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Subsequent Events
6 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Subsequent Events

 

We have evaluated subsequent events through November 11, 2016 and have identified the following matters requiring disclosure:

 

Warrants Exchanged for Common Stock

 

In October 2016, we entered into a Warrant Exchange Agreement with a holder of outstanding warrants to purchase 113,944 shares of our common stock pursuant to which the holder agreed to cancel such warrants in exchange for the issuance of 85,458 restricted shares of our common stock.

 

Issuance of Common Stock for Professional Services

 

Effective November 1, 2016, we issued 25,000 shares of our unregistered common stock as partial compensation for investor relations, market awareness and other services.

 

Stock Option Grants

 

Effective November 9, 2016, our Board authorized the grant of stock options to purchase an aggregate of 560,000 shares of our common stock pursuant to our Amended and Restated 2016 Stock Incentive Plan. Options were granted to independent members of our Board and our officers and employees. The ten-year options are exercisable at $3.80 per share and vest over a period of three years.

 

Lease Extension

 

Effective November 10, 2016, we entered into an amendment to the lease of our headquarters facility, pursuant to which the term of the lease was extended from July 31, 2017 to July 31, 2022 and the base rent under the lease for the five-year extension period was specified. A copy of the amended lease is attached to this Quarterly Report on Form 10-Q.