Transition report pursuant to Rule 13a-10 or 15d-10

Warrant Liabilities (Tables)

v3.21.1
Warrant Liabilities (Tables)
9 Months Ended
Dec. 31, 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 nine months ended December 31, 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                  
Exercised     (1,334,894 )     0.72                  
Forfeited                            
Expired                            
Granted                            
Total outstanding – December 31, 2020     3,378,596     $ 0.72                  
Exercisable     3,378,596     $ 0.72     $ 0.72       3.02  
Non-Exercisable         $     $        

 

The following table summarizes the Series C Warrants activity for the year ended March 31, 2020:

 

    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 – March 31, 2020     1,441,180     $ 2.35                  
Exercisable     1,441,180     $  2.35     $ 2.25 – $2.70       4.85  
Non-Exercisable         $     $        

 

The following table summarizes the Series C Warrants activity for the nine months ended December 31, 2020:

 

    Series C Preferred Stock Warrants  
    Shares    

Weighted–

Average

Exercise

Price

   

Range of

Exercise

Price

   

Weighted–

Average

Remaining

Life (Years)

 
Total outstanding – March 31, 2020     1,441,180     $ 2.35     $ 2.25 – $2.70       4.85  
Series C preferred stock warrants exchanged for common stock warrants upon reverse recapitalization     (1,441,180 )     2.35                  
Total outstanding – December 31, 2020         $              
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 December 31, 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 December 31, 2020   $ -     $ -     $ 8,310,100     $ 8,310,100  
                                 

Schedule of Assumptions of Warrant Liabilities

The following are the weighted average and the range of assumptions used in estimating the fair value of warrant liabilities (weighted average calculated based on the number of outstanding warrants on each issuance) as of December 31, 2020:

 

    December 31, 2020  
    Range     Weighted Average  
Risk-free interest rate     0.17% — 0.22 %     0.18 %
Expected volatility (peer group)     82.00 %     82.00 %
Term of warrants (in years)     2.90 — 3.49       3.02  
Expected dividend yield     0.00 %     0.00 %