Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Dec. 31, 2014 | |
Document And Entity Information [Abstract] | |
Document Type | S-1/A |
Amendment Flag | FALSE |
Document Period End Date | 31-Dec-14 |
Trading Symbol | PDVW |
Entity Registrant Name | Pacific DataVision, Inc. |
Entity Central Index Key | 1304492 |
Entity Filer Category | Non-accelerated Filer |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
Current assets | |||
Cash | $122,729,111 | $45,679 | $194,938 |
Accounts receivable | 424,883 | 369,408 | 289,003 |
Prepaid expenses | 663,521 | 22,046 | 21,481 |
Total current assets | 123,817,515 | 437,133 | 505,422 |
Furniture, fixture and equipment, net | 1,723,764 | 99,548 | 82,615 |
Intangible Assets | 100,298,444 | ||
Capitalized patent costs, net | 236,206 | 259,627 | 267,001 |
Other assets | 16,583 | 6,883 | 7,124 |
Total Assets | 226,092,512 | 803,191 | 862,162 |
Current liabilities | |||
Accounts payable and accrued expenses | 2,660,889 | 254,981 | 261,637 |
Accounts payable - officers | 17,506 | 117,961 | 101,691 |
Deferred Revenue | 719,986 | ||
Total current liabilities | 3,398,381 | 372,942 | 363,328 |
Noncurrent Liabilities | |||
Deferred Revenue | 6,576,222 | ||
Accrued interest expense - affiliated entities | 870,247 | 544,899 | |
Deferred Compensation | 361,610 | 337,270 | |
Notes payable - affiliated entities | 3,405,808 | 2,700,317 | |
Total Liabilities | 9,974,603 | 5,010,607 | 3,945,814 |
Stockholders' Equity/(Deficiency) | |||
Preferred stock | 20,525,999 | 20,516,999 | |
Common stock | 1,247 | 12 | |
Additional paid-in capital | 252,192,288 | 2,209,584 | |
Accumulated deficit | -36,075,626 | -26,943,011 | -25,731,190 |
Total Stockholders' Equity/(Deficiency) | 216,117,909 | -4,207,416 | -3,083,652 |
Total Liabilities & Stockholders' Equity/(Deficiency) | 226,092,512 | 803,191 | 862,162 |
Originally reported [Member] | |||
Stockholders' Equity/(Deficiency) | |||
Common stock | 1,182,962 | 1,182,962 | |
Additional paid-in capital | 1,026,634 | 947,577 | |
Total Stockholders' Equity/(Deficiency) | ($4,207,416) |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Financial Position [Abstract] | |||
Allowance for doubtful accounts | $37,248 | $12,619 | |
Preferred Stock, no par value | $0 | $0 | |
Preferred Stock, par value | $0.00 | ||
Preferred Stock, non-cumulative dividend | 8.00% | ||
Preferred Stock, shares authorized | 10,000,000 | 40,000,000 | 40,000,000 |
Preferred Stock, shares issued | 748,722 | 748,043 | |
Preferred Stock, shares outstanding | 0 | 748,722 | 748,043 |
Common Stock, no par value | $0 | $0 | |
Common Stock, par value | $0.00 | ||
Common Stock, shares authorized | 100,000,000 | 85,000,000 | 85,000,000 |
Common Stock, shares issued | 12,473,024 | 126,759 | 126,759 |
Common Stock, shares outstanding | 12,473,024 | 126,759 | 126,759 |
Statements_of_Operations
Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |||||
Operating Revenues | ||||||||||
Service Revenue | $653,437 | $929,515 | $2,143,707 | $2,631,174 | $3,539,595 | $2,760,095 | ||||
Spectrum Lease Revenue | 182,186 | 212,551 | ||||||||
Total Operating Revenue | 835,623 | 929,515 | 2,356,258 | 2,631,174 | ||||||
Cost of Revenue | ||||||||||
Service | 283,043 | 294,942 | 790,687 | 823,347 | 1,124,121 | 825,834 | ||||
Gross Profit | 552,580 | 634,573 | 1,565,571 | 1,807,827 | 2,415,474 | 1,934,261 | ||||
Operating Expenses | ||||||||||
General and administrative | 3,336,996 | 234,312 | 8,230,664 | 671,176 | 846,579 | 850,756 | ||||
Sales and Support | 478,246 | 346,560 | 1,167,609 | 1,063,546 | 1,382,024 | 1,247,505 | ||||
Product development | 242,823 | 223,230 | 679,577 | 697,458 | 934,818 | 715,918 | ||||
Stock compensation expense | 1,404,202 | 19,764 | 4,680,802 | 59,292 | 79,057 | 82,438 | ||||
Depreciation and amortization | 25,306 | 15,118 | 54,526 | 45,352 | 59,469 | 52,726 | ||||
Total Operating Expenses | 4,083,371 | 819,220 | 10,132,376 | 2,477,532 | 3,301,947 | 2,949,343 | ||||
Loss from Operations | -3,530,791 | -184,647 | -8,566,805 | -669,705 | -886,473 | -1,015,082 | ||||
Other income | 0 | 0 | ||||||||
Interest expense - affiliated entities | -86,103 | -570,737 | -236,831 | -325,348 | -224,836 | |||||
Interest income | 4,927 | 4,927 | ||||||||
Net Loss | ($3,525,864) | ($270,750) | ($9,132,615) | ($906,536) | ($1,211,821) | ($1,239,918) | ||||
Net loss per common share basic and diluted | ($0.28) | [1] | ($2.14) | [1] | ($1) | [1] | ($7.15) | [1] | ($9.56) | ($9.78) |
Weighted-average common shares used to compute basic and diluted net loss per share | 12,473,024 | [1] | 126,759 | [1],[2] | 9,103,629 | [1],[2] | 126,759 | [1],[2] | 126,759 | 126,759 |
[1] | Three and nine months ended December 31, 2013 and nine months ended December 31, 2014 corrected. | |||||||||
[2] | Since the numerator used to calculate diluted net loss per common share was a net loss for the period presented, the dilutive effects of stock options, warrants and redeemable convertible preferred stock were not included since the effect was anti-dilutive |
Statement_of_Stockholders_Equi
Statement of Stockholders' Equity/(Deficiency) (USD $) | Total | Common Stock [Member] | Preferred Stock Series AA [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | |||
Balance at Mar. 31, 2012 | ($1,933,672) | $1,182,962 | $20,509,499 | $865,139 | ($24,491,272) | |||
Balance, Shares at Mar. 31, 2012 | 126,759 | [1] | 747,477 | [2] | ||||
Issuance of stock, net of closing costs | 7,500 | 7,500 | ||||||
Issuance of stock, net of closing costs, Shares | [2] | 566 | ||||||
Share-based compensation expense | 82,438 | 82,438 | ||||||
Net loss | -1,239,918 | -1,239,918 | ||||||
Balance at Mar. 31, 2013 | -3,083,652 | 1,182,962 | 20,516,999 | 947,577 | -25,731,190 | |||
Balance, Shares at Mar. 31, 2013 | 126,759 | [1] | 748,043 | [2] | ||||
Issuance of stock, net of closing costs | 9,000 | 9,000 | ||||||
Issuance of stock, net of closing costs, Shares | [2] | 679 | ||||||
Share-based compensation expense | 79,057 | 79,057 | ||||||
Net loss | -1,211,821 | -1,211,821 | ||||||
Balance at Mar. 31, 2014 (Originally reported [Member]) | -4,207,416 | 1,182,962 | 20,525,999 | 1,026,634 | -26,943,011 | |||
Balance at Mar. 31, 2014 | -4,207,416 | 12 | 20,525,999 | 2,209,584 | -26,943,011 | |||
Balance, Shares at Mar. 31, 2014 (Originally reported [Member]) | 4,199,094 | 24,794,963 | ||||||
Balance, Shares at Mar. 31, 2014 | [2] | 126,759 | [1] | 748,722 | ||||
Effects of reverse stock split | -1,182,950 | 1,182,950 | ||||||
Effects of reverse stock split, Shares | -4,072,335 | -24,046,241 | ||||||
Conversion of Preferred Stock Series AA to Common Shares | 75 | -20,525,999 | 20,525,924 | |||||
Conversion of Preferred Stock Series AA to Common Shares, Shares | 748,722 | -748,722 | ||||||
Effects of exchange of 661,581 warrants to common shares | 3 | -3 | ||||||
Effects of exchange of 661,581 warrants to common shares, Shares | 29,809 | 29,809 | ||||||
Effects of exchange of Convertible notes to common shares | 1,554,680 | 8 | 1,554,672 | |||||
Effects of exchange of Convertible Notes to common shares, Shares | 77,734 | |||||||
Effects of exchange of Notes Payable to common shares | 1,300,000 | 6 | 1,299,994 | |||||
Effects of exchange of Notes Payable to common shares, Shares | 65,000 | |||||||
Common shares issued for Intangible Asset | 10,000,000 | 50 | 9,999,950 | |||||
Common shares issued for Intangible Asset, Shares | 500,000 | |||||||
Motorola Investment | 10,000,000 | 10,000,000 | ||||||
Issuance of stock, net of closing costs | 201,922,458 | 1,093 | 201,921,365 | |||||
Issuance of stock, net of closing costs, Shares | 10,925,000 | |||||||
Share-based compensation expense | 4,680,802 | 4,680,802 | ||||||
Net loss | -9,132,615 | -9,132,615 | ||||||
Balance at Dec. 31, 2014 | $216,117,909 | $1,247 | $252,192,288 | ($36,075,626) | ||||
Balance, Shares at Dec. 31, 2014 | 12,473,024 | |||||||
[1] | 85,000,000 shares authorized, no par value per share. | |||||||
[2] | Series AA Preferred Stock has 40,000,000 shares authorized with no par value, an 8% non-cumulative dividend and has first priority on liquidation preference over the common stock. The Preferred Stock is convertible into Common Stock on a one for one basis at the option of the holder, or at the option of the company under certain conditions, as defined. At March 31, 2014, the preferred stock is convertible into approximately 749,000 shares of common stock (see note 12). |
Statement_of_Stockholders_Equi1
Statement of Stockholders' Equity/(Deficiency) (Parenthetical) (USD $) | Mar. 31, 2014 |
Statement of Stockholders' Equity [Abstract] | |
Common Stock, shares authorized | 85,000,000 |
Common Stock, no par value | $0 |
Preferred Stock, shares authorized | 40,000,000 |
Preferred Stock, no par value | $0 |
Preferred Stock, non-cumulative dividend | 8.00% |
Conversion of preferred stock in to common stock | 749,000 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | ($9,132,615) | ($906,536) | ($1,211,821) | ($1,239,918) |
Adjustments to reconcile net loss to net cash provided (used) by operating activities | ||||
Depreciation and amortization | 54,526 | 45,352 | 59,469 | 52,726 |
Non-cash compensation expense attributable to stock awards | 4,680,802 | 59,292 | 79,057 | 82,438 |
Changes in operating assets and liabilities | ||||
Accounts receivable | -55,475 | -170,235 | -80,405 | -39,927 |
Prepaid expenses and other assets | -651,176 | -12,192 | -324 | -1,076 |
Accounts payable and accrued expenses | 2,405,908 | 14,299 | 2,344 | 88,948 |
Accounts payable - officers | -100,455 | 15,620 | 16,270 | 10,498 |
Accrued interest expense | -332,524 | 236,922 | 325,348 | 224,836 |
Deferred compensation | -361,610 | 18,255 | 24,340 | 81,302 |
Deferred revenue | 7,296,208 | |||
Net Cash flows provided (used) by Operating Activities | 3,803,589 | -699,223 | -785,722 | -740,173 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Payment of deposit | -13,500,000 | |||
Purchases of intangible assets | -76,798,444 | |||
Purchases of equipment | -1,646,611 | -31,403 | -33,572 | -16,923 |
Payments for patent costs | -8,709 | -28,905 | -35,456 | -53,567 |
Net Cash used by Investing Activities | -91,953,764 | -60,308 | -69,028 | -70,490 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from notes payable | 45,000 | 593,401 | 705,491 | 976,466 |
Net proceeds from Section 144A Offering | 201,922,458 | |||
Payment of Notes Payable | -1,133,851 | |||
Proceeds from Motorola Investment | 10,000,000 | |||
Net Cash provided from Financing Activities | 210,833,607 | 593,401 | ||
Net Change in Cash | 122,683,432 | -166,130 | -149,259 | 165,803 |
CASH | ||||
Beginning of the period | 45,679 | 194,938 | 194,938 | 29,135 |
End of the period | 122,729,111 | 28,808 | 45,679 | 194,938 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||
Taxes paid | 0 | 0 | 3,710 | 3,564 |
Non-cash financing activities | ||||
Accounts payable settled with preferred stock | $9,000 | $7,500 |
Nature_of_Operations
Nature of Operations | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014 | Mar. 31, 2014 | ||||||
Accounting Policies [Abstract] | |||||||
Nature of Operations | 1 | Nature of Operations | 1 | Nature of Operations | |||
The company was originally incorporated in California in 1997, and reincorporated in Delaware in 2014. The company is engaged in the development and sale of wireless communications applications, including at times the sale and installation of equipment used to run these applications. The company’s applications are primarily marketed to the end users of the wireless communications carriers under licensing agreements with the company. The company also sells certain applications directly to end users. The company maintains offices in Woodland Park, New Jersey, Reston, Virginia and San Diego, California. | The company was incorporated in California in 1997. The company is engaged in the development and sale of wireless communications applications, including at times the sale and installation of equipment used to run these applications. The company’s applications are primarily marketed by wireless communications carriers to their subscribers under licensing agreements with the company. The company also sells certain applications direct to end-users. The company maintains offices in Woodland Park, New Jersey and San Diego, California. | ||||||
The company has acquired nationwide licenses to spectrum in the 900MHz band and operating equipment from Sprint Corporation pursuant to the Sprint APA (as defined below) (the “Spectrum Assets”) and is developing a dedicated dispatch network to offer push to talk (“PTT”) service in major markets throughout the United States. | As shown in the accompanying financial statements, the company has incurred losses of approximately $1.2 million in each of fiscal years 2014 and 2013 and has a stockholders’ deficiency of approximately $4.2 million at March 31, 2014. In addition, the company has historically funded operations through the issuance of debt and equity instruments. The company has access to a line of credit of up to $3.0 million with a related party (see note 6). As of March 31, 2014, such line of credit has $1.575 million available for use by the company. In addition, the company has recently raised funds through the sale of additional common stock (see note 12). A portion of the proceeds from the sale of common stock are expected to be used to satisfy the company’s noncurrent liabilities. | ||||||
On September 15, 2014, the company completed an acquisition from Sprint Corporation of (i) FCC licenses sufficient to operate a nationwide dispatch network in the 900 MHz band and (ii) certain 900 MHz equipment. The company is now focused on deploying a dedicated, wide-area, two-way radio network. Over time, the company intends to deploy the network in 20 major metropolitan areas throughout the United States, with the first markets to be located in the South and Northeast regions, with additional markets to be located in the Midwest, Southwest and West Coast regions, and to focus on serving dispatch-centric, small and medium-sized businesses. For this targeted set of customers, the company intends to offer its DispatchPlus communication solution. DispatchPlus will combine Motorola Solutions Inc.’s and its subsidiaries’ (collectively, “Motorola”) state-of-the-art digital radio technology with pdvConnect. Built with the commercial dispatch user in mind, the Motorola Digital Technology architecture will allow the company to provide a highly reliable, instant and wide-area PTT communication solution. Also developed for dispatch-centric businesses, pdvConnect is an easy to use and efficient workforce management solution that enables businesses to locate and communicate with field workers and improve documentation of work events and job status. | |||||||
The company has historically funded operations through the issuance of debt and equity instruments. The company had access to a line of credit of up to $3.0 million with a related party (see Note 6) which it subsequently repaid and terminated in September 2014. | |||||||
During the nine months ended December 31, 2014, the Company: | |||||||
Entered into an Asset Purchase Agreement with certain wholly-owned subsidiaries of Sprint Corporation (the “Sprint APA”) to purchase the nationwide Spectrum Assets for a total of $100.0 million, with $90.0 million paid in cash from the proceeds of the private placement the company completed in June 2014 (the “June 2014 Private Placement”) (see below) and $10.0 million paid in 500,000 shares of common stock (at a price equal to $20.00 per share). | |||||||
Completed the June 2014 Private Placement, on June 10, 2014, in which the company sold 10,925,000 shares of common stock at a purchase price of $20.00 per share. The net proceeds from the June 2014 Private Placement after deducting expenses including professional fees and the payment of initial placement fees, were approximately $202 million. Approximately 96% of the net proceeds, or approximately $196 million (net of any initial purchaser’s /placement agent’s discount and placement fees), were held in trust until the closing of the Sprint APA. In September 2014, a portion of the proceeds from the sale of common stock was used to: | |||||||
• | Pay the outstanding working capital line for $1,470,000 and $351,073 in accrued interest with 65,000 shares of common stock and $521,073 in cash; | ||||||
• | Pay the promissory note of $540,000 and $272,842 in accrued interest in cash; | ||||||
• | Pay the outstanding Series AA convertible promissory notes owed to certain employees for $423,852 and $283,856 in accrued interest in cash; | ||||||
• | Pay $367,695 owed to certain employees for deferred compensation in cash; and | ||||||
• | Convert the Redeemable Notes (as defined in Note 6 below) of $1,016,956 into 77,734 shares of common stock based on 140% of the outstanding principal and accrued interest. | ||||||
Closed agreements with Motorola on September 15, 2014, under which Motorola invested $10.0 million to purchase 500,000 Class B Units of the company’s subsidiary, PDV Spectrum Holding Company, LLC (at a price equal to $20.00 per unit) and leased some of the Spectrum Assets for a prepaid price of $7.5 million. | |||||||
Issued 1,146,457 stock options to purchase the company’s common stock and 83,804 restricted units of the company’s common stock. | |||||||
In connection with the June 2014 Private Placement, the company completed a number of actions, including: | |||||||
• | The reincorporation of the company from California to Delaware; | ||||||
• | The conversion of all outstanding shares of the company’s Series AA Preferred Stock into 748,722 shares of the company’s common stock, the exchange of 661,581 outstanding warrants to purchase shares of Series AA Preferred Stock into 29,809 shares of common stock, and the conversion of the remaining options and warrants to purchase shares of the company’s Series AA Preferred Stock into options or warrants to purchase shares of common stock and the conversion of restricted stock units for shares of its Series AA Preferred Stock into restricted stock units for shares of common stock; | ||||||
• | The amendment of outstanding Redeemable Notes, in the aggregate principal of $1,016,956, to provide that the Redeemable Notes would automatically be converted at the closing of the Sprint APA into that number of shares of common stock equal to the sum of 140% of the principal plus the outstanding interest on such Redeemable Notes through the conversion divided by $20.00 per share; | ||||||
• | A 33.11451201-for-1 reverse stock split of all outstanding common stock, which was effected immediately prior to the completion of the June 2014 Private Placement. All share and per share data reported and disclosed in the accompanying financial statements have been retroactively adjusted to give effect to the reverse stock split. | ||||||
• | Entered into an agreement with Motorola on May 12, 2014, under which Motorola agreed to provide the company with their digital radio technology and handsets that it intends to deploy as part of the nationwide network. | ||||||
• | An increase in the authorized shares of common stock to 100,000,000 shares and preferred stock to 10,000,000 shares, and a change in the par value of the company’s common stock from no par value to $0.0001 per share. The preferred stock has first priority on liquidation preference over the common stock. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | Mar. 31, 2014 | |||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | 2 | Summary of Significant Accounting Policies | 2 | Summary of Significant Accounting Policies | ||||||||||||||||||||||||||
Basis of Presentation and Use of Estimates | ||||||||||||||||||||||||||||||
The accompanying interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), which 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly actual results could differ from those estimates. | a. | Basis of Presentation and Use of Estimates | ||||||||||||||||||||||||||||
