Quarterly report pursuant to Section 13 or 15(d)

Warrant Liabilities (Tables)

v3.20.2
Warrant Liabilities (Tables)
6 Months Ended
Sep. 30, 2020
Warrant Liabilities  
Schedule of Warrants Activity

The following table summarizes the activity in the warrants received in exchange for the Series C Warrants for the six months ended September 30, 2020:

 

    Common Stock Warrants (received in exchange for the
Series C Warrants)
 
    Shares    

Weighted–

Average

Exercise

Price

   

Range of Exercise

Price

   

Weighted–

Average

Remaining Life (Years)

 
Total outstanding – March 31, 2020         $                  
Series C preferred stock warrants exchanged for common stock warrants upon reverse recapitalization     4,713,490       0.72                  
Forfeited                            
Expired                            
Granted                            
Total outstanding – September 30, 2020     4,713,490     $ 0.72                  
Exercisable     4,713,490     $ 0.72     $ 0.72       3.25  
Non-Exercisable         $     $        

 

The following table summarizes the Series C Warrants activity for the six months ended September 30, 2019:

 

    Series C Preferred Stock Warrants  
    Shares     Weighted– Average Exercise Price     Range of Exercise Price     Weighted– Average Remaining Life (Years)  
Total outstanding – March 31, 2019     1,441,180     $ 2.35                  
Forfeited                            
Expired                            
Granted                            
Total outstanding – September 30, 2019     1,441,180     $ 2.35                  
Exercisable     1,441,180     $            2.35       $ 2.25 – $2.70       5.35   
Non-Exercisable         $     $        

Schedule of Fair Value Hierarchy for Warrant Liabilities

The following table presents the Company’s fair value hierarchy for its warrant liabilities (all of which arise under the warrants received in exchange for the Series C Warrants) measured at fair value on a recurring basis as of September 30, 2020:

 

    Quoted                    
    Market     Significant              
    Prices for     Other     Significant        
    Identical     Observable     Unobservable        
    Assets     Inputs     Inputs        
Warrant liabilities   (Level 1)     (Level 2)     (Level 3)     Total  
Balance as of September 30, 2020   $ -     $ -     $ 20,596,700     $ 20,596,700  
                                 

Schedule of Fair Value of Warrant Liabilities

The following table is a reconciliation for those items measured at fair value on a recurring basis using Level 3 inputs during the six months ended September 30, 2020:

 

Warrant liabilities   As of September 30, 2020  
Balance, March 31, 2020   $  
Fair value at issuance date      
Change in fair value included in the statement of comprehensive loss     20,596,700  
Balance, September 30, 2020   $ 20,596,700  

Schedule of Assumptions of Warrant Liabilities

The value of the warrant liabilities (all of which arise under the warrants received in exchange for the Series C Warrants), as of the dates set forth in the table above, was based on upon the following assumptions:

 

    September 30, 2020  
Stock price   $ 4.95  
Exercise price per share   $ 0.72  
Risk-free interest rate     0.16% — 0.28 %
Expected volatility (peer group)     82.00% — 85.00 %
Expected life (in years)     2.85 — 5.02  
Expected dividend yield     0.00 %
Number outstanding     4,713,490