Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Jun. 22, 2016 | Sep. 30, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | VistaGen Therapeutics, Inc. | ||
Entity Central Index Key | 1,411,685 | ||
Document Type | 10-K | ||
Trading Symbol | VTGN | ||
Document Period End Date | Mar. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 13,691,410 | ||
Entity Common Stock, Shares Outstanding | 7,970,705 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 428,500 | $ 70,000 |
Prepaid expenses and other current assets | 426,800 | 35,700 |
Total current assets | 855,300 | 105,700 |
Property and equipment, net | 87,600 | 117,100 |
Security deposits and other assets | 46,900 | 46,900 |
Total assets | 989,800 | 269,700 |
Current liabilities: | ||
Accounts payable | 936,000 | 2,251,100 |
Accrued expenses | $ 814,000 | 1,206,500 |
Current portion of senior secured convertible promissory notes and accrued interest | 4,146,100 | |
Current portion of notes payable, net of discount of $0 at March 31, 2016 and $474,500 at March 31, 2015, and accrued interest | $ 43,600 | 4,117,000 |
Current portion of notes payable to related parties, net of discount of $0 at March 31, 2016 and $54,500 at March 31, 2015, and accrued interest | 1,508,800 | |
Convertible promissory notes and accrued interest, net of discount of $0 at March 31, 2016 and $180,000 at March 31, 2015, respectively | 4,157,600 | |
Capital lease obligations | $ 1,100 | 1,000 |
Total current liabilities | $ 1,794,700 | 17,388,100 |
Non-current liabilities: | ||
Senior secured convertible promissory notes and accrued interest | 296,200 | |
Notes payable | $ 27,200 | 35,600 |
Warrant liability | $ 3,008,500 | |
Accrued dividends on Series B Preferred Stock | $ 2,089,600 | |
Deferred rent liability | $ 55,500 | $ 83,000 |
Capital lease obligations | 1,100 | |
Total non-current liabilities | $ 2,172,300 | 3,424,400 |
Total liabilities | $ 3,967,000 | $ 20,812,500 |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Common stock, $0.001 par value; 30,000,000 shares and 10,000,000 shares authorized at March 31, 2016 and 2015, respectively; 2,623,145 and 1,677,110 shares issued at March 31, 2016 and 2015, respectively | $ 2,600 | $ 1,700 |
Additional paid-in capital | 132,725,000 | 67,945,800 |
Treasury stock, at cost, 135,665 shares of common stock held at March 31, 2016 and 2015 | (3,968,100) | (3,968,100) |
Accumulated deficit | (131,743,200) | (84,522,700) |
Total stockholders' deficit | (2,977,200) | (20,542,800) |
Total liabilities and stockholders' deficit | 989,800 | 269,700 |
Series A Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | 500 | 500 |
Total stockholders' deficit | 500 | $ 500 |
Series B Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | 3,700 | |
Total stockholders' deficit | 3,700 | |
Series C Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | 2,300 | |
Total stockholders' deficit | $ 2,300 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Current portion of notes payable, discount | $ 0 | $ 474,500 |
Current portion of notes payable to related parties, discount | 0 | 54,500 |
Convertible promissory notes and accrued interest, discount | $ 0 | $ 180,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized | 30,000,000 | 10,000,000 |
Common stock, issued | 2,623,145 | 1,677,110 |
Treasury stock, shares | 135,665 | 135,665 |
Series A Preferred Stock [Member] | ||
Preferred stock, authorized | 500,000 | 500,000 |
Preferred stock, outstanding | 500,000 | 500,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, authorized | 4,000,000 | |
Preferred stock, issued | 3,663,077 | |
Preferred stock, outstanding | 3,663,077 | |
Series C Preferred Stock [Member] | ||
Preferred stock, authorized | 3,000,000 | |
Preferred stock, issued | 2,318,012 | |
Preferred stock, outstanding | 2,318,012 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating expenses: | ||
Research and development | $ 3,931,600 | $ 2,432,700 |
General and administrative | 13,918,600 | 4,344,400 |
Total operating expenses | 17,850,200 | 6,777,100 |
Loss from operations | (17,850,200) | (6,777,100) |
Other expenses, net: | ||
Interest expense, net | (770,800) | (4,548,700) |
Change in warrant liability | (1,894,700) | (34,600) |
Loss on extinguishment of debt | (26,700,200) | (2,388,000) |
Other expense | (2,300) | (135,000) |
Loss before income taxes | (47,218,200) | (13,883,400) |
Income taxes | (2,300) | (2,400) |
Net loss and comprehensive loss | (47,220,500) | $ (13,885,800) |
Accrued dividends on Series B Preferred stock | (2,140,500) | |
Deemed dividend on Series B Preferred Units | (2,058,000) | |
Net loss attributable to common stockholders | $ (51,419,000) | $ (13,885,800) |
Basic net loss attributable to common stockholders per common share (in dollars per share) | $ (29.08) | $ (10.53) |
Diluted net loss attributable to common stockholders per common share (in dollars per share) | $ (29.08) | $ (10.61) |
Weighted average shares used in computing: | ||
Basic net loss attributable to common stockholders per common share (in shares) | 1,767,957 | 1,318,813 |
Diluted net loss attributable to common stockholders per common share (in shares) | 1,767,957 | 1,318,813 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (47,220,500) | $ (13,885,800) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 53,500 | 59,100 |
Amortization of discounts on convertible and promissory notes | 564,800 | 3,372,000 |
Change in warrant liability | 1,894,700 | 34,600 |
Stock-based compensation | 4,041,400 | 2,460,100 |
Expense related to modification of warrants, including exchange of warrants for Series C Preferred and common stock | 6,218,000 | 98,400 |
Amortization of deferred rent | (27,500) | (14,400) |
Fair value of common stock granted for services | 829,200 | $ 469,000 |
Fair value of Series B Preferred stock granted for services | 1,382,500 | |
Fair value of warrants granted for services and interest | 1,280,800 | $ 44,500 |
Gain on currency fluctuation | (6,400) | (63,600) |
Loss on extinguishment of debt | 26,700,200 | $ 2,388,000 |
Loss on disposition of equipment | $ 2,300 | |
Reversal of interest income on note receivable for stock purchase | $ 2,800 | |
Loss on settlement of note receivable for common stock purchase | 134,900 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | $ 25,700 | 107,400 |
Accounts payable and accrued expenses, including accrued interest | (547,200) | 2,024,100 |
Net cash used in operating activities | (4,808,500) | $ (2,768,900) |
Cash flows from investing activities: | ||
Purchases of equipment | (26,300) | |
Cash flows from financing activities: | ||
Net proceeds from issuance of common stock Units | 280,000 | $ 3,146,600 |
Net proceeds from issuance of Series B Preferred Units | 5,025,800 | |
Repayment of capital lease obligations | (1,000) | $ (3,900) |
Repayment of notes | (111,500) | (303,800) |
Net cash provided by financing activities | 5,193,300 | 2,838,900 |
Net increase in cash and cash equivalents | 358,500 | $ 70,000 |
Cash and cash equivalents at beginning of period | 70,000 | |
Cash and cash equivalents at end of period | 428,500 | $ 70,000 |
Supplemental disclosure of cash flow activities: | ||
Cash paid for interest | 12,700 | 35,700 |
Cash paid for income taxes | 2,400 | $ 2,400 |
Supplemental disclosure of noncash activities: | ||
Conversion of Senior Secured Notes, Subordinate Convertible Notes, Promissory Notes, Accounts payable and other debt into Series B Preferred | 18,891,400 | |
Insurance premiums settled by issuing note payable | $ 79,400 | $ 105,300 |
Accounts payable settled by issuance of common stock or notes payable and common stock | $ 438,400 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Note Receivable from Sale of Stock [Member] | Accumulated Deficit [Member] | Total |
Balances at beginning at Mar. 31, 2014 | $ 500 | $ 1,300 | $ 62,001,400 | $ (3,968,100) | $ (198,100) | $ (70,636,900) | $ (12,799,900) | ||
Balances at beginning (in shares) at Mar. 31, 2014 | 500,000 | 1,310,109 | |||||||
Allocated proceeds from sale of common stock Units for cash under 2014 Unit Private Placement, including beneficial conversion feature | $ 300 | 2,746,800 | 2,747,100 | ||||||
Allocated proceeds from sale of common stock Units for cash under 2014 Unit Private Placement, including beneficial conversion feature (in shares) | 280,350 | ||||||||
Share-based compensation expense | 2,460,100 | 2,460,100 | |||||||
Payment on and settlement of note receivable from sale of stock | $ 198,100 | 198,100 | |||||||
Incremental fair value of modified warrants | 98,400 | 98,400 | |||||||
Fair Value of common stock issued for services | $ 100 | 635,600 | 635,700 | ||||||
Fair Value of common stock issued for services (in shares) | 71,667 | ||||||||
Fair value of common stock and warrants issued in settlement oftechnology license expenses | 230,200 | 230,200 | |||||||
Fair value of common stock and warrants issued in settlement oftechnology license expenses (in shares) | 15,000 | ||||||||
Fair value of warrants issued to Morrison & Foerster, Cato Research Ltd. and University Health Network in connection with accruedinterest on underlying notes | 44,400 | 44,400 | |||||||
Effect of amendments of 2013 Unit Notes and warrants, including repurchase of beneficial conversion feature | 109,300 | 109,300 | |||||||
Effect of amendments of PLTG Senior Secured Promissory Notes, including repurchase of beneficial conversion feature | (380,400) | (380,400) | |||||||
Net loss | (13,885,800) | (13,885,800) | |||||||
Balances at end at Mar. 31, 2015 | $ 500 | $ 1,700 | 67,945,800 | (3,968,100) | (84,522,700) | (20,542,800) | |||
Balances at end (in shares) at Mar. 31, 2015 | 500,000 | 1,677,126 | |||||||
Allocated proceeds from sale of common stock Units for cash under 2014 Unit Private Placement, including beneficial conversion feature | 277,200 | 277,200 | |||||||
Allocated proceeds from sale of common stock Units for cash under 2014 Unit Private Placement, including beneficial conversion feature (in shares) | 33,000 | ||||||||
Proceeds from sale of Series B Preferred Units for cash under 2015 Series B Preferred Unit Private Placement | $ 700 | 5,025,100 | 5,025,800 | ||||||
Proceeds from sale of Series B Preferred Units for cash under 2015 Series B Preferred Unit Private Placement (in shares) | 717,978 | ||||||||
Share-based compensation expense | 4,041,400 | 4,041,400 | |||||||
Conversion of Senior Secured and subordinate promissory notes into Series B Preferred stock, including recapture of beneficial conversion feature upon conversion | $ 3,100 | 42,577,100 | 42,580,200 | ||||||
Conversion of Senior Secured and subordinate promissory notes into Series B Preferred stock, including recapture of beneficial conversion feature upon conversion (in shares) | 3,018,917 | ||||||||
Elimination of warrant liability resulting from modification of PLTG Warrants | 4,903,100 | 4,903,100 | |||||||
Exchange of common stock for Series B Preferred stock (in shares) | 30,000 | (30,000) | |||||||
Accrued dividends on Series B Preferred stock | (2,140,500) | (2,140,500) | |||||||
Conversion of Series B Preferred stock into common stock, including common stock issued in payment of accrued dividends | $ (200) | $ 200 | 50,900 | 50,900 | |||||
Conversion of Series B Preferred stock into common stock, including common stock issued in payment of accrued dividends (in shares) | (228,818) | 235,655 | |||||||
Exchange of common stock for Series C Preferred stock | $ 200 | $ (200) | |||||||
Exchange of common stock for Series C Preferred stock (in shares) | 200,000 | (200,000) | |||||||
Exchange of outstanding warrants for Series C Preferred stock | $ 2,100 | 3,192,800 | 3,194,900 | ||||||
Exchange of outstanding warrants for Series C Preferred stock (in shares) | 2,118,012 | ||||||||
Exchange of outstanding warrants for common stock and other warrant modifications | $ 800 | 3,022,300 | 3,023,100 | ||||||
Exchange of outstanding warrants for common stock and other warrant modifications (in shares) | 814,989 | ||||||||
Fair value of common stock, Series B Preferred stock and warrants granted for services | $ 100 | $ 100 | 3,829,800 | 3,830,000 | |||||
Fair value of common stock, Series B Preferred stock and warrants granted for services (in shares) | 125,000 | 92,375 | |||||||
Net loss | (47,220,500) | (47,220,500) | |||||||
Balances at end at Mar. 31, 2016 | $ 500 | $ 3,700 | $ 2,300 | $ 2,600 | $ 132,725,000 | $ (3,968,100) | $ (131,743,200) | $ (2,977,200) | |
Balances at end (in shares) at Mar. 31, 2016 | 500,000 | 3,663,077 | 2,318,012 | 2,623,145 |
Description of Business
