Shareholder's Equity (Tables)

12 Months Ended

Mar. 31, 2019

Equity [Abstract]

Schedule of Option Activity

A summary of the Company’s options for the year ended March 31, 2019 is as follows:

	Number Of Options			Weighted Average Exercise Price - Options		Weighted  Average  Remaining  Contractual  Life- Options		Aggregate Intrinsic Value
Options outstanding as of April 1, 2018		510,904		$	4.32		9.0	$	625,626
Granted		1,919,000			4.54				237,463
Exercised		(20,759	)		0.42				(90,033	)
Forfeited		(33,333	)		4.25				-
Outstanding as of March 31, 2019		2,375,812		$	4.48		9.2	$	773,056
Exercisable as of March 31, 2019		806,397		$	4.33		8.0	$	426,510

Schedule of Assumption of Black-Scholes Option Pricing Model

	March 31, 2019			March 31, 2018			December 31, 2017
Risk -free interest rate		2.5% - 3.2	%		2.4% - 2.6	%		2.1% - 3.5	%
Expected volatility		80.7% - 84.5	%		84.5	%		75.0	%
Dividend yield		0	%		0	%		0	%
Expected terms (in years)		5-9-10			3.5-5.8			5.5-6.0

Schedule of Stock-based Compensation Expense

Stock-based Compensation

	Year Ended March 31, 2019		Three Months Ended March 31, 2018		Year Ended December 31, 2017
Research and development	$	572,918	$	49,875	$	618,482
General and administrative		1,977,403		96,554		3,766,362
Total stock-based compensation expense	$	2,550,321	$	146,429	$	4,384,844

Summary of Company's Outstanding Warrants

A summary of the Company’s outstanding warrants as of March 31, 2019 are as follows:

Warrant Holders	Number Of Warrants		Exercise Price		Date Of Expiration
January 2017 offering - investors		1,701,616	$	4.25		January 2022	(a)
January 2017 offering - investors		1,701,616	$	4.25		February 2022	(a)
March 2017 offering - investors		220,988	$	4.25		March 2021	(a)
March 2017 offering - placement agent		11,050	$	4.25		March 2021	(a)
March 2018 offering - investors		2,299,802	$	4.25		March 2022
Third-party license agreement		208,333	$	4.80		January 2024
Total		6,143,405					(b)

(a)

These warrants have down round protection.

(b)

In August 2015, AIT entered into an Option Agreement (the “Option Agreement”) with a third party whereby AIT acquired the Option to purchase certain intellectual property assets and rights (the “Option”) on September 7, 2016 for $25,000. Upon exercise of the Option, we became obligated to make certain one-time development and sales milestone payments to Pulmonox, commencing with the date on which we receive regulatory approval for the commercial sale of the first product candidate qualifying under the agreement. These milestone payments are almost entirely sales related and are capped at a total of $87 million across three separate and distinct indications that fall under the agreement. AIT exercised the Option in January 2017 and paid an exercise price of $500,000. AIT issued to the third party a warrant (the “Third Party Warrant”) to purchase up to 178,570 ordinary shares of AIT at an exercise price of $4.80 for each share. This warrant was exchanged for a warrant to acquire the same number of shares of the Company’s common stock upon consummation of the merger. The shares exchange was at 1:1 ratio. The Company recorded stock-based compensation expense of $479,700 to research and development based upon the fair value using the Black-Scholes option pricing model. On May 10, 2018, the Company issued to the third-party additional warrants to purchase up to 29,763 shares of the Company at an exercise price of $4.80 per share for each share of common stock. The Company recorded stock-based compensation expense of $55,900 to research and development based upon the fair value using the Black-Scholes option pricing model.