Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Key Inputs and Assumptions to Estimate the Fair Value of Warrant Liability

The following table details key inputs and assumptions used to estimate the fair value of the May 2020 Warrant as of March 31, 2021 using a Black Sholes model and April 2019 Warrants liability as of March 31, 2020 using the Monte Carlo simulation models:

	May 2020 Warrant			April 2019 Warrants
	March 31, 2021			March 31, 2020
Stock price	$	1.78		$	1.10
Volatility		78	%		60	%
Remaining term (years)	3.01				4.01
Expected dividend yield		—			—
Risk-free rate		0.35	%		0.33	%

Summary of Financial Instruments Measured at Fair Value on Recurring Basis

The Company’s financial instruments measured at fair value on a recurring basis are as follows:

Description	Total		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
			(Level 1)		(Level 2)		(Level 3)
March 31, 2021
Warrant liability	$	1,931,921		—		—	$	1,931,921
March 31, 2020
Warrant liability	$	3,639,000		—		—	$	3,639,000

Summary of Activity for Liabilities Measured at Fair Value using Level 3 Significant Unobservable Inputs

The following table summarizes activity for liabilities measured at fair value using Level 3 significant unobservable inputs:

	March 31, 2021
Beginning balance, March 31, 2020	$	3,639,000
Change in fair value of April 2019 Warrant liability before May 20, 2020 Warrant Exchange		3,661,000
Less: fair value of April 2019 Warrants as of May 20, 2020		(7,300,000	)
Plus: fair value of May 2020 Warrant as of May 20, 2020		1,677,528
Change in fair value of May 2020 Warrant liability from May 20, 2020 to March 31, 2021		254,393
Ending balance, March 2021	$	1,931,921