018 to 3/3/2023		1,417,125
$	8.00	3/25/2021		230,000
$	10.00	8/31/2016 to 1/11/2020		135,384
$	15.00	4/30/2016 to 8/31/2016		10,664
$	20.00	9/15/2019		110,448
$	30.00	11/20/2017		3,600
				1,907,221

Schedule of reserved shares of common stock for future issuance

At March 31, 2016, 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
Upon exchange of all shares of Series B Preferred Stock currently issued and outstanding	3,663,077
Reserved for potential future issuance of Series B Preferred Stock	108,105
Upon exchange of all shares of Series C Preferred Stock currently issued and outstanding	2,318,012
Reserved for potential future issuance of Series C Preferred Stock	681,988
Pursuant to warrants to purchase common stock:
Subject to outstanding warrants	1,907,221
Pursuant to stock incentive plans:
Subject to outstanding options under the 2008 and 1999 Stock Incentive Plans	336,987
Available for future grants under the 2008 Stock Incentive Plan	660,242
	997,229
Total	10,425,632