Description of Business | 12 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business We are a clinical-stage biopharmaceutical company dedicated to developing and commercializing innovative product candidates for patients with diseases and disorders involving the central nervous system ( CNS MDD FDA AV-101s mechanism of action, as an N-methyl D aspartate receptor ( NMDAR GlyB Our ongoing Phase 2a clinical study of AV-101 in subjects with treatment-resistant MDD is being conducted and funded by the U.S. National Institute of Mental Health ( NIMH CRADA I.V. We are preparing to launch our Phase 2b clinical study of AV-101 for the adjunctive treatment of MDD in patients with an inadequate response to standard, FDA-approved antidepressants. We anticipate commencement of this multi-center, multi-dose, double blind, placebo-controlled Phase 2b efficacy and safety study in the fourth quarter of 2016. Dr. Maurizio Fava, Professor of Psychiatry at Harvard Medical School and Director, Division of Clinical Research, Massachusetts General Hospital ( MGH We also believe AV-101 has broad therapeutic utility, with multiple CNS pipeline expansion opportunities, including chronic neuropathic pain, epilepsy, Huntingtons disease and Parkinsons disease. In addition to clinical development of AV-101, we are focused on collaborating with third-parties to advance potential commercial applications of our human pluripotent stem cell ( hPSC NCEs RM |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 2. Basis of Presentation Effective August 14, 2014, we consummated a 1-for-20 reverse split of our authorized, and issued and outstanding shares of common stock (the Stock Consolidation Each reference to shares of common stock or the price per share of common stock in these financial statements is post-Stock Consolidation, and reflects the 1-for-20 adjustment as a result of the Stock Consolidation. Capital Stock The accompanying Consolidated Financial Statements have been prepared assuming that we will continue as a going concern. As a developing-technology company having not yet developed commercial products or achieved sustainable revenues, we have experienced recurring losses and negative cash flows from operations resulting in a deficit of $131.7 million accumulated from inception through March 31, 2016. We expect losses and negative cash flows from operations to continue for the foreseeable future as we engage in further potential development of AV-101 and launch and execute our drug rescue programs and pursue potential drug development and regenerative medicine opportunities. Since our inception in May 1998 through March 31, 2016, we have financed our operations and technology acquisitions primarily through the issuance and sale of equity and debt securities, including convertible promissory notes and short-term promissory notes, for cash proceeds of approximately $34.5 million, as well as from an aggregate of approximately $16.4 million of government research grant awards, strategic collaboration payments and other revenues. Additionally, we have issued equity securities with an approximate value at issuance of $29.1 million in non-cash settlements of certain liabilities, including liabilities for professional services rendered to us or as compensation for such services. Between late-March 2014 and March 31, 2015, we entered into securities purchase agreements with accredited investors and institutions, including Platinum Long Term Growth VII, LLC ( PLTG 2014 Units 2014 Unit Private Placement 2014 Unit Stock) 2014 Unit Warrants). As described more completely in Note 8, Convertible Promissory Notes and other Notes Payable Capital Stock Series B Preferred Subsequent Events At March 31, 2016, we did not have sufficient cash and cash equivalents to enable us to fund our planned operations, including expected cash expenditures of approximately $9.1 million over the next twelve months, including expenditures required to prepare for and launch our Phase 2b clinical trial of AV-101. However, as disclosed in Note 16, Subsequent Events, May 2016 Public Offering Notwithstanding the foregoing, substantial additional financing may not be available to us on a timely basis, on acceptable terms, or at all. If we are unable to obtain substantial additional financing on a timely basis in the near term, our business, financial condition, and results of operations may be harmed, the price of our stock may decline, we may be required to reduce, defer, or discontinue certain of our research and development activities and we may not be able to continue as a going concern. These Consolidated Financial Statements do not include any adjustments that might result from the outcome of this uncertainty. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ( U.S. GAAP Principles of Consolidation The accompanying consolidated financial statements include the Companys accounts, and the accounts of VistaGen Californias wholly-owned inactive subsidiaries, Artemis Neurosciences and VistaStem Canada. Cash and Cash Equivalents Cash and cash equivalents are considered to be highly liquid investments with maturities of three months or less at the date of purchase. Property and Equipment Property and equipment is stated at cost. Repairs and maintenance costs are expensed in the period incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range from five to seven years. Impairment or Disposal of Long-Lived Assets We evaluate our long-lived assets, primarily property and equipment, for impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable from the estimated future cash flows expected to result from their use or eventual disposition. If the estimates of future undiscounted net cash flows are insufficient to recover the carrying value of the assets, we record an impairment loss in the amount by which the carrying value of the assets exceeds their fair value. If the assets are determined to be recoverable, but the useful lives are shorter than originally estimated, we depreciate or amortize the net book value of the assets over the newly determined remaining useful lives. We have not recorded any impairment charges to date. Revenue Recognition Although we do not currently have any such arrangements, we have historically generated revenue principally from collaborative research and development arrangements, technology transfer agreements, including strategic licenses, and government grants. Revenue arrangements with multiple components are divided into separate units of accounting if certain criteria are met, including whether the delivered component has stand-alone value to the customer. Consideration received is allocated among the separate units of accounting based on their respective selling prices. The selling price for each unit is based on vendor-specific objective evidence, or VSOE, if available, third party evidence if VSOE is not available, or estimated selling price if neither VSOE nor third party evidence is available. The applicable revenue recognition criteria are then applied to each of the units. We recognize revenue when the four basic criteria of revenue recognition are met: (i) a contractual agreement exists; (ii) the transfer of technology has been completed or services have been rendered; (iii) the fee is fixed or determinable; and (iv) collectability is reasonably assured. For each source of revenue, we comply with the above revenue recognition criteria in the following manner: ● Collaborative arrangements typically consist of non-refundable and/or exclusive up front technology access fees, cost reimbursements for specific research and development spending, and various milestone and future product royalty payments. If the delivered technology does not have stand-alone value, the amount of revenue allocable to the delivered technology is deferred. Non-refundable upfront fees with stand-alone value that are not dependent on future performance under these agreements are recognized as revenue when received, and are deferred if we have continuing performance obligations and have no objective and reliable evidence of the fair value of those obligations. We recognize non-refundable upfront technology access fees under agreements in which we have a continuing performance obligation ratably, on a straight-line basis, over the period during which we are obligated to provide services. Cost reimbursements for research and development spending are recognized when the related costs are incurred and when collectability is reasonably assured. Payments received related to substantive, performance-based at-risk milestones are recognized as revenue upon achievement of the milestone event specified in the underlying contracts, which represent the culmination of the earnings process. Amounts received in advance are recorded as deferred revenue until the technology is transferred, costs are incurred, or a milestone is reached. ● Technology license agreements typically consist of non-refundable upfront license fees, annual minimum access fees, development and/or regulatory milestone payments and/or royalty payments. Non-refundable upfront license fees and annual minimum payments received with separable stand-alone values are recognized when the technology is transferred or accessed, provided that the technology transferred or accessed is not dependent on the outcome of the continuing research and development efforts. Otherwise, revenue is recognized over the period of our continuing involvement, and, in the case of development and/or regulatory milestone payments, when the applicable event triggering such a payment has occurred. ● Government grants, which support our research efforts on specific projects, generally provide for reimbursement of approved costs as defined in the terms of grant awards. Grant revenue is recognized when associated project costs are incurred. Research and Development Expenses Research and development expenses are composed of both internal and external costs. Internal costs include salaries and employment-related expenses of scientific personnel and direct project costs. External research and development expenses consist primarily of costs associated with clinical and non-clinical development of AV-101, our prodrug candidate entering late-stage clinical development for Major Depressive Disorder, sponsored stem cell research and development costs, and costs related to the application and prosecution of patents related to our stem cell technology platform and AV-101. All such costs are charged to expense as incurred. Stock-Based Compensation We recognize compensation cost for all stock-based awards to employees based on the grant date fair value of the award. We record non-cash, stock-based compensation expense over the period during which the employee is required to perform services in exchange for the award, which generally represents the scheduled vesting period. We have granted no restricted stock awards nor do we have any awards with market or performance conditions. For equity awards to non-employees, we re-measure the fair value of the awards as they vest and the resulting value is recognized as an expense during the period over which the services are performed. Income Taxes We account for income taxes using the asset and liability approach for financial reporting purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce the deferred tax assets to an amount expected to be realized. Concentrations of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents. Our investment policies limit any such investments to short-term, low-risk investments. We deposit cash and cash equivalents with quality financial institutions and are insured to the maximum of federal limitations. Balances in these accounts may exceed federally insured limits at times. Warrant Liability Between October 2012 and July 2013, we issued to PLTG warrants to purchase a substantial number of unregistered shares of our common stock and, subject to PLTGs exercise of its rights to exchange shares of our Series A Preferred Stock that it holds, we were obligated to issue to PLTG an additional warrant ( Series A Exchange Warrant PLTG Warrants Fair Value Measurements, Convertible Promissory Notes and Other Notes Payable , Capital Stock Notwithstanding the foregoing, and as described in Note 9, Capital Stock Capital Stock Comprehensive Loss We have no components of other comprehensive loss other than net loss, and accordingly our comprehensive loss is equivalent to our net loss for the periods presented. Loss per Common Share Basic net income (loss) per share of common stock excludes the effect of dilution and is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) per share of common stock reflects the potential dilution that could occur if securities or other contracts to issue shares of common stock were exercised or converted into shares of common stock. In calculating diluted net income (loss) per share, we have adjusted the numerator for the change in the fair value of the warrant liability attributable to the outstanding PLTG Warrants, only if dilutive, and increased the denominator to include the number of potentially dilutive common shares assumed to be outstanding during the period using the treasury stock method. As a result of our net loss for both years presented, potentially dilutive securities were excluded from the computation of diluted loss per share, as their effect would be antidilutive. Basic and diluted net loss attributable to common stockholders per share was computed as follows: Twelve Months Ended March 31, 2016 2015 Numerator: Net loss attributable to common stockholders for basic net loss per share $ (51,419,000 ) $ (13,885,800 ) less: change in fair value of warrant liability attributable to outstanding warrants issued to PLTG - (105,200 ) Net loss for diluted earnings per share attributable to common stockholders $ (51,419,000 ) $ (13,991,000 ) Denominator: Weighted average basic common shares outstanding 1,767,957 1,318,813 Assumed conversion of dilutive securities: Warrants to purchase common stock - - Potentially dilutive common shares assumed converted - - Denominator for diluted earnings per share - adjusted weighted average shares 1,767,957 1,318,813 Basic net loss attributable to common stockholders per common share $ (29.08 ) $ (10.53 ) Diluted net loss attributable to common stockholders per common share $ (29.08 ) $ (10.61 ) Potentially dilutive securities excluded in determining diluted net loss per common share for the fiscal years ended March 31, 2016 and 2015 are as follows: As of March 31, 2016 2015 Series A Preferred stock issued and outstanding (1) 750,000 750,000 Series B Preferred stock issued and outstanding (2) 3,663,077 - Series C Preferred stock issued and outstanding (3) 2,318,012 - Outstanding options under the 2008 and 1999 Stock Incentive Plans 336,987 207,638 Outstanding warrants to purchase common stock 1,907,221 1,544,474 Warrant shares issuable to PLTG upon exchange of Series A Preferred under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as subsequently amended - 375,000 10% Senior Secured Convertible Notes issued to PLTG between October 2012 and July 2013, including accrued interest through March 31, 2015 - 444,235 10% convertible notes issued as a component of 2014 Unit Private Placement, including accrued interest through March 31, 2015 - 433,758 Total 8,975,297 3,755,105 ____________ (1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement with PLTG, as amended (2) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015 (3) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016 Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ( FASB ASU Revenue from Contracts with Customers (Topic 606), Revenue Recognition In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial StatementsGoing Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. Contingencies Basis of Presentation In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases ASC 842 Leases In March 2016, the FASB issued ASU 2016-09, CompensationStock Compensation |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements We follow the principles of fair value accounting as they relate to our financial assets and financial liabilities. Fair value is defined as the estimated exit price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, rather than an entry price that represents the purchase price of an asset or liability. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on several factors, including the instruments complexity. The required fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels is described as follows: ● Level 1 ● Level 2 ● Level 3 i.e., A financial instruments categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Where quoted prices are available in an active market, securities are classified as Level 1 of the valuation hierarchy. If quoted market prices are not available for the specific financial instrument, then the Company estimates fair value by using pricing models, quoted prices of financial instruments with similar characteristics or discounted cash flows. In certain cases where there is limited activity or less transparency around inputs to valuation, financial assets or liabilities are classified as Level 3 within the valuation hierarchy. We do not use derivative instruments for hedging of market risks or for trading or speculative purposes. In conjunction with the Senior Secured Convertible Promissory Notes issued to PLTG between October 2012 and July 2013 and the related PLTG Warrants (see Note 8, Convertible Promissory Notes and Other Notes Payable Capital Stock T he fair value hierarchy for liabilities measured at fair value on a recurring basis is as follows: Fair Value Measurements at Reporting Date Using Total Carrying Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Value (Level 1) (Level 2) (Level 3) March 31, 2016: Warrant liability $ - $ - $ - $ - March 31, 2015: Warrant liability $ 3,008,500 $ - $ - $ 3,008,500 During the fiscal years ended March 31, 2016 and 2015, there were no significant changes to the valuation models used for purposes of determining the fair value of the Level 3 warrant liability. The changes in Level 3 liabilities measured at fair value on a recurring basis are as follows: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Warrant Liability Balance at March 31, 2015 $ 3,008,500 Mark to market loss included in net loss 1,894,700 Elimination of liability upon modification of warrants (4,903,200 ) Balance at March 31, 2016 $ - As described in Note 9, Capital Stock Capital Stock No assets or other liabilities were measured on a recurring basis at fair value at March 31, 2016 or 2015. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Mar. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: March 31, 2016 2015 Insurance $ 27,000 $ 27,300 Prepaid compensation under financial advisory and other consulting agreements 337,500 - Public offering expenses 57,400 - Legal fees - 3,400 Technology license fees and all other 4,900 5,000 $ 426,800 $ 35,700 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Property and equipment consists of the following: March 31, 2016 2015 Laboratory equipment $ 659,000 $ 653,600 Tenant improvements 26,900 26,900 Computers and network equipment 43,200 32,200 Office furniture and equipment 69,500 69,500 798,600 782,200 Accumulated depreciation and amortization (711,000 ) (665,100 ) Property and equipment, net $ 87,600 $ 117,100 In connection with the issuance of Senior Secured Convertible Promissory Notes to PLTG beginning in October 2012, we entered into a Security Agreement with PLTG under which the repayment of all amounts due under the terms of the various Senior Secured Convertible Promissory Notes was secured by all of our assets, including our tangible and intangible personal property, licenses, patent licenses, trademarks and trademark licenses. As described more completely in Note 8, Convertible Promissory Notes and Other Notes Payable, Capital Stock |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 7. Accrued Expenses Accrued expenses consist of: March 31, 2016 2015 Accrued professional services $ 318,000 $ 213,800 Accrued AV-101 development expenses $ 186,000 $ - Accrued compensation 310,000 990,700 All other - 2,000 $ 814,000 $ 1,206,500 |
Convertible Promissory Notes an
Convertible Promissory Notes and Other Notes Payable | 12 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Convertible Promissory Notes and Other Notes Payable | 8. Convertible Promissory Notes and Other Notes Payable The following table summarizes the components of the Companys convertible promissory notes and other notes payable: March 31, 2016 March 31, 2015 Principal Accrued Principal Accrued Balance Interest Total Balance Interest Total Senior Secured 10% Convertible Promissory Notes issued to PLTG: Exchange Note issued on October 11, 2012 $ - $ - $ - $ 1,272,600 $ 360,200 $ 1,632,800 Investment Note issued on October 11, 2012 - - - 500,000 141,500 641,500 Investment Note issued on October 19, 2012 - - - 500,000 140,100 640,100 Investment Note issued on February 22, 2013 - - - 250,000 59,100 309,100 Investment Note issued on March 12, 2013 - - - 750,000 172,600 922,600 - - - 3,272,600 873,500 4,146,100 Convertible promissory note issued on July 26, 2013 - - - 250,000 46,200 296,200 Total Senior notes - - - 3,522,600 919,700 4,442,300 Aggregate note discount - - - - - - Net Senior notes - - - 3,522,600 919,700 4,442,300 less: current portion - - - (3,272,600 ) (873,500 ) (4,146,100 ) Senior notes - non-current portion and discount $ - $ - $ - $ 250,000 $ 46,200 $ 296,200 10% Convertible Promissory Notes (Unit Notes) 2014 Unit Notes, including amended notes, due 3/31/15 $ - $ - $ - $ 4,066,900 $ 270,700 $ 4,337,600 Note discounts - - - (180,000 ) - (180,000 ) Net convertible notes (all current) $ - $ - $ - $ 3,886,900 $ 270,700 $ 4,157,600 Notes Payable to unrelated parties: 7.5% Notes payable to service providers for accounts payable converted to notes payable: Burr, Pilger, Mayer $ - $ - $ - $ 90,400 $ 13,100 $ 103,500 Desjardins - - - 156,300 24,100 180,400 McCarthy Tetrault - - - 319,700 46,000 365,700 August 2012 Morrison & Foerster Note A - - - 918,200 193,200 1,111,400 August 2012 Morrison & Foerster Note B - - - 1,379,400 333,100 1,712,500 University Health Network - - - 549,500 101,800 651,300 - - - 3,413,500 711,300 4,124,800 Note discount - - - (474,500 ) - (474,500 ) - - - 2,939,000 711,300 3,650,300 less: current portion (and discount at March 31, 2015) - - - (2,939,000 ) (711,300 ) (3,650,300 ) non-current portion and discount $ - $ - $ - $ - $ - $ - 5.75% and 10.25% Notes payable to insurance premium financing company (current) $ - $ - $ - $ 5,800 $ - $ 5,800 10% Notes payable to vendors for accounts payable converted to notes payable $ - $ - $ - $ 378,300 $ 51,500 $ 429,800 less: current portion - - - (378,300 ) (51,500 ) (429,800 ) non-current portion $ - $ - $ - $ - $ - $ - 7.0% Note payable (August 2012) $ 58,800 $ 12,000 $ 70,800 $ 58,800 $ 7,900 $ 66,700 less: current portion (31,600 ) (12,000 ) (43,600 ) (23,200 ) (7,900 ) (31,100 ) 7.0% Notes payable - non-current portion $ 27,200 $ - $ 27,200 $ 35,600 $ - $ 35,600 Total notes payable to unrelated parties $ 58,800 $ 12,000 $ 70,800 $ 3,381,900 $ 770,700 $ 4,152,600 less: current portion (and discount at March 31, 2015) (31,600 ) (12,000 ) (43,600 ) (3,346,300 ) (770,700 ) (4,117,000 ) Net non-current portion $ 27,200 $ - $ 27,200 $ 35,600 $ - $ 35,600 Notes payable to related parties: October 2012 7.5% Note to Cato Holding Co. $ - $ - $ - $ 293,600 $ 55,900 $ 349,500 October 2012 7.5% Note to Cato Research Ltd. - - - 1,009,000 204,800 1,213,800 - - - 1,302,600 260,700 1,563,300 Note discount - - - (54,500 ) - (54,500 ) Total notes payable to related parties - - - 1,248,100 260,700 1,508,800 less: current portion - - - (1,248,100 ) (260,700 ) (1,508,800 ) non-current portion and discount $ - $ - $ - $ - $ - $ - With the exception of the 10% convertible promissory notes issued in connection with our 2014 Unit Private Placement, described below, and a $300,000 promissory note issued in April 2014 to Icahn School of Medicine at Mount Sinai in satisfaction of certain stem cell technology license maintenance fees and reimbursable patent prosecution costs, all of our outstanding secured and unsecured promissory notes were issued prior to the beginning of our fiscal year ended March 31, 2015 and either no payments were required under the terms of such notes or, for strategic purposes, we did not make any principal or interest payments on them during our fiscal year ended March 31, 2015. As disclosed below, between May 2015 and September 2015, we reached agreements with the holders of essentially all of our outstanding notes to convert the outstanding balance of principal and interest into shares of our Series B Preferred. New promissory note issuances during fiscal years 2015 and 2016 and conversions of our secured and unsecured convertible promissory notes and other promissory notes into shares of our Series B Preferred during the fiscal year ended March 31, 2016 are described below. 10% Convertible Notes Issued in Connection with 2014 Unit Private Placement As described more completely under the caption 2014 Unit Private Placement Capital Stock, 2014 Unit Notes Maturity Outstanding Balance Qualified Financing We allocated the proceeds from the self-placed private placement of the units to the 2014 Unit Notes, the common stock and the warrants comprising the units based on the relative fair value of the individual securities in the unit on the date of the unit sale. Based on the short-duration of the 2014 Unit Notes and their other terms, we determined that the fair value of the 2014 Unit Notes at the date of issuance was equal to their face value. Accordingly, we recorded an initial discount attributable to each 2014 Unit Note for an amount representing the difference between the face value of the 2014 Unit Note and its allocated relative value. Additionally, the 2014 Unit Notes contained an embedded conversion feature having intrinsic value at the issuance date, which value we treated as an additional discount attributable to those 2014 Unit Notes, subject to limitations on the absolute amount of discount attributable to each 2014 Unit Note. We recorded a corresponding credit to additional paid-in capital, an equity account, attributable to the beneficial conversion feature. We amortized the discounts attributable to the 2014 Unit Notes issued in April and May 2015, an aggregate of $277,200, using the effective interest method over the respective term of each 2014 Unit Note. Because the discount on each of these 2014 Unit Notes represented 99% of its initial face value, and because we were required to amortize such discount over the period from issuance to maturity, which was no more than two months for these notes, the calculated effective interest rate is extremely high. Based on the amounts of their respective discounts and the term between issuance and maturity, the effective interest rates attributable to the 2014 Unit Notes issued in April and May 2015 are in excess of 10,000%. Issuance of Securities in Satisfaction of Technology License and Maintenance Fees and Patent Expenses As described more completely in Note 9, Capital Stock ISMMS Agreement Accounting for Notes and Other Indebtedness Converted into Series B Preferred Between May 2015 and September 2015, we extinguished the outstanding balances of approximately $17.2 million of indebtedness, including all of our senior secured promissory notes, all except $58,800 principal of our unsecured promissory notes, and a substantial portion of other indebtedness, and certain adjustments thereto, that were either due and payable or would have become due and payable prior to March 31, 2016, by converting all such indebtedness into shares of our Series B Preferred (which is described more completely below under the caption Creation of Series B Preferred Stock Capital Stock Conversion of Senior Secured 10% Convertible Promissory Notes issued to PLTG into Series B Preferred As described more completely in Note 9, Capital Stock PLTG Agreement Conversion of 2014 Unit Notes into Series B Preferred Pursuant to the PLTG Agreement, PLTG also converted the $1,345,700 outstanding balance of the 2014 Unit Notes originally issued by us to PLTG that had matured on March 31, 2015 ( PLTG Unit Notes Acquired Unit Notes Investor Unit Notes Capital Stock Based on the $10.00 per share fair value of the Series B Preferred at the date the PLTG Unit Notes and Acquired Unit Notes were converted and the $8.00 per share fair value of the Series B Preferred at the date the Investor Unit Notes were converted, we issued Series B Preferred having an aggregate fair value of $7,676,200 upon the conversions. We valued the warrants issued in connection with the 2014 Unit Note conversions at an aggregate of $5,168,400 using the Black Scholes option pricing model and the following assumptions: Assumption: PLTG Unit Notes and Acquired U nit Notes Investor U nit Notes Market price per share at conversion date $ 10.00 $ 8.00 Exercise price per share $ 7.00 $ 7.00 Risk-free interest rate 1.58 1.57 Contractual term in years 5.00 5.00 Volatility 76.5 % 75.7 % Dividend rate 0.0 % 0.0 % Warrant shares 506,004 327,016 Fair Value per share $ 6.89 $ 5.15 Nearly all of the 2014 Unit Notes contained a beneficial conversion feature at the time they were originally issued. We have accounted for the repurchase of the beneficial conversion feature at the time of the extinguishment and conversion, an aggregate of $2,237,100, as a reduction to the loss on extinguishment of debt in the accompanying Consolidated Statements of Operations and Comprehensive Loss, with a corresponding reduction to additional paid-in capital. In aggregate, we recognized a non-cash loss on extinguishment of debt attributable to the conversion of the 2014 Unit Notes in the amount of $5,942,700 in the quarter ended June 30, 2015. Conversion of Promissory Note issued to University Health Network into Series B Preferred On May 29, 2015, University Health Network ( UHN Conversion of Promissory Notes and Accounts Payable issued to Cato Holding Company (CHC) and Cato Research Ltd. (CRL) into Series B Preferred On June 10, 2015, CHC, the parent company of CRL and a related party, converted the entire aggregate outstanding balance (principal and accrued interest) of $1,583,000 of our outstanding promissory notes issued to CHC and CRL and maturing on March 31, 2016 (together, the Cato Notes CRL Payables As additional consideration for the conversion of the Cato Notes and the CRL Payables, we amended certain outstanding warrants held by CHC and CRL to purchase 12,500 and 60,691 restricted shares of our common stock, respectively, to reduce the exercise price thereof from $30.00 and $20.00 per share, respectively, to $7.00 per share. We calculated the fair value of the warrants immediately