STOCKHOLDERS’ EQUITY

6 Months Ended

Sep. 30, 2021

Equity [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 6 – STOCKHOLDERS’ EQUITY

During the six month period ended September 30, 2021, 366,892 warrants were exercised, generating gross proceeds of $2,963,658. At September 30, 2021, there were 1,573,098 warrants outstanding. No other shares were issued during this period.

During the six month period ended September 30, 2020, a total of 408,718 shares of common stock were issued under the ATM Equity Distribution Agreement that was in place at the time with Maxim Group LLC (this agreement was subsequently terminated in August 2020), which generated gross proceeds of $4,250,676 with associated costs of $127,520.

On July 30, 2020, the Company also closed an offering that saw a further 1,586,206 shares of common stock issued through Kingswood Capital Markets (the “Placement Agent”), along with warrants to purchase up to 793,103 shares of common stock, for a total deal size of approximately $10.7 million, net of the Placement Agent’s commission and related expenses, excluding any future proceeds from the exercise of the warrants.

During the six month period ended September 30, 2020, 37,933 warrants were exercised, generating $394,475 in additional funds. At September 30, 2020, there were 1,940,740 warrants outstanding.

Loss per share

The following table sets forth the computation of basic and diluted loss per share for the periods indicated.

	Three months ended September 30,						Six months ended September 30,
	2021			2020			2021			2020
	($, except share amounts)						($, except share amounts)
Net loss attributable to common stockholders		(3,494,264	)		(1,581,217	)		(6,837,989	)		(2,681,273	)
Weighted average basic and diluted shares outstanding		23,308,049			22,390,114			23,209,514			21,638,907
Basic and diluted loss per share:		(0.15	)		(0.07	)		(0.29	)		(0.12	)

The Company excludes warrants outstanding, which are anti-dilutive given the Company is in a loss position, from the basic and diluted loss per share calculation.

Basic loss per share is computed by dividing loss available to common stockholders by the weighted-average number of common shares outstanding during the period. For the three and six month periods ended September 30, 2021, warrants to purchase 1,573,098 shares of common stock and a unit purchase option to purchase 9,710 shares of common stock, as well as warrants to purchase 9,710 shares of common stock, were considered anti-dilutive and were excluded from the calculation of diluted loss per share. For the three and six month periods ended September 30, 2020, warrants to purchase 1,940,740 shares of common stock and a unit purchase option to purchase 9,710 shares of common stock, as well as warrants to purchase 9,710 shares of common stock, were considered anti-dilutive and were also excluded from the calculation of diluted loss per share.