Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Deficit (Tables)

v3.20.2
Stockholders' Deficit (Tables)
6 Months Ended
Sep. 30, 2020
Schedule of Reserved Shares

At September 30, 2020, shares were reserved in connection with the following:

 

Exercise of issued and future grants of stock options     3,723,356  
Exercise of stock warrants     9,751,712  
Conversion of Series Alpha preferred stock     943,915  
Total     14,418,983  
Summary of Stock Option Activity

The following represents a summary of the options granted to employees and non-employee service providers that are outstanding at September 30, 2020, and changes during the period then ended:

 

    Shares     Weighted– Average Exercise Price     Range of Exercise Price     Weighted– Average Remaining  Life (Years)  
Total outstanding – March 31, 2020         $                  
Legacy Ritter options     95,124       92.80     $ 5.75—$1,465.75       1.65  
Granted     3,629,500       5.09     $ 4.70—$5.10       9.70  
Expired     (1,268 )     34.54     $ 15.00 — 562.50          
Forfeited                            
Total outstanding – September 30, 2020     3,723,356     $         7.33     $ 4.70—$1,465.75            9.49  
Exercisable (vested)     108,856     $ 2.72     $ 4.70—$1,465.75       2.76  
Non-Exercisable (non-vested)     3,614,500     $ 5.09     $ 4.70—$5.10       9.70  
Schedule of Assumptions Used in Black-Scholes Option-Pricing Method

The material factors incorporated in the Black-Scholes model in estimating the fair value of the options granted for the periods presented were as follows:

 

   

For the six months

ended

September 30, 2020

 
Expected dividend yield     0.00 %
Expected stock-price volatility     102 %
Risk-free interest rate     0.33% — 0.59 %
Expected average term of options     6.0  
Stock price   $ 4.70 — 5.13  
Schedule of Share-based Compensation Expense

The Company recorded share-based compensation expense and classified it in the condensed consolidated statements of operations as follows:

 

    For the six months ended September 30,  
    2020     2019  
General and administrative   $ 1,312,433     $  
Research and development     258,643        
Total   $ 1,571,076     $  
Compensatory Warrant Activity [Member]  
Summary of Warrant Activity

The following table summarizes the equity classified compensatory warrant activity for the six months ended September 30, 2020:

 

    Common Stock  
    Shares    

Weighted–

Average

Exercise Price

    Range of Exercise Price     Weighted–
Average
Remaining
Life (Years)
 
Total outstanding – March 31, 2020         $                  
Series C preferred stock compensatory warrants exchanged for common stock warrants upon reverse recapitalization     668,024       2.34                  
Granted to advisor and its designees     811,431       1.11                  
Expired                            
Forfeited                            
Total outstanding – September 30, 2020     1,479,455     $ 1.67                  
Exercisable     664,428     $ 2.34     $ 2.07 —$2.54       3.78  
Non-Exercisable     815,027     $ 1.11     $ 1.11 —$2.54       4.65  

 

The following table summarizes the compensatory warrant 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     756,262     $ 1.99                  
Forfeited     (2,000 )     2.25                  
Expired                            
Granted                            
Total outstanding – September 30, 2019     754,262     $ 1.99                  
Exercisable     746,142     $ 1.99       $ 1.83 – $2.25       5.09  
Non-Exercisable     8,120     $ 2.25     $ 2.25       6.98  

Non-Compensatory Warrant Activity [Member]  
Summary of Warrant Activity

The following table summarizes the noncompensatory equity classified warrant activity for the six months ended September 30, 2020:

 

    Common Stock  
    Shares    

Weighted–

Average

Exercise Price

    Range of Exercise Price     Weighted–
Average
Remaining
Life (Years)
 
Total outstanding – March 31, 2020         $                  
Legacy Ritter warrants     81,455       54.04                  
Granted     3,478,985       5.21                  
Expired     (1,673 )     1,562.50                  
Forfeited                            
Total outstanding – September 30, 2020     3,558,767     $ 5.59                  
Exercisable     3,558,767     $ 5.59     $ 1.11 – $2,325.00       2.03  
Non-Exercisable         $