The accompanying financial statements as of December 31, 2014 and for the three and nine month periods ended December 31, 2014 and 2013 are unaudited. These unaudited financial statements have been prepared in accordance with US GAAP for interim financial information and are presented in accordance with the requirements of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements. | The accompanying financial statements have been prepared in accordance with US GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. | |||||||||||||||||||||||||||||
In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended December 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2015. The unaudited financial statements should be read in conjunction with the audited financial statements as of and for the year ended March 31, 2014 and footnotes thereto included in the company’s final prospectus dated and filed with the SEC on January 26, 2015, as supplemented by the prospectus supplement filed February 2, 2015 and the prospectus supplement filed April 27, 2015 with the SEC. | ||||||||||||||||||||||||||||||
The balance sheet as of March 31, 2014 contained herein has been derived from the audited financial statements as of March 31, 2014 and the stockholders’ (deficiency) equity section has been retroactively restated for the stock split discussed in Note 1. | b. | Furniture, Fixture and Equipment | ||||||||||||||||||||||||||||
Correction of Basic and Diluted Net Loss Per Common Share | Furniture, fixture and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. | |||||||||||||||||||||||||||||
The company has determined that corrections are required to its previously reported basic and diluted net loss per common share for the three and nine month periods ended December 31, 2013 and the nine month period ended December 31, 2014 due to an error in the computation of the weighted average shares of common stock outstanding for these periods. Basic and diluted net loss per common share is calculated by dividing net loss for the period by the basic and diluted weighted average number of common shares outstanding during that period. Specifically, in the periods reflected below, in calculating the weighted average shares of common stock outstanding, management incorrectly considered the effect of two corporate actions the company completed in connection with its June 2014 Private Placement, including: (i) the conversion of all outstanding shares of preferred stock into common stock and (ii) the exchange of outstanding warrants to purchase preferred stock for shares of common stock (the “Corporate Actions”), as if such events occurred at the beginning of each of these reporting periods, instead of only considering the effect of these Corporate Actions after their effective date in June 2014. | ||||||||||||||||||||||||||||||
A summary of the impact of the correction of the errors on the net loss per common share, basic and diluted, is as follows: | c. | Patent Costs | ||||||||||||||||||||||||||||
Costs to acquire a patent on certain aspects of the company’s technology have been capitalized. These amounts are amortized, subject to periodic evaluation for impairment, over statutory lives following award of the patent. Accumulated amortization amounted to $303,305 at March 31, 2014 and $260,475 at March 31, 2013. Amortization expense was $42,830 in 2014 and $37,510 in 2013 and is estimated to aggregate $40,000 per year over the next five-year period. | ||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Nine Months Ended | d. | Allowance for Uncollectible Receivables | ||||||||||||||||||||||||||
December 31, 2013 | December 31, 2013 | December 31, 2014 | An allowance for uncollectible receivables is estimated based on a combination of write-off history, aging analysis and any specific known troubled accounts. At March 31, 2014, management provided an allowance of $12,619 for certain slow paying accounts. | |||||||||||||||||||||||||||
Net loss per common share, basic and diluted—originally reported | $ | (0.30 | ) | $ | (1.00 | ) | $ | (0.98 | ) | |||||||||||||||||||||
Difference in net loss per common share, basic and diluted | (1.84 | ) | (6.15 | ) | (0.02 | ) | e. | Revenue Recognition | ||||||||||||||||||||||
Net loss per common share, basic and diluted—corrected | $ | (2.14 | ) | $ | (7.15 | ) | $ | (1.00 | ) | The company recognizes revenue in the period in which the services are provided and when collectability of the revenue is reasonably assured. In accordance with the guidance provided in ASC Topic 605-45-45, Revenue Recognition – Principal Agent Considerations, the company has determined that it is the primary obligor with respect to the service revenue derived from sales of its software applications through the domestic carrier partners. As a result, the company records revenue at the gross amount billed to end-user customers for sales through the domestic carrier partners. When the end-user is billed by our carrier partners, the estimated gross amount billed is recorded as service revenue. For the company’s international carrier, it records revenue on a net basis since it has determined that it is not the primary obligor. The company also sells certain applications directly to end-users through its direct sales force, which are billed and collected directly by the company. | ||||||||||||||||||||
The company has historically presented revenue from its international operations on a gross basis. However, during the preparation of the company’s interim financial statements for the nine months ended December 31, 2014, management determined that it would be more appropriate to present such revenue on a net basis. Below is summary of the revenue and gross profit from the Company’s operations: | ||||||||||||||||||||||||||||||
Reconciliation of net loss per | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
common share, basic and diluted | December 31, 2013 | December 31, 2013 | December 31, 2014 | |||||||||||||||||||||||||||
Numerator | As originally presented | As restated | ||||||||||||||||||||||||||||
Net loss | $ | (270,750 | ) | $ | (906,536 | ) | $ | (9,132,615 | ) | Year ended March 31, | Year ended March 31, | |||||||||||||||||||
Denominator | 2013 | 2014 | 2013 | 2014 | ||||||||||||||||||||||||||
Weighted average shares, basic and diluted—originally reported: | 904,611 | 904,611 | 9,301,800 | Revenue | $ | 3,426,966 | $ | 4,001,117 | $ | 2,760,095 | $ | 3,539,595 | ||||||||||||||||||
Redeemable convertible preferred stock and warrants (incorrectly included) | (777,852 | ) | (777,852 | ) | (198,171 | ) | Cost of Revenue | 1,492,705 | 1,585,643 | 825,834 | 1,124,121 | |||||||||||||||||||
Weight average shares, basic and diluted—corrected (1) | 126,759 | 126,759 | 9,103,629 | Gross Profit | $ | 1,934,261 | $ | 2,415,474 | $ | 1,934,261 | $ | 2,415,474 | ||||||||||||||||||
The decision to present revenue from international operations on a net basis did not have an effect on the Company’s assets, liabilities, stockholders’ equity, gross profit, net income (loss) or cash flows. | ||||||||||||||||||||||||||||||
Net loss per share, basic and diluted—corrected | $ | (2.14 | ) | $ | (7.15 | ) | $ | (1.00 | ) | |||||||||||||||||||||
f. | Cost of Revenue | |||||||||||||||||||||||||||||
The company’s cost of revenue includes the portion of service revenue charged by its domestic carrier partners to the company pursuant to its agreements with these parties, which may include network services, connectivity, SMS service and special equipment expenses, sales, marketing, billing and other ancillary services. The company also includes the costs associated with the operation of its cloud-based solutions. | ||||||||||||||||||||||||||||||
-1 | Since the numerator used to calculate diluted net loss per common share was a net loss for the period presented, the dilutive effects of stock options, warrants and redeemable convertible preferred stock were not included since the effect was anti-dilutive | |||||||||||||||||||||||||||||
The corrections have no impact on the company’s net loss reported in the statements of operations, balance sheets, or the statements of cash flows for the above mentioned periods. | g. | Product Development Costs | ||||||||||||||||||||||||||||
Furniture, Fixture and Equipment | The company charges all product and development costs to expense as incurred. Types of expense incurred in product and development include employee compensation, consulting, travel, facility costs and equipment and technology costs. | |||||||||||||||||||||||||||||
Furniture, fixture and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. | ||||||||||||||||||||||||||||||
The carrying amount at the balance sheet date of long-lived assets under construction include construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service. These costs will be transferred to furniture, fixture and equipment when substantially all of the activities necessary to prepare the assets for their intended use are completed. Depreciation commences upon capitalization. | h. | Stock Compensation | ||||||||||||||||||||||||||||
Intangible Assets | The company accounts for stock options in accordance with US GAAP, which requires the measurement and recognition of compensation expense, based on the estimated fair value of awards. | |||||||||||||||||||||||||||||
Intangible assets are wireless licenses that will be used to provide the exclusive right to utilize designated radio frequency spectrum to provide wireless communication services. While licenses are issued for only a fixed time, generally ten years, such licenses are subject to renewal by the Federal Communications Commission (FCC). License renewals have occurred routinely and at nominal cost. There are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of the company’s wireless licenses. As a result, the wireless licenses are treated as an indefinite-lived intangible asset and the company will evaluate the useful life determination for wireless licenses each year to determine whether events and circumstances continue to support an indefinite useful life. | granted to employees and directors, which requires companies to estimate the fair value of share-based awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense in the company’s statements of operations over the requisite service periods. | |||||||||||||||||||||||||||||
Patent Costs | To calculate option-based compensation, the company used a Black-Scholes option-pricing model. The company’s determination of fair value of option-based awards on the date of grant using the Black-Scholes model is affected by assumptions regarding a number of subjective variables. | |||||||||||||||||||||||||||||
Costs to acquire a patent on certain aspects of the company’s technology have been capitalized. These amounts are amortized, subject to periodic evaluation for impairment, over statutory lives following award of the patent. Accumulated amortization amounted to $335,435 at December 31, 2014 and $303,305 at March 31, 2014, respectively. Amortization expense was $10,710 and $11,250 for the three months ended December 31, 2014 and 2013, respectively. For the nine months ended December 31, 2014 and 2013, amortization expense was $32,130 and $33,750, respectively. The amortization expense is estimated to aggregate $40,000 per year over the next five year period. | No tax benefits were attributed to the share-based compensation expense because a full valuation allowance was maintained for all net deferred tax assets. | |||||||||||||||||||||||||||||
Allowance for Uncollectible Receivables | ||||||||||||||||||||||||||||||
An allowance for uncollectible receivables is estimated based on a combination of write-off history, aging analysis and any specific known troubled accounts. At December 31, 2014 and March 31, 2014, management provided an allowance of $37,248 and $12,619, respectively, for certain slow paying accounts. | i. | Income Taxes | ||||||||||||||||||||||||||||
Revenue Recognition | The company follows the liability method of accounting for income taxes. Under this method, taxes consist of taxes currently payable plus those deferred due to temporary differences between the financial statement carrying amounts and the tax bases of certain assets and liabilities using tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is provided when it is more likely than not that some portion or the entire deferred tax asset will not be realized. | |||||||||||||||||||||||||||||
The company recognizes revenue in the period in which the services are provided and when collectability of the revenue is reasonably assured. In accordance with the guidance provided in Accounting Standards Codification (“ASC”) Topic 605-45-45, Revenue Recognition – Principal Agent Considerations, the company has determined that it is the primary obligor with respect to the service revenue derived from sales of the company’s software applications through its domestic carrier partners. As a result, revenue is recorded at the gross amount billed to end-user customers for sales to the domestic carrier partners. The company recognizes revenue for its international carrier on the net amount billed since it has determined that it is not the primary obligor. During the first quarter of fiscal 2016, the agreement with the international carrier will end and, except for any payments due to the company, neither party has any further obligations under the agreement. The company also sells certain applications directly to end-users through its direct sales force, which are billed and collected directly by the company. In September 2014, Motorola made an upfront, fully-paid leasing fee of $7.5 million in order to lease a portion of the FCC licenses. The payment of the fee was accounted for as Deferred Revenue as of December 31, 2014. The company recognizes leasing revenue in accordance with ASC Topic 840, Leases. The fee is amortized using the straight-line method over the lease term of approximately ten years which represents the time frame in which the benefits of the leased property are expected to be depleted. | ||||||||||||||||||||||||||||||
Cost of Revenue | j. | Accounting for Uncertainty in Income Taxes | ||||||||||||||||||||||||||||
The company’s cost of revenue includes the portion of service revenue retained by its domestic carrier partners pursuant to its agreements with these parties, which may include network services, connectivity, SMS service and special equipment expenses, sales, marketing, billing and other ancillary services. The company also includes the costs associated with the operation of its cloud-based solutions and dispatch network. | The company recognizes the effect of tax positions only when they are more likely than not to be sustained. Management has determined that the company had no uncertain tax positions that would require financial statement recognition or disclosure. The company is no longer subject to U.S. federal, state or local income tax examinations for periods prior to 2011. | |||||||||||||||||||||||||||||
Product Development Costs | ||||||||||||||||||||||||||||||
The company charges all product and development costs to expense as incurred. Types of expense incurred in product and development include employee compensation, consulting, travel, facility costs and equipment and technology costs. | k. | Fair Value of Financial Instruments | ||||||||||||||||||||||||||||
Stock Compensation | Financial instruments, including cash, accounts receivable, accounts payable, accrued expenses and notes payable – affiliated entities are carried at cost, which management believes approximates fair value because of the short-term maturity of these instruments. | |||||||||||||||||||||||||||||
The company accounts for stock options in accordance with US GAAP, which requires the measurement and recognition of compensation expense, based on the estimated fair value of awards granted to employees and directors. The company estimates the fair value of share-based awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense in the company’s statements of operations over the requisite service periods. | ||||||||||||||||||||||||||||||
To calculate option-based compensation, the company uses the Black-Scholes option-pricing model. The company’s determination of fair value of option-based awards on the date of grant using Black-Scholes model is affected by assumptions regarding a number of subjective variables. | l. | Recently Issued Accounting Pronouncements | ||||||||||||||||||||||||||||
No tax benefits were attributed to the share-based compensation expense because a full valuation allowance was maintained for all net deferred tax assets. | In May 2014, the FASB issued ASU No. 2014-09 Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This guidance is effective for interim and annual periods beginning on or after December 15, 2016. The company is currently evaluating the impact of the adoption of this accounting standard update on its financial statements. | |||||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||||||
The company follows the liability method of accounting for income taxes. Under this method, taxes consist of taxes currently payable plus those deferred due to temporary differences between the financial statement carrying amounts and the tax bases of certain assets and liabilities using tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is provided when it is more likely than not that some portion or the entire deferred tax asset will not be realized. | m. | Net Loss Per Share of Common Stock | ||||||||||||||||||||||||||||
Accounting for Uncertainty in Income Taxes | Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. For purposes of the diluted net loss per share calculation, preferred stock convertible notes payable-affiliated entities, stock options and warrants are considered to be potentially dilutive securities. Because the company has reported a net loss for the years ended March 31, 2013 and 2014, diluted net loss per common share is the same as basic net loss per common share for those periods. | |||||||||||||||||||||||||||||
The company recognizes the effect of tax positions only when they are more likely than not to be sustained. Management has determined that the company had no uncertain tax positions that would require financial statement recognition or disclosure. The company is no longer subject to U.S. federal, state or local income tax examinations for periods prior to 2012. | ||||||||||||||||||||||||||||||
Long-Lived Asset Impairment | Common stock equivalents resulting from potentially dilutive securities approximated 1,630,000 and 1,589,000 at March 31, 2014 and 2013, respectively, and have not been included in the dilutive weighted average shares outstanding, as their effects are anti-dilutive. | |||||||||||||||||||||||||||||
The company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Asset groups are determined at the lowest level for which identifiable cash flows are largely independent of cash flows of other groups of assets and liabilities. When the carrying amount of a long-lived asset group is not recoverable and exceeds its fair value, an impairment loss is recognized equal to the excess of the asset group’s carrying value over the estimated fair value. | ||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | n. | Subsequent Events Evaluation by Management | ||||||||||||||||||||||||||||
Financial instruments, including cash, accounts receivable, accounts payable, accrued expenses and notes payable – affiliated entities are carried at cost, which management believes approximates fair value because of the short term maturity of these instruments. | Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were issued. (See note 12) | |||||||||||||||||||||||||||||
Recently Issued Accounting Pronouncements | ||||||||||||||||||||||||||||||
In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09 Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This guidance is effective for interim and annual periods beginning on or after December 15, 2016. The company is currently evaluating the impact of the adoption of this accounting standard update on its financial statements. | ||||||||||||||||||||||||||||||
Net Loss Per Share of Common Stock | ||||||||||||||||||||||||||||||
Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. For purposes of the diluted net loss per share calculation, preferred stock, convertible notes payable-affiliated entities, stock options and warrants are considered to be potentially dilutive securities. Because the company has reported a net loss for the three and nine months ended December 31, 2014 and 2013, diluted net loss per common share is the same as basic net loss per common share for those periods. | ||||||||||||||||||||||||||||||
Common stock equivalents resulting from potentially dilutive securities approximated 1,800,000 and 1,600,000 at December 31, 2014 and 2013, respectively, and have not been included in the dilutive weighted average shares outstanding, as their effects are anti-dilutive. | ||||||||||||||||||||||||||||||
Subsequent Events Evaluation by Management | ||||||||||||||||||||||||||||||
Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were issued. |
Furniture_Fixture_and_Equipmen
Furniture, Fixture and Equipment | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | Mar. 31, 2014 | |||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||
Furniture, Fixture and Equipment | 3 | Furniture, Fixture and Equipment | 3 | Furniture, Fixture and Equipment | ||||||||||||||||||||||
Furniture, fixture and equipment consist of the following at December 31, 2014 and March 31, 2014: | Furniture, fixture and equipment consist of the following at March 31: | |||||||||||||||||||||||||
Estimated | December 31, | March 31, | Estimated | 2013 | 2014 | |||||||||||||||||||||
useful life | 2014 | 2014 | useful | |||||||||||||||||||||||
Computer equipment | 5-7 years | $ | 784,998 | $ | 725,984 | life | ||||||||||||||||||||
Furniture and fixture | 5 years | 188,146 | 183,725 | Computer equipment | 5-7 years | $ | 696,696 | $ | 725,984 | |||||||||||||||||
Furniture and fixture | 5 years | 179,441 | 183,725 | |||||||||||||||||||||||
973,144 | 909,709 | |||||||||||||||||||||||||
Less accumulated depreciation | 813,911 | 810,161 | 876,137 | 909,709 | ||||||||||||||||||||||
Less accumulated depreciation | 793,522 | 810,161 | ||||||||||||||||||||||||
159,233 | 99,548 | |||||||||||||||||||||||||
Construction in process | 1,564,531 | — | $ | 82,615 | $ | 99,548 | ||||||||||||||||||||
Furniture, fixture and equipment, net | $ | 1,723,764 | $ | 99,548 | ||||||||||||||||||||||
Construction in process are the expenditures related to the costs to establish the company’s dedicated network in certain metropolitan areas. These expenses are estimated to range from $30 and $50 million over the next 24 months. |
Accounts_Payable
Accounts Payable | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Mar. 31, 2014 | ||||
Payables and Accruals [Abstract] | |||||
Accounts Payable | 4 | Accounts Payable | 4 | Accounts Payable | |
Accounts payable-officers represents unreimbursed expenses including travel and entertainment expense incurred by the company’s officers. At December 31, 2014 and March 31, 2014, the accounts payable to officers amounted to $17,506 and $117,961, respectively. | Accounts payable-officers represents unreimbursed expenses including travel and entertainment expense incurred by the company’s officers. At March 31, 2014 and 2013, the accounts payable to officers amounted to $117,961 and $101,691, respectively. |
Deferred_Compensation_Plan
Deferred Compensation Plan | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Mar. 31, 2014 | ||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
Deferred Compensation Plan | 5 | Deferred Compensation Plan | 5 | Deferred Compensation Plan | |
The company had a non-qualified deferred compensation plan created by the management to defer part of their compensation. In September 2014, the company paid the balance of $367,695 and the plan was discontinued. | The company has a non-qualified deferred compensation plan created by the management to defer part of their compensation. At March 31, 2014 and 2013, the outstanding balance of this deferred compensation plan was $361,610 and $337,270, respectively, which is payable out of available funds held by the company. |
Notes_Payable_Affiliated_Entit
Notes Payable - Affiliated Entities | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Mar. 31, 2014 | ||||
Debt Disclosure [Abstract] | |||||
Notes Payable - Affiliated Entities | 6 | Notes Payable – Affiliated Entities | 6 | Notes Payable – Affiliated Entities | |
The company had a $3,000,000 working capital line of credit with a related party which earned interest at 10% per annum. In September 2014, the company repaid the outstanding note balance of $1,470,000. | The company has a $3 million working capital line of credit with a related party of which $1,425,000 has been drawdown as of March 31, 2014 ($1,195,000 at March 31, 2013). The line of credit expires on June 30, 2015 and all borrowings bear interest at 10% per annum. Commencing not later than September 30, 2015, the company shall repay to the Lender $50,000 per quarter of principal plus interest earned for the quarter then ended until the entire principal shall have been repaid. | ||||
The company has a promissory note to a related party in the amount of $540,000. The borrowing bears interest at 10% per annum. At June 30, 2015, the entire balance of principal and accrued interest shall be due and payable on the demand of the holder. | |||||
The company had a promissory note to a related party in the amount of $540,000 that earned interest at 10% per annum. In September 2014, the company repaid $540,000 which was the outstanding amount of the note. | |||||
The company had outstanding Series AA convertible promissory notes issued to certain employees. The notes earned interest of 10% per annum. In September 2014, the company repaid $423,852 representing the outstanding amount of these notes together with $283,856 in accrued interest. | The company has outstanding Series AA Convertible promissory notes to certain employees. The notes bear interest of 10% per annum. Upon the election of the holder, principal and accrued interest due may convert into shares of the company’s Series AA Preferred Stock. The number of shares of Series AA Preferred Stock shall be equal to the quotient obtained by dividing the entire outstanding principal amount and accrued interest by $13.25. The outstanding balance of these convertible promissory notes was $423,852 at March 31, 2014 and 2013. The notes mature on June 30, 2015. In the event that the notes have not converted into the company’s equity and the company achieves EBITDA in an amount equal to or greater than $5,000 for any quarter, within 30 days following such quarter, the company agrees to use up to 20% of the EBITDA amount to pay the outstanding and unpaid principal and accrued interest to the note holders. | ||||
The company issued redeemable convertible promissory notes (the “Redeemable Notes”) with contingently issuable detachable warrants in the amount of $475,491 and $541,465 during the fiscal years ended March 31, 2014 and 2013, respectively. The notes earned interest at 10% per annum. In connection with the June 2014 Private Placement (see Note 1), the Redeemable Notes were amended to provide that the Redeemable Notes would automatically be converted into that number of shares of common stock equal to the sum of 140% of the outstanding principal on the Redeemable Notes plus outstanding interest divided by $20.00 per share upon the closing of the Sprint APA. The company accreted approximately $400,000 representing the 40% premium to the principal balance from the amendment date through the closing of the Sprint APA. | The company issued redeemable convertible promissory notes (the “Redeemable Notes”) with contingently issuable detachable warrants in the amount of $475,491 and $541,465 during 2014 and 2013. The notes bear interest at 10% per annum. The principal amount plus any accrued interest is payable on June 30, 2015. In connection with a private placement (see Note 12), the Redeemable Notes were amended in May 2014 to provide that the Redeemable Notes will automatically be converted into that number of shares of our common stock equal to the sum of 140% of the outstanding principal on the Redeemable Notes plus outstanding interest divided by $20.00 per share upon the closing of the Sprint APA (See Note 12). If the company does not successfully complete the Sprint APA, the outstanding principal and interest on the convertible notes will remain outstanding, and we will be required to issue the holders of the convertible notes warrants to purchase an aggregate of 153,551 shares of our common stock at an exercise price of $13.25 per share. The company will begin to accrete the principal balance from the amendment date through the expected closing of the Sprint APA. | ||||
In September 2014, the company converted the $1,016,956 outstanding principal and $238,856 interest on the Redeemable Notes into 77,734 shares of common stock. | At March 31, 2014, of the total $1,016,956 in Redeemable Notes payable, $796,865 were due to related parties, while of the $541,465 total notes payable at March 31, 2013, $481,465 were due to related parties. | ||||
For the nine months ended December 31, 2014 and 2013, total interest expense on all notes payable was $570,737 and $236,831, respectively, of which $477,325 and $225,662 were derived from related parties. All previously accrued interest expense was paid in September 2014. | Total interest expense on all notes payable amounted to $325,348 and $224,836 for the years ended March 31, 2014 and 2013, respectively, of which $308,675 and $223,836 were derived from related parties. Accrued interest expense at March 31, 2014 and 2013 amounted to $870,247 and $544,899, respectively, of which $852,574 and $543,899 were due to related parties at March 31, 2014 and 2013, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Mar. 31, 2014 | ||||
Income Tax Disclosure [Abstract] | |||||
Income Taxes | 7 | Income Taxes | 7 | Income Taxes | |
The company had federal and state net operating loss carryforwards of approximately $23 million at March 31, 2014 expiring in varying amounts from 2021 and through 2034. | The company had Federal and State net operating loss carryforwards of approximately $23 million at March 31, 2014 and 2013 expiring in varying amounts from 2021 and through 2034. | ||||
The company has deferred tax assets of approximately $8.5 million relating to these net operating loss carryforwards and deferred compensation plans at March 31, 2014 and 2013. Federal net operating loss carryforwards are subject to limitations as a result of the change in ownership (see Note 1). State net operating loss carryforwards are subject to limitations which differ from federal law in that they may not allow the carryback of net operating losses, and have shorter carryforward periods. Due to the uncertainty with respect to the realization of these deferred tax assets the company recorded a valuation allowance for the entire amount. The difference between the tax benefit at the statutory rate and the effective tax rate is attributable to a full valuation allowance placed upon the deferred tax asset. | The company has deferred tax assets of approximately $8.5 million relating to its net operating loss carryforwards and deferred compensation plans at March 31, 2014 and 2013. Federal net operating loss carryforwards are subject to limitations as a result of the change in ownership as disclosed in Note 12. State net operating loss carryforwards are subject to limitations which differ from Federal law in that they may not allow the carryback of net operating losses, and have shorter carryforward periods. Due to the uncertainty with respect to the realization of these deferred tax assets, the company recorded a valuation allowance for the entire amount. The difference between the tax benefit at the statutory rate and the effective tax rate is attributable to a full valuation allowance placed upon the deferred tax asset. |
Stock_Purchases_Rights_Stock_O
Stock Purchases Rights, Stock Options and Warrants | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||
Stock Purchases Rights, Stock Options and Warrants | 8 | Stock Purchases Rights, Stock Options and Warrants | 8 | Stock Purchases Rights, Stock Options and Warrants | ||||||||||||||||||||||||||||||||||||||
The company established the Pacific DataVision 2014 Stock Plan (the “2014 Stock Plan”) to attract, retain and reward individuals who contribute to the growth and profitability of the company. This Stock Plan superseded previous stock plans although under such previous plans, 74,134 stock options were vested and outstanding as of December 31, 2014. | The company established the Pacific DataVision 2010 Stock Plan (“Stock Plan”) to attract, retain and reward individuals who contribute to the growth and profitability of the company. This Stock Plan superseded previous stock plans, although under such previous plans 8,336 stock options were vested and outstanding as of March 31, 2014. | |||||||||||||||||||||||||||||||||||||||||
The company’s Board of Directors authorized and reserved 1,200,000 shares of common stock for issuance under its 2014 Stock Plan. The number of shares reserved for issuance under the 2014 Stock Plan automatically increased on January 1, 2015 and will continue to automatically increase each subsequent anniversary through January 1, 2024 by an amount equal to the smaller of 5% of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or a lesser amount determined by the Board of Directors. On January 1, 2015, 623,651 shares of common stock were added to the 2014 Stock Plan and are available for future issuance. | Under the Stock Plan, the board of directors of the company has authorized the issuance of up to 116,748 shares of Series AA Preferred Stock and 21,148 shares of Common Stock. The board of directors authorizes the terms and conditions of each grant, and such grant may be in the form of options and restricted stock awards and units. Options are granted at or above fair market value at the time of the grant. As of March 31, 2014 and 2013, there were 21,682 shares of Series AA Preferred Stock and 21,148 shares of Common Stock available for issuance under this Stock Plan. Shares granted to employees are subject to vesting, future settlement conditions and other such terms as determined by the board of directors. | |||||||||||||||||||||||||||||||||||||||||
From May 14, 2014 through December 31, 2014, the company awarded certain employees and contractors of the company 1,146,457 options to purchase shares of common stock with an exercise price of $20.00 per share. The shares have a ten year contractual life and 25% will vest on the first anniversary of grant, and the remainder will vest in three equal annual installments. Shares granted to employees are subject to vesting, future settlement conditions and other such terms as determined by the Board of Directors. | Restricted Stock Units | |||||||||||||||||||||||||||||||||||||||||
In connection with the June 2014 Private Placement, the company converted all outstanding shares of the company’s Series AA Preferred Stock into 748,722 shares of its common stock, exchanged 661,581 outstanding warrants to purchase shares of Series AA Preferred Stock into 29,809 shares of common stock, and converted the remaining options and warrants to purchase shares of the Series AA Preferred Stock into options or warrants to purchase shares of the common stock, and converted restricted stock units for shares of the company’s Series AA Preferred Stock into restricted stock units for shares of common stock. | 44,197 shares of Series AA Preferred Stock in the form of restricted stock units have been granted under the Stock Plan and were vested as of March 31, 2014. The company recognizes compensation expense for restricted stock units over the explicit vesting period. Vested restricted stock units are settled and issuable upon the earlier of the date the employee ceases to be an employee of the company or a date certain in the future. During fiscal 2013, the company granted 301 shares of restricted stock units to one employee which vested at grant. Stock compensation expense related to the 301 shares issued in fiscal 2013 was not material. There were no restricted stock units issued during fiscal 2014. | |||||||||||||||||||||||||||||||||||||||||
Restricted Stock Units | Stock Options | |||||||||||||||||||||||||||||||||||||||||
Under the 2010 Stock Plan, the company issued 82,054 restricted stock units and under the 2014 Stock Plan, the company issued 1,750 restricted stock units, for shares of the company’s common stock, during the nine months ended December 31, 2014, to certain employees and contractors of the company. The company recognizes compensation expense for restricted stock units over the explicit vesting period. Vested restricted stock units are settled and issuable upon the earlier of the date the employee ceases to be an employee of the company or a date certain in the future. Stock compensation expense related to the 83,804 shares issued in the nine months ended December 31, 2014 was $1,676,080. At December 31, 2014, 128,001 restricted stock units were vested. | A summary of Stock Option activity for 2014 and 2013 is as follows: | |||||||||||||||||||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||||||||||||||||||||
A summary of Stock Option activity for the nine months ended December 31, 2014 is as follows: | ||||||||||||||||||||||||||||||||||||||||||
Options | Weighted Average | |||||||||||||||||||||||||||||||||||||||||
Exercise Price | ||||||||||||||||||||||||||||||||||||||||||
Options | Weighted | Options outstanding at March 31, 2012 | 57,041 | $ | 19.71 | |||||||||||||||||||||||||||||||||||||
Average | Issued, cancelled or expired | — | ||||||||||||||||||||||||||||||||||||||||
Exercise Price | ||||||||||||||||||||||||||||||||||||||||||
Options outstanding at March 31, 2014 | 56,634 | $ | 19.38 | Options outstanding at March 31, 2013 | 57,041 | 19.71 | ||||||||||||||||||||||||||||||||||||
Granted | 1,146,457 | 20 | Cancelled or expired | (407 | ) | 66.23 | ||||||||||||||||||||||||||||||||||||
Options outstanding at December 31, 2014 | 1,203,091 | $ | 19.96 | Options outstanding at March 31, 2014 | 56,634 | $ | 19.38 | |||||||||||||||||||||||||||||||||||
Additional information regarding stock Options outstanding at December 31, 2014 is as follows: | Additional information regarding Options outstanding at March 31, 2014 is as follows: | |||||||||||||||||||||||||||||||||||||||||
Exercise | Number | Weighted | Weighted | Options | Weighted | Exercise Prices | Number | Weighted | Weighted | Options | Weighted | |||||||||||||||||||||||||||||||
Prices | Outstanding | Average | Average | Exercisable | Average | Outstanding | Average | Average | Exercisable | Average | ||||||||||||||||||||||||||||||||
Remaining | Exercise Price | Exercise Price of | Remaining | Exercise Price | Exercise Price | |||||||||||||||||||||||||||||||||||||
Life in Years | Shares | Life in Years | of Shares | |||||||||||||||||||||||||||||||||||||||
Exercisable | Exercisable | |||||||||||||||||||||||||||||||||||||||||
$13.25 | 49,505 | 5.96 | $ | 13.25 | 48,781 | $ | 13.25 | $13.25 | 48,298 | 6.68 | $ | 13.25 | 39,151 | $ | 13.25 | |||||||||||||||||||||||||||
20 | 1,145,250 | 9.57 | 20 | 17,500 | 20 | 49.67 | 6,467 | 2.51 | 49.67 | 6,467 | 49.67 | |||||||||||||||||||||||||||||||
49.67 | 6,467 | 1.76 | 49.67 | 6,467 | 49.67 | 72.85 | 1,869 | 1.36 | 72.85 | 1,869 | 72.85 | |||||||||||||||||||||||||||||||
72.85 | 1,869 | 0.61 | 72.85 | 1,869 | 72.85 | |||||||||||||||||||||||||||||||||||||
56,634 | 6.04 | $ | 19.38 | 47,487 | $ | 20.56 | ||||||||||||||||||||||||||||||||||||
1,203,091 | 9.33 | $ | 19.96 | 74,617 | $ | 19.48 | ||||||||||||||||||||||||||||||||||||