before and after the modifications and determined that the fair value of the warrants increased by $222,700. The warrants subject to the exercise price modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions: Assumption: Pre- modification Post- modification Market price per share at modification date $ 10.00 $ 10.00 Exercise price per share $ 20.00 and $30.00 $ 7.00 Risk-free interest rate 0.87 % 0.87 % Contractual term in years 2.31 2.31 Volatility 73.9 % 73.9 % Dividend rate 0.0 % 0.0 % Weighted Average Fair Value per share $ 2.44 and $1.57 $ 5.33 After eliminating the remaining unamortized discount of $46,000 attributable to the Cato Notes, we recognized a non-cash loss on the extinguishment of debt attributable to the conversion of the Cato Notes and CRL Payables of $1,800,100 in the quarter ended June 30, 2015. Conversion of Promissory Note B issued to Morrison & Foerster into Series B Preferred On June 12, 2015, Morrison & Foerster ( M&F M&F Note B As additional consideration for the conversion of M&F Note B, we amended two outstanding warrants held by M&F to purchase an aggregate of 110,448 restricted shares of our common stock to reduce the exercise price of one of the warrants from $40.00 per share to $20.00 per share and to extend the term of both warrants from September 15, 2017 to September 15, 2019. We calculated the fair value of the warrants immediately before and after the modifications and determined that the fair value of the warrants increased by $244,200. The warrants subject to the exercise price and term modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions: Assumption: Pre- modification Post-modification Market price per share at modification date $ 10.00 $ 10.00 Exercise price per share $ 20.00 and $40.00 $ 20.00 Risk-free interest rate 0.86 % 1.57 % Contractual term in years 2.27 4.27 Volatility 73.8 % 76.7 % Dividend rate 0.0 % 0.0 % Weighted Average Fair Value per share $ 2.39 and $1.04 $ 4.35 After eliminating the remaining unamortized discount of $225,500 attributable to M&F Note B, we recognized a non-cash loss on the extinguishment of debt attributable to the conversion of M&F Note B of $1,305,600 in the quarter ended June 30, 2015. In addition to its agreement to convert M&F Note B into Series B Preferred, M&F also agreed to withhold, through the later of (i) December 31, 2016 or (ii) our consummation of a registered public offering or a strategic transaction involving AV-101 in which, in either case, we received gross proceeds of at least $20.0 million, any and all action to collect amounts due under our August 2012 promissory Note A maturing on March 31, 2016 ( M&F Note A M&F Payables Conversion of Morrison & Foerster Note A and Morrison & Foerster Payables into Series B Preferred In a transaction to which we were not a party, M&F sold M&F Note A, which, at the time of the sale, had an outstanding balance (principal and accrued interest) of $1,149,000, as well as the M&F Payables in the amount of $165,100, to two third-party accredited investors (the M&F Note A Investors Conversion of Promissory Note issued to McCarthy Tetrault into Series B Preferred On June 18, 2015, McCarthy Tetrault ( McCarthy McCarthy Note Conversion of Promissory Note issued to Burr Pilger & Mayer into Series B Preferred On June 24, 2015, Burr Pilger & Mayer ( Burr Burr Note Conversion of Promissory Note and Accounts Payable Issued to Icahn School of Medicine at Mount Sinai into Series B Preferred On June 26, 2015, Icahn School of Medicine at Mount Sinai ( ISMMS As additional consideration for the conversion of the ISMMS note, we amended an outstanding warrant held by ISMMS to purchase 15,000 restricted shares of our common stock to reduce the exercise price from $10.00 per share to $7.00 per share. We calculated the fair value of the warrant immediately before and after the modification and determined that the fair value of the warrant increased by $16,600. The warrant subject to the exercise price modification was valued using the Black-Scholes Option Pricing Model and the following assumptions: Assumption: Pre- modification Post- modification Market price per share at modification date $ 16.00 $ 16.00 Exercise price per share $ 10.00 $ 7.00 Risk-free interest rate 1.34 % 1.34% % Contractual term in years 3.76 3.76 Volatility 76.3 % 76.3 % Dividend rate 0.0 % 0.0 % Weighted Average Fair Value per share $ 10.48 $ 11.60 We recognized a non-cash loss on extinguishment of debt attributable to the conversion of ISMMS note of $386,200 in the quarter ended June 30, 2015. On July 13, 2015, ISMMS also converted accounts payable in the amount of $19,100 ( ISMMS Payables Conversion of Promissory Note issued to National Jewish Health into Series B Preferred On June 29, 2015, National Jewish Health ( NJH Conversion of Promissory Note issued to Desjardins Securities into Series B Preferred On July 2, 2015, Desjardins Securities (Desjardins Conversion of Promissory Note and Accounts Payable issued to MicroConstants into Series B Preferred On July 6, 2015, MicroConstants, Inc. ( MicroConstants) C onversion of Accounts Payable to Professional Services Providers and Other Debt into Series B Preferred During June and July 2015, two of our professional service providers and a former employee to whom we were contractually obligated for certain accrued compensation amounts converted an aggregate of $497,900 past due amounts for prior services ( Service Provider Payables |
Capital Stock
Capital Stock | 12 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | 9. Capital Stock Reverse Split (Stock Consolidation) of our Common Stock As indicated in Note 2, Basis of Presentation FINRA . Each reference to shares of common stock or the price per share of common stock in these financial statements is post-Stock Consolidation, and reflects the 1-for-20 adjustment as a result of the Stock Consolidation. Series A Preferred Stock In December 2011, our Board of Directors authorized the creation of a series of up to 500,000 shares of Series A Preferred, par value $0.001 ( Series A Preferred The Series A Preferred has no separate dividend rights, however, whenever the Board of Directors declares a dividend on the common stock, each holder of record of a share of Series A Preferred shall be entitled to receive an amount equal to such dividend declared on one share of common stock multiplied by the number of shares of common stock into which such share of Series A Preferred could be converted on the Record Date. Except with respect to transactions upon which the Series A Preferred shall be entitled to vote separately as a class, the Series A Preferred has no voting rights. The restricted common stock into which the Series A Preferred is convertible shall, upon issuance, have all of the same voting rights as other issued and outstanding shares of our common stock. In the event of the liquidation, dissolution or winding up of the affairs of the Company, after payment or provision for payment of our debts and other liabilities, the holders of Series A Preferred then outstanding shall be entitled to receive an amount per share of Series A Preferred calculated by taking the total amount available for distribution to holders of all of our outstanding common stock before deduction of any preference payments for the Series A Preferred, divided by the total of (x), all of the then outstanding shares of our common stock, plus (y) all of the shares of our common stock into which all of the outstanding shares of the Series A Preferred can be converted before any payment shall be made or any assets distributed to the holders of the common stock or any other junior stock. At March 31, 2016 and 2015, there were 500,000 restricted shares of Series A Preferred outstanding, convertible into 750,000 shares of our common stock at the option of the holder, all held by PLTG or its affiliates and a third party to whom PLTG transferred certain of the shares. PLTG initially acquired the Series A Preferred pursuant to certain transactions with us that occurred between December 2011 and June 2012, the latter of which involved, among other considerations, the exchange of common stock then owned by PLTG for shares of Series A Preferred. The common shares exchanged for shares of Series A Preferred are treated as treasury stock in the accompanying Consolidated Balance Sheets at March 31, 2016 and 2015. Creation of Series B Preferred Stock On July 17, 2014, our Board of Directors authorized the creation of a class of Series B Preferred Stock. On May 7, 2015, we filed a Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Preferred Stock of VistaGen Therapeutics, Inc. ( Certificate of Designation Each share of Series B Preferred is convertible, at the option of the holder ( Voluntary Conversion Automatic Conversion Conversion Prior to Conversion, shares of Series B Preferred accrue in-kind dividends (payable only in unregistered shares of our common stock) at a rate of 10% per annum ( Accrued Dividends Refer to Note 16, Subsequent Events Creation of Series C Preferred Stock On January 13, 2016, our Board authorized the creation of, and effective January 25, 2016, we filed a Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock of VistaGen Therapeutics, Inc. (the Series C Preferred Certificate of Designation Series C Preferred 2014 Unit Private Placement Between late-March 2014 and March 31, 2015, we entered into securities purchase agreements with accredited investors, including PLTG, pursuant to which we sold units to such accredited investors in private placement transactions ( 2014 Units 2014 Unit Stock) 2014 Unit Warrants We allocated the proceeds from the sale of the 2014 Units to the various securities based on their relative fair values on the dates of the sales. As described in Note 8, Convertible Promissory Notes and Other Notes Payable Unit Warrants Aggregate Allocation of Proceeds Based on Relative Fair Value of: Weighted Average Issuance Date Valuation Assumptions Per Aggregate Warrant Risk free Share Fair Fair Value Aggregate Proceeds Shares Market Exercise Term Interest Dividend Value of of Unit of Unit Unit Unit Unit Issued Price Price (Years) Rate Volatility Rate Warrant Warrants Sales Stock Warrant Note 282,850 $ 9.28 $ 10.00 2.17 0.62 % 72.36 % 0.00 % $ 3.63 $ 1,027,000 $ 3,133,500 $ 1,122,400 $ 454,200 $ 1,556,900 Between April 1, 2015 and May 14, 2015, we entered into additional securities purchase agreements with accredited investors pursuant to which we sold 2014 Units to such accredited investors for aggregate cash proceeds of $280,000, such 2014 Units consisting of (i) 2014 Unit Notes in the aggregate face amount of $280,000 due between April 30, 2015 and May 15, 2015 or automatically convertible into securities issuable upon our consummation of a Qualified Financing, as defined in the note; (ii) an aggregate of 33,000 restricted shares 2014 Unit Stock; and (iii) 2014 Unit Warrants exercisable through December 31, 2016 to purchase an aggregate of 24,250 restricted shares of our common stock at an exercise price of $10.00 per share. As described above, we allocated the proceeds from the private placement sales of the 2014 Units sold during the fiscal year ended March 31, 2016 to the various securities based on their relative fair values on the dates of the sales. We calculated the fair value of these 2014 Unit Warrants using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. The table below also presents the aggregate allocation of the 2014 Unit sales proceeds based on the relative fair values of the 2014 Unit Stock, 2014 Unit Warrants and 2014 Unit Notes as of their respective 2014 Unit sales dates during the fiscal year ended March 31, 2016. Unit Warrants Aggregate Allocation of Proceeds Based on Relative Fair Value of: Weighted Average Issuance Date Valuation Assumptions Per Aggregate Warrant Risk free Share Fair Fair Value Aggregate Proceeds Shares Market Exercise Term Interest Dividend Value of of Unit of Unit Unit Unit Unit Issued Price Price (Years) Rate Volatility Rate Warrant Warrants Sales Stock Warrant Note 24,250 $ 10.00 $ 10.00 1.70 0.45 % 73.19 % 0.00 % $ 3.69 $ 89,600 $ 280,000 $ 128,900 $ 2,057,900 $ 118,200 In aggregate, between late-March 2014 and May 14, 2015, we entered into securities purchase agreements with accredited investors for the 2014 Unit Private Placement pursuant to which we sold 2014 Units to such accredited investors for aggregate cash proceeds of $3,413,500, consisting of (i) 2014 Unit Notes in the aggregate face amount of $3,413,500 due between March 31, 2015 and May 15, 2015 or automatically convertible into securities issuable upon our consummation of a Qualified Financing, as defined in the note; (ii) an aggregate of 315,850 restricted shares of 2014 Unit Stock; and (iii) 2014 Unit Warrants exercisable through December 31, 2016 to purchase an aggregate of 307,100 restricted shares of our common stock at an exercise price of $10.00 per share. May 2015 Agreement with PLTG On May 5, 2015, we entered into an Agreement with PLTG, which, as modified, became effective on May 12, 2015 ( PLTG Agreement ● Converted into 641,335 shares of Series B Preferred all of the approximately $4.5 million outstanding balance (principal and accrued but unpaid interest) of the Senior Secured Notes we had previously issued to PLTG, as described previously in Note 8, Convertible Promissory Notes and Other Notes Payable ● Released all of its security interests in our assets and those of our subsidiaries by terminating the Amended and Restated Security Agreement, IP Security Agreement and Negative Covenant, each dated October 11, 2012 between us and PLTG; ● Converted into 240,305 shares of Series B Preferred and five-year warrants to purchase 240,305 shares of our common stock at a fixed exercise price of $7.00 per share ( Series B Warrants Convertible Promissory Notes and Other Notes Payable ● Purchased approximately $1.5 million (including accrued but unpaid interest thereon) of outstanding 2014 Unit Notes we had previously issued to various accredited investors from the respective holders thereof ( Acquired Unit Notes Convertible Promissory Notes and Other Notes Payable ● Entered into a Securities Purchase Agreement ( SPA ● Amended the PLTG Warrants previously issued by us to PLTG in connection with the Senior Secured Notes and the Series A Exchange Warrant to (i) fix the exercise price thereof, (ii) eliminate the exercise price reset features; (iii) fix the number of shares of our common stock issuable thereunder, and (iv) eliminate the