Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2023 | Feb. 09, 2024 | |
Document Information Line Items | ||
Entity Registrant Name | MODULAR MEDICAL, INC. | |
Trading Symbol | MODD | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 21,899,058 | |
Amendment Flag | false | |
Entity Central Index Key | 0001074871 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-49671 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 87-0620495 | |
Entity Address, Address Line One | 10740 Thornmint Road | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92127 | |
City Area Code | (858) | |
Local Phone Number | 800-3500 | |
Title of 12(b) Security | Common Stock Par Value $.001 per Share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | No |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 2,047 | $ 3,799 |
Prepaid expenses and other | 295 | 147 |
Security deposit | 100 | |
TOTAL CURRENT ASSETS | 2,342 | 4,046 |
Property and equipment, net | 2,634 | 1,721 |
Right of use asset, net | 1,223 | 1,478 |
TOTAL NON-CURRENT ASSETS | 3,857 | 3,199 |
TOTAL ASSETS | 6,199 | 7,245 |
CURRENT LIABILITIES | ||
Accounts payable | 704 | 285 |
Accrued expenses | 373 | 339 |
Short-term lease liabilities | 362 | 355 |
TOTAL CURRENT LIABILITIES | 1,439 | 979 |
LONG-TERM LIABILITIES | ||
Long-term lease liabilities | 915 | 1,190 |
TOTAL LIABILITIES | 2,354 | 2,169 |
Commitments and Contingencies (Note 7) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock, $0.001 par value, 5,000 shares authorized, none issued and outstanding | ||
Common Stock, $0.001 par value, 50,000 shares authorized; 21,299 and 10,949 shares issued and outstanding as of December 31, 2023 and March 31, 2023, respectively | 21 | 11 |
Additional paid-in capital | 65,472 | 53,524 |
Accumulated deficit | (61,648) | (48,459) |
TOTAL STOCKHOLDERS’ EQUITY | 3,845 | 5,076 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 6,199 | $ 7,245 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000 | 5,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000 | 50,000 |
Common stock, shares issued | 21,299 | 10,949 |
Common stock, shares, outstanding | 21,299 | 10,949 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Operating expenses | ||||
Research and development | $ 3,619 | $ 2,197 | $ 9,204 | $ 6,804 |
General and administrative | 1,650 | 1,161 | 4,006 | 3,502 |
Total operating expenses | 5,269 | 3,358 | 13,210 | 10,306 |
Loss from operations | (5,269) | (3,358) | (13,210) | (10,306) |
Other income | 23 | |||
Loss before income taxes | (5,269) | (3,358) | (13,187) | (10,306) |
Provision for income taxes | 2 | 2 | ||
Net loss | $ (5,269) | $ (3,358) | $ (13,189) | $ (10,308) |
Net loss per share | ||||
Basic net loss per share (in Dollars per share) | $ (0.23) | $ (0.27) | $ (0.64) | $ (0.86) |
Shares used in computing net loss per share | ||||
Basic shares used in computing net loss per share (in Shares) | 22,540 | 12,274 | 20,708 | 12,045 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||||
Diluted net loss per share | $ (0.23) | $ (0.27) | $ (0.64) | $ (0.86) |
Diluted shares used in computing net loss per share | 22,540 | 12,274 | 20,708 | 12,045 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at Mar. 31, 2022 | $ 11 | $ 43,406 | $ (34,580) | $ 8,837 |
Balance (in Shares) at Mar. 31, 2022 | 10,462 | |||
Shares issued for services | 1 | 1 | ||
Issuance of common stock and warrants in equity offering, net | 7,372 | 7,372 | ||
Issuance of common stock and warrants in equity offering, net (in Shares) | 449 | |||
Issuance of common stock under equity incentive plan | 14 | 14 | ||
Issuance of common stock under equity incentive plan (in Shares) | 3 | |||
Stock-based compensation | 725 | 725 | ||
Net loss | (3,499) | (3,499) | ||
Balance at Jun. 30, 2022 | $ 11 | 51,518 | (38,079) | 13,450 |
Balance (in Shares) at Jun. 30, 2022 | 10,914 | |||
Balance at Mar. 31, 2022 | $ 11 | 43,406 | (34,580) | 8,837 |
Balance (in Shares) at Mar. 31, 2022 | 10,462 | |||
Net loss | (10,308) | |||
Balance at Dec. 31, 2022 | $ 11 | 52,900 | (44,887) | 8,024 |
Balance (in Shares) at Dec. 31, 2022 | 10,932 | |||
Balance at Jun. 30, 2022 | $ 11 | 51,518 | (38,079) | 13,450 |
Balance (in Shares) at Jun. 30, 2022 | 10,914 | |||
Issuance of common stock under equity incentive plan | 51 | 51 | ||
Issuance of common stock under equity incentive plan (in Shares) | 11 | |||
Stock-based compensation | 692 | 692 | ||
Net loss | (3,450) | (3,450) | ||
Balance at Sep. 30, 2022 | $ 11 | 52,261 | (41,529) | 10,743 |
Balance (in Shares) at Sep. 30, 2022 | 10,925 | |||
Issuance of common stock under equity incentive plan | 13 | 13 | ||
Issuance of common stock under equity incentive plan (in Shares) | 7 | |||
Stock-based compensation | 626 | 626 | ||
Net loss | (3,358) | (3,358) | ||
Balance at Dec. 31, 2022 | $ 11 | 52,900 | (44,887) | 8,024 |
Balance (in Shares) at Dec. 31, 2022 | 10,932 | |||
Balance at Mar. 31, 2023 | $ 11 | 53,524 | (48,459) | $ 5,076 |
Balance (in Shares) at Mar. 31, 2023 | 10,949 | 10,949 | ||
Issuance of common stock and warrants in equity offering, net | $ 10 | 9,723 | $ 9,733 | |
Issuance of common stock and warrants in equity offering, net (in Shares) | 10,139 | |||
Issuance of common stock under equity incentive plan | 6 | 6 | ||
Issuance of common stock under equity incentive plan (in Shares) | 7 | |||
Stock-based compensation | 478 | 478 | ||
Net loss | (3,737) | (3,737) | ||
Balance at Jun. 30, 2023 | $ 21 | 63,731 | (52,196) | 11,556 |
Balance (in Shares) at Jun. 30, 2023 | 21,095 | |||
Balance at Mar. 31, 2023 | $ 11 | 53,524 | (48,459) | $ 5,076 |
Balance (in Shares) at Mar. 31, 2023 | 10,949 | 10,949 | ||
Net loss | $ (13,189) | |||
Balance at Dec. 31, 2023 | $ 21 | 65,472 | (61,648) | $ 3,845 |
Balance (in Shares) at Dec. 31, 2023 | 21,299 | 21,299 | ||
Balance at Jun. 30, 2023 | $ 21 | 63,731 | (52,196) | $ 11,556 |
Balance (in Shares) at Jun. 30, 2023 | 21,095 | |||
Shares issued for services | 1 | 1 | ||
Shares issued for services (in Shares) | 2 | |||
Issuance of common stock under equity incentive plan | 7 | 7 | ||
Issuance of common stock under equity incentive plan (in Shares) | 27 | |||
Stock-based compensation | 557 | 557 | ||
Net loss | (4,183) | (4,183) | ||
Balance at Sep. 30, 2023 | $ 21 | 64,296 | (56,379) | 7,938 |
Balance (in Shares) at Sep. 30, 2023 | 21,124 | |||
Exercise of warrants | 181 | $ 181 | ||
Exercise of warrants (in Shares) | 148 | 909,533 | ||
Issuance of common stock under equity incentive plan | 11 | $ 11 | ||
Issuance of common stock under equity incentive plan (in Shares) | 27 | |||
Stock-based compensation | 984 | 984 | ||
Net loss | (5,269) | (5,269) | ||
Balance at Dec. 31, 2023 | $ 21 | $ 65,472 | $ (61,648) | $ 3,845 |
Balance (in Shares) at Dec. 31, 2023 | 21,299 | 21,299 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (13,189) | $ (10,308) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 2,043 | 2,121 |
Loss on asset disposal | 21 | |
Depreciation and amortization | 283 | 93 |
Shares for services | 16 | 150 |
Changes in assets and liabilities: | ||
Other assets and prepaid expenses | (63) | (15) |
Lease right-of-use asset | 255 | 69 |
Accounts payable and accrued expenses | 453 | (187) |
Lease liabilities | (268) | (107) |
Net cash used in operating activities | (10,449) | (8,184) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (1,217) | (573) |
Net cash used in investing activities | (1,217) | (573) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock and warrants, net | 9,733 | 7,372 |
Exercise of common stock warrants | 181 | |
Net cash provided by financing activities | 9,914 | 7,372 |
Net decrease in cash and cash equivalents | (1,752) | (1,385) |
Cash and cash equivalents at beginning of period | 3,799 | 9,076 |
Cash and cash equivalents at end of period | $ 2,047 | $ 7,691 |
The Company and Summary of Sign
The Company and Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2023 | |
The Company and Summary of Significant Accounting Policies [Abstract] | |