The Black-Scholes option model requires weighted average assumptions to be used for calculation of the company’s stock compensation expense. The assumptions used during the three and nine months ended December 31, 2014 were: the expected life of the awards was 5 years, the risk-free interest rate was 1.66%, the expected volatility was 47.0%, and the expected dividend yield was 0.0%. There was no forfeiture rate used for the calculation. | Stock compensation expense of $79,057 and $82,438 and 2014 and 2013, respectively, represents the amortization of the fair value of options issued between fiscal year 2009 and 2011. As of March 31, 2014, there was $79,057 of unrecognized compensation cost related to non-vested stock options granted under the Stock Plan. The cost is expected to be recognized over a weighted-average period of one year. The intrinsic value of the options outstanding and exercisable at March 31, 2014 and 2013 amounted to $326,012 and $264,269, respectively. | |||||||||||||||||||||||||||||||||||||||||
Stock compensation expense of $1,404,202 and $4,680,802 for the three and nine months ended December 31, 2014, respectively ($19,764 and $59,292 for the three and nine months ended December 31, 2013, respectively) represents $1,676,080 in expense related to the restricted stock units issued in the nine months ended December 31, 2014 and the amortization of the fair value of options issued since fiscal year 2009. Stock compensation expense is included as part of general and administrative expense in the accompanying statement of operations. As of December 31, 2014, there was approximately $6.8 million of unrecognized compensation cost related to non-vested share options granted under the company’s stock option plans. The cost is expected to be recognized over a weighted-average period of 3.4 years. The intrinsic value of the options outstanding and exercisable at December 31, 2014 was approximately $330,000 and $305,000, respectively. | Warrants | |||||||||||||||||||||||||||||||||||||||||
Warrants | A summary of Warrant activity is as follows: | |||||||||||||||||||||||||||||||||||||||||
A summary of Warrant activity is as follows: | ||||||||||||||||||||||||||||||||||||||||||
Warrants | Weighted Average | |||||||||||||||||||||||||||||||||||||||||
Warrants | Weighted | Exercise Price | ||||||||||||||||||||||||||||||||||||||||
Average | Warrants outstanding at March 31, 2012 | 695,477 | $ | 31.47 | ||||||||||||||||||||||||||||||||||||||
Exercise | Issued, cancelled or expired | (4,530 | ) | |||||||||||||||||||||||||||||||||||||||
Price | ||||||||||||||||||||||||||||||||||||||||||
Warrants outstanding at March 31, 2014 | 686,417 | $ | 30.8 | Warrants outstanding at March 31, 2013 | 690,947 | 31.14 | ||||||||||||||||||||||||||||||||||||
Warrants converted into 29,809 shares of common stock | (661,581 | ) | Issued, cancelled or expired | (4,530 | ) | |||||||||||||||||||||||||||||||||||||
Expired | (18,797 | ) | 165.57 | |||||||||||||||||||||||||||||||||||||||
Warrants outstanding at March 31, 2014 | 686,417 | $ | 30.8 | |||||||||||||||||||||||||||||||||||||||
Warrants outstanding at December 31, 2014 | 6,039 | $ | 82.79 | |||||||||||||||||||||||||||||||||||||||
The warrants outstanding at March 31, 2014 do not include 153,551 shares of contingently issuable warrants to purchase preferred stock at $13.25 per share as described in Note 6. | ||||||||||||||||||||||||||||||||||||||||||
Additional information regarding Warrants outstanding at December 31, 2014 is as follows: | Additional information regarding Warrants outstanding at March 31, 2014 is as follows: | |||||||||||||||||||||||||||||||||||||||||
Exercise | Number | Weighted | Weighted | Exercise Prices | Number | Weighted Average | Weighted Average | |||||||||||||||||||||||||||||||||||
Price | Outstanding | Average | Average | Outstanding | Remaining Life | Exercise | ||||||||||||||||||||||||||||||||||||
Remaining Life | Exercise | in Years | Price | |||||||||||||||||||||||||||||||||||||||
in Years | Price | $ | 26.49 | 661,581 | 1.75 | $ | 26.49 | |||||||||||||||||||||||||||||||||||
$82.79 | 6,039 | 1.42 | $82.79 | 82.79 | 6,039 | 2.17 | 82.79 | |||||||||||||||||||||||||||||||||||
The outstanding warrants are immediately exercisable into 6,039 shares of common stock at December 31, 2014 and expire in June 2016. | 165.57 | 18,797 | 0.35 | 165.57 | ||||||||||||||||||||||||||||||||||||||
Motorola Investment | ||||||||||||||||||||||||||||||||||||||||||
On September 15, 2014, Motorola invested $10.0 million to purchase 500,000 Class B Units of the company’s subsidiary, PDV Spectrum Holding Company, LLC (at a price equal to $20.00 per unit). The company owns 100% of the Class A Units in this subsidiary. Motorola has the right at any time to convert its 500,000 Class B Units into 500,000 shares of the company’s common stock. The company also has the right to force Motorola’s conversion into shares of its common stock on the occurrence of certain corporate events or at its election after September 15, 2016. Motorola is not entitled to any assets, profits or distributions from the operations of the subsidiary. In addition, Motorola’s conversion ratio from Class B Units to shares of the Company’s common stock is fixed on a one-for-one basis, and is not dependent on the performance or valuation of either the company or the subsidiary. The Class B Units have no redemption or call provisions and can only be converted into shares of the company’s common stock. Management has determined that this investment does not meet the criteria for temporary equity or non-controlling interest due to the limited rights that Motorola has as a holder of Class B Units, and accordingly has presented this investment as part of its permanent equity within Additional Paid-in Capital in the accompanying financial statements. | 686,417 | 1.71 | $ | 30.8 | ||||||||||||||||||||||||||||||||||||||
The exercise price of the 661,581 warrants above escalates up to $29.80 per share through the expiration date. | ||||||||||||||||||||||||||||||||||||||||||
The outstanding warrants that are immediately exercisable into common or preferred stock amounted to 686,417 and 690,947 shares at March 31, 2014 and 2013, respectively, and expire on various dates through January 2016. |
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information | 9 Months Ended | |||
Dec. 31, 2014 | ||||
Supplemental Cash Flow Elements [Abstract] | ||||
Supplemental Disclosure of Cash Flow Information | 9 | Supplemental Disclosure of Cash Flow Information | ||
The company paid in cash $907,771 in interest and $0 in taxes during the nine months ended December 31, 2014. The company did not make any payments for interest nor taxes in the nine months ended December 31, 2013. | ||||
During the nine months ended December 31, 2014, the company entered into the following non-cash investing and financing activities: | ||||
• | In connection with the Sprint APA, 500,000 shares of common stock valued at $10.0 million was issued as part of the Spectrum Asset purchase. | |||
• | Repaid the working capital line of $1,300,000 in exchange for 65,000 shares of common stock. | |||
• | Converted $1,016,956 in principal and $537,924 of accrued interest for the outstanding Redeemable Notes into 77,734 shares of common stock. | |||
During the nine months ended December 31, 2013, the company satisfied an accounts payable liability with $9,000 in preferred stock. |
Commitments
Commitments | 9 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2014 | Mar. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||
Commitments | 10 | Commitments | 9 | Commitments | ||||||
Leasing Obligations | Leasing Obligations | |||||||||
The company is obligated under certain lease agreements for office space. These leases expire on October 31, 2015, June 30, 2019, and May 31, 2020. Rent expense amounted to $21,790 and $28,962 for the three months ended December 31, 2014 and 2013, respectively. The rent expense for the nine months ended December 31, 2014 and 2013 was $83,087 and $85,600, respectively. | The company is obligated under certain lease agreements for office space. The leases expire on February 28, 2015 and November 1, 2016. Rent expense amounted to $113,920 and $111,557 for the years ended March 31, 2014 and 2013. | |||||||||
In November 2014, the company entered into an agreement for new office space for the corporate headquarters. The lease is effective December 1, 2014 and expires May 31, 2020. In December 2014, the company extended the lease for its California office to June 30, 2019. | ||||||||||
In February 2015, the company entered into two leases for tower space for the new DispatchPlus business. These leases expire on February 28, 2020. | The straight-line method is used to recognize minimum rental expense under leases which provide for varying rents over their term. The effect of applying the straight-line basis resulted in a decrease in rental expense of $17,088 in fiscal year 2014 and an increase of $37,015 in fiscal year 2013. At March 31, 2014, accumulated deferred rent payable amounted to $43,372 and is included as part of accounts payable and accrued expenses in the accompanying March 31, 2014 balance sheet. | |||||||||
The straight-line method is used to recognize minimum rent expense under leases which provide for varying rents over their term. The effect of applying the straight-line basis resulted in a decrease in rental expense of $9,644 and $3,628 for the three months ended December 31, 2014 and 2013, respectively. For the nine months ended December 31, 2014 and 2013, the decrease in rental expense was $18,188 and $24,987, respectively. At December 31, 2014, accumulated deferred rent payable amounted to $18,023 and is included as part of accounts payable and accrued expenses in the accompanying December 31, 2014 balance sheet. | Aggregate rental expenses, under non-cancelable leases for office and plant space (exclusive of real estate taxes, utilities, maintenance and other costs borne by the company) for the remaining terms of the company’s leases are as follows: | |||||||||
Aggregate rentals, under non-cancelable leases for office and tower space (exclusive of real estate taxes, utilities, maintenance and other costs borne by the company) for the remaining terms of the leases are as follows: | ||||||||||
Year Ending March 31, | ||||||||||
Period Ending March 31, | 2015 | $ | 126,764 | |||||||
2015 (3 months) | $ | 65,398 | 2016 | 65,935 | ||||||
2016 | 322,261 | 2017 | 35,715 | |||||||
2017 | 352,868 | |||||||||
2018 | 368,294 | Total | $ | 228,414 | ||||||
2019 | 391,449 | |||||||||
After 2019 | 315,709 | Employee Agreements | ||||||||
The company entered into an employment agreement with its President and Chief Executive Officer in August 2004, which was amended in 2012 and 2014. The terms of his employment agreement provides for him to receive a base salary per year of $350,000, effective, July 1, 2014, which may be increased as determined by its board of directors, and which is being increased as set forth above. The term of the employment agreement expired after two years from the effective date, and automatically renews for a one-year period each year thereafter, unless the company provides him advanced notice of nonrenewal. | ||||||||||
Total | $ | 1,815,979 | If his employment is terminated by the company without cause, he is entitled to receive a lump sum severance payment equal to 12 months of his base salary. If he terminates his employment for good reason, he is entitled to receive a severance payment equal to 12 months of his base salary payable in 12 equal monthly payments. However, upon a termination without cause or for good reason, he will only be entitled to: (i) 6 months of his base salary if he is in his final year of his employment period which has not been renewed or (ii) the base salary then in effect through the date of termination (but no less than 2 months base salary for a termination without cause) if he is past the final year of his employment period which has not been renewed. | |||||||
The company entered into an employment agreement with its Chief Technical Officer in July 2004, which was amended in 2012 and 2014. The terms of his employment agreement provide for him to receive a base salary per year of $250,000, effective July 1, 2014, but which may be increased as determined by its board of directors, and which is being increased as set forth above. The term of the employment agreement expired after two years from the effective date, and automatically renews for a one year period each year thereafter, unless the company provides him advanced notice of nonrenewal. | ||||||||||
If his employment is terminated by the company without cause, he is entitled to receive a lump sum severance payment equal to 12 months of this base salary. If he terminates his employment for good reason, he is entitled to receive a severance payment equal to 12 months of his base salary payable in 12 equal monthly payments. However, upon a termination without cause or for good reason, he will only be entitled (i) to 6 months of his base salary if he is in his final year of his employment period which has not been renewed or (ii) the base salary then in effect through the date of termination (but no less than 2 months base salary for a termination without cause) if he is past the final year of his employment period which has not been renewed. |
Concentrations_of_Credit_Risk
Concentrations of Credit Risk | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Mar. 31, 2014 | ||||
Risks and Uncertainties [Abstract] | |||||
Concentrations of Credit Risk | 11 | Concentrations of Credit Risk | 10 | Concentrations of Credit Risk | |
Financial instruments which potentially expose the company to concentrations of credit risk, consist primarily of cash and trade accounts receivable. | Financial instruments which potentially expose the company to concentrations of credit risk, consist primarily of cash and trade accounts receivable. | ||||
The company places its cash and temporary cash investments with financial institutions for which credit loss is not anticipated. | The company places its cash and temporary cash investments with financial institutions for which credit loss is not anticipated. | ||||
The company sells its product and extends credit predominately to two customers. The company performs ongoing credit evaluations of its customers and maintains allowances for doubtful accounts based on factors surrounding the credit risk, historical trends, and other information. | |||||
The company sells its product and extends credit predominately to two third-party carriers. The company performs ongoing credit evaluations of its customers and maintains allowances for doubtful accounts based on factors surrounding the credit risk, historical trends, and other information. |
Business_Concentrations
Business Concentrations | 9 Months Ended | |
Dec. 31, 2014 | ||
Text Block [Abstract] | ||
Business Concentrations | 12 | Business Concentrations |
For each of the three and nine months ended December 31, 2014, the company had three carriers that accounted for approximately 53%, 28%, and 3% of revenue, respectively. For the three months ended December 31, 2013, the three carriers accounted for approximately 39%, 38% and 5% and for the nine months ended December 31, 2013, the three carriers accounted for approximately 50%, 26% and 6% of revenue. Revenues from domestic and international sales for each of the three and nine months ended December 31, 2014 were 97% and 3%, respectively, and for the three months and nine months ended December 31, 2013, such revenues were 95% and 5% and 94% and 6%, respectively. | ||
As of December 31, 2014 and March 31, 2014, the company had three carriers that accounted for 61%, 22% and 2% and 43%, 33% and 6% of accounts receivable, respectively. |
Subsequent_Events
Subsequent Events | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Mar. 31, 2014 | ||||||||||
Subsequent Events [Abstract] | |||||||||||
Subsequent Events | 13 | Subsequent Events | 12 | Subsequent Events | |||||||
Effectiveness of Registration Statement and Listing on The Nasdaq Capital Market | The company has implemented a strategic plan to expand its business to become an operator of two-way radio systems. In pursuant of that objective, subsequent to March 31, 2014, the company has: | ||||||||||
On January 26, 2015, the SEC declared effective the company’s registration statement on Form S-1 relating to the resale of 11,925,000 shares of common stock held by the selling stockholders (including 500,000 shares of common stock issuable upon the conversion of the Class B Units of the company’s subsidiary, PDV Spectrum Holding Company, LLC issued to Motorola). The company will receive no proceeds from any sales by the selling stockholders. On February 3, 2015, shares of the company’s common stock were listed for trading on the Nasdaq Capital Market under the symbol “PDVW”. | Entered into an Asset Purchase Agreement with wholly-owned subsidiaries of Sprint Corporation (Sprint APA) to purchase nationwide spectrum assets for a total of $100 million, with $90 million to be paid in cash from the proceeds of the private placement (see below) and $10 million paid in 500,000 shares of our common stock (at a price equal to $20.00 per share). A deposit to Sprint of $13,500,000 was made on June 11, 2014 and all appropriate transfer applications have been filed with the Federal Communications Commission (FCC). The deposit is fully refundable if the Sprint APA does not close. | ||||||||||
January 2015 Private Placement | Completed a private placement, on June 10, 2014, in which we sold 10,925,000 shares of common stock at a purchase price of $20.00 per share. The net proceeds from the private placement after deducting the company’s expenses and the payment of initial placement fees, were approximately $202,003,000. $195,665,400 of the net proceeds is being held in trust until the closing of the Sprint APA. The net proceeds held in trust are to be paid back to the investors of the private offering if the Sprint APA does not close. | ||||||||||
On January 26, 2015, the company completed a private placement with a secondary closing on January 30, 2015. The company sold 57,270 shares of common stock at a purchase price of $25.00 per share to certain accredited investors in reliance on exemptions from registration under the Securities Act. The net proceeds from the January 2015 private placement were approximately $1,380,000. The purpose of this private placement was to secure additional round lot stockholders to enable the company to satisfy the initial listing standards of the Nasdaq Capital Market. The company intends to use the net proceeds for general corporate purposes, including working capital. | |||||||||||
Stock Options Granted in January 2015 and February 2015 | In connection with the private placement, we completed a number of actions, including: | ||||||||||
On January 29, 2015, under the 2014 Stock Plan, the company awarded certain employees and contractors of the company 240,000 options to purchase shares of common stock with an exercise price of $25.00 per share. The shares have a ten year contractual life. 100,000 of the options vested immediately and, of the remaining 140,000 options, 25% will vest on the first anniversary of grant, and the remainder will vest in three equal annual installments. Shares granted to individuals are subject to vesting, future settlement conditions and other such terms as determined by the Board of Directors. | |||||||||||
On February 11, 2015, under the 2014 Stock Plan, the company awarded certain employees of the company 4,000 options to purchase shares of common stock with an exercise price of $46.23 per share. The shares have a ten year contractual life, 25% will vest on the first anniversary of the grant, and the remainder will vest in three equal annual installments. Shares granted to individuals are subject to vesting, future settlement conditions and other such terms as determined by the Board of Directors. | • | The reincorporation of our company from California to Delaware, which was effective on May 30, 2014; | |||||||||
• | The conversion of all outstanding shares of our Series AA Preferred Stock into 748,722 shares of the company’s common stock, the exchange of 661,581 outstanding warrants to purchase shares of Series AA Preferred Stock into 29,809 shares of the company’s common stock, and the conversion of the company’s remaining options and warrants to purchase shares of our Series AA Preferred Stock into options or warrants to purchase shares of the company’s common stock and the conversion of restricted stock units for shares of the company’s Series AA Preferred Stock into restricted stock units for shares of the company’s common stock; | ||||||||||
• | The amendment of outstanding redeemable notes, in the aggregate principal of $1,016,956, to provide that the Redeemable Notes will automatically be converted into that number of shares of the company’s common stock equal to the sum of 140% of the principal plus the outstanding interest on such redeemable notes through the conversion divided by $20.00 per share, contingent upon the Sprint APA closing; | ||||||||||
• | A 33.11451201-for-1 reverse stock split of all the company’s outstanding stock, which was effected immediately prior to the completion of the private placement. All share and per share data reported and disclosed in the accompanying financial statements have been retroactively adjusted to give effect for the reverse stock split. | ||||||||||
Entered into an agreement with Motorola on May 15, 2014, under which Motorola agreed to provide the company with their state-of-the-art Motorola Digital Technology that the company intends to deploy as part of its nationwide network. Additionally, the company entered into a letter of intent with Motorola under which it has indicated its intent to invest up to $10 million in a newly formed company subsidiary and to lease some of the Spectrum Assets the company is buying in the Sprint APA. | |||||||||||
In addition, the company issued the following equity awards: | |||||||||||
• | 2014 Stock Plan: The company’s Board of Directors and stockholders adopted a 2014 Stock plan on May 12, 2014, authorizing and reserving 1,200,000 shares of the company’s common stock for issuance. | ||||||||||
• | Restricted Stock Units: On May 12, 2014, the company issued 82,054 restricted stock units for shares of its common stock to certain employees and contractors of the company. | ||||||||||
• | Options: From May 14, 2014 through June 30, 2014, the company awarded certain employees and contractors of the company 965,750 options to purchase shares of common stock with an exercise price of $20.00 per share. | ||||||||||
The following table represents the pro-forma capitalization (unaudited) of the company assuming the private placement and the Sprint APA deposit occurred on March 31, 2014: | |||||||||||
As Reported | Pro-Forma (Unaudited) | ||||||||||
Cash and cash equivalents | $ | 45,679 | $ | 7,212,140 | |||||||
Restricted cash | — | 182,165,400 | |||||||||
Long-term deposit | — | 13,500,000 | |||||||||
Stockholders’ equity (deficiency) | |||||||||||
Common stock | 1,182,962 | 1,183 | |||||||||
Preferred stock | 20,525,999 | — | |||||||||
Additional paid-in capital | 1,026,634 | 225,566,273 | |||||||||
Accumulated deficit | (26,943,011 | ) | (26,943,011 | ) | |||||||
Total stockholders’ equity (deficiency) | $ | (4,207,416 | ) | $ | 198,624,445 | ||||||
Major_Customers_and_Geographic
Major Customers and Geographic Areas | 12 Months Ended | ||
Mar. 31, 2014 | |||
Text Block [Abstract] | |||
Major Customers and Geographic Areas | 11 | Major Customers and Geographic Areas | |
For the year ended March 31, 2014, the company had three carriers that accounted for 47%, 31% and 6% of revenues and 43%, 33% and 6% of accounts receivable, respectively. | |||
For the year ended March 31, 2013, the company had two carriers that accounted for 70% and 10% of revenues and 65% and 16% of accounts receivable, respectively. | |||
For the year ended March 31, 2014, approximately 94% and 6% of the company’s revenues were from domestic and international operations respectively, with 100% of the company’s revenues coming from one customer in Mexico. | |||
For the year ended March 31, 2013, approximately 90% and 10% of the company’s revenues were from domestic and international operations respectively, with 100% of the company’s revenues coming from one customer in Mexico. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | Mar. 31, 2014 | |||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates | a. | Basis of Presentation and Use of Estimates | |||||||||||||||||||||||||||
The accompanying interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), which 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly actual results could differ from those estimates. | The accompanying financial statements have been prepared in accordance with US GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. | |||||||||||||||||||||||||||||
The accompanying financial statements as of December 31, 2014 and for the three and nine month periods ended December 31, 2014 and 2013 are unaudited. These unaudited financial statements have been prepared in accordance with US GAAP for interim financial information and are presented in accordance with the requirements of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements. | ||||||||||||||||||||||||||||||
In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended December 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2015. The unaudited financial statements should be read in conjunction with the audited financial statements as of and for the year ended March 31, 2014 and footnotes thereto included in the company’s final prospectus dated and filed with the SEC on January 26, 2015, as supplemented by the prospectus supplement filed February 2, 2015 and the prospectus supplement filed April 27, 2015 with the SEC. | ||||||||||||||||||||||||||||||
The balance sheet as of March 31, 2014 contained herein has been derived from the audited financial statements as of March 31, 2014 and the stockholders’ (deficiency) equity section has been retroactively restated for the stock split discussed in Note 1. | ||||||||||||||||||||||||||||||
Correction of Basic and Diluted Net Loss Per Common Share | Correction of Basic and Diluted Net Loss Per Common Share | |||||||||||||||||||||||||||||
The company has determined that corrections are required to its previously reported basic and diluted net loss per common share for the three and nine month periods ended December 31, 2013 and the nine month period ended December 31, 2014 due to an error in the computation of the weighted average shares of common stock outstanding for these periods. Basic and diluted net loss per common share is calculated by dividing net loss for the period by the basic and diluted weighted average number of common shares outstanding during that period. Specifically, in the periods reflected below, in calculating the weighted average shares of common stock outstanding, management incorrectly considered the effect of two corporate actions the company completed in connection with its June 2014 Private Placement, including: (i) the conversion of all outstanding shares of preferred stock into common stock and (ii) the exchange of outstanding warrants to purchase preferred stock for shares of common stock (the “Corporate Actions”), as if such events occurred at the beginning of each of these reporting periods, instead of only considering the effect of these Corporate Actions after their effective date in June 2014. | ||||||||||||||||||||||||||||||
A summary of the impact of the correction of the errors on the net loss per common share, basic and diluted, is as follows: | ||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2013 | December 31, 2014 | ||||||||||||||||||||||||||||
Net loss per common share, basic and diluted—originally reported | $ | (0.30 | ) | $ | (1.00 | ) | $ | (0.98 | ) | |||||||||||||||||||||
Difference in net loss per common share, basic and diluted | (1.84 | ) | (6.15 | ) | (0.02 | ) | ||||||||||||||||||||||||
Net loss per common share, basic and diluted—corrected | $ | (2.14 | ) | $ | (7.15 | ) | $ | (1.00 | ) | |||||||||||||||||||||
Reconciliation of net loss per | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
common share, basic and diluted | December 31, 2013 | December 31, 2013 | December 31, 2014 | |||||||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||||||||
Net loss | $ | (270,750 | ) | $ | (906,536 | ) | $ | (9,132,615 | ) | |||||||||||||||||||||
Denominator | ||||||||||||||||||||||||||||||
Weighted average shares, basic and diluted—originally reported: | 904,611 | 904,611 | 9,301,800 | |||||||||||||||||||||||||||
Redeemable convertible preferred stock and warrants (incorrectly included) | (777,852 | ) | (777,852 | ) | (198,171 | ) | ||||||||||||||||||||||||
Weight average shares, basic and diluted—corrected (1) | 126,759 | 126,759 | 9,103,629 | |||||||||||||||||||||||||||
Net loss per share, basic and diluted—corrected | $ | (2.14 | ) | $ | (7.15 | ) | $ | (1.00 | ) | |||||||||||||||||||||
-1 | Since the numerator used to calculate diluted net loss per common share was a net loss for the period presented, the dilutive effects of stock options, warrants and redeemable convertible preferred stock were not included since the effect was anti-dilutive | |||||||||||||||||||||||||||||
The corrections have no impact on the company’s net loss reported in the statements of operations, balance sheets, or the statements of cash flows for the above mentioned periods. | ||||||||||||||||||||||||||||||
Furniture, Fixture and Equipment | Furniture, Fixture and Equipment | b. | Furniture, Fixture and Equipment | |||||||||||||||||||||||||||
Furniture, fixture and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. | Furniture, fixture and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. | |||||||||||||||||||||||||||||
The carrying amount at the balance sheet date of long-lived assets under construction include construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service. These costs will be transferred to furniture, fixture and equipment when substantially all of the activities necessary to prepare the assets for their intended use are completed. Depreciation commences upon capitalization. | ||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets | |||||||||||||||||||||||||||||
Intangible assets are wireless licenses that will be used to provide the exclusive right to utilize designated radio frequency spectrum to provide wireless communication services. While licenses are issued for only a fixed time, generally ten years, such licenses are subject to renewal by the Federal Communications Commission (FCC). License renewals have occurred routinely and at nominal cost. There are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of the company’s wireless licenses. As a result, the wireless licenses are treated as an indefinite-lived intangible asset and the company will evaluate the useful life determination for wireless licenses each year to determine whether events and circumstances continue to support an indefinite useful life. | ||||||||||||||||||||||||||||||
Patent Costs | Patent Costs | c. | Patent Costs | |||||||||||||||||||||||||||
Costs to acquire a patent on certain aspects of the company’s technology have been capitalized. These amounts are amortized, subject to periodic evaluation for impairment, over statutory lives following award of the patent. Accumulated amortization amounted to $335,435 at December 31, 2014 and $303,305 at March 31, 2014, respectively. Amortization expense was $10,710 and $11,250 for the three months ended December 31, 2014 and 2013, respectively. For the nine months ended December 31, 2014 and 2013, amortization expense was $32,130 and $33,750, respectively. The amortization expense is estimated to aggregate $40,000 per year over the next five year period. | Costs to acquire a patent on certain aspects of the company’s technology have been capitalized. These amounts are amortized, subject to periodic evaluation for impairment, over statutory lives following award of the patent. Accumulated amortization amounted to $303,305 at March 31, 2014 and $260,475 at March 31, 2013. Amortization expense was $42,830 in 2014 and $37,510 in 2013 and is estimated to aggregate $40,000 per year over the next five-year period. | |||||||||||||||||||||||||||||
Allowance for Uncollectible Receivables | Allowance for Uncollectible Receivables | d. | Allowance for Uncollectible Receivables | |||||||||||||||||||||||||||
An allowance for uncollectible receivables is estimated based on a combination of write-off history, aging analysis and any specific known troubled accounts. At December 31, 2014 and March 31, 2014, management provided an allowance of $37,248 and $12,619, respectively, for certain slow paying accounts. | An allowance for uncollectible receivables is estimated based on a combination of write-off history, aging analysis and any specific known troubled accounts. At March 31, 2014, management provided an allowance of $12,619 for certain slow paying accounts. | |||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition | e. | Revenue Recognition | |||||||||||||||||||||||||||
The company recognizes revenue in the period in which the services are provided and when collectability of the revenue is reasonably assured. In accordance with the guidance provided in Accounting Standards Codification (“ASC”) Topic 605-45-45, Revenue Recognition – Principal Agent Considerations, the company has determined that it is the primary obligor with respect to the service revenue derived from sales of the company’s software applications through its domestic carrier partners. As a result, revenue is recorded at the gross amount billed to end-user customers for sales to the domestic carrier partners. The company recognizes revenue for its international carrier on the net amount billed since it has determined that it is not the primary obligor. During the first quarter of fiscal 2016, the agreement with the international carrier will end and, except for any payments due to the company, neither party has any further obligations under the agreement. The company also sells certain applications directly to end-users through its direct sales force, which are billed and collected directly by the company. In September 2014, Motorola made an upfront, fully-paid leasing fee of $7.5 million in order to lease a portion of the FCC licenses. The payment of the fee was accounted for as Deferred Revenue as of December 31, 2014. The company recognizes leasing revenue in accordance with ASC Topic 840, Leases. The fee is amortized using the straight-line method over the lease term of approximately ten years which represents the time frame in which the benefits of the leased property are expected to be depleted. | The company recognizes revenue in the period in which the services are provided and when collectability of the revenue is reasonably assured. In accordance with the guidance provided in ASC Topic 605-45-45, Revenue Recognition – Principal Agent Considerations, the company has determined that it is the primary obligor with respect to the service revenue derived from sales of its software applications through the domestic carrier partners. As a result, the company records revenue at the gross amount billed to end-user customers for sales through the domestic carrier partners. When the end-user is billed by our carrier partners, the estimated gross amount billed is recorded as service revenue. For the company’s international carrier, it records revenue on a net basis since it has determined that it is not the primary obligor. The company also sells certain applications directly to end-users through its direct sales force, which are billed and collected directly by the company. | |||||||||||||||||||||||||||||
The company has historically presented revenue from its international operations on a gross basis. However, during the preparation of the company’s interim financial statements for the nine months ended December 31, 2014, management determined that it would be more appropriate to present such revenue on a net basis. Below is summary of the revenue and gross profit from the Company’s operations: | ||||||||||||||||||||||||||||||
As originally presented | As restated | |||||||||||||||||||||||||||||
Year ended March 31, | Year ended March 31, | |||||||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||||||||
Revenue | $ | 3,426,966 | $ | 4,001,117 | $ | 2,760,095 | $ | 3,539,595 | ||||||||||||||||||||||
Cost of Revenue | 1,492,705 | 1,585,643 | 825,834 | 1,124,121 | ||||||||||||||||||||||||||
Gross Profit | $ | 1,934,261 | $ | 2,415,474 | $ | 1,934,261 | $ | 2,415,474 | ||||||||||||||||||||||
The decision to present revenue from international operations on a net basis did not have an effect on the Company’s assets, liabilities, stockholders’ equity, gross profit, net income (loss) or cash flows. | ||||||||||||||||||||||||||||||
Cost of Revenue | Cost of Revenue | f. | Cost of Revenue | |||||||||||||||||||||||||||
The company’s cost of revenue includes the portion of service revenue retained by its domestic carrier partners pursuant to its agreements with these parties, which may include network services, connectivity, SMS service and special equipment expenses, sales, marketing, billing and other ancillary services. The company also includes the costs associated with the operation of its cloud-based solutions and dispatch network. | The company’s cost of revenue includes the portion of service revenue charged by its domestic carrier partners to the company pursuant to its agreements with these parties, which may include network services, connectivity, SMS service and special equipment expenses, sales, marketing, billing and other ancillary services. The company also includes the costs associated with the operation of its cloud-based solutions. | |||||||||||||||||||||||||||||
Product Development Costs | Product Development Costs | g. | Product Development Costs | |||||||||||||||||||||||||||
The company charges all product and development costs to expense as incurred. Types of expense incurred in product and development include employee compensation, consulting, travel, facility costs and equipment and technology costs. | The company charges all product and development costs to expense as incurred. Types of expense incurred in product and development include employee compensation, consulting, travel, facility costs and equipment and technology costs. | |||||||||||||||||||||||||||||
Stock Compensation | Stock Compensation | h. | Stock Compensation | |||||||||||||||||||||||||||
The company accounts for stock options in accordance with US GAAP, which requires the measurement and recognition of compensation expense, based on the estimated fair value of awards granted to employees and directors. The company estimates the fair value of share-based awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense in the company’s statements of operations over the requisite service periods. | The company accounts for stock options in accordance with US GAAP, which requires the measurement and recognition of compensation expense, based on the estimated fair value of awards. | |||||||||||||||||||||||||||||
To calculate option-based compensation, the company uses the Black-Scholes option-pricing model. The company’s determination of fair value of option-based awards on the date of grant using Black-Scholes model is affected by assumptions regarding a number of subjective variables. | granted to employees and directors, which requires companies to estimate the fair value of share-based awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense in the company’s statements of operations over the requisite service periods. | |||||||||||||||||||||||||||||
No tax benefits were attributed to the share-based compensation expense because a full valuation allowance was maintained for all net deferred tax assets. | ||||||||||||||||||||||||||||||
To calculate option-based compensation, the company used a Black-Scholes option-pricing model. The company’s determination of fair value of option-based awards on the date of grant using the Black-Scholes model is affected by assumptions regarding a number of subjective variables. | ||||||||||||||||||||||||||||||
No tax benefits were attributed to the share-based compensation expense because a full valuation allowance was maintained for all net deferred tax assets. | ||||||||||||||||||||||||||||||
Income Taxes | Income Taxes | i. | Income Taxes | |||||||||||||||||||||||||||
The company follows the liability method of accounting for income taxes. Under this method, taxes consist of taxes currently payable plus those deferred due to temporary differences between the financial statement carrying amounts and the tax bases of certain assets and liabilities using tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is provided when it is more likely than not that some portion or the entire deferred tax asset will not be realized. | The company follows the liability method of accounting for income taxes. Under this method, taxes consist of taxes currently payable plus those deferred due to temporary differences between the financial statement carrying amounts and the tax bases of certain assets and liabilities using tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is provided when it is more likely than not that some portion or the entire deferred tax asset will not be realized. | |||||||||||||||||||||||||||||
Accounting for Uncertainty in Income Taxes | Accounting for Uncertainty in Income Taxes | j. | Accounting for Uncertainty in Income Taxes | |||||||||||||||||||||||||||
The company recognizes the effect of tax positions only when they are more likely than not to be sustained. Management has determined that the company had no uncertain tax positions that would require financial statement recognition or disclosure. The company is no longer subject to U.S. federal, state or local income tax examinations for periods prior to 2012. | The company recognizes the effect of tax positions only when they are more likely than not to be sustained. Management has determined that the company had no uncertain tax positions that would require financial statement recognition or disclosure. The company is no longer subject to U.S. federal, state or local income tax examinations for periods prior to 2011. | |||||||||||||||||||||||||||||
Long-Lived Asset Impairment | Long-Lived Asset Impairment | |||||||||||||||||||||||||||||
The company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Asset groups are determined at the lowest level for which identifiable cash flows are largely independent of cash flows of other groups of assets and liabilities. When the carrying amount of a long-lived asset group is not recoverable and exceeds its fair value, an impairment loss is recognized equal to the excess of the asset group’s carrying value over the estimated fair value. | ||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | k. | Fair Value of Financial Instruments | |||||||||||||||||||||||||||
Financial instruments, including cash, accounts receivable, accounts payable, accrued expenses and notes payable – affiliated entities are carried at cost, which management believes approximates fair value because of the short term maturity of these instruments. | Financial instruments, including cash, accounts receivable, accounts payable, accrued expenses and notes payable – affiliated entities are carried at cost, which management believes approximates fair value because of the short-term maturity of these instruments. | |||||||||||||||||||||||||||||
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements | l. | Recently Issued Accounting Pronouncements | |||||||||||||||||||||||||||
In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09 Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This guidance is effective for interim and annual periods beginning on or after December 15, 2016. The company is currently evaluating the impact of the adoption of this accounting standard update on its financial statements. | In May 2014, the FASB issued ASU No. 2014-09 Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This guidance is effective for interim and annual periods beginning on or after December 15, 2016. The company is currently evaluating the impact of the adoption of this accounting standard update on its financial statements. | |||||||||||||||||||||||||||||
Net Loss Per Share of Common Stock | Net Loss Per Share of Common Stock | m. | Net Loss Per Share of Common Stock | |||||||||||||||||||||||||||
Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. For purposes of the diluted net loss per share calculation, preferred stock, convertible notes payable-affiliated entities, stock options and warrants are considered to be potentially dilutive securities. Because the company has reported a net loss for the three and nine months ended December 31, 2014 and 2013, diluted net loss per common share is the same as basic net loss per common share for those periods. | Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. For purposes of the diluted net loss per share calculation, preferred stock convertible notes payable-affiliated entities, stock options and warrants are considered to be potentially dilutive securities. Because the company has reported a net loss for the years ended March 31, 2013 and 2014, diluted net loss per common share is the same as basic net loss per common share for those periods. | |||||||||||||||||||||||||||||
Common stock equivalents resulting from potentially dilutive securities approximated 1,800,000 and 1,600,000 at December 31, 2014 and 2013, respectively, and have not been included in the dilutive weighted average shares outstanding, as their effects are anti-dilutive. | ||||||||||||||||||||||||||||||
Common stock equivalents resulting from potentially dilutive securities approximated 1,630,000 and 1,589,000 at March 31, 2014 and 2013, respectively, and have not been included in the dilutive weighted average shares outstanding, as their effects are anti-dilutive. | ||||||||||||||||||||||||||||||
Subsequent Events Evaluation by Management | Subsequent Events Evaluation by Management | n. | Subsequent Events Evaluation by Management | |||||||||||||||||||||||||||
Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were issued. | Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were issued. (See note 12) |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | Mar. 31, 2014 | |||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||
Summary of Error Corrections Impact on Net Loss Per Common Share Basic and Diluted | A summary of the impact of the correction of the errors on the net loss per common share, basic and diluted, is as follows: | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2013 | December 31, 2014 | ||||||||||||||||||||||||||||
Net loss per common share, basic and diluted—originally reported | $ | (0.30 | ) | $ | (1.00 | ) | $ | (0.98 | ) | |||||||||||||||||||||
Difference in net loss per common share, basic and diluted | (1.84 | ) | (6.15 | ) | (0.02 | ) | ||||||||||||||||||||||||
Net loss per common share, basic and diluted—corrected | $ | (2.14 | ) | $ | (7.15 | ) | $ | (1.00 | ) | |||||||||||||||||||||
Reconciliation of net loss per | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
common share, basic and diluted | December 31, 2013 | December 31, 2013 | December 31, 2014 | |||||||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||||||||
Net loss | $ | (270,750 | ) | $ | (906,536 | ) | $ | (9,132,615 | ) | |||||||||||||||||||||
Denominator | ||||||||||||||||||||||||||||||
Weighted average shares, basic and diluted—originally reported: | 904,611 | 904,611 | 9,301,800 | |||||||||||||||||||||||||||
Redeemable convertible preferred stock and warrants (incorrectly included) | (777,852 | ) | (777,852 | ) | (198,171 | ) | ||||||||||||||||||||||||
Weight average shares, basic and diluted—corrected (1) | 126,759 | 126,759 | 9,103,629 | |||||||||||||||||||||||||||
Net loss per share, basic and diluted—corrected | $ | (2.14 | ) | $ | (7.15 | ) | $ | (1.00 | ) | |||||||||||||||||||||
-1 | Since the numerator used to calculate diluted net loss per common share was a net loss for the period presented, the dilutive effects of stock options, warrants and redeemable convertible preferred stock were not included since the effect was anti-dilutive | |||||||||||||||||||||||||||||
Summary of Revenue and Gross Profit | Below is summary of the revenue and gross profit from the Company’s operations: | |||||||||||||||||||||||||||||
As originally presented | As restated | |||||||||||||||||||||||||||||
Year ended March 31, | Year ended March 31, | |||||||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||||||||
Revenue | $ | 3,426,966 | $ | 4,001,117 | $ | 2,760,095 | $ | 3,539,595 | ||||||||||||||||||||||
Cost of Revenue | 1,492,705 | 1,585,643 | 825,834 | 1,124,121 | ||||||||||||||||||||||||||
Gross Profit | $ | 1,934,261 | $ | 2,415,474 | $ | 1,934,261 | $ | 2,415,474 |
Furniture_Fixture_and_Equipmen1
Furniture, Fixture and Equipment (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | Mar. 31, 2014 | |||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||
Components of Furniture, Fixture and Equipment | Furniture, fixture and equipment consist of the following at December 31, 2014 and March 31, 2014: | Furniture, fixture and equipment consist of the following at March 31: | ||||||||||||||||||||||||
Estimated | December 31, | March 31, | Estimated | 2013 | 2014 | |||||||||||||||||||||
useful life | 2014 | 2014 | useful | |||||||||||||||||||||||
Computer equipment | 5-7 years | $ | 784,998 | $ | 725,984 | life | ||||||||||||||||||||
Furniture and fixture | 5 years | 188,146 | 183,725 | Computer equipment | 5-7 years | $ | 696,696 | $ | 725,984 | |||||||||||||||||
Furniture and fixture | 5 years | 179,441 | 183,725 | |||||||||||||||||||||||
973,144 | 909,709 | |||||||||||||||||||||||||
Less accumulated depreciation | 813,911 | 810,161 | 876,137 | 909,709 | ||||||||||||||||||||||
Less accumulated depreciation | 793,522 | 810,161 | ||||||||||||||||||||||||
159,233 | 99,548 | |||||||||||||||||||||||||
Construction in process | 1,564,531 | — | $ | 82,615 | $ | 99,548 | ||||||||||||||||||||
Furniture, fixture and equipment, net | $ | 1,723,764 | $ | 99,548 | ||||||||||||||||||||||
Stock_Purchases_Rights_Stock_O1
Stock Purchases Rights, Stock Options and Warrants (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Activity | A summary of Stock Option activity for the nine months ended December 31, 2014 is as follows: | A summary of Stock Option activity for 2014 and 2013 is as follows: | ||||||||||||||||||||||||||||||||||||||||
Options | Weighted | Options | Weighted Average | |||||||||||||||||||||||||||||||||||||||
Average | Exercise Price | |||||||||||||||||||||||||||||||||||||||||
Exercise Price | Options outstanding at March 31, 2012 | 57,041 | $ | 19.71 | ||||||||||||||||||||||||||||||||||||||
Options outstanding at March 31, 2014 | 56,634 | $ | 19.38 | Issued, cancelled or expired | — | |||||||||||||||||||||||||||||||||||||
Granted | 1,146,457 | 20 | ||||||||||||||||||||||||||||||||||||||||
Options outstanding at March 31, 2013 | 57,041 | 19.71 | ||||||||||||||||||||||||||||||||||||||||
Options outstanding at December 31, 2014 | 1,203,091 | $ | 19.96 | Cancelled or expired | (407 | ) | 66.23 | |||||||||||||||||||||||||||||||||||
Options outstanding at March 31, 2014 | 56,634 | $ | 19.38 | |||||||||||||||||||||||||||||||||||||||
Schedule of Additional Information Regarding Stock Options Outstanding | Additional information regarding stock Options outstanding at December 31, 2014 is as follows: | Additional information regarding Options outstanding at March 31, 2014 is as follows: | ||||||||||||||||||||||||||||||||||||||||
Exercise | Number | Weighted | Weighted | Options | Weighted | Exercise Prices | Number | Weighted | Weighted | Options | Weighted | |||||||||||||||||||||||||||||||
Prices | Outstanding | Average | Average | Exercisable | Average | Outstanding | Average | Average | Exercisable | Average | ||||||||||||||||||||||||||||||||
Remaining | Exercise Price | Exercise Price of | Remaining | Exercise Price | Exercise Price | |||||||||||||||||||||||||||||||||||||
Life in Years | Shares | Life in Years | of Shares | |||||||||||||||||||||||||||||||||||||||
Exercisable | Exercisable | |||||||||||||||||||||||||||||||||||||||||
$13.25 | 49,505 | 5.96 | $ | 13.25 | 48,781 | $ | 13.25 | $13.25 | 48,298 | 6.68 | $ | 13.25 | 39,151 | $ | 13.25 | |||||||||||||||||||||||||||
20 | 1,145,250 | 9.57 | 20 | 17,500 | 20 | 49.67 | 6,467 | 2.51 | 49.67 | 6,467 | 49.67 | |||||||||||||||||||||||||||||||
49.67 | 6,467 | 1.76 | 49.67 | 6,467 | 49.67 | 72.85 | 1,869 | 1.36 | 72.85 | 1,869 | 72.85 | |||||||||||||||||||||||||||||||
72.85 | 1,869 | 0.61 | 72.85 | 1,869 | 72.85 | |||||||||||||||||||||||||||||||||||||
56,634 | 6.04 | $ | 19.38 | 47,487 | $ | 20.56 | ||||||||||||||||||||||||||||||||||||
1,203,091 | 9.33 | $ | 19.96 | 74,617 | $ | 19.48 | ||||||||||||||||||||||||||||||||||||
Schedule of Additional Information Regarding Warrants Outstanding | A summary of Warrant activity is as follows: | Additional information regarding Warrants outstanding at March 31, 2014 is as follows: | ||||||||||||||||||||||||||||||||||||||||
Warrants | Weighted | Exercise Prices | Number | Weighted Average | Weighted Average | |||||||||||||||||||||||||||||||||||||
Average | Outstanding | Remaining Life | Exercise | |||||||||||||||||||||||||||||||||||||||
Exercise | in Years | Price | ||||||||||||||||||||||||||||||||||||||||
Price | $ | 26.49 | 661,581 | 1.75 | $ | 26.49 | ||||||||||||||||||||||||||||||||||||
Warrants outstanding at March 31, 2014 | 686,417 | $ | 30.8 | 82.79 | 6,039 | 2.17 | 82.79 | |||||||||||||||||||||||||||||||||||
Warrants converted into 29,809 shares of common stock | (661,581 | ) | 165.57 | 18,797 | 0.35 | 165.57 | ||||||||||||||||||||||||||||||||||||
Expired | (18,797 | ) | 165.57 | |||||||||||||||||||||||||||||||||||||||
686,417 | 1.71 | $ | 30.8 | |||||||||||||||||||||||||||||||||||||||
Warrants outstanding at December 31, 2014 | 6,039 | $ | 82.79 | |||||||||||||||||||||||||||||||||||||||
Summary of Warrant Activity | Additional information regarding Warrants outstanding at December 31, 2014 is as follows: | A summary of Warrant activity is as follows: | ||||||||||||||||||||||||||||||||||||||||
Exercise | Number | Weighted | Weighted | Warrants | Weighted Average | |||||||||||||||||||||||||||||||||||||
Price | Outstanding | Average | Average | Exercise Price | ||||||||||||||||||||||||||||||||||||||
Remaining Life | Exercise | Warrants outstanding at March 31, 2012 | 695,477 | $ | 31.47 | |||||||||||||||||||||||||||||||||||||
in Years | Price | Issued, cancelled or expired | (4,530 | ) | ||||||||||||||||||||||||||||||||||||||
$82.79 | 6,039 | 1.42 | $82.79 | |||||||||||||||||||||||||||||||||||||||
Warrants outstanding at March 31, 2013 | 690,947 | 31.14 | ||||||||||||||||||||||||||||||||||||||||
Issued, cancelled or expired | (4,530 | ) | ||||||||||||||||||||||||||||||||||||||||
Warrants outstanding at March 31, 2014 | 686,417 | $ | 30.8 | |||||||||||||||||||||||||||||||||||||||
Commitments_Tables
Commitments (Tables) | 9 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2014 | Mar. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||
Aggregate Rental Expenses, under Non-cancelable Leases for Office and Plant Space (Exclusive of Real Estate Taxes, Utilities, Maintenance and Other Costs) | Aggregate rentals, under non-cancelable leases for office and tower space (exclusive of real estate taxes, utilities, maintenance and other costs borne by the company) for the remaining terms of the leases are as follows: | Aggregate rental expenses, under non-cancelable leases for office and plant space (exclusive of real estate taxes, utilities, maintenance and other costs borne by the company) for the remaining terms of the company’s leases are as follows: | ||||||||
Period Ending March 31, | Year Ending March 31, | |||||||||
2015 (3 months) | $ | 65,398 | 2015 | $ | 126,764 | |||||
2016 | 322,261 | 2016 | 65,935 | |||||||
2017 | 352,868 | 2017 | 35,715 | |||||||
2018 | 368,294 | |||||||||
2019 | 391,449 | Total | $ | 228,414 | ||||||
After 2019 | 315,709 | |||||||||
Total | $ | 1,815,979 | ||||||||
Subsequent_Events_Tables
Subsequent Events (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Subsequent Events [Abstract] | |||||||||
Pro-forma Capitalization of Company Assuming Private Placement and Sprint APA Deposit | The following table represents the pro-forma capitalization (unaudited) of the company assuming the private placement and the Sprint APA deposit occurred on March 31, 2014: | ||||||||
As Reported | Pro-Forma (Unaudited) | ||||||||
Cash and cash equivalents | $ | 45,679 | $ | 7,212,140 | |||||
Restricted cash | — | 182,165,400 | |||||||
Long-term deposit | — | 13,500,000 | |||||||
Stockholders’ equity (deficiency) | |||||||||
Common stock | 1,182,962 | 1,183 | |||||||
Preferred stock | 20,525,999 | — | |||||||
Additional paid-in capital | 1,026,634 | 225,566,273 | |||||||
Accumulated deficit | (26,943,011 | ) | (26,943,011 | ) | |||||
Total stockholders’ equity (deficiency) | $ | (4,207,416 | ) | $ | 198,624,445 | ||||
Nature_of_Operations_Additiona
Nature of Operations - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 10, 2014 | Jun. 30, 2014 | Mar. 31, 2012 | |
Conversion of Stock [Line Items] | ||||||||||
Line of credit maximum borrowing capacity | $3,000,000 | $3,000,000 | ||||||||
Repayment of working capital line | 1,470,000 | |||||||||
Payment of convertible promissory notes | 1,133,851 | |||||||||
Payment of deferred compensation in cash | 367,695 | |||||||||
Net losses | -3,525,864 | -270,750 | -9,132,615 | -906,536 | -1,211,821 | -1,239,918 | ||||
Stockholders' deficiency | 216,117,909 | 216,117,909 | -4,207,416 | -3,083,652 | -1,933,672 | |||||
Line of credit outstanding amount | 1,575,000 | |||||||||
Redeemable Notes [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Common shares converted from notes | 77,734 | |||||||||
Redeemed convertible notes | 1,016,956 | |||||||||
Percentage of principal amount redeemed | 140.00% | 140.00% | ||||||||
June 2014 Private Placement [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Sale of stock price per share | $20 | |||||||||
Sale of stock, Shares | 10,925,000 | |||||||||
Net proceeds form sale of stock | 202,000,000 | |||||||||
Percentage of net proceeds held in trust | 96.00% | |||||||||
Net proceeds held in trust | 196,000,000 | |||||||||
Repayment of working capital line | 1,470,000 | |||||||||
Repayment of accrued interest | 351,073 | |||||||||
Common shares converted from notes | 65,000 | |||||||||
Debt conversion, cash | 521,073 | |||||||||
Payment of convertible promissory notes | 540,000 | |||||||||
Payment of accrued interest on convertible promissory notes | 272,842 | |||||||||
Payment of deferred compensation in cash | 367,695 | |||||||||
June 2014 Private Placement [Member] | Series AA Convertible Promissory Notes [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Payment of convertible promissory notes | 423,852 | |||||||||
Payment of accrued interest on convertible promissory notes | 283,856 | |||||||||
June 2014 Private Placement [Member] | Redeemable Notes [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Common shares converted from notes | 77,734 | |||||||||
Redeemed convertible notes | 1,016,956 | 1,016,956 | ||||||||
Percentage of principal amount redeemed | 140.00% | 140.00% | ||||||||
Sprint APA [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Acquisition, completion date | 15-Sep-14 | |||||||||
Purchase of nationwide spectrum assets | 100,000,000 | |||||||||
Purchase payment by cash | 90,000,000 | |||||||||
Stock issued during period value to purchase of assets | $10,000,000 | |||||||||
Stock issued during period shares to purchase of assets | 500,000 | |||||||||
Sale of stock price per share | $20 | $20 |
Nature_of_Operations_Additiona1
Nature of Operations - Additional Information 1 (Detail) (USD $) | 0 Months Ended | 9 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
Sep. 15, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 10, 2014 | |
Conversion of Stock [Line Items] | ||||||||
Line of credit facility expiration date | 2014-09 | |||||||
Assets leased for prepaid price | $7,500,000 | $7,500,000 | ||||||
Stock options issued to purchase common stock | 1,146,457 | 1,146,457 | ||||||
Warrants outstanding to purchase preferred stock | 6,039 | 686,417 | 690,947 | 695,477 | ||||
Common Stock, shares authorized | 100,000,000 | 85,000,000 | 85,000,000 | |||||
Preferred Stock, shares authorized | 10,000,000 | 40,000,000 | 40,000,000 | |||||
Change in common stock par value | $0.00 | |||||||
Redeemable Notes [Member] | ||||||||
Conversion of Stock [Line Items] | ||||||||
Redeemed convertible notes | 1,016,956 | |||||||
Percentage of principal amount converted common stock | 140.00% | 140.00% | ||||||
Conversion price, per share | $20 | $20 | ||||||
Preferred Stock Series AA [Member] | ||||||||
Conversion of Stock [Line Items] | ||||||||
Warrants outstanding to purchase preferred stock | 661,581 | |||||||
Restricted Stock Units [Member] | ||||||||
Conversion of Stock [Line Items] | ||||||||
Equity Instrument other than stock option, issued to purchase common stock | 83,804 | |||||||
June 2014 Private Placement [Member] | ||||||||
Conversion of Stock [Line Items] | ||||||||
Sale of stock, price per share | $20 | |||||||
Shares issued upon conversion | 29,809 | |||||||
Reverse stock split description | 33.11451201-for-1 reverse stock split of all outstanding common stock | 33.11451201-for-1 reverse stock split of all the company's outstanding stock | ||||||
Ratio of reverse stock split outstanding stock | 0.030198241 | |||||||
Common Stock, shares authorized | 100,000,000 | |||||||
Preferred Stock, shares authorized | 10,000,000 | |||||||
Change in common stock par value | $0.00 | |||||||
June 2014 Private Placement [Member] | Redeemable Notes [Member] | ||||||||
Conversion of Stock [Line Items] | ||||||||
Redeemed convertible notes | 1,016,956 | 1,016,956 | ||||||
Amendment of outstanding redeemable notes description | Redeemable Notes would automatically be converted at the closing of the Sprint APA into that number of shares of common stock equal to the sum of 140% of the principal plus the outstanding interest on such Redeemable Notes through the conversion divided by $20.00 per share | |||||||
Percentage of principal amount converted common stock | 140.00% | 140.00% | ||||||
Conversion price, per share | $20 | |||||||
June 2014 Private Placement [Member] | Preferred Stock Series AA [Member] | ||||||||
Conversion of Stock [Line Items] | ||||||||
Shares issued upon conversion | 748,722 | |||||||
Warrants outstanding to purchase preferred stock | 661,581 | |||||||
PDV Spectrum Holding Company, LLC [Member] | Common Class B Units [Member] | ||||||||
Conversion of Stock [Line Items] | ||||||||
Subsidiary or equity method investee, proceeds from sale of units | $10,000,000 | |||||||
Subsidiary or equity method investee, number of units issued | 500,000 | |||||||
Sale of stock, price per share | $20 |
Summary_of_Error_Corrections_I
Summary of Error Corrections Impact on Net Loss Per Common Share, Basic and Diluted (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |||||
Difference in net loss per common share, basic and diluted | ($0.28) | [1] | ($2.14) | [1] | ($1) | [1] | ($7.15) | [1] | ($9.56) | ($9.78) |
Net loss | ($3,525,864) | ($270,750) | ($9,132,615) | ($906,536) | ($1,211,821) | ($1,239,918) | ||||
Weight average shares, basic and diluted-corrected | 12,473,024 | [1] | 126,759 | [1],[2] | 9,103,629 | [1],[2] | 126,759 | [1],[2] | 126,759 | 126,759 |
Net loss per share, basic and diluted-corrected | ($0.28) | [1] | ($2.14) | [1] | ($1) | [1] | ($7.15) | [1] | ($9.56) | ($9.78) |
Originally reported [Member] | ||||||||||
Difference in net loss per common share, basic and diluted | ($0.30) | ($0.98) | ($1) | |||||||
Weight average shares, basic and diluted-corrected | 904,611 | 9,301,800 | 904,611 | |||||||
Net loss per share, basic and diluted-corrected | ($0.30) | ($0.98) | ($1) | |||||||
Difference [Member] | ||||||||||
Difference in net loss per common share, basic and diluted | ($1.84) | ($0.02) | ($6.15) | |||||||
Redeemable convertible preferred stock and warrants (incorrectly included) | -777,852 | -198,171 | -777,852 | |||||||
Net loss per share, basic and diluted-corrected | ($1.84) | ($0.02) | ($6.15) | |||||||
[1] | Three and nine months ended December 31, 2013 and nine months ended December 31, 2014 corrected. | |||||||||
[2] | Since the numerator used to calculate diluted net loss per common share was a net loss for the period presented, the dilutive effects of stock options, warrants and redeemable convertible preferred stock were not included since the effect was anti-dilutive |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 15, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Accounts receivable, allowance for doubtful accounts | $37,248 | $12,619 | $37,248 | |||||
Deferred revenue | 7,500,000 | 7,500,000 | ||||||
Lease term | 10 years | |||||||
Tax benefits attributed to share-based compensation expense | 0 | 0 | ||||||
Potentially dilutive securities outstanding but excluded from computation of earnings per share | 1,800,000 | 1,600,000 | 1,630,000 | 1,589,000 | ||||
Patents [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Accumulated amortization | 335,435 | 303,305 | 260,475 | 335,435 | ||||
Amortization expense | 32,130 | 33,750 | 42,830 | 37,510 | 10,710 | 11,250 | ||
Estimated amortization expense,next twelve months | 40,000 | 40,000 | 40,000 | |||||
Estimated amortization expense,year two | 40,000 | 40,000 | 40,000 | |||||
Estimated amortization expense,year three | 40,000 | 40,000 | 40,000 | |||||
Estimated amortization expense,year four | 40,000 | 40,000 | 40,000 | |||||
Estimated amortization expense,year five | $40,000 | $40,000 | $40,000 |
Furniture_Fixture_and_Equipmen2
Furniture, Fixture and Equipment - Components of Furniture, Fixture and Equipment (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Furniture, fixture and equipment, gross | $973,144 | $909,709 | $876,137 |
Less accumulated depreciation | 813,911 | 810,161 | 793,522 |
Property Plant and equipment net before construction work in progress | 159,233 | 99,548 | |
Furniture, fixture and equipment, net | 1,723,764 | 99,548 | 82,615 |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Construction in progress | 30,000,000 | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Construction in progress | 50,000,000 | ||
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Furniture, fixture and equipment, gross | 784,998 | 725,984 | 696,696 |
Computer Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Estimated useful life | 5 years | 5 years | |
Computer Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Estimated useful life | 7 years | 7 years | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Estimated useful life | 5 years | 5 years | |
Furniture, fixture and equipment, gross | 188,146 | 183,725 | 179,441 |
Construction Work In Process [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Construction in progress | $1,564,531 |
Furniture_Fixture_and_Equipmen3
Furniture, Fixture and Equipment - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Construction in progress | $30,000,000 |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Construction in progress | $50,000,000 |
Accounts_Payable_Additional_In
Accounts Payable - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
Payables and Accruals [Abstract] | |||
Accounts payable to officers | $17,506 | $117,961 | $101,691 |
Deferred_Compensation_Plan_Add
Deferred Compensation Plan - Additional Information (Detail) (USD $) | 1 Months Ended | ||
Sep. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Deferred compensation plan paid | $367,695 | ||
Outstanding deferred compensation | $361,610 | $337,270 |
Notes_Payable_Affiliated_Entit1
Notes Payable - Affiliated Entities - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Line of Credit Facility [Line Items] | |||||||
Line of credit, amount | $3,000,000 | $3,000,000 | |||||
Line of credit, repayment amount | 1,470,000 | ||||||
Debt instrument, repayment amount | 1,133,851 | ||||||
Interest expense due to related party | 86,103 | 570,737 | 236,831 | 325,348 | 224,836 | ||
Line of credit, drawdown amount | 1,425,000 | 1,195,000 | |||||
Line of credit, Monthly repayment amount | 50,000 | ||||||
Outstanding balance of convertible promissory notes | 3,405,808 | 2,700,317 | |||||
Warrants to purchase stock | 661,581 | ||||||
Exercise price of warrants | $82.79 | $30.80 | $31.14 | $31.47 | |||
Accrued interest expense | 870,247 | 544,899 | |||||
Accrued interest expense, due to related parties | 852,574 | 543,899 | |||||
Line of credit [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit, interest rate | 10.00% | 10.00% | |||||
Promissory note [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, amount | 540,000 | 540,000 | |||||
Debt instrument, interest rate | 10.00% | 10.00% | |||||
Debt instrument, repayment amount | 540,000 | ||||||
Series AA Convertible Promissory Notes [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, interest rate | 10.00% | 10.00% | |||||
Debt instrument, repayment amount | 423,852 | ||||||
Accrued interest, repayment amount | 283,856 | ||||||
Outstanding balance of convertible promissory notes | 423,852 | 423,852 | |||||
Debt instrument, maturity date | 30-Jun-15 | ||||||
Earnings before income tax depreciation and amortization amount | 5,000 | ||||||
Series AA Convertible Promissory Notes [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Percentage of EBITDA amount to pay the outstanding and unpaid principal and accrued interest to note holders | 20.00% | ||||||
Redeemable Notes [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, interest rate | 10.00% | 10.00% | |||||
Issuance of convertible notes | 475,491 | 541,465 | |||||
Debt instrument, redemption description | The Redeemable Notes were amended to provide that the Redeemable Notes would automatically be converted into that number of shares of common stock equal to the sum of 140% of the outstanding principal on the Redeemable Notes plus outstanding interest divided by $20.00 per share upon the closing of the Sprint APA. The company accreted approximately $400,000 representing the 40% premium to the principal balance from the amendment date through the closing of the Sprint APA. | the Redeemable Notes were amended in May 2014 to provide that the Redeemable Notes will automatically be converted into that number of shares of our common stock equal to the sum of 140% of the outstanding principal on the Redeemable Notes plus outstanding interest divided by $20.00 per share upon the closing of the Sprint APA (See Note 12). If the company does not successfully complete the Sprint APA, the outstanding principal and interest on the convertible notes will remain outstanding, and we will be required to issue the holders of the convertible notes warrants to purchase an aggregate of 153,551 shares of our common stock at an exercise price of $13.25 per share. The company will begin to accrete the principal balance from the amendment date through the expected closing of the Sprint APA. | |||||
Percentage of principal amount redeemed | 140.00% | 140.00% | |||||
Debt instrument, accretion amount | 400,000 | ||||||
Debt conversion price per share | $20 | $20 | |||||
Percentage of premium to principal balance | 40.00% | ||||||
Debt instrument principal amount outstanding | 1,016,956 | ||||||
Debt instrument, interest amount | 238,856 | ||||||
Common stock issued in exchange of debt repayment | 77,734 | ||||||
Total interest expense on all notes payable | 570,737 | 236,831 | 325,348 | 224,836 | |||
Interest expense due to related party | 477,325 | 225,662 | 308,675 | 223,836 | |||
Notes payable | 1,016,956 | 541,465 | |||||
Notes payable, related parties | $796,865 | $481,465 | |||||
Convertible Senior Notes [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Warrants to purchase stock | 153,551 | ||||||
Exercise price of warrants | $13.25 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Line Items] | |||
Deferred tax assets | 8.5 | $8.50 | |
Earliest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards, expiration year | 2021 | 2021 | |
Latest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards, expiration year | 2034 | 2034 | |
Federal and State [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | 23 | $23 |
Stock_Purchases_Rights_Stock_O2
Stock Purchases Rights, Stock Options and Warrants - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 2 Months Ended | 0 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | 15-May-14 | Sep. 15, 2014 | Jan. 26, 2015 | Jan. 01, 2015 | 12-May-14 | Mar. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Stock options vested and outstanding | 1,203,091 | 1,203,091 | 56,634 | 57,041 | 57,041 | ||||||||
Options to purchase common stock to employees and contractors | 1,146,457 | 1,146,457 | |||||||||||
Exercise price of common stock to employees and contractors | $20 | ||||||||||||
Stock options, contractual life | 10 years | ||||||||||||
Warrants outstanding | 6,039 | 6,039 | 686,417 | 690,947 | 695,477 | ||||||||
Exchange of warrants to common shares | 29,809 | ||||||||||||
Expected life of awards | 5 years | 5 years | |||||||||||
Risk-free interest rate | 1.66% | 1.66% | |||||||||||
Expected volatility | 47.00% | 47.00% | |||||||||||
Expected dividend yield | 0.00% | 0.00% | |||||||||||
Non-cash compensation expense attributable to stock awards | $1,404,202 | $19,764 | $4,680,802 | $59,292 | $79,057 | $82,438 | |||||||
Unrecognized compensation cost related to non-vested share options granted | 6,800,000 | 6,800,000 | 79,057 | ||||||||||
Intrinsic value of options outstanding | 330,000 | 330,000 | 326,012 | 326,012 | |||||||||
Intrinsic value of options exercisable | 305,000 | 305,000 | 264,269 | 264,269 | |||||||||
Warrants expiry period | 2016-06 | 2016-01 | |||||||||||
Conversion ratio | One-for-one basis | ||||||||||||
Issuable warrants to purchase | 153,551 | ||||||||||||
Warrants outstanding | 1,203,091 | 1,203,091 | |||||||||||
Weighted Average Exercise Price | $19.96 | $19.96 | |||||||||||
Subsequent Event [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Options to purchase common stock to employees and contractors | 965,750 | ||||||||||||
Exercise price of common stock to employees and contractors | $20 | ||||||||||||
PDV Spectrum Holding Company, LLC [Member] | Subsequent Event [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Proceeds from investments, value | 10,000,000 | ||||||||||||
PDV Spectrum Holding Company, LLC [Member] | Common Class B Units [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Proceeds from investments, value | 10,000,000 | ||||||||||||
Proceeds from investment, shares | 500,000 | ||||||||||||
Sale of stock, price per share | $20 | ||||||||||||
PDV Spectrum Holding Company, LLC [Member] | Common Class A [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Ownership percentage | 100.00% | ||||||||||||
Preferred Stock Series AA [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares issued upon conversion | -748,722 | ||||||||||||
Warrants outstanding | 661,581 | 661,581 | |||||||||||
Common Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares issued upon conversion | 748,722 | ||||||||||||
Exchange of warrants to common shares | 29,809 | ||||||||||||
Common Stock [Member] | Subsequent Event [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Proceeds from investment, shares | 11,925,000 | ||||||||||||
Common Stock [Member] | PDV Spectrum Holding Company, LLC [Member] | Subsequent Event [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Proceeds from investment, shares | 500,000 | ||||||||||||
Warrant [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Exercise price | $13.25 | ||||||||||||
Warrants outstanding | 686,417 | 661,581 | |||||||||||
Weighted Average Exercise Price | $30.80 | ||||||||||||
Warrant [Member] | Maximum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Weighted Average Exercise Price | $29.80 | ||||||||||||
First Anniversary [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Percentage of vesting for stock granted to employees | 25.00% | ||||||||||||
Second Anniversary [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Percentage of vesting for stock granted to employees | 25.00% | ||||||||||||
Third Anniversary [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Percentage of vesting for stock granted to employees | 25.00% | ||||||||||||
Fourth Anniversary [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Percentage of vesting for stock granted to employees | 25.00% | ||||||||||||
2014 Stock Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Stock options vested and outstanding | 74,134 | 74,134 | |||||||||||
Common stock authorized and reserved for issuance | 1,200,000 | 1,200,000 | |||||||||||
Percentage of increase in number of shares of common stock issued and outstanding | 5.00% | ||||||||||||
Number of shares reserved for issuance, description | The number of shares reserved for issuance under the 2014 Stock Plan automatically increased on January 1, 2015 and will continue to automatically increase each subsequent anniversary through January 1, 2024 by an amount equal to the smaller of 5% of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or a lesser amount determined by the Board of Directors. | ||||||||||||
Stock issued during period | 1,750 | ||||||||||||
2014 Stock Plan [Member] | Subsequent Event [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Common stock authorized and reserved for issuance | 1,200,000 | ||||||||||||
Common stock, issued | 623,651 | ||||||||||||
Stock issued during period | 82,054 | ||||||||||||
2010 Stock Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Stock options vested and outstanding | 8,336 | ||||||||||||
Stock issued during period | 82,054 | ||||||||||||
2010 Stock Plan [Member] | Preferred Stock Series AA [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Common stock authorized and reserved for issuance | 116,748 | ||||||||||||
Common Stock available for issuance | 21,682 | 21,682 | |||||||||||
2010 Stock Plan [Member] | Common Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Common stock authorized and reserved for issuance | 21,148 | ||||||||||||
Common Stock available for issuance | 21,148 | 21,148 | |||||||||||
Restricted Stock Units [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Stock compensation expense related shares issued, shares | 83,804 | ||||||||||||
Stock compensation expense related shares issued, value | $1,676,080 | ||||||||||||
Restricted stock units, vested | 128,001 | ||||||||||||
Restricted Stock Units [Member] | Preferred Stock Series AA [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Restricted stock units, vested | 44,197 | 301 | |||||||||||
Restricted stock units, granted | 44,197 | 301 | |||||||||||
Employee Stock Option [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Weighted average period of recognition of unrecognized compensation cost | 3 years 4 months 24 days | 1 year | |||||||||||
Warrants outstanding | 56,634 | ||||||||||||
Weighted Average Exercise Price | $19.38 |
Stock_Purchases_Rights_Stock_O3
Stock Purchases Rights, Stock Options and Warrants - Summary of Stock Option Activity (Detail) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 15, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Options outstanding at March 31, 2014 | 56,634 | 57,041 | 57,041 | |
Options, Granted | 1,146,457 | 1,146,457 | ||
Options issued, cancelled or expired | -407 | |||
Options outstanding at December 31, 2014 | 1,203,091 | 56,634 | 57,041 | |
Weighted Average Exercise Price at March 31, 2014 | $19.38 | $19.71 | $19.71 | |
Weighted Average Exercise Price, Granted | $20 | |||
Weighted Average Exercise Price, issued, cancelled or expired | $66.23 | |||
Weighted Average Exercise Price at December 31, 2014 | $19.96 | $19.38 | $19.71 |
Stock_Purchases_Rights_Stock_O4
Stock Purchases Rights, Stock Options and Warrants - Schedule of Additional Information Regarding Stock Options Outstanding (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Life in Years | 9 years 3 months 29 days | ||
Weighted Average Exercise Price | $19.96 | ||
Weighted Average Exercise Price of Shares Exercisable | $19.48 | ||
Number Outstanding | 1,203,091 | ||
Options Exercisable | 74,617 | ||
Warrant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Life in Years | 1 year 8 months 16 days | ||
Weighted Average Exercise Price | $30.80 | ||
Number Outstanding | 686,417 | 661,581 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Life in Years | 6 years 15 days | ||
Weighted Average Exercise Price | $19.38 | ||
Weighted Average Exercise Price of Shares Exercisable | $20.56 | ||
Number Outstanding | 56,634 | ||
Options Exercisable | 47,487 | ||
$ 13.25 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Life in Years | 5 years 11 months 16 days | ||
Weighted Average Exercise Price | $13.25 | ||
Weighted Average Exercise Price of Shares Exercisable | $13.25 | ||
Number Outstanding | 49,505 | ||
Options Exercisable | 48,781 | ||
$ 13.25 [Member] | Warrant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number Outstanding | 661,581 | ||
$ 13.25 [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Life in Years | 6 years 8 months 5 days | ||
Weighted Average Exercise Price | $13.25 | ||
Weighted Average Exercise Price of Shares Exercisable | $13.25 | ||
Number Outstanding | 48,298 | ||
Options Exercisable | 39,151 | ||
$ 20.00 [ Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Life in Years | 9 years 6 months 26 days | ||
Weighted Average Exercise Price | $20 | ||
Weighted Average Exercise Price of Shares Exercisable | $20 | ||
Number Outstanding | 1,145,250 | ||
Options Exercisable | 17,500 | ||
$ 20.00 [ Member] | Warrant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number Outstanding | 6,039 | ||
$ 20.00 [ Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number Outstanding | 6,467 | ||
Options Exercisable | 6,467 | ||
$ 49.67 [ Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Life in Years | 1 year 9 months 4 days | ||
Weighted Average Exercise Price | $49.67 | ||
Weighted Average Exercise Price of Shares Exercisable | $49.67 | ||
Number Outstanding | 6,467 | ||
Options Exercisable | 6,467 | ||
$ 49.67 [ Member] | Warrant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number Outstanding | 18,797 | ||
$ 49.67 [ Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Life in Years | 2 years 6 months 4 days | ||
Weighted Average Exercise Price | $49.67 | ||
Weighted Average Exercise Price of Shares Exercisable | $49.67 | ||
$ 72.85 [ Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Life in Years | 7 months 10 days | ||
Weighted Average Exercise Price | $72.85 | ||
Weighted Average Exercise Price of Shares Exercisable | $72.85 | ||
Number Outstanding | 1,869 | ||
Options Exercisable | 1,869 | ||
$ 72.85 [ Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Life in Years | 1 year 4 months 10 days | ||
Weighted Average Exercise Price | $72.85 | ||
Weighted Average Exercise Price of Shares Exercisable | $72.85 | ||
Number Outstanding | 1,869 | ||
Options Exercisable | 1,869 | ||
$ 26.49 [ Member] | Warrant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Life in Years | 1 year 9 months | ||
Weighted Average Exercise Price | $26.49 | ||
$ 82.79 [ Member] | Warrant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Life in Years | 2 years 2 months 1 day | ||
Weighted Average Exercise Price | $82.79 | ||
$ 165.57 [ Member] | Warrant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Life in Years | 4 months 6 days | ||
Weighted Average Exercise Price | $165.57 |
Stock_Purchases_Rights_Stock_O5
Stock Purchases Rights, Stock Options and Warrants - Summary of Warrant Activity (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Warrants outstanding, beginning of period | 686,417 | 690,947 | 695,477 |
Weighted Average Exercise Price at beginning of period | $30.80 | $31.14 | $31.47 |
Warrants converted into 29,809 shares of common stock | -661,581 | ||
Issued, cancelled or expired | -18,797 | -4,530 | -4,530 |
Warrants outstanding, end of period | 6,039 | 686,417 | 690,947 |
Weighted Average Exercise Price at beginning of period | $30.80 | ||
Weighted Average Exercise Price warrants issued, cancelled or expired | $165.57 | ||
Warrants, Weighted Average Exercise Price | $82.79 | $30.80 | |
Weighted Average Exercise Price at end of period | $82.79 | $30.80 | $31.14 |
Stock_Purchases_Rights_Stock_O6
Stock Purchases Rights, Stock Options and Warrants - Summary of Warrant Activity (Parenthetical) (Detail) | 9 Months Ended |
Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of common stock shares issued by conversion of warrants | 29,809 |
Stock_Purchases_Rights_Stock_O7
Stock Purchases Rights, Stock Options and Warrants - Schedule of Additional Information Regarding Warrants Outstanding (Detail) (USD $) | 9 Months Ended | |||
Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Warrants, Exercise Price | $82.79 | $30.80 | $31.14 | $31.47 |
Warrants, Number Outstanding | 6,039 | 686,417 | 690,947 | 695,477 |
Warrants, Weighted Average Remaining Life in Years | 1 year 5 months 1 day | |||
Warrants, Weighted Average Exercise Price | $82.79 | $30.80 |
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow Information - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Interest paid | $907,771 | $0 | ||
Taxes paid | 0 | 0 | 3,710 | 3,564 |
Repayment of working capital line | 1,300,000 | |||
Redeemable Notes [Member] | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Principal amount of redeemable notes converted | 1,016,956 | |||
Accrued interest of redeemable notes converted | 537,924 | |||
Sprint APA [Member] | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Business acquisition, common stock shares issued | 500,000 | |||
Business acquisition, value of common stock shares issued | 10,000,000 | |||
Common Stock [Member] | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Common stock issued in exchange of debt repayment | 65,000 | |||
Common Stock [Member] | Redeemable Notes [Member] | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Common stock issued in exchange of debt repayment | 77,734 | |||
Preferred Stock [Member] | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Repayment of accounts payable liability | $9,000 |
Commitments_Additional_Informa
Commitments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jul. 01, 2014 | Dec. 31, 2014 | Nov. 30, 2014 | Feb. 28, 2015 | |
Lease | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Lease rent expense | $21,790 | $28,962 | $83,087 | $85,600 | $113,920 | $111,557 | ||||
Decrease (increase) in rental expense as effect of straight line basis | 9,644 | 3,628 | 18,188 | 24,987 | 17,088 | -37,015 | ||||
Accumulated deferred rent payable | 18,023 | 18,023 | 43,372 | 18,023 | ||||||
Chief Executive Officer [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Employment agreement expiration period | 2 years | |||||||||
Employment agreement renewal period | 1 year | |||||||||
Chief Technology Officer [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Employment agreement expiration period | 2 years | |||||||||
Employment agreement renewal period | 1 year | |||||||||
Subsequent Event [Member] | Chief Executive Officer [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Base salary of chief executive officer | 350,000 | |||||||||
Subsequent Event [Member] | Chief Technology Officer [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Base salary of chief executive officer | $250,000 | |||||||||
Newly Leased Office Space [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Lease expiry date | 31-May-20 | |||||||||
Lease effective date | 1-Dec-14 | |||||||||
Extended lease expiry date | 30-Jun-19 | |||||||||
Office Space [Member] | Lease Agreements One [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Lease expiry date | 31-Oct-15 | 28-Feb-15 | ||||||||
Office Space [Member] | Lease Agreements Two [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Lease expiry date | 30-Jun-19 | 1-Nov-16 | ||||||||
Office Space [Member] | Lease Agreements Three [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Lease expiry date | 31-May-20 | |||||||||
Tower Space [Member] | Subsequent Event [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Lease expiry date | 28-Feb-20 | |||||||||
Number of leases | 2 |
Commitments_Aggregate_Rentals_
Commitments - Aggregate Rentals, under Non-cancelable Leases for Office and Plant Space (Exclusive of Real Estate Taxes, Utilities, Maintenance and Other Costs) (Detail) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
2015 (3 months) | $65,398 | |
2015 | 126,764 | |
2016 | 322,261 | 65,935 |
2017 | 352,868 | 35,715 |
2018 | 368,294 | |
2019 | 391,449 | |
After 2019 | 315,709 | |
Total | $1,815,979 | $228,414 |
Business_Concentrations_Additi
Business Concentrations - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Carriers | Carriers | Carriers | Carriers | Carriers | Carriers | |
Sales Revenue, Services, Net [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Number of carriers | 3 | 3 | 3 | 3 | 3 | 2 |
Accounts Receivable [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Number of carriers | 3 | 3 | 2 | |||
Carriers One [Member] | Sales Revenue, Services, Net [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 53.00% | 39.00% | 53.00% | 50.00% | 47.00% | 70.00% |
Carriers One [Member] | Accounts Receivable [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 61.00% | 43.00% | 65.00% | |||
Carriers Two [Member] | Sales Revenue, Services, Net [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 28.00% | 38.00% | 28.00% | 26.00% | 31.00% | 10.00% |
Carriers Two [Member] | Accounts Receivable [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 22.00% | 33.00% | 16.00% | |||
Carriers Three [Member] | Sales Revenue, Services, Net [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 3.00% | 5.00% | 3.00% | 6.00% | 6.00% | |
Carriers Three [Member] | Accounts Receivable [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 2.00% | 6.00% | ||||
Geographic Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Domestic Sales [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 97.00% | 95.00% | 97.00% | 94.00% | 94.00% | 90.00% |
Geographic Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | International Sales [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 3.00% | 5.00% | 3.00% | 6.00% | 6.00% | 10.00% |
Geographic Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Mexico City [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 100.00% | 100.00% | ||||
Number of customer | 1 | 1 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 2 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||
Dec. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Jun. 10, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 11, 2014 | Sep. 30, 2014 | Feb. 11, 2015 | Jan. 29, 2015 | 12-May-14 | Jun. 30, 2014 | 30-May-14 | Jan. 30, 2015 | Jan. 26, 2015 | 15-May-14 | Mar. 31, 2013 | Mar. 31, 2012 | |
Subsequent Event [Line Items] | |||||||||||||||||||
Options to purchase common stock to employees and contractors | 1,146,457 | 1,146,457 | |||||||||||||||||
Exercise price of common stock to employees | $20 | ||||||||||||||||||
Stock options, contractual life | 10 years | ||||||||||||||||||
Payments for deposits | $13,500,000 | ||||||||||||||||||
Warrants outstanding to purchase preferred stock | 6,039 | 6,039 | 686,417 | 690,947 | 695,477 | ||||||||||||||
Redeemable Notes [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Redeemed convertible notes | 1,016,956 | ||||||||||||||||||
Percentage of principal amount converted common stock | 140.00% | 140.00% | |||||||||||||||||
Conversion price, per share | $20 | $20 | $20 | ||||||||||||||||
Sprint APA [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Resale of stock held by stockholders, shares | 500,000 | ||||||||||||||||||
Sale of stock price per share | $20 | $20 | |||||||||||||||||
Purchase of nationwide spectrum assets | 100,000,000 | ||||||||||||||||||
Purchase payment by cash | 90,000,000 | ||||||||||||||||||
Stock issued during period value to purchase of assets | 10,000,000 | ||||||||||||||||||
2014 Stock Plan [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock shares reserved for future issuance | 1,200,000 | 1,200,000 | |||||||||||||||||
Stock issued during period | 1,750 | ||||||||||||||||||
First Anniversary [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Percentage of vesting for stock granted to employees | 25.00% | ||||||||||||||||||
Second Anniversary [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Percentage of vesting for stock granted to employees | 25.00% | ||||||||||||||||||
Third Anniversary [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Percentage of vesting for stock granted to employees | 25.00% | ||||||||||||||||||
Fourth Anniversary [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Percentage of vesting for stock granted to employees | 25.00% | ||||||||||||||||||
June 2014 Private Placement [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Sale of stock, Shares | 10,925,000 | ||||||||||||||||||
Sale of stock price per share | $20 | ||||||||||||||||||
Net proceeds form sale of stock | 202,000,000 | ||||||||||||||||||
Net proceeds held in trust | 196,000,000 | ||||||||||||||||||
Shares issued upon conversion | 29,809 | ||||||||||||||||||
Ratio of reverse stock split outstanding stock | 0.030198241 | ||||||||||||||||||
Reverse stock split description | 33.11451201-for-1 reverse stock split of all outstanding common stock | 33.11451201-for-1 reverse stock split of all the company's outstanding stock | |||||||||||||||||
June 2014 Private Placement [Member] | Redeemable Notes [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Redeemed convertible notes | 1,016,956 | 1,016,956 | |||||||||||||||||
Percentage of principal amount converted common stock | 140.00% | 140.00% | |||||||||||||||||
Conversion price, per share | 20 | $20 | 20 | ||||||||||||||||
Common Stock [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Shares issued upon conversion | 77,734 | ||||||||||||||||||
Preferred Stock Series AA [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Warrants outstanding to purchase preferred stock | 661,581 | 661,581 | |||||||||||||||||
Preferred Stock Series AA [Member] | June 2014 Private Placement [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Shares issued upon conversion | 748,722 | ||||||||||||||||||
Warrants outstanding to purchase preferred stock | 661,581 | 661,581 | 661,581 | ||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Options to purchase common stock to employees and contractors | 965,750 | 965,750 | 965,750 | ||||||||||||||||
Exercise price of common stock to employees | $20 | ||||||||||||||||||
Subsequent Event [Member] | Sprint APA [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Resale of stock held by stockholders, shares | 500,000 | ||||||||||||||||||
Sale of stock price per share | $20 | $20 | |||||||||||||||||
Purchase of nationwide spectrum assets | 100,000,000 | ||||||||||||||||||
Purchase payment by cash | 90,000,000 | ||||||||||||||||||
Stock issued during period value to purchase of assets | 10,000,000 | ||||||||||||||||||
Payments for deposits | 13,500,000 | ||||||||||||||||||
Subsequent Event [Member] | 2014 Stock Plan [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Options to purchase common stock to employees and contractors | 4,000 | 240,000 | |||||||||||||||||
Exercise price of common stock to employees | $46.23 | $25 | |||||||||||||||||
Stock options, contractual life | 10 years | 10 years | |||||||||||||||||
Number of shares vested | 100,000 | ||||||||||||||||||
Number of shares remaining to vest | 140,000 | ||||||||||||||||||
Subsequent Event [Member] | 2014 Stock Plan [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock shares reserved for future issuance | 1,200,000 | ||||||||||||||||||
Stock issued during period | 82,054 | ||||||||||||||||||
Subsequent Event [Member] | First Anniversary [Member] | 2014 Stock Plan [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Percentage of vesting for stock granted to employees | 25.00% | 25.00% | |||||||||||||||||
Subsequent Event [Member] | Second Anniversary [Member] | 2014 Stock Plan [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Percentage of vesting for stock granted to employees | 25.00% | 25.00% | |||||||||||||||||
Subsequent Event [Member] | Third Anniversary [Member] | 2014 Stock Plan [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Percentage of vesting for stock granted to employees | 25.00% | 25.00% | |||||||||||||||||
Subsequent Event [Member] | Fourth Anniversary [Member] | 2014 Stock Plan [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Percentage of vesting for stock granted to employees | 25.00% | 25.00% | |||||||||||||||||
Subsequent Event [Member] | June 2014 Private Placement [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Sale of stock, Shares | 10,925,000 | ||||||||||||||||||
Sale of stock price per share | $20 | ||||||||||||||||||
Net proceeds form sale of stock | 202,003,000 | ||||||||||||||||||
Net proceeds held in trust | 195,665,400 | ||||||||||||||||||
Shares issued upon conversion | 29,809 | ||||||||||||||||||
Ratio of reverse stock split outstanding stock | 0.030198241 | ||||||||||||||||||
Subsequent Event [Member] | June 2014 Private Placement [Member] | Redeemable Notes [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Redeemed convertible notes | 1,016,956 | ||||||||||||||||||
Percentage of principal amount converted common stock | 140.00% | ||||||||||||||||||
Conversion price, per share | 20 | ||||||||||||||||||
Subsequent Event [Member] | January 2015 Private Placement [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Sale of stock, Shares | 57,270 | ||||||||||||||||||
Sale of stock price per share | $25 | ||||||||||||||||||
Net proceeds form sale of stock | 1,380,000 | ||||||||||||||||||
Subsequent Event [Member] | Common Stock [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Resale of stock held by stockholders, shares | 11,925,000 | ||||||||||||||||||
Subsequent Event [Member] | Preferred Stock Series AA [Member] | June 2014 Private Placement [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Shares issued upon conversion | 748,722 | ||||||||||||||||||
Warrants outstanding to purchase preferred stock | 661,581 | ||||||||||||||||||
Subsequent Event [Member] | PDV Spectrum Holding Company, LLC [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Stock issued during period value to purchase of assets | $10,000,000 | ||||||||||||||||||
Subsequent Event [Member] | PDV Spectrum Holding Company, LLC [Member] | Common Stock [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Resale of stock held by stockholders, shares | 500,000 |
Summary_of_Revenue_and_Gross_P
Summary of Revenue and Gross Profit (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Revenue Recognition [Line Items] | ||||||
Revenue | $653,437 | $929,515 | $2,143,707 | $2,631,174 | $3,539,595 | $2,760,095 |
Cost of Revenue | 283,043 | 294,942 | 790,687 | 823,347 | 1,124,121 | 825,834 |
Gross Profit | 552,580 | 634,573 | 1,565,571 | 1,807,827 | 2,415,474 | 1,934,261 |
Originally reported [Member] | ||||||
Revenue Recognition [Line Items] | ||||||
Revenue | 4,001,117 | 3,426,966 | ||||
Cost of Revenue | 1,585,643 | 1,492,705 | ||||
Gross Profit | $2,415,474 | $1,934,261 |
Proforma_Capitalization_of_Com
Pro-forma Capitalization of Company Assuming Private Placement and Sprint APA Deposit (Detail) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||
Cash and cash equivalents | $122,729,111 | $45,679 | $28,808 | $194,938 | $29,135 |
Stockholders' equity (deficiency) | |||||
Common stock | 1,247 | 12 | |||
Preferred stock | 20,525,999 | 20,516,999 | |||
Additional paid-in capital | 252,192,288 | 2,209,584 | |||
Accumulated deficit | -36,075,626 | -26,943,011 | -25,731,190 | ||
Total stockholders' equity (deficiency) | 216,117,909 | -4,207,416 | -3,083,652 | -1,933,672 | |
Pro Forma [Member] | |||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||
Cash and cash equivalents | 7,212,140 | ||||
Restricted cash | 182,165,400 | ||||
Long-term deposit | 13,500,000 | ||||
Stockholders' equity (deficiency) | |||||
Common stock | 1,183 | ||||
Additional paid-in capital | 225,566,273 | ||||
Accumulated deficit | -26,943,011 | ||||
Total stockholders' equity (deficiency) | 198,624,445 | ||||
Originally reported [Member] | |||||
Stockholders' equity (deficiency) | |||||
Common stock | 1,182,962 | 1,182,962 | |||
Additional paid-in capital | 1,026,634 | 947,577 | |||
Total stockholders' equity (deficiency) | ($4,207,416) |