cashless exercise provisions from the PLTG Warrants, as described in Note 4. Fair Value Measurements ● Agreed to refrain from the sale of any shares of our common stock held by PLTG or its affiliates until the earlier to occur of an effective registration statement relating to resale of certain specified shares of common stock under the Securities Act of 1933, as amended, or the closing price of our common stock is at least $15.00 per share. As additional consideration for the several agreements of PLTG under the PLTG Agreement, we issued to PLTG 400,000 shares of Series B Preferred ( Additional Consideration Shares Additional Consideration Warrants Convertible Promissory Notes and Other Notes Payable August 2015 Agreement with PLTG On August 3, 2015, we entered into the August 2015 Agreement with PLTG pursuant to which we agreed to sell to PLTG an additional $3.0 million of our Series B Preferred and Series B Warrants (together Series B Preferred Units 2015 Series B Preferred Unit Offering Between May 26, 2015 and March 31, 2016, in self-placed private placement transactions, we sold to accredited investors an aggregate of $5,025,800 of units in our Series B Preferred Unit offering, which units consist of Series B Preferred and Series B Warrants (together Series B Preferred Units We allocated the proceeds from the sale of the Series B Preferred Units to the Series B Preferred and the Series B Warrants based on their relative fair values on the dates of the sales. As described in Note 8, Convertible Promissory Notes and Other Notes Payable Unit Warrants Aggregate Allocation of Proceeds Based on Relative Fair Value of: Weighted Average Issuance Date Valuation Assumptions Per Aggregate Warrant Risk free Share Fair Fair Value Aggregate Proceeds Shares Market Exercise Term Interest Dividend Value of of Unit of Unit Unit Unit Issued Price Price (Years) Rate Volatility Rate Warrant Warrants Sales Stock Warrant 717,978 $ 10.45 $ 7.00 5.00 1.61 % 77.30 % 0.0 % $ 7.37 $ 5,288,600 $ 5,025,800 $ 2,967,900 $ 2,057,900 See Note 16, Subsequent Events Registration Statement for Common Stock underlying Series B Preferred and Series B Warrants The securities purchase agreements for the Series B Preferred and Series B Preferred Units executed with PLTG, the holders of the Investor Unit Notes, the holders of our promissory notes and other indebtedness converted into shares of Series B Preferred, initial investors in Series B Preferred Units, and certain others to whom we issued Series B Preferred, contained registration rights requiring that a Registration Statement on Form S-1 ( Registration Statement Conversion of Series B Preferred into Common Stock Between September 2015 and March 31, 2016, holders of an aggregate of 228,818 shares of Series B Preferred converted such shares into an equivalent number of registered shares of our common stock. Additionally, we issued an aggregate of 6,837 shares of our restricted common stock in payment of $50,900 in accrued dividends on the Series B Preferred converted. Warrant Exchanges into Series C Preferred and Common Stock On January 25, 2016, we entered into an Exchange Agreement (the Exchange Agreement Montsant Holders Outstanding PLTG Warrants NEPA We accounted for the exchange of the Outstanding PLTG Warrants and the Series A Preferred Exchange Warrant as a warrant modification, determining the fair value of the Outstanding PLTG Warrants, and the Series A Preferred Exchange Warrant as if issued on the Exchange Agreement date, as of the Exchange Agreement date, and comparing that to the fair value of the Series C Preferred stock issued. We calculated the weighted average fair value of the Outstanding PLTG Warrants to be $6.03 per share, or $11,797,400, using the Black Scholes Option Pricing Model and the following weighted average assumptions: market price per share: $8.25; exercise price per share: $7.13; risk-free interest rate: 1.27%; remaining contractual term: 3.99 years; volatility: 79.5%; expected dividend rate: 0%. We calculated the fair value of the Series A Exchange Warrants to be $5.45 per share, or an aggregate of $2,919,200, allocated as $2,481,300 to PLTG and $437,900 to the other Holder, using the Black Scholes Option Pricing Model and the following assumptions: market price per share: $8.25; exercise price per share: $7.00; risk-free interest rate: 1.47%; remaining contractual term: 5.00 years; volatility: 77.9%; expected dividend rate: 0%. Considering the direct exchangeability of the Series C Preferred shares into shares of our common stock, we determined that the fair value of a share of Series C Preferred issued pursuant to the Exchange Agreement was equal to the market value of a share of our common stock on the date of the Exchange Agreement. Accordingly, the fair value of the aggregate of 2,118,012 Series C Preferred issued to PLTG pursuant to the Exchange Agreement was $17,473,600 and we recognized the additional fair value, $3,194,900, as warrant modification expense, included as a component of general and administrative expenses in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2016. Between January 29, 2016 and March 31, 2016, we entered into Warrant Exchange Agreements with certain holders of outstanding warrants to purchase an aggregate of 1,086,610 shares of our common stock pursuant to which the holders agreed to the cancellation of such warrants in exchange for our issuance to them of an aggregate of 814,989 shares of our unregistered common stock. In connection with these exchanges, we extended the expiration date of certain warrants by three months. We also accounted for the exchange of these warrants as warrant modifications, comparing their fair value prior to the exchange with the fair value of the common stock issued. We calculated the weighted average fair value of the warrants prior to the exchange to be $3.76 per share, or $4,081,600, using the Black Scholes Option Pricing Model and the following weighted average assumptions: market price per share: $8.00; exercise price per share: $8.47; risk-free interest rate: 0.88%; remaining contractual term: 3.04 years; volatility: 81.0%; expected dividend rate: 0%. The weighted average fair value of the aggregate of 814,989 shares of common stock issued in the exchange was $7.97 per share or $6,495,000. Accordingly, we recognized the additional fair value, $2,143,400, as warrant modification expense, included as a component of general and administrative expenses in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2016. As noted, effective on January 25, 2016, we extended the term of warrants to purchase an aggregate of 91,230 unregistered shares of our common stock otherwise due to expire between January 31, 2016 and June 11, 2016 by three months. We calculated the fair value of the extended warrants immediately before and after the extension and determined that the fair value of the warrants increased by an aggregate of $45,700, which we treated as an additional component of warrant modification expense for the fiscal year ended March 31, 2016 in the accompanying Consolidated Statement of Operations and Comprehensive Loss. The warrants subject to the term extension were valued using the Black-Scholes Option Pricing Model and the following weighted average assumptions: Assumption: Pre- modification Post- modification Market price per share $ 8.25 $ 8.25 Exercise price per share $ 12.99 $ 12.99 Risk-free interest rate 0.28% 0.36% Remaining contractual term in years 0.15 0.40 Volatility 91.2% 91.2% Dividend rate 0.0% 0.0% Fair Value per share $ 0.30 $ 0.80 For warrants which were extended and subsequently exchanged, the pre-modification fair value used in the warrant exchange calculation was the post-modification term extension fair value, since those warrants were treated as having been modified twice in a twelve-month period. Amendment of 2013 Unit Notes and 2013 Unit Warrants Effective May 31, 2014, we entered into note and warrant amendment agreements with substantially all holders of 10% convertible promissory notes maturing on July 30, 2014 ( 2013 Unit Notes) 2013 Unit Warrants Convertible Promissory Notes and Other Notes Payable We calculated the fair value of the modified 2013 Unit Warrants immediately before and after the modifications and determined that the fair value of the warrants increased by an aggregate of $272,900, which we treated as a component of loss on extinguishment of debt for the fiscal year ended March 31, 2015 in the accompanying Consolidated Statements of Operations and Comprehensive Loss with a corresponding credit to additional paid-in capital, an equity account. The warrants subject to the exercise price modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions: Assumption: Pre- modification Post- modification Market price per share $ 12.60 $ 12.60 Exercise price per share $ 20.00 $ 10.00 Risk-free interest rate 0.44% 0.62% Remaining contractual term in years 2.17 2.59 Volatility 75.6% 76.6% Dividend rate 0.0% 0.0% Fair Value per share $ 3.73 $ 6.65 Issuance of Securities in Satisfaction of Technology License and Maintenance Fees and Patent Expenses In April 2014, we entered into an agreement with Icahn School of Medicine at Mount Sinai ( ISMMS Icahn School Agreement Convertible Promissory Notes and Other Notes Payable Issuance of Securities to Professional Service Providers During our fiscal year ended March 31, 2016, we issued the following securities in private placement transactions as compensation for various professional services. Unless otherwise noted, we recorded the related expense as a component of general and administrative expense in the Consolidated Statement of Operations and Comprehensive Loss for the year ended March 31, 2016. ● In June 2015, we issued an aggregate of 25,000 shares of our Series B Preferred having a fair value of $250,000 as compensation for legal services related to our debt restructuring and other corporate finance matters. ● On June 30, 2015, we issued an aggregate of 90,000 shares of our Series B Preferred having an aggregate value of $1,350,000 as compensation for financial advisory and corporate development service contracts with two independent contractors for services to be performed through June 30, 2016. The value of the Series B Preferred grants was recorded as a prepaid expense at the date of the grant and is being expensed ratably over the twelve months ending June 30, 2016, with $1,012,500 expensed during the fiscal year ended March 31, 2016. ● During the quarter ended June 30, 2015, we also issued an aggregate of 50,000 shares of our common stock having an aggregate value of $500,000, as compensation under two corporate development service contracts. ● During the quarter ended September 30, 2015 we issued to two providers of intellectual property-related legal services an aggregate of 10,000 shares of our Series B Preferred having an aggregate fair value of $120,000. ● In January 2016, we issued 10,000 shares of our common stock having a fair value of $90,000 in connection with legal services. ● In February 2016 we issued an aggregate of 6,250 shares of our common stock in connection with legal ($25,000) and investor relations ($25,000) services; ● In March 2016, we issued an aggregate of 10,375 shares of our common stock in connection with investor relations ($58,000) and legal ($25,000) services. As indicated in the following table, during the quarter ended December 31, 2015, we issued warrants to purchase an aggregate of 45,000 shares of our unregistered common stock to four parties as compensation under certain investment banking agreements. In connection with the November 2015 warrant grant, we also issued 15,750 shares of unregistered common stock valued at $106,300 and, in connection with the December 11, 2015 warrant grant, we made a cash payment of $20,000. In March 2016, we issued warrants to purchase an aggregate of 230,000 shares of our common stock to eleven professional service providers in connection with investment banking, strategic planning and financing, tax, legal and research and development consulting services. We recognized $1,042,400 of general and administrative expense and $127,100 of research and development expense attributable to the March 2016 grants. We valued the warrants granted on the dates indicated using the Black Scholes Option Pricing Model and the following assumptions: Assumption: 11/23/2015 12/11/2015 3/25/2016 Market price per share $ 6.75 $ 5.00 $ 8.00 Exercise price per share $ 7.00 $ 7.00 $ 8.00 Risk-free interest rate 1.70% 1.16% 1.39% Contractual term in years 5.0 3.0 5.0 Volatility 77.95% 77.88% 78.96% Dividend rate 0.0% 0.0% 0.0% Fair Value per share $ 4.22 $ 2.12 $ 5.08 Warrant shares granted 7,500 37,500 230,000 Expense recognized $ 31,700 $ 79,600 $ 1,169,500 In May 2014, we entered into a consulting agreement for strategic advisory and business development services pursuant to which we issued 10,000 restricted shares of our common stock as partial compensation for such professional services. We determined the fair value of stock to be $134,000, based on the $13.40 per share quoted market price of our common stock on the date of the agreement. Additionally, under the terms of the agreement, we paid an aggregate of $80,000 between May 2014 and December 31, 2014 as additional compensation for professional services rendered by the consultant. Effective January 12, 2015, we entered into a new consulting agreement with this consultant for similar services pursuant to which we issued 20,000 restricted shares of our common stock valued at $160,000, based on the $8.00 per share quoted market price of our common stock on the date of the agreement, and made cash payments of $175,000 through March 31, 2016 as compensation for such professional services. In March 2015, we entered into a consulting agreement with another consultant for additional advisory and business development services pursuant to which we issued 25,000 restricted shares of our common stock as compensation for such professional services. We determined the fair value of stock to be $175,000, based on the $7.50 per share quoted market price of our common stock on the date of the agreement. In March 2015, we issued 16,667 shares of our common stock valued at $166,700 to our legal counsel in settlement of direct legal fees related to services provided with respect to prospective, unconsummated public and private offerings of our equity securities during 2013 and 2014. We recognized a loss of $16,700 with respect to this settlement, which