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Modular Medical, Inc. (the Company) was incorporated in Nevada in October 1998 under the name Bear Lake Recreation, Inc. The Company had no material business operations from 2002 until approximately 2017 when it acquired all of the issued and outstanding shares of Quasuras, Inc., a Delaware corporation (Quasuras). As the major shareholder of Quasuras retained control of both the Company and Quasuras, the share exchange was accounted for as a reverse merger. As such, the Company recognized the assets and liabilities of Quasuras, acquired in the merger, at their historical carrying amounts. Prior to the acquisition of Quasuras and, since at least 2002, the Company was a shell company, as defined in Rule 12b-2 promulgated under the Securities Exchange Act of 1934 (the Exchange Act). In June 2017, the Company changed its name from Bear Lake Recreation, Inc. to Modular Medical, Inc. The Company is a development stage medical device company focused on the design, development and eventual commercialization of an innovative insulin pump using modernized technology to increase pump adoption in the diabetes marketplace. Through the creation of a novel two-part patch pump, our MODD1 product, or MODD1, the Company seeks to fundamentally alter the trade-offs between cost and complexity and access to the higher standards of care that presently available insulin pumps provide. By simplifying and streamlining the user experience from introduction, prescription, reimbursement, training and day-to- day use, we seek to expand the wearable insulin delivery device market beyond the highly motivated “super users” and expand the category into the mass market. The product seeks to serve both the type 1 and the rapidly growing, especially in terms of device adoption, type 2 diabetes markets. In February 2022, the Company completed a public offering of its equity securities, and its common stock was approved to list on the Nasdaq Capital Market under the symbol “MODD” and began trading there on February 10, 2022. Liquidity and Going Concern The Company expects to continue to incur operating losses for the foreseeable future and incur cash outflows from operations as it continues to invest in the development and subsequent commercialization of its product. The Company expects that its research and development and general and administrative expenses will continue to increase, and, as a result, it will eventually need to generate significant revenue to achieve profitability. The Company’s expected operating losses and cash burn raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these financial statements are issued. These consolidated financial statements do not include any adjustments that might result from this uncertainty. Implementation of the Company’s plans and its ability to continue as a going concern will depend upon the Company’s ability to raise additional capital, through the sale of additional equity or debt securities, to support its future operations. There can be no assurance that such additional capital, whether in the form of debt or equity financing, will be sufficient or available and, if available, that such capital will be offered on terms and conditions acceptable to the Company. As discussed in Note 4, in May 2023, the Company completed an offering of its common stock and warrants. The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its product, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement its product offering. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve its cash. Basis of Presentation The Company’s fiscal year ends on March 31 of each calendar year. Each reference to a fiscal year in these notes to the condensed consolidated financial statements refers to the fiscal year ended March 31 of the calendar year indicated (for example, fiscal 2024 refers to the fiscal year ending March 31, 2024). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Quasuras. All significant intercompany transactions and balances have been eliminated in consolidation. The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and with the rules and regulations of the United States Security and Exchange Commission (SEC) regarding interim financial reporting. The condensed consolidated balance sheet as of March 31, 2023 has been derived from the audited consolidated financial statements at that date. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with these rules and regulations of the SEC. The information in this report should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in its most recent annual report on Form 10-K filed with the SEC. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) necessary to summarize fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. The operating results for the nine months ended December 31, 2023 are not necessarily indicative of the results that may be expected for the year ending March 31, 2024 or for any other future period. Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Estimates may include those pertaining to accruals, stock-based compensation, and income taxes. Actual results could differ from those estimates. Reportable Segment The Company operates in one business segment and uses one measurement of profitability for its business. Research and Development The Company expenses research and development expenditures as incurred. General and Administrative General and administrative expenses consist primarily of payroll and benefit costs, rent, stock-based compensation, legal and accounting fees, and office and other administrative expenses. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash. The Company maintains its cash at a high-credit quality financial institution within the United States, which is insured by the Federal Deposit Insurance Corporation (FDIC) up to limits of approximately $250,000. No reserve has been made in the financial statements for any possible loss due to financial institution failure. Risks and Uncertainties The Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history and the volatility of public markets. Economic Disruptions The global outbreak of the coronavirus disease 2019 (COVID-19) was declared a pandemic by the World Health Organization and a national emergency by the U.S. government in March 2020. This negatively affected the U.S. and global economy, disrupted global supply chains, significantly restricted travel, and transportation, resulted in mandated closures and orders to “shelter-in- place” and created significant disruption of the financial markets. While the U.S. national emergency expired in May 2023 and substantially all closures and “shelter-in-place” orders have ended, there can be no assurance that the COVID-19 pandemic will not impact the Company’s operational and financial performance in the future, as the duration and spread of the pandemic and related actions taken by U.S. and foreign government agencies to prevent disease spread are uncertain, out of our control, and cannot be predicted. Wars and acts of terrorism have led to further economic disruptions. Mounting inflationary cost pressures and recessionary fears have negatively impacted the global economy. Since mid-2022, the U.S. Federal Reserve has addressed elevated inflation by increasing interest rates, as inflation remains elevated. While the Company was recently able to access the capital markets, in the future, the Company may be unable to access the capital markets, and additional capital may only be available to the Company on terms that could be significantly detrimental to its existing stockholders and to its business. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and cash in demand deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less. Property and Equipment Property and equipment are recorded at historical cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally three to five years. Depreciation is recorded in operating expenses in the consolidated statements of operations. Leasehold improvements and assets acquired through capital leases are amortized over the shorter of their estimated useful life or the lease term, and amortization is recorded in operating expenses in the consolidated statements of operations. Construction-in-process includes machinery and equipment and is stated at cost and not depreciated. Depreciation on construction-in-process commences when the assets are ready for their intended use and placed into service. Fair Value of Financial Instruments The Company measures the fair value of financial instruments using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. Due to their short-term nature, the carrying values of cash equivalents, accounts payable and accrued expenses, approximate fair value. Leases The Company’s right-of-use assets consist of leased assets recognized in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 842, Leases Stock-Based Compensation The Company issues stock awards, stock options and restricted stock units to employees and non-employees. The Company accounts for such awards based on FASB ASC 505 and ASC 718, whereby the value of the award is measured on the date of award. The Company recognizes stock-based compensation for equity awards on a straight-line basis over the requisite service period, usually the vesting period, after assessing the probability of achieving the requisite performance criteria with respect to performance-based awards. The fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing (Black Scholes) model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the options, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes model. The assumptions used in the Black-Scholes model could materially affect compensation expense recorded in future periods. Per-Share Amounts Basic net loss per share is computed by dividing loss for the period by the weighted-average number of shares of common stock outstanding (WASO) during the period. In addition, the Company includes the number of shares of common stock issuable under pre-funded warrants as outstanding. Diluted net loss per share gives effect to all potentially dilutive common shares outstanding during the period. Potentially dilutive common shares consist of incremental shares of common stock issuable upon the exercise of stock options and exercise of warrants. Prior to April 1, 2023, the Company excluded pre-funded warrants from the computation of WASO. The pre-funded warrants are now included in the computation of WASO. Prior period amounts have been conformed to the current-period presentation. The impact of the change reduced the previously reported loss per share by $0.04 and $0.09, respectively, and increased WASO by approximately 1,348,000 and 1,182,000 shares, respectively, for the three and nine months ended December 31, 2022. The reclassification had no impact on the Company’s net loss or cash flows for the three or nine months ended December 31, 2022. For the nine months ended December 31, 2023 and 2022, the following table sets forth securities outstanding which were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive (in thousands). Nine Months Ended 2023 2022 Options to purchase common stock 3,720 2,174 Unvested restricted stock units 208 — Common stock purchase warrants 11,892 6,217 Total 15,820 8,391 Reclassifications Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations or cash flows. Comprehensive Loss Comprehensive loss represents the changes in equity of an enterprise, other than those resulting from stockholder transactions. Accordingly, comprehensive loss may include certain changes in equity that are excluded from net loss. For the three and nine months ended December 31, 2023 and 2022, the Company’s comprehensive loss was the same as its net loss. Recently Adopted Accounting Pronouncement In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments— Credit Losses Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
Consolidated Balance Sheet Deta
Consolidated Balance Sheet Detail | 9 Months Ended |
Dec. 31, 2023 | |
Consolidated Balance Sheet Detail [Abstract] | |
CONSOLIDATED BALANCE SHEET DETAIL | NOTE 2 – CONSOLIDATED BALANCE SHEET DETAIL December 31, March 31, Property and equipment, net (in thousands) Machinery and equipment $ 2,509 $ 820 Computer equipment and software 66 66 Construction-in-process 499 1,003 Leasehold improvements 33 25 Office equipment 63 63 3,170 1,977 Less: accumulated depreciation and amortization (536 ) (256 ) Total property and equipment, net $ 2,634 $ 1,721 December 31, March 31, Accrued expenses (in thousands) Accrued wages and employee benefits $ 304 $ 267 Other 69 72 $ 373 $ 339 |
Leases
Leases | 9 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASES | NOTE 3 – LEASES W. Bernardo Drive, San Diego, CA The 39-month lease term expired on June 30, 2023, and, upon expiration, the Company had a $100,000 security deposit receivable from the landlord, which was refunded to the Company during the nine months ended December 31, 2023. Thornmint Road, San Diego, CA The 48-month lease term commenced February 1, 2023, and the lease provides for an initial base monthly rent of $36,000 with annual rent increases of approximately 4%. In addition to the minimum lease payments, the Company is responsible for property taxes, insurance, and other certain operating costs. A discount rate of 8%, which approximated the Company’s incremental borrowing rate, was used to measure the lease asset and liability. The Company obtained a right-of-use asset of approximately $1,560,000 in exchange for its obligations under the operating lease. Future minimum payments under the facility operating lease, as of December 31, 2023, are listed in the table below (in thousands). Annual Fiscal Years Operating 2024 $ 111 2025 452 2026 470 2027 405 Total future lease payments $ 1,438 Less: Imputed interest (161 ) Present value of lease liability $ 1,277 Cash paid for amounts included in the measurement of lease liabilities was approximately $365,000 and $119,000 for the nine months ended December 31, 2023 and 2022, respectively. Rent expense was approximately $337,000 and $81,000 for the nine months ended December 31, 2023 and 2022, respectively and $112,000 and $27,000 for the three months ended December 31, 2023 and 2022, respectively. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 4 – STOCKHOLDERS’ EQUITY ATM Agreement On November 22, 2023, the Company entered into a Sales Agreement (the ATM Agreement) with Leerink Partners LLC (Leerink) under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, for aggregate gross proceeds of up to $6,500,000 through an “at the market offering” program under which Leerink will act as sales agent or principal. The ATM Agreement provides that Leerink will be entitled to compensation for its services equal to 3.0% of the gross proceeds from sales of any shares of common stock under the ATM Agreement. The Company has no obligation to sell any shares under the ATM Agreement and may, at any time, suspend solicitation and offers under the ATM Agreement. As of December 31, 2023, no shares had been sold under the ATM Agreement. May 2023 Public Offering On May 15, 2023, the Company entered into an underwriting agreement (the Underwriting Agreement) with Newbridge Securities Corporation (the Underwriter), with respect to the issuance and sale in a firm commitment underwritten offering (the 2023 Offering) by the Company of units of its securities for aggregate gross proceeds of approximately $9,390,000, before deducting underwriting discounts and commissions and other offering expenses. The Company sold 8,816,900 shares of its common stock and warrants to purchase 4,408,450 shares of its common stock. The securities were sold as a unit, with each unit consisting of two shares of common stock of the Company and one warrant (the 2023 Warrants) to purchase one share of common stock, at a public offering price of $2.13 per unit. The 2023 Warrants were immediately separable and exercisable, had a per share exercise price of $1.22 and expire five years from the date of issuance. The 2023 Offering closed on May 18, 2023. Pursuant to the Underwriting Agreement, the Company granted the Underwriter a 30-day option to purchase up to an additional 1,322,534 shares of common stock and an additional 661,267 of the 2023 Warrants to cover over-allotments, if any. On May 25, 2023, the Underwriter exercised in full this option and purchased the additional securities for aggregate gross proceeds to the Company of approximately $1,408,000, before deducting underwriting discounts and commissions and other offering expenses. The Underwriter was paid a cash fee of 7.0% of the aggregate gross proceeds of the 2023 Offering (including the over-allotment option) and reimbursed certain out-of-pocket expenses of approximately $125,000. In addition, pursuant to the Underwriting Agreement, the Company initially issued to the Underwriter common stock purchase warrants (the UW Warrants) for a total of 709,760 shares. Subsequently, the UW Warrants were reissued to the Underwriter and its agents for a total of 604,623 shares. The UW warrants are exercisable six months from the respective issuance dates and have a four- year term and a per share exercise price of $1.32. The Underwriting Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriter, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. Warrants As of December 31, 2023, the Company had the following warrants outstanding (share amounts in thousands): Type Number of Exercise Expiration Balance as of March 31, 2023 7,565 Issuance of common stock warrants 605 $ 1.32 May 2027 Issuance of common stock warrants 5,070 $ 1.22 May 2028 Balance as of June 30, 2023 13,240 Activity — Balance as of September 30, 2023 13,240 Warrants exercised (148 ) $ 1.22 May 2028 Balance as of December 31, 2023 13,092 As of March 31, 2023, the Company had the following warrants outstanding (share amounts in thousands): Type Number of Exercise Expiration Common stock 1,348 $ 0.01 — Common stock 768 $ 6.00 January 2027 – February 2027 Common stock 4,011 $ 6.60 February 2027 Common stock 1,438 $ 6.60 November 2027 Total 7,565 Other During the nine months ended December 31, 2023 and 2022, the Company issued 1,429 and 348 shares of common stock with fair values of approximately $1,400 and $1,000, respectively, to a service provider. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Dec. 31, 2023 | |
Stock-Based Compensation [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 5 – STOCK-BASED COMPENSATION Amended 2017 Equity Incentive Plan In October 2017, the Company’s board of directors (the Board) approved the 2017 Equity Incentive Plan (the Plan), as amended, with 1,000,000 shares of common stock reserved for issuance. In January 2020 and August 2021, the Board approved an increase in the number of shares reserved for issuance by 333,334 and 1,333,334 shares, respectively. In January 2023, the Company’s stockholders approved an increase in the number of shares reserved for issuance under the plan by an additional 2,000,000 shares. Under the Plan, eligible employees, directors, and consultants may be granted a broad range of awards, including stock options, stock appreciation rights, restricted stock, performance-based awards, and restricted stock units (RSUs). The Plan is administered by the Board or, in the alternative, a committee designated by the Board. Stock-Based Compensation Expense As of December 31, 2023, the unamortized compensation cost was approximately $2,512,000 related to stock options and is expected to be recognized as expense over a weighted-average period of approximately 1.4 years. During the three months ended December 31, 2023, under its Two-Part FDA Submission and Clearance Milestone Bonus Program, the Company granted stock options for 909,533 shares, which are subject to vesting upon the achievement of certain performance milestones by the Company. As of December 31, 2023, the Company had not commenced expense recognition of 251,567 of these option shares based on its assessment of the probability of achievement of the applicable performance requirements. During the three months ended December 31, 2023, the Company issued 6,375 shares to members of the Board in accordance with its outside director compensation plan and recorded approximately $11,000 of stock-based compensation expense for these share awards. The weighted-average grant date fair value of options granted was $0.98 and $3.58 per share for the nine months ended December 31, 2023 and 2022, respectively, and $0.97 and $1.86 for the three months ended December 31, 2023 and 2022, respectively. The following assumptions were used in the fair-value method calculations: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Risk-free interest rates 3.8% - 4.7 % 3.93% - 3.99 % 3.5% - 4.7 % 2.82% - 4.06 % Volatility 123.4% - 127.6 % 149 % 82.5% - 152.2 % 149% - 223 % Expected life (years) 5.0 – 5.4 5.0 – 5.7 5.0 – 6.2 5.0 – 5.7 The fair value of options at the grant date was estimated utilizing the Black-Scholes valuation model, which includes simplified methods to establish the fair term of options, as well as average volatility. The risk-free interest rate was derived from the Daily Treasury Yield Curve Rates, as published by the U.S. Department of the Treasury as of the grant date for terms equal to the expected terms of the options. A dividend yield of zero was applied because the Company has never paid dividends and has no intention to pay dividends in the foreseeable future. The Company accounts for forfeitures as they occur. The following table summarizes the activity in the shares available for grant under the Plan during the nine months ended December 31, 2023: Options Outstanding Shares Number Weighted Available of Average for Grant Shares Exercise Prices Balance at March 31, 2023 2,132,292 2,481,090 $ 5.19 Options granted (373,375 ) 373,375 1.27 Share awards (6,375 ) — — Options cancelled and returned to the Plan 30,272 (30,272 ) 4.29 Balance at June 30, 2023 1,782,814 2,824,193 4.68 Options granted (101,875 ) 101,875 1.16 Share awards (6,265 ) — — RSUs granted (250,000 ) — — Options cancelled and returned to the Plan 13,404 (13,404 ) 9.05 Balance at September 30, 2023 1,438,078 2,912,664 4.54 Options granted (941,408 ) 941,408 1.11 Share awards (6,375 ) — — Options cancelled and returned to the Plan 155,679 (155,679 ) 3.77 Balance at December 31, 2023 645,974 3,698,393 $ 3.70 No stock options were exercised during the nine months ended December 31, 2023 and 2022. A summary of RSU activity under the Plan is presented below. Number Weighted of Date Balance at June 30, 2023 — $ — Granted 250,000 $ 0.91 Vested (20,834 ) $ 0.91 Non-vested shares at September 30, 2023 229,166 $ 0.91 Vested (20,834 ) $ 0.91 Non-vested shares at December 31, 2023 208,332 $ 0.91 The total intrinsic value of the RSUs outstanding as of December 31, 2023 was approximately $379,000. The unamortized compensation cost at December 31, 2023 was approximately $190,000 related to RSUs and is expected to be recognized as expense over a period of approximately 2.50 years. The following table summarizes the range of outstanding and exercisable options as of December 31, 2023: Options Outstanding Options Exercisable Range of Exercise Price Number Weighted Weighted Number Weighted Aggregate $0.93 - $2.00 2,246,118 8.55 $ 1.48 653,549 $ 1.83 $ 62,794 $3.95 - $7.51 943,145 7.45 $ 5.29 734,459 $ 5.59 — $8.61 - $17.70 509,130 7.48 $ 10.53 448,562 $ 10.35 — $0.93 - $17.70 3,698,393 8.12 $ 3.70 1,836,570 $ 5.47 $ 62,794 The intrinsic value per share is calculated as the excess of the closing price of the common stock on the Company’s principal trading market over the exercise price of the option. |
Income Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
INCOME TAXES | NOTE 6 – INCOME TAXES The Company determines deferred tax assets and liabilities based upon the differences between the financial statement and tax bases of the Company’s assets and liabilities using tax rates in effect for the year in which the Company expects the differences to affect taxable income. A valuation allowance is established for any deferred tax assets for which it is more likely than not that all or a portion of the deferred tax assets will not be realized. Based on the available information and other factors, management believes it is more likely than not that its federal and state net deferred tax assets will not be fully realized, and the Company has recorded a full valuation allowance. The Company files U.S. federal and state income tax returns in jurisdictions with varying statutes of limitations. All tax returns for fiscal 2016 to fiscal 2023 may be subject to examination by the U.S. federal and state tax authorities. As of December 31, 2023, the Company has not recorded any liability for unrecognized tax benefits related to uncertain tax positions. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 7 – COMMITMENTS AND CONTINGENCIES Litigations, Claims and Assessments In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements. Indemnification In the ordinary course of business, the Company enters into contractual arrangements under which it may agree to indemnify the counterparties from any losses incurred relating to breach of representations and warranties, failure to perform certain covenants, or claims and losses arising from certain events as outlined within the particular contract, which may include, for example, losses arising from litigation or claims relating to past performance. Such indemnification clauses may not be subject to maximum loss clauses. The Company has also entered into indemnification agreements with its officers and directors. No amounts were reflected in the Company’s consolidated financial statements for the nine months ended December 31, 2023 and 2022 related to these indemnifications. The Company has not estimated the maximum potential amount of indemnification liability under these agreements due to the limited history of prior claims and the unique facts and circumstances applicable to each particular agreement. To date, the Company has not made any payments related to these indemnification agreements. Purchase Obligations The Company’s primary purchase obligations include purchase orders for machinery and equipment. At December 31, 2023, the Company had outstanding purchase orders for machinery and equipment and related expenditures of approximately $592,000. In December 2023, the Company signed a device integration agreement with a provider of connected-care and remote monitoring diabetes technology solutions for an obligation of approximately $575,000 over three years for technology integration and license fees. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS In January 2024, under the ATM Agreement, the Company sold 153,879 shares of common stock for net proceeds of approximately $278,000. In January 2024, the Company received proceeds of approximately $550,000 from the exercise of warrants to purchase 445,744 shares of common stock. On February 13, 2024, the Company’s stockholders approved increases in: i) the number of shares reserved for issuance under the Plan by 3,000,000 shares and ii) the authorized shares of common stock to 100,000,000. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Liquidity and Going Concern | Liquidity and Going Concern The Company expects to continue to incur operating losses for the foreseeable future and incur cash outflows from operations as it continues to invest in the development and subsequent commercialization of its product. The Company expects that its research and development and general and administrative expenses will continue to increase, and, as a result, it will eventually need to generate significant revenue to achieve profitability. The Company’s expected operating losses and cash burn raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these financial statements are issued. These consolidated financial statements do not include any adjustments that might result from this uncertainty. Implementation of the Company’s plans and its ability to continue as a going concern will depend upon the Company’s ability to raise additional capital, through the sale of additional equity or debt securities, to support its future operations. There can be no assurance that such additional capital, whether in the form of debt or equity financing, will be sufficient or available and, if available, that such capital will be offered on terms and conditions acceptable to the Company. As discussed in Note 4, in May 2023, the Company completed an offering of its common stock and warrants. The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its product, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement its product offering. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve its cash. |
Basis of Presentation | Basis of Presentation The Company’s fiscal year ends on March 31 of each calendar year. Each reference to a fiscal year in these notes to the condensed consolidated financial statements refers to the fiscal year ended March 31 of the calendar year indicated (for example, fiscal 2024 refers to the fiscal year ending March 31, 2024). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Quasuras. All significant intercompany transactions and balances have been eliminated in consolidation. The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and with the rules and regulations of the United States Security and Exchange Commission (SEC) regarding interim financial reporting. The condensed consolidated balance sheet as of March 31, 2023 has been derived from the audited consolidated financial statements at that date. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with these rules and regulations of the SEC. The information in this report should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in its most recent annual report on Form 10-K filed with the SEC. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) necessary to summarize fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. The operating results for the nine months ended December 31, 2023 are not necessarily indicative of the results that may be expected for the year ending March 31, 2024 or for any other future period. |
Use of Estimates | Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Estimates may include those pertaining to accruals, stock-based compensation, and income taxes. Actual results could differ from those estimates. |
Reportable Segment | Reportable Segment The Company operates in one business segment and uses one measurement of profitability for its business. |
Research and Development | Research and Development The Company expenses research and development expenditures as incurred. |
General and Administrative | General and Administrative General and administrative expenses consist primarily of payroll and benefit costs, rent, stock-based compensation, legal and accounting fees, and office and other administrative expenses. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash. The Company maintains its cash at a high-credit quality financial institution within the United States, which is insured by the Federal Deposit Insurance Corporation (FDIC) up to limits of approximately $250,000. No reserve has been made in the financial statements for any possible loss due to financial institution failure. |
Risks and Uncertainties | Risks and Uncertainties The Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history and the volatility of public markets. Economic Disruptions The global outbreak of the coronavirus disease 2019 (COVID-19) was declared a pandemic by the World Health Organization and a national emergency by the U.S. government in March 2020. This negatively affected the U.S. and global economy, disrupted global supply chains, significantly restricted travel, and transportation, resulted in mandated closures and orders to “shelter-in- place” and created significant disruption of the financial markets. While the U.S. national emergency expired in May 2023 and substantially all closures and “shelter-in-place” orders have ended, there can be no assurance that the COVID-19 pandemic will not impact the Company’s operational and financial performance in the future, as the duration and spread of the pandemic and related actions taken by U.S. and foreign government agencies to prevent disease spread are uncertain, out of our control, and cannot be predicted. Wars and acts of terrorism have led to further economic disruptions. Mounting inflationary cost pressures and recessionary fears have negatively impacted the global economy. Since mid-2022, the U.S. Federal Reserve has addressed elevated inflation by increasing interest rates, as inflation remains elevated. While the Company was recently able to access the capital markets, in the future, the Company may be unable to access the capital markets, and additional capital may only be available to the Company on terms that could be significantly detrimental to its existing stockholders and to its business. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and cash in demand deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less. |