is included in Loss on Extinguishment of Debt in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the year ended March 31, 2015. Modification of Warrants In addition to warrants modified in connection with conversions of certain of our outstanding promissory notes into Series B Preferred as described earlier in Note 8, Convertible Promissory Notes and Other Notes Payable, Assumption: Pre-modification Post-modification Market price per share $ 10.00 $ 10.00 Exercise price per share (weighted average) $ 30.23 $ 11.92 Risk-free interest rate (weighted average) 0.83% 0.83% Remaining contractual term in years (weighted average) 2.26 2.26 Volatility (weighted average) 73.7% 73.7% Dividend rate 0.0% 0.0% Fair Value per share (weighted average) $ 1.55 $ 3.79 Officer and Director Warrant Grants and Modifications On September 2, 2015, when the market price of our common stock was $9.11 per share, our Board of Directors ( Board On November 11, 2015, when the market price of our common stock was $6.50 per share, the Board authorized the modification of outstanding warrants to purchase an aggregate of 1,123,533 shares of our common stock, including the warrants to purchase an aggregate of 600,000 shares granted in September 2015, as described above, previously granted to company officers, independent members of the Board and a key scientific advisor to reduce the exercise prices thereof to $7.00 per share and to extend through March 19, 2019 the expiration date of such warrants to purchase an aggregate of 10,803 shares of our unregistered common stock otherwise scheduled to expire during calendar 2016. We calculated the fair value of the modified warrants immediately before and after the modifications and determined that the fair value of the warrants increased by an aggregate of $492,600. We recognized $357,500 of such increase as a component of general and administrative expense in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2016, and the remaining $135,100 as a component of research and development expense in the same period. The warrants subject to the exercise price modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions: Assumption: Pre-modification Post-modification Market price per share $ 6.50 $ 6.50 Exercise price per share (weighted average) $ 9.97 $ 7.00 Risk-free interest rate (weighted average) 1.74% 1.75% Remaining contractual term in years (weighted average) 5.13 5.16 Volatility (weighted average) 78.8% 78.7% Dividend rate 0.0% 0.0% Fair Value per share (weighted average) $ 3.65 $ 4.08 In January 2015, when the market price of our common stock was $8.00 per share, the Board authorized the grant of fully-vested five-year warrants to purchase an aggregate of 381,000 restricted shares of our common stock at an exercise price of $10.00 per share, including an aggregate of 340,000 such shares to company officers and independent members of the Board. The Board also granted one-year warrants to purchase 5,715 restricted shares of our common stock at an exercise price of $10.00 per share to consultants whose warrants had expired at December 31, 2014. Additionally, the Board extended by one year the expiration date of outstanding warrants to purchase 90,675 shares of our restricted common stock otherwise expiring during calendar 2015 and reduced the exercise price to $15.00 per share for such of those extended term warrants having exercise prices in excess of that amount. We valued the new warrant grants at $1,756,900 using the Black Scholes Option Pricing Model and the following assumptions: market price per share: $8.00; exercise price per share: $10.00; risk-free interest rate: 1.45% for five-year warrants and 0.24% for one-year warrants; contractual term: 5 years or 1 year; volatility: 75.86% for five-year warrants and 69.74% for one-year warrants; expected dividend rate: 0%. We calculated the fair value of the modified warrants immediately before and after the modifications and determined that the fair value of the warrants increased by $98,400, which is reflected in general and administrative expense in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2015. The warrants subject to the exercise price modifications and term extensions were valued using the Black-Scholes Option Pricing Model and the following assumptions: Assumption: Pre- modification Post- modification Market price per share at modification date $ 8.00 $ 8.00 Exercise price per share (weighted average) $ 23.13 $ 13.00 Risk-free interest rate (weighted average) 0.04% 0.31% Contractual term in years (weighted average) 0.24 1.24 Volatility (weighted average) 69.7% 69.8% Dividend rate 0.0% 0.0% Weighted Average Fair Value per share $ 0.22 $ 1.31 In making our fair value determinations for both new warrant grants and warrant modifications using the Black Scholes Option Pricing Model, we utilize the following principles in selecting our input assumptions. The market price per share during the years ended March 31, 2016 and 2015 is based on the quoted market price of our common stock on the OTCQB on the date of the grant or modification. Because of our relatively short history as a public company, we estimate stock price volatility based on the historical volatilities of a peer group of public companies over the contractual or remaining contractual term of the warrant. The contractual term of the warrant is determined based on the grant or modification date and the latest date on which the warrant can be exercised under its original or modified terms. The risk-free rate of interest is based on the quoted constant maturity rate for U.S. Treasury Bills on the date of the grant or modification for the term most closely corresponding with the contractual term or remaining term of the warrant. We assume a dividend rate of zero as we have not paid and do not expect to pay dividends in the near future. Warrants Outstanding The following table summarizes outstanding warrants to purchase shares of our common stock as of March 31, 2016. The weighted average exercise price of outstanding warrants at March 31, 2016 was $8.17 per share. Exercise Price Expiration Shares Subject to Purchase at per Share Date March 31, 2016 $ 7.00 12/11/2018 to 3/3/2023 1,417,125 $ 8.00 3/25/2021 230,000 $ 10.00 8/31/2016 to 1/11/2020 135,384 $ 15.00 4/30/2016 to 8/31/2016 10,664 $ 20.00 9/15/2019 110,448 $ 30.00 11/20/2017 3,600 1,907,221 Note Receivable from Sale of Common Stock In May 2011, the Company accepted a $500,000 short-term note from an investor in payment for shares of the Companys common stock sold to the investor in a private placement transaction. On October 2, 2014 we received a cash payment of $60,000 from the maker of the note. We considered that payment to be in full satisfaction of the outstanding principal balance of the note and related accrued interest, aggregating $194,900, at the date of the payment and recognized a loss of $134,900 on the settlement of the note, which is reflected as a component of Other expenses, net in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2015. Reserved Shares At March 31, 2016, the Company has reserved shares of its common stock for future issuance as follows: Upon exchange of all shares of Series A Preferred Stock currently issued and outstanding (1) 750,000 Upon exchange of all shares of Series B Preferred Stock currently issued and outstanding 3,663,077 Reserved for potential future issuance of Series B Preferred Stock 108,105 Upon exchange of all shares of Series C Preferred Stock currently issued and outstanding 2,318,012 Reserved for potential future issuance of Series C Preferred Stock 681,988 Pursuant to warrants to purchase common stock: Subject to outstanding warrants 1,907,221 Pursuant to stock incentive plans: Subject to outstanding options under the 2008 and 1999 Stock Incentive Plans 336,987 Available for future grants under the 2008 Stock Incentive Plan 660,242 997,229 Total 10,425,632 ____________ (1) assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement with PLTG, as amended |
Research and Development Expens
Research and Development Expenses | 12 Months Ended |
Mar. 31, 2016 | |
Research and Development [Abstract] | |
Research and Development Expenses | 10. Research and Development Expenses The Company recorded research and development expenses of approximately $3.9 million and $2.4 million in the fiscal years ended March 31, 2016 and 2015, respectively. Research and development expense is composed primarily of employee compensation expenses, including stockbased compensation, direct project expenses, and costs to maintain and prosecute our intellectual property suite, including new patent applications for AV-101 for various indications. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The provision for income taxes for the periods presented in the Consolidated Statements of Operations and Comprehensive Loss represents minimum California franchise taxes. Income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 34% to pretax losses as a result of the following: Fiscal Years Ended March 31, 2016 2015 Computed expected tax benefit (34.00 ) % (34.00 ) % Tax effect of loss on debt extinguishment 19.22 % 5.85 % Tax effect of warrant modifications 4.38 % 0.24 % Tax effect of Warrant Liability mark to market 1.36 % 0.08 % Other losses not benefitted 9.04 % 27.83 % Other 0.01 % 0.02 % Income tax expense 0.01 % 0.02 % Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Companys deferred tax assets are as follows (in thousands): March 31, 2016 2015 Deferred tax assets: Net operating loss carryovers $ 26,606 $ 23,054 Basis differences in fixed assets - 24 Accruals and reserves 4,609 2,694 Total deferred tax assets 31,215 25,772 Valuation allowance (31,215 ) (25,772 ) Net deferred tax assets $ - $ - Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Accordingly, the deferred tax assets have been fully offset by a valuation allowance. The valuation allowance increased by $5,443,000 and $4,619,000 during the fiscal years ended March 31, 2016 and 2015, respectively. When realized, deferred tax assets related to employee stock options will be credited to additional paid-in capital. As of March 31, 2016, we had U.S. federal net operating loss carryforwards of $67.9 million, which will expire in fiscal years 2020 through 2036. As of March 31, 2016, we had state net operating loss carryforwards of $60.1 million, which will expire in fiscal years 2017 through 2036. U.S. federal and state tax laws include substantial restrictions on the utilization of net operating loss carryforwards in the event of an ownership change of a corporation. We have not performed a change in ownership analysis since our inception in 1998 and accordingly some or all of our net operating loss carryforwards may not be available to offset future taxable income, if any. The Company files income tax returns in the U.S. federal and Canadian jurisdictions and California and Maryland state jurisdictions. The Company is subject to U.S. federal and state income tax examinations by tax authorities for tax years 2000 through 2016 due to net operating losses that are being carried forward for tax purposes. The Company does not have any uncertain tax positions or unrecognized tax benefits at March 31, 2016 and 2015. The Companys policy is to recognize interest and penalties related to income taxes as components of interest expense and other expense, respectively. |
Licensing and Collaborative Agr
Licensing and Collaborative Agreements | 12 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Licensing and Collaborative Agreements | 12. Licensing and Collaborative Agreements U.S. National Institutes of Health During fiscal years 2006 through 2008, the U.S. National Institutes of Health ( NIH MDD NIMH Cato Research Ltd. We have built a strategic development relationship with Cato Research Ltd. ( CRL Convertible Promissory Notes and Other Notes Payable University Health Network On September 17, 2007, we entered into a Sponsored Research Collaboration Agreement ( SRCA UHN SRCA |
Stock Option Plans and 401(k) P
Stock Option Plans and 401(k) Plan | 12 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Plans and 401(k) Plan | 13. Stock Option Plans and 401(k) Plan We have the following share-based compensation plans. 2008 Stock Incentive Plan Our 2008 Stock Incentive Plan (the 2008 Plan 1999 Stock Incentive Plan Our 1999 Stock Incentive Plan (the 1999 Plan Description of the 2008 Plan Under the terms of the 2008 Plan, the Compensation Committee of our Board of Directors may grant shares, options or similar rights having either a fixed or variable price related to the fair market value of the shares and with an exercise or conversion privilege related to the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria or other conditions, or any other security with the value derived from the value of the shares. Such awards include stock options, restricted stock, restricted stock units, stock appreciation rights and dividend equivalent rights. The Compensation Committee may grant nonstatutory stock options under the 2008 Plan at a price of not less than 100% of the fair market value of our common stock on the date the option is granted. Incentive stock options under the 2008 Plan may be granted at a price of not less than 100% of the fair market value of our common stock on the date the option is granted. Incentive stock options granted to employees who, on the date of grant, own stock representing more than 10% of the voting power of all of our classes of stock are granted at an exercise price of not less than 110% of the fair market value of our common stock and the maximum term of such incentive stock options may not exceed five years. The maximum term of an incentive stock option granted to any other participant may not exceed ten years. The Compensation Committee determines the term and exercise or purchase price of all other awards granted under the 2008 Plan. The Compensation Committee also determines the terms and conditions of awards, including the vesting schedule and any forfeiture provisions. Awards under the 2008 Plan may vest upon the passage of time or upon the attainment of certain performance criteria established by the Compensation Committee. We currently have no performance-based awards outstanding. Unless terminated sooner, the 2008 Plan will automatically terminate in 2017. The Board of Directors may at any time amend, suspend or terminate our 2008 Plan. During September 2015, we granted options to purchase an aggregate of 90,000 shares