Property and Equipment | Property and Equipment Property and equipment are recorded at historical cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally three to five years. Depreciation is recorded in operating expenses in the consolidated statements of operations. Leasehold improvements and assets acquired through capital leases are amortized over the shorter of their estimated useful life or the lease term, and amortization is recorded in operating expenses in the consolidated statements of operations. Construction-in-process includes machinery and equipment and is stated at cost and not depreciated. Depreciation on construction-in-process commences when the assets are ready for their intended use and placed into service. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company measures the fair value of financial instruments using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. Due to their short-term nature, the carrying values of cash equivalents, accounts payable and accrued expenses, approximate fair value. |
Leases | Leases The Company’s right-of-use assets consist of leased assets recognized in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 842, Leases |
Stock-Based Compensation | Stock-Based Compensation The Company issues stock awards, stock options and restricted stock units to employees and non-employees. The Company accounts for such awards based on FASB ASC 505 and ASC 718, whereby the value of the award is measured on the date of award. The Company recognizes stock-based compensation for equity awards on a straight-line basis over the requisite service period, usually the vesting period, after assessing the probability of achieving the requisite performance criteria with respect to performance-based awards. The fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing (Black Scholes) model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the options, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes model. The assumptions used in the Black-Scholes model could materially affect compensation expense recorded in future periods. |
Per-Share Amounts | Per-Share Amounts Basic net loss per share is computed by dividing loss for the period by the weighted-average number of shares of common stock outstanding (WASO) during the period. In addition, the Company includes the number of shares of common stock issuable under pre-funded warrants as outstanding. Diluted net loss per share gives effect to all potentially dilutive common shares outstanding during the period. Potentially dilutive common shares consist of incremental shares of common stock issuable upon the exercise of stock options and exercise of warrants. Prior to April 1, 2023, the Company excluded pre-funded warrants from the computation of WASO. The pre-funded warrants are now included in the computation of WASO. Prior period amounts have been conformed to the current-period presentation. The impact of the change reduced the previously reported loss per share by $0.04 and $0.09, respectively, and increased WASO by approximately 1,348,000 and 1,182,000 shares, respectively, for the three and nine months ended December 31, 2022. The reclassification had no impact on the Company’s net loss or cash flows for the three or nine months ended December 31, 2022. For the nine months ended December 31, 2023 and 2022, the following table sets forth securities outstanding which were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive (in thousands). Nine Months Ended 2023 2022 Options to purchase common stock 3,720 2,174 Unvested restricted stock units 208 — Common stock purchase warrants 11,892 6,217 Total 15,820 8,391 |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations or cash flows. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss represents the changes in equity of an enterprise, other than those resulting from stockholder transactions. Accordingly, comprehensive loss may include certain changes in equity that are excluded from net loss. For the three and nine months ended December 31, 2023 and 2022, the Company’s comprehensive loss was the same as its net loss. |
Recently Adopted Accounting Pronouncement | Recently Adopted Accounting Pronouncement In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments— Credit Losses |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
The Company and Summary of Si_2
The Company and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
The Company and Summary of Significant Accounting Policies [Abstract] | |
Schedule of Diluted Net Loss Per Share | For the nine months ended December 31, 2023 and 2022, the following table sets forth securities outstanding which were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive (in thousands). Nine Months Ended 2023 2022 Options to purchase common stock 3,720 2,174 Unvested restricted stock units 208 — Common stock purchase warrants 11,892 6,217 Total 15,820 8,391 |
Consolidated Balance Sheet De_2
Consolidated Balance Sheet Detail (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Consolidated Balance Sheet Detail [Abstract] | |
Schedule of Property and Equipment, Net | December 31, March 31, Property and equipment, net (in thousands) Machinery and equipment $ 2,509 $ 820 Computer equipment and software 66 66 Construction-in-process 499 1,003 Leasehold improvements 33 25 Office equipment 63 63 3,170 1,977 Less: accumulated depreciation and amortization (536 ) (256 ) Total property and equipment, net $ 2,634 $ 1,721 |
Schedule of Accrued Expenses | December 31, March 31, Accrued expenses (in thousands) Accrued wages and employee benefits $ 304 $ 267 Other 69 72 $ 373 $ 339 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Future Minimum Payments Under the Facility Operating Lease | Future minimum payments under the facility operating lease, as of December 31, 2023, are listed in the table below (in thousands). Annual Fiscal Years Operating 2024 $ 111 2025 452 2026 470 2027 405 Total future lease payments $ 1,438 Less: Imputed interest (161 ) Present value of lease liability $ 1,277 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity [Abstract] | |
Schedule of Warrants Outstanding | As of December 31, 2023, the Company had the following warrants outstanding (share amounts in thousands): Type Number of Exercise Expiration Balance as of March 31, 2023 7,565 Issuance of common stock warrants 605 $ 1.32 May 2027 Issuance of common stock warrants 5,070 $ 1.22 May 2028 Balance as of June 30, 2023 13,240 Activity — Balance as of September 30, 2023 13,240 Warrants exercised (148 ) $ 1.22 May 2028 Balance as of December 31, 2023 13,092 Type Number of Exercise Expiration Common stock 1,348 $ 0.01 — Common stock 768 $ 6.00 January 2027 – February 2027 Common stock 4,011 $ 6.60 February 2027 Common stock 1,438 $ 6.60 November 2027 Total 7,565 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Stock-Based Compensation [Abstract] | |
Schedule of Assumptions were used in the Fair-Value Method | The weighted-average grant date fair value of options granted was $0.98 and $3.58 per share for the nine months ended December 31, 2023 and 2022, respectively, and $0.97 and $1.86 for the three months ended December 31, 2023 and 2022, respectively. The following assumptions were used in the fair-value method calculations: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Risk-free interest rates 3.8% - 4.7 % 3.93% - 3.99 % 3.5% - 4.7 % 2.82% - 4.06 % Volatility 123.4% - 127.6 % 149 % 82.5% - 152.2 % 149% - 223 % Expected life (years) 5.0 – 5.4 5.0 – 5.7 5.0 – 6.2 5.0 – 5.7 |
Schedule of Summarizes the Activity in the Shares | The following table summarizes the activity in the shares available for grant under the Plan during the nine months ended December 31, 2023: Options Outstanding Shares Number Weighted Available of Average for Grant Shares Exercise Prices Balance at March 31, 2023 2,132,292 2,481,090 $ 5.19 Options granted (373,375 ) 373,375 1.27 Share awards (6,375 ) — — Options cancelled and returned to the Plan 30,272 (30,272 ) 4.29 Balance at June 30, 2023 1,782,814 2,824,193 4.68 Options granted (101,875 ) 101,875 1.16 Share awards (6,265 ) — — RSUs granted (250,000 ) — — Options cancelled and returned to the Plan 13,404 (13,404 ) 9.05 Balance at September 30, 2023 1,438,078 2,912,664 4.54 Options granted (941,408 ) 941,408 1.11 Share awards (6,375 ) — — Options cancelled and returned to the Plan 155,679 (155,679 ) 3.77 Balance at December 31, 2023 645,974 3,698,393 $ 3.70 |
Schedule of RSU Activity under the Plan | A summary of RSU activity under the Plan is presented below. Number Weighted of Date Balance at June 30, 2023 — $ — Granted 250,000 $ 0.91 Vested (20,834 ) $ 0.91 Non-vested shares at September 30, 2023 229,166 $ 0.91 Vested (20,834 ) $ 0.91 Non-vested shares at December 31, 2023 208,332 $ 0.91 |
Schedule of Outstanding and Exercisable Options | The following table summarizes the range of outstanding and exercisable options as of December 31, 2023: Options Outstanding Options Exercisable Range of Exercise Price Number Weighted Weighted Number Weighted Aggregate $0.93 - $2.00 2,246,118 8.55 $ 1.48 653,549 $ 1.83 $ 62,794 $3.95 - $7.51 943,145 7.45 $ 5.29 734,459 $ 5.59 — $8.61 - $17.70 509,130 7.48 $ 10.53 448,562 $ 10.35 — $0.93 - $17.70 3,698,393 8.12 $ 3.70 1,836,570 $ 5.47 $ 62,794 |
The Company and Summary of Si_3
The Company and Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
The Company and Summary of Significant Accounting Policies [Line Items] | ||||
Federal deposit insurance corporation | $ 250,000 | |||
Loss per share | $ (0.23) | $ (0.27) | $ (0.64) | $ (0.86) |
Weighted average shares outstanding | 22,540,000 | 12,274,000 | 20,708,000 | 12,045,000 |
Minimum [Member] | ||||
The Company and Summary of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 3 years | 3 years | ||
Maximum [Member] | ||||
The Company and Summary of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 5 years | 5 years | ||
Previously Reported [Member] | ||||
The Company and Summary of Significant Accounting Policies [Line Items] | ||||
Loss per share | $ 0.04 | $ 0.09 | ||
Weighted average shares outstanding | 1,348,000 | 1,182,000 |
The Company and Summary of Si_4
The Company and Summary of Significant Accounting Policies (Details) - Schedule of Diluted Net Loss Per Share - shares shares in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive total | 15,820 | 8,391 |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive total | 3,720 | 2,174 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive total | 208 | |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive total | 11,892 | 6,217 |
Consolidated Balance Sheet De_3
Consolidated Balance Sheet Detail (Details) - Schedule of Property and Equipment, Net - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 3,170 | $ 1,977 |
Less: accumulated depreciation and amortization | (536) | (256) |
Total property and equipment, net | 2,634 | 1,721 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,509 | 820 |
Computer equipment and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 66 | 66 |
Construction-in-process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 499 | 1,003 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 33 | 25 |
Office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 63 | $ 63 |
Consolidated Balance Sheet De_4
Consolidated Balance Sheet Detail (Details) - Schedule of Accrued Expenses - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Schedule of Accrued Expenses [Abstract] | ||
Accrued wages and employee benefits | $ 304 | $ 267 |
Other | 69 | 72 |
Total accrued expenses | $ 373 | $ 339 |
Leases (Details)
Leases (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Line Items] | ||||
Security deposit refunded | $ 100,000 | $ 100,000 | ||
Monthly rent | $ 36,000 | $ 36,000 | ||
Annual rent increases percentage | 4% | 4% | ||
Percentage of borrowing interest rate | 8% | |||
Obtained a right-of-use asset | $ 1,560,000 | |||
Cash paid for lease liabilities | 365,000 | $ 119,000 | ||
Rent expense | $ 112,000 | $ 27,000 | $ 337,000 | $ 81,000 |
W. Bernardo Drive, San Diego, CA [Member] | ||||
Leases [Line Items] | ||||
Lease term | 39 months | 39 months | ||
Thornmint Road Sand Diego, CA [Member] | ||||
Leases [Line Items] | ||||
Lease term | 48 months | 48 months |
Leases (Details) - Schedule of
Leases (Details) - Schedule of Future Minimum Payments Under the Facility Operating Lease $ in Thousands | Dec. 31, 2023 USD ($) |
Schedule of Future Minimum Payments Under the Facility Operating Lease [Line Items] | |
2024 | $ 111 |
2025 | 452 |
2026 | 470 |
2027 | 405 |
Total future lease payments | 1,438 |
Less: Imputed interest | (161) |
Present value of lease liability | $ 1,277 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||||
Nov. 22, 2023 | May 25, 2023 | May 15, 2023 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Stockholders’ Equity [Line Items] | ||||||||||||
Gross proceeds (in Dollars) | $ 6,500,000 | |||||||||||
Compensation services equal percentage | 3% | |||||||||||
Aggregate gross proceeds (in Dollars) | $ 9,390,000 | |||||||||||
Exercise price (in Dollars per share) | $ 1.22 | |||||||||||
Expired term | 5 years | |||||||||||
Paid cash fee percentage | 7% | 7% | ||||||||||
Common stock fair values (in Dollars) | $ 11,000 | $ 7,000 | $ 6,000 | $ 13,000 | $ 51,000 | $ 14,000 | ||||||
Over-Allotment Option [Member] | ||||||||||||
Stockholders’ Equity [Line Items] | ||||||||||||
Offering cost (in Dollars) | $ 125,000 | $ 125,000 | ||||||||||
Underwriting Agreement [Member] | ||||||||||||
Stockholders’ Equity [Line Items] | ||||||||||||
Gross proceeds (in Dollars) | $ 1,408,000 | |||||||||||
Common Stock [Member] | ||||||||||||
Stockholders’ Equity [Line Items] | ||||||||||||
Purchase up additional shares | 8,816,900 | |||||||||||
Common stock fair values (in Dollars) | $ 1,400 | $ 1,000 | ||||||||||
Warrant [Member] | ||||||||||||
Stockholders’ Equity [Line Items] | ||||||||||||
Purchase up additional shares | 4,408,450 | |||||||||||
Exercise price per share (in Dollars per share) | $ 2.13 | |||||||||||
Exercise price (in Dollars per share) | $ 1.32 | $ 1.32 | $ 1.32 | |||||||||
Underwriter common stock purchase warrants | 709,760 | |||||||||||
Warrant [Member] | Over-Allotment Option [Member] | ||||||||||||
Stockholders’ Equity [Line Items] | ||||||||||||
Purchase up additional shares | 661,267 | |||||||||||
Warrant [Member] | Underwriter [Member] | ||||||||||||
Stockholders’ Equity [Line Items] | ||||||||||||
Underwriter agents shares | 604,623 | |||||||||||
Warrant [Member] | Common Stock [Member] | ||||||||||||
Stockholders’ Equity [Line Items] | ||||||||||||
Exercise price (in Dollars per share) | $ 0.01 | |||||||||||
Common stock issued | 1,429 | 348 | ||||||||||
Underwriting Agreement [Member] | ||||||||||||
Stockholders’ Equity [Line Items] | ||||||||||||
Purchase up additional shares | 1,322,534 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Schedule of Warrants Outstanding - Warrant [Member] - $ / shares shares in Thousands | 3 Months Ended | |||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | |
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Opening balance | 13,240 | 13,240 | 7,565 | |
Number of Shares, Common stock | 13,092 | 13,240 | 13,240 | 7,565 |
Exercise Price, Common stock (in Dollars per share) | $ 1.32 | $ 1.32 | ||
Number of Shares, Issuance of common stock warrants | 605 | |||
Exercise Price, Issuance of common stock warrants (in Dollars per share) | $ 1.32 | $ 1.32 | ||
Expiration, Issuance of common stock warrants | May 2027 | |||
Number of Shares, Issuance of common stock warrants | 5,070 | |||
Exercise Price, Issuance of common stock warrants (in Dollars per share) | $ 1.22 | |||
Expiration, Issuance of common stock warrants | May 2028 | |||
Number of Shares, Activity | ||||
Number of Shares, Warrants exercised | (148) | |||
Exercise Price, Warrants exercised (in Dollars per share) | $ 1.22 | |||
Expiration, Warrants exercised | May 2028 | |||
Number of Shares, Common stock | 13,092 | 13,240 | 13,240 | 7,565 |
Common stock [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Opening balance | 1,348 | |||
Number of Shares, Common stock | 1,348 | |||
Exercise Price, Common stock (in Dollars per share) | $ 0.01 | |||
Expiration, Common stock | ||||
Exercise Price, Issuance of common stock warrants (in Dollars per share) | $ 0.01 | |||
Number of Shares, Common stock | 1,348 | |||
Common stock [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Opening balance | 768 | |||
Number of Shares, Common stock | 768 | |||
Exercise Price, Common stock (in Dollars per share) | $ 6 | |||
Expiration, Common stock | January 2027 – February 2027 | |||
Exercise Price, Issuance of common stock warrants (in Dollars per share) | $ 6 | |||
Number of Shares, Common stock | 768 | |||
Common stock [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Opening balance | 4,011 | |||
Number of Shares, Common stock | 4,011 | |||
Exercise Price, Common stock (in Dollars per share) | $ 6.6 | |||
Expiration, Common stock | February 2027 | |||
Exercise Price, Issuance of common stock warrants (in Dollars per share) | $ 6.6 | |||
Number of Shares, Common stock | 4,011 | |||
Common stock [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Opening balance | 1,438 | |||
Number of Shares, Common stock | 1,438 | |||
Exercise Price, Common stock (in Dollars per share) | $ 6.6 | |||
Expiration, Common stock | November 2027 | |||
Exercise Price, Issuance of common stock warrants (in Dollars per share) | $ 6.6 | |||
Number of Shares, Common stock | 1,438 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
Oct. 31, 2017 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 31, 2023 | Aug. 31, 2021 | Jan. 31, 2020 | |
Stock-Based Compensation [Line Items] | ||||||||||
Unamortized compensation cost (in Dollars) | $ 2,512,000 | $ 2,512,000 | ||||||||
Weighted average period | 1 year 4 months 24 days | |||||||||
Stock options shares | 909,533 | |||||||||
Expense recognition | 251,567 | 251,567 | ||||||||
Stock based compensation | 6,375 | |||||||||
Share based compensation expenses (in Dollars) | $ 11,000 | |||||||||
2017 Equity Incentive Plan [Member] | ||||||||||
Stock-Based Compensation [Line Items] | ||||||||||
Shares approved under equity incentive plan | 1,000,000 | |||||||||
Number of shares reserved | 2,000,000 | 1,333,334 | 333,334 | |||||||
Stock-Based Compensation [Member] | ||||||||||
Stock-Based Compensation [Line Items] | ||||||||||
Fair value of stock options granted price (in Dollars per share) | $ 0.97 | $ 1.86 | $ 0.98 | $ 3.58 | ||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Stock-Based Compensation [Line Items] | ||||||||||
Unamortized compensation cost (in Dollars) | $ 190,000 | $ 190,000 | ||||||||
Fair value of stock options granted price (in Dollars per share) | $ 1.11 | $ 1.16 | $ 1.27 | |||||||
Total intrinsic value (in Dollars) | $ 379,000 | $ 379,000 | ||||||||
Weighted average period | 2 years 6 months |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details) - Schedule of Assumptions were used in the Fair-Value Method | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Stock-Based Compensation (Details) - Schedule of Assumptions were used in the Fair-Value Method [Line Items] | ||||
Volatility | 149% | |||
Minimum [Member] | ||||
Stock-Based Compensation (Details) - Schedule of Assumptions were used in the Fair-Value Method [Line Items] | ||||
Risk-free interest rates | 3.80% | 3.93% | 3.50% | 2.82% |
Volatility | 123.40% | 82.50% | 149% | |
Expected life (years) | 5 years | 5 years | 5 years | 5 years |
Maximum [Member] | ||||
Stock-Based Compensation (Details) - Schedule of Assumptions were used in the Fair-Value Method [Line Items] | ||||
Risk-free interest rates | 4.70% | 3.99% | 4.70% | 4.06% |
Volatility | 127.60% | 152.20% | 223% | |
Expected life (years) | 5 years 4 months 24 days | 5 years 8 months 12 days | 6 years 2 months 12 days | 5 years 8 months 12 days |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Details) - Schedule of Summarizes the Activity in the Shares - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | |
Schedule of Summarizes the Activity in the Shares [Line Items] | ||||
Shares Available for Grant, Beginning balance | 1,438,078 | 1,782,814 | 2,132,292 | 2,132,292 |
Number of Shares, Beginning Balance | 2,912,664 | 2,824,193 | 2,481,090 | 2,481,090 |
Weighted Average Exercise Prices, Beginning balance (in Dollars per share) | $ 4.54 | $ 4.68 | $ 5.19 | $ 5.19 |
Options granted, Shares Available for Grant | (941,408) | (101,875) | (373,375) | |
Options granted, Number of Shares | 941,408 | 101,875 | 373,375 | |
Options granted, Weighted Average Exercise Prices (in Dollars per share) | $ 1.11 | $ 1.16 | $ 1.27 | |
RSUs granted, Shares Available for Grant | (250,000) | |||
RSUs granted, Number of Shares | ||||
RSUs granted, Weighted Average Exercise Prices (in Dollars per share) | ||||
Share awards, Shares Available for Grant | (6,375) | (6,265) | (6,375) | |
Share awards, Number of Shares | ||||
Share awards, Weighted Average Exercise Prices (in Dollars per share) | ||||
Options cancelled and returned to the Plan, Shares Available for Grant | 155,679 | 13,404 | 30,272 | |
Options cancelled and returned to the Plan, Number of Shares | (155,679) | (13,404) | (30,272) | |
Options cancelled and returned to the Plan, Weighted Average Exercise Prices (in Dollars per share) | $ 3.77 | $ 9.05 | $ 4.29 | |
Shares Available for Grant, Ending balance | 645,974 | 1,438,078 | 1,782,814 | 645,974 |
Number of Shares, Ending Balance | 3,698,393 | 2,912,664 | 2,824,193 | 3,698,393 |
Weighted Average Exercise Prices, Ending balance (in Dollars per share) | $ 3.7 | $ 4.54 | $ 4.68 | $ 3.7 |
Stock-Based Compensation (Det_4
Stock-Based Compensation (Details) - Schedule of RSU Activity under the Plan - $ / shares | 3 Months Ended | |
Dec. 31, 2023 | Sep. 30, 2023 | |
Schedule of RSU Activity Under the Plan [Abstract] | ||
Number of Shares, Beginning Balance | 229,166 | |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 0.91 | |
Granted, Number of Shares | 250,000 | |
Granted, Weighted Average Grant-Date Fair Value | $ 0.91 | |
Vested, Number of Shares | (20,834) | (20,834) |
Vested, Weighted Average Grant-Date Fair Value | $ 0.91 | $ 0.91 |
Number of Shares, Ending Balance | 208,332 | 229,166 |
Weighted Average Grant-Date Fair Value, Ending balance | $ 0.91 | $ 0.91 |
Stock-Based Compensation (Det_5
Stock-Based Compensation (Details) - Schedule of Outstanding and Exercisable Options $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
$0.93 - $2.00 [Member] | |
Stock-Based Compensation (Details) - Schedule of Outstanding and Exercisable Options [Line Items] | |
Number Outstanding, Beginning Balance | shares | 2,246,118 |
Weighted Average Remaining Contractual Life (in Years) | 8 years 6 months 18 days |
Weighted Average Exercise Price | $ / shares | $ 1.48 |
Number Exercisable | shares | 653,549 |
Weighted Average Exercise Price | $ | $ 62,794 |
Aggregate Intrinsic value | $ / shares | $ 1.83 |
$3.95 - $7.51 [Member] | |
Stock-Based Compensation (Details) - Schedule of Outstanding and Exercisable Options [Line Items] | |
Number Outstanding, Beginning Balance | shares | 943,145 |
Weighted Average Remaining Contractual Life (in Years) | 7 years 5 months 12 days |
Weighted Average Exercise Price | $ / shares | $ 5.29 |
Number Exercisable | shares | 734,459 |
Weighted Average Exercise Price | $ | |
Aggregate Intrinsic value | $ / shares | $ 5.59 |
$8.61 - $17.70 [Member] | |
Stock-Based Compensation (Details) - Schedule of Outstanding and Exercisable Options [Line Items] | |
Number Outstanding, Beginning Balance | shares | 509,130 |
Weighted Average Remaining Contractual Life (in Years) | 7 years 5 months 23 days |
Weighted Average Exercise Price | $ / shares | $ 10.53 |
Number Exercisable | shares | 448,562 |
Weighted Average Exercise Price | $ | |
Aggregate Intrinsic value | $ / shares | $ 10.35 |
$0.93 - $17.70 [Member] | |
Stock-Based Compensation (Details) - Schedule of Outstanding and Exercisable Options [Line Items] | |
Number Outstanding, Beginning Balance | shares | 3,698,393 |
Weighted Average Remaining Contractual Life (in Years) | 8 years 1 month 13 days |
Weighted Average Exercise Price | $ / shares | $ 3.7 |
Number Exercisable | shares | 1,836,570 |
Weighted Average Exercise Price | $ | $ 62,794 |
Aggregate Intrinsic value | $ / shares | $ 5.47 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Dec. 31, 2023 USD ($) |
Commitments and Contingencies [Abstract] | |
Purchase obligations | $ 592,000 |
Technology integration and license fees | $ 575,000 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) | Jan. 31, 2024 | Feb. 13, 2024 |
Subsequent Events (Details) [Line Items] | ||
Sold common shares | 153,879 | |
Net proceeds (in Dollars) | $ 278,000 | |
Proceeds from warrant (in Dollars) | $ 550,000 | |
Warrants to purchase | 445,744 | |
Shares reserved for issuance | 3,000,000 | |
Authorized shares of common stock | 100,000,000 |