of our common stock at an exercise price of $9.25 per share to our non-officer employees and certain strategic consultants. In February 2016, we granted options to purchase an aggregate of 30,000 shares of our common stock at an exercise price of $8.00 per share to two parties in connection with an investor relations agreement. In March 2016, we granted options to purchase 25,000 shares of our common stock at an exercise price of $8.00 per share to a new independent member of our Board of Directors. We did not grant any stock options during fiscal 2015. The following table summarizes share-based compensation expense, including share-based expense related to grants of warrants to certain of our officers, independent directors, consultants and service providers as described in Note 9, Capital Stock, Twelve Months Ended March 31, 2016 2015 Research and development expense: Stock option grants $ 227,700 $ 176,200 Warrants granted to officer in March 2014 and March 2013 11,400 145,100 Fully-vested warrants granted to officer in September 2015 852,200 - Fully-vested warrants granted to officer and consultants in January 2015 - 527,500 1,091,300 848,800 General and administrative expense: Stock option grants 93,800 98,800 Warrants granted to officers and directors in March 2014 and March 2013 15,600 283,100 Fully-vested warrants granted to officers, directors and consultants in September 2015 2,840,700 - Fully-vested warrants granted to officers, directors and consultants in January 2015 - 1,229,400 2,950,100 1,611,300 Total stock-based compensation expense $ 4,041,400 $ 2,460,100 We used the Black-Scholes Option Pricing model with the following assumptions to determine share-based compensation expense related to option grants during the fiscal years ended March 31, 2016 and 2015: Fiscal Years Ended March 31, 2016 2015 (weighted average) Exercise price $ 8.78 not applicable Market price on date of grant $ 8.69 not applicable Risk-free interest rate 1.99 % not applicable Expected term (years) 8.45 not applicable Volatility 93.27 % not applicable Expected dividend yield 0.00 % not applicable Fair value per share at grant date $ 7.09 not applicable The expected term of options represents the period that our share-based compensation awards are expected to be outstanding. We have calculated the weighted-average expected term of the options using the simplified method as prescribed by Securities and Exchange Commission Staff Accounting Bulletins No. 107 and No. 110 ( SAB No. 107 and 110 The following table summarizes activity for the fiscal years ended March 31, 2016 and 2015 under our stock option plans: Fiscal Years Ended March 31, 2016 2015 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Options outstanding at beginning of period 207,638 $ 10.09 212,486 $ 10.09 Options granted 145,000 $ 8.78 - $ - Options exercised - $ - - $ - Options forfeited (10,359 ) $ 9.26 (2,001 ) $ 9.25 Options expired (5,292 ) $ 9.42 (2,847 ) $ 10.56 Options outstanding at end of period 336,987 $ 9.56 207,638 $ 10.09 Options exercisable at end of period 201,779 $ 10.11 199,013 $ 10.09 Weighted average grant-date fair value of options granted during the period $ 7.09 $ - The following table summarizes information on stock options outstanding and exercisable under our stock option plans as of March 31, 2016: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Remaining Average Average Exercise Number Years until Exercise Number Exercise Price Outstanding Expiration Price Exercisable Price $ 8.00 102,089 8.35 $ 8.00 46,881 $ 8.00 $ 9.25 80,000 9.42 $ 9.25 - $ 9.25 $ 10.00 145,039 3.83 $ 10.00 145,039 $ 10.00 $ 14.40 to $36.00 9,859 4.04 $ 21.80 9,859 $ 21.80 336,987 6.53 $ 9.56 201,779 $ 10.11 At March 31, 2016, there were 660,242 shares of our common stock remaining available for grant under the 2008 Plan. There were no option exercises during the years ended March 31, 2016 or 2015. Aggregate intrinsic value is the sum of the amounts by which the fair value of the underlying common stock exceeded the exercise price of the option ( in-the-money-options As of March 31, 2016, there was approximately $746,900 of unrecognized compensation cost related to non-vested share-based compensation awards from the 2008 Plan, which is expected to be recognized through September 2017. Additionally, at March 31, 2016, there was no remaining unrecognized compensation cost related to warrant grants to independent directors and officers, all of which grants were completely vested as of April 1, 2016. 401(k) Plan Through a third-party agent, we maintain a retirement and deferred savings plan for our employees. This plan is intended to qualify as a tax-qualified plan under Section 401(k) of the Internal Revenue Code. The retirement and deferred savings plan provides that each participant may contribute a portion of his or her pre-tax compensation, subject to statutory limits. Under the plan, each employee is fully vested in his or her deferred salary contributions. Employee contributions are held and invested by the plans trustee. The retirement and deferred savings plan also permits us to make discretionary contributions, subject to established limits and a vesting schedule. To date, we have not made any discretionary contributions to the retirement and deferred savings plan on behalf of participating employees. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. Related Party Transactions Cato Holding Company ( CHC CBV 2012 CHC Note CHC Warrant CRL Note CRL Warrant Convertible Promissory Notes and Other Notes Payable Capital Stock Under the terms of VistaGen Californias contract research organization arrangement with CRL related to the development of AV-101, we incurred expenses of $52,600 and $38,100 for the fiscal years ended March 31, 2016 and 2015, respectively. Total interest expense on notes payable to CHC and CRL was $28,200 and $175,900 for the fiscal years ended March 31, 2016 and 2015, respectively. Upon the approval of its Board of Directors, in December 2006, VistaGen California accepted a full-recourse promissory note in the amount of $103,400 from Mr. Shawn Singh in payment of the exercise price for options and warrants to purchase an aggregate of 6,320 restricted shares of VistaGen Californias common stock. The note accrued interest at a rate of 4.90% per annum and was due and payable no later than the earlier of (i) December 1, 2016 or (ii) ten days prior to VistaGen California becoming subject to the requirements of the Securities Exchange Act of 1934, as amended ( Exchange Act Between September and December 2013, Mr. Singh provided short-term cash advances aggregating $64,000 to meet our short-term working capital requirements. In lieu of cash repayment of the advances, in December 2013, Mr. Singh elected to invest $50,000 of the balance due him in our private placement financing. At March 31, 2015, we had completely repaid to Mr. Singh the balance of the advances and the $50,000 promissory note issued in connection with his investment in the private placement. |
Commitments, Contingencies, Gua
Commitments, Contingencies, Guarantees and Indemnifications | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies, Guarantees and Indemnifications | 15. Commitments, Contingencies, Guarantees and Indemnifications From time to time, we may become involved in claims and other legal matters arising in the ordinary course of business. Management is not currently aware of any claims made or other legal matters that will have a material adverse effect on our consolidated financial position, results of operations or its cash flows. We indemnify our officers and directors for certain events or occurrences while the officer or director is or was serving at our request in such capacity. The term of the indemnification period is for the officers or directors lifetime. We will indemnify the officers or directors against any and all expenses incurred by the officers or directors because of their status as one of our directors or executive officers to the fullest extent permitted by Nevada law. We have never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. We have a director and officer insurance policy which limits our exposure and may enable us to recover a portion of any future amounts paid. We believe the fair value of these indemnification agreements is minimal. Accordingly, there are no liabilities recorded for these agreements at March 31, 2016 or 2015. In the normal course of business, we provide indemnifications of varying scopes under agreements with other companies, typically clinical research organizations, investigators, clinical sites, suppliers and others. Pursuant to these agreements, we generally indemnify, hold harmless, and agree to reimburse the indemnified parties for losses suffered or incurred by the indemnified parties in connection with the use or testing of our product candidates or with any U.S. patents or any copyright or other intellectual property infringement claims by any third party with respect to our product candidates. The terms of these indemnification agreements are generally perpetual. The potential future payments we could be required to make under these indemnification agreements is unlimited. We maintain liability insurance coverage that limits our exposure. We believe the fair value of these indemnification agreements is minimal. Accordingly, we have not recorded any liabilities for these agreements as of March 31, 2016 or 2015. Leases As of March 31, 2016 and 2015, the following assets are under capital lease obligations and included in property and equipment: March 31, 2016 2015 Office equipment 4,500 4,500 Accumulated depreciation (3,400 ) (2,500 ) Net book value $ 1,100 $ 2,000 Amortization expense for assets recorded under capital leases is included in depreciation expense. Future minimum payments, by year and in the aggregate, required under capital leases are as follows: Capital Fiscal Years Ending March 31, Leases 2017 $ 1,200 2018 100 Future minimum lease payments 1,300 Less imputed interest included in minimum lease payments (200 ) Present value of minimum lease payments 1,100 Less current portion (1,100 ) Non-current capital lease obligation $ - At March 31, 2016, future minimum payments under operating leases relate to our facility lease in South San Francisco, California through July 31, 2017 and are as follows: Fiscal Years Ending March 31, Amount 2017 $ 277,100 2018 93,800 $ 370,900 We incurred total facility rent expense for the fiscal years ended March 31, 2016 and 2015 of $337,200 and $337,000, respectively. Long-Term Debt Repayment At March 31, 2016, future minimum principal payments related to long-term debt were as follows: Fiscal Years Ending March 31, Amount 2017 $ 31,600 2018 10,400 2019 11,200 Thereafter through June 2019 5,600 $ 58,800 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | We have evaluated subsequent events through the date of this report and have identified the following material events and transactions that occurred after March 31, 2016: Series B Preferred Unit Offering In April and May 2016, in self-placed private placement transactions, we sold to accredited investors Series B Preferred Units consisting of (i) an aggregate of 39,714 shares of our Series B Preferred and (ii) Series B Warrants to purchase an aggregate of 39,714 shares of our common stock at an exercise price of $7.00 per share. We received cash proceeds of $278,000 from these sales of Series B Preferred Units. Conversion of Series B Preferred into Common Stock During April 2016, holders of an aggregate of 7,500 shares of Series B Preferred voluntarily converted such shares into an equivalent number of registered shares of our common stock. In connection with such conversions, we issued an aggregate of 510 shares of our unregistered common stock in payment of $4,000 in accrued dividends on the Series B Preferred converted. On May 19, 2016, upon the consummation of the May 2016 Public Offering, described below, an aggregate of 2,403,051 shares of Series B Preferred were automatically converted into an aggregate of 2,192,847 registered shares of our common stock and an aggregate of 210,204 shares of our unregistered common stock. Additionally, we issued an aggregate of 416,806 shares of our unregistered common stock in payment of $1,642,100 in accrued dividends, at the rate of one share of common stock for each $3.94 of accrued dividends. On June 15, 2016, pursuant to the underwriters exercise of their over-allotment option, an additional 44,500 shares of Series B Preferred were converted into 44,500 shares of our registered common stock. We issued an additional 9,580 shares of our unregistered common stock in payment of $37,400 in accrued dividends, at the rate of one share of common stock for each $3.90 in accrued dividends. May 2016 Public Offering Effective on May 16, 2016, we consummated a fully underwritten public offering, pursuant to which we issued an aggregate of 2,570,040 registered shares of our common stock at a public sales price of $4.24 per share and five-year warrants exercisable at $5.30 per share to purchase an aggregate of 2,705,883 shares of our common stock at a public sales price of $0.01 per warrant share, including shares and warrants issued pursuant to the exercise of the underwriters over-allotment option (the May 2016 Public Offering Repayment of Promissory Note On June 13, 2016, we paid in full the $71,600 outstanding balance (principal and accrued but unpaid interest) of the promissory note we issued to Progressive Medical Research in August 2012. Following this payment, we have no remaining outstanding promissory notes. |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Mar. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Financial Information | 17. Supplemental Financial Information The following table presents the unaudited statements of operations data for each of the eight quarters in the period ended March 31, 2016. The information has been presented on the same basis as the audited financial statements and all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts below to present fairly the unaudited quarterly results when read in conjunction with the audited financial statements and related notes. The operating results for any quarter should not be relied upon as necessarily indicative of results for any future period. Quarterly Results of Operations (Unaudited) (in thousands, except share and per share amounts) Three Months Ended June 30, September 30, December 31, March 31, Total Fiscal 2015 2015 2015 2016 Year 2016 Operating expenses: Research and development $ 373 $ 1,656 $ 806 $ 1,097 $ 3,932 General and administrative 1,448 3,731 1,336 7,404 13,919 Total operating expenses 1,821 5,387 2,142 8,501 17,851 Loss from operations (1,821 ) (5,387 ) (2,142 ) (8,501 ) (17,851 ) Other expenses, net: Interest expense, net (755 ) (12 ) (3 ) (1 ) (771 ) Change in warrant liabilities (1,895 ) - - - (1,895 ) Loss on extinguishment of debt (25,051 ) (1,649 ) - - (26,700 ) Other expense, net - - (2 ) - (2 ) Loss before income taxes (29,522 ) (7,048 ) (2,147 ) (8,502 ) (47,219 ) Income taxes (2 ) - - - (2 ) Net loss (29,524 ) (7,048 ) (2,147 ) (8,502 ) (47,221 ) Accrued dividend on Series B Preferred stock (213 ) (615 ) (631 ) (681 ) (2,140 ) Deemed dividend on Series B Preferred stock (256 ) (887 ) (669 ) (246 ) (2,058 ) Net loss attributable to common stockholders $ (29,993 ) $ (8,550 ) $ (3,447 ) $ (9,429 ) $ (51,419 ) Basic and diluted net loss per common share $ (19.23 ) $ (5.26 ) $ (1.95 ) $ (4.44 ) $ (29.08 ) Weighted average shares used in computing: Basic and diluted net loss per common share 1,559,483 1,624,371 1,765,641 2,123,936 1,767,957 Three Months Ended Total Fiscal Year 2015 June 30, 2014 September 30, 2014 December 31, 2014 March 31, 2015 Operating expenses: Research and development $ 474 $ 558 $ 445 $ 956 $ 2,433 General and administrative 797 556 671 2,320 4,344 Total operating expenses 1,271 1,114 1,116 3,276 6,777 Loss from operations (1,271 ) (1,114 ) (1,116 ) (3,276 ) (6,777 ) Other expenses, net: Interest expense, net (785 ) (606 ) (792 ) (2,366 ) (4,549 ) Change in warrant liabilities (1,727 ) 1,302 953 (563 ) (35 ) Income (loss) before income taxes (4,551 ) (2,021 ) (1,090 ) (6,222 ) (13,884 ) Income taxes (2 ) - - - (2 ) Net income (loss) $ (4,553 ) $ (2,021 ) $ (1,090 ) $ (6,222 ) $ (13,886 ) Basic net loss per common share $ (3.70 ) $ (1.58 ) $ (0.84 ) $ (4.24 ) $ (10.53 ) Diluted net loss per common share $ (3.70 ) $ (1.90 ) $ (1.08 ) $ (4.24 ) $ (10.61 ) Weighted average shares used in computing: Basic net loss per common share 1,229,504 1,279,267 1,302,316 1,466,402 1,318,813 Diluted net loss per common share 1,229,504 1,299,115 1,302,316 1,466,402 1,318,813 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Use of Estimates | The preparation of financial statements in conformity with U.S. generally accepted accounting principles ( U.S. GAAP |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the Companys accounts, and the accounts of VistaGen Californias wholly-owned inactive subsidiaries, Artemis Neurosciences and VistaStem Canada. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are considered to be highly liquid investments with maturities of three months or less at the date of purchase. |
Property and Equipment | Property and Equipment Property and equipment is stated at cost. Repairs and maintenance costs are expensed in the period incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range from five to seven years. |
Impairment or Disposal of Long-Lived Assets | Impairment or Disposal of Long-Lived Assets We evaluate our long-lived assets, primarily property and equipment, for impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable from the estimated future cash flows expected to result from their use or eventual disposition. If the estimates of future undiscounted net cash flows are insufficient to recover the carrying value of the assets, we record an impairment loss in the amount by which the carrying value of the assets exceeds their fair value. If the assets are determined to be recoverable, but the useful lives are shorter than originally estimated, we depreciate or amortize the net book value of the assets over the newly determined remaining useful lives. We have not recorded any impairment charges to date. |
Revenue Recognition | Revenue Recognition Although we do not currently have any such arrangements, we have historically generated revenue principally from collaborative research and development arrangements, technology transfer agreements, including strategic licenses, and government grants. Revenue arrangements with multiple components are divided into separate units of accounting if certain criteria are met, including whether the delivered component has stand-alone value to the customer. Consideration received is allocated among the separate units of accounting based on their respective selling prices. The selling price for each unit is based on vendor-specific objective evidence, or VSOE, if available, third party evidence if VSOE is not available, or estimated selling price if neither VSOE nor third party evidence is available. The applicable revenue recognition criteria are then applied to each of the units. We recognize revenue when the four basic criteria of revenue recognition are met: (i) a contractual agreement exists; (ii) the transfer of technology has been completed or services have been rendered; (iii) the fee is fixed or determinable; and (iv) collectability is reasonably assured. For each source of revenue, we comply with the above revenue recognition criteria in the following manner: ● Collaborative arrangements typically consist of non-refundable and/or exclusive up front technology access fees, cost reimbursements for specific research and development spending, and various milestone and future product royalty payments. If the delivered technology does not have stand-alone value, the amount of revenue allocable to the delivered technology is deferred. Non-refundable upfront fees with stand-alone value that are not dependent on future performance under these agreements are recognized as revenue when received, and are deferred if we have continuing performance obligations and have no objective and reliable evidence of the fair value of those obligations. We recognize non-refundable upfront technology access fees under agreements in which we have a continuing performance obligation ratably, on a straight-line basis, over the period during which we are obligated to provide services. Cost reimbursements for research and development spending are recognized when the related costs are incurred and when collectability is reasonably assured. Payments received related to substantive, performance-based at-risk milestones are recognized as revenue upon achievement of the milestone event specified in the underlying contracts, which represent the culmination of the earnings process. Amounts received in advance are recorded as deferred revenue until the technology is transferred, costs are incurred, or a milestone is reached. ● Technology license agreements typically consist of non-refundable upfront license fees, annual minimum access fees, development and/or regulatory milestone payments and/or royalty payments. Non-refundable upfront license fees and annual minimum payments received with separable stand-alone values are recognized when the technology is transferred or accessed, provided that the technology transferred or accessed is not dependent on the outcome of the continuing research and development efforts. Otherwise, revenue is recognized over the period of our continuing involvement, and, in the case of development and/or regulatory milestone payments, when the applicable event triggering such a payment has occurred. ● Government grants, which support our research efforts on specific projects, generally provide for reimbursement of approved costs as defined in the terms of grant awards. Grant revenue is recognized when associated project costs are incurred. |
Research and Development Expenses | Research and Development Expenses Research and development expenses are composed of both internal and external costs. Internal costs include salaries and employment-related expenses of scientific personnel and direct project costs. External research and development expenses consist primarily of costs associated with clinical and non-clinical development of AV-101, our prodrug candidate entering late-stage clinical development for Major Depressive Disorder, sponsored stem cell research and development costs, and costs related to the application and prosecution of patents related to our stem cell technology platform and AV-101. All such costs are charged to expense as incurred. |
Stock-Based Compensation | Stock-Based Compensation We recognize compensation cost for all stock-based awards to employees based on the grant date fair value of the award. We record non-cash, stock-based compensation expense over the period during which the employee is required to perform services in exchange for the award, which generally represents the scheduled vesting period. We have granted no restricted stock awards nor do we have any awards with market or performance conditions. For equity awards to non-employees, we re-measure the fair value of the awards as they vest and the resulting value is recognized as an expense during the period over which the services are performed. |
Income Taxes | Income Taxes We account for income taxes using the asset and liability approach for financial reporting purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce the deferred tax assets to an amount expected to be realized. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents. Our investment policies limit any such investments to short-term, low-risk investments. We deposit cash and cash equivalents with quality financial institutions and are insured to the maximum of federal limitations. Balances in these accounts may exceed federally insured limits at times. |
Warrant Liability | Between October 2012 and July 2013, we issued to PLTG warrants to purchase a substantial number of unregistered shares of our common stock and, subject to PLTGs exercise of its rights to exchange shares of our Series A Preferred Stock that it holds, we were obligated to issue to PLTG an additional warrant ( Series A Exchange Warrant PLTG Warrants Fair Value Measurements, Convertible Promissory Notes and Other Notes Payable , Capital Stock Notwithstanding the foregoing, and as described in Note 9, Capital Stock Capital Stock |
Comprehensive Loss | Comprehensive Loss We have no components of other comprehensive loss other than net loss, and accordingly our comprehensive loss is equivalent to our net loss for the periods presented. |
Loss per Common Share | Loss per Common Share Basic net income (loss) per share of common stock excludes the effect of dilution and is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) per share of common stock reflects the potential dilution that could occur if securities or other contracts to issue shares of common stock were exercised or converted into shares of common stock. In calculating diluted net income (loss) per share, we have adjusted the numerator for the change in the fair value of the warrant liability attributable to the outstanding PLTG Warrants, only if dilutive, and increased the denominator to include the number of potentially dilutive common shares assumed to be outstanding during the period using the treasury stock method. As a result of our net loss for both years presented, potentially dilutive securities were excluded from the computation of diluted loss per share, as their effect would be antidilutive. Basic and diluted net loss attributable to common stockholders per share was computed as follows: Twelve Months Ended March 31, 2016 2015 Numerator: Net loss attributable to common stockholders for basic net loss per share $ (51,419,000 ) $ (13,885,800 ) less: change in fair value of warrant liability attributable to outstanding warrants issued to PLTG - (105,200 ) Net loss for diluted earnings per share attributable to common stockholders $ (51,419,000 ) $ (13,991,000 ) Denominator: Weighted average basic common shares outstanding 1,767,957 1,318,813 Assumed conversion of dilutive securities: Warrants to purchase common stock - - Potentially dilutive common shares assumed converted - - Denominator for diluted earnings per share - adjusted weighted average shares 1,767,957 1,318,813 Basic net loss attributable to common stockholders per common share $ (29.08 ) $ (10.53 ) Diluted net loss attributable to common stockholders per common share $ (29.08 ) $ (10.61 ) Potentially dilutive securities excluded in determining diluted net loss per common share for the fiscal years ended March 31, 2016 and 2015 are as follows: As of March 31, 2016 2015 Series A Preferred stock issued and outstanding (1) 750,000 750,000 Series B Preferred stock issued and outstanding (2) 3,663,077 - Series C Preferred stock issued and outstanding (3) 2,318,012 - Outstanding options under the 2008 and 1999 Stock Incentive Plans 336,987 207,638 Outstanding warrants to purchase common stock 1,907,221 1,544,474 Warrant shares issuable to PLTG upon exchange of Series A Preferred under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as subsequently amended - 375,000 10% Senior Secured Convertible Notes issued to PLTG between October 2012 and July 2013, including accrued interest through March 31, 2015 - 444,235 10% convertible notes issued as a component of 2014 Unit Private Placement, including accrued interest through March 31, 2015 - 433,758 Total 8,975,297 3,755,105 ____________ (1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement with PLTG, as amended (2) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015 (3) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ( FASB ASU Revenue from Contracts with Customers (Topic 606), Revenue Recognition In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial StatementsGoing Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. Contingencies Basis of Presentation In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases ASC 842 Leases In March 2016, the FASB issued ASU 2016-09, CompensationStock Compensation |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of basic and diluted net loss attributable to common stockholders per share | Basic and diluted net loss attributable to common stockholders per share was computed as follows: Twelve Months Ended March 31, 2016 2015 Numerator: Net loss attributable to common stockholders for basic net loss per share $ (51,419,000 ) $ (13,885,800 ) less: change in fair value of warrant liability attributable to outstanding warrants issued to PLTG - (105,200 ) Net loss for diluted earnings per share attributable to common stockholders $ (51,419,000 ) $ (13,991,000 ) Denominator: Weighted average basic common shares outstanding 1,767,957 1,318,813 Assumed conversion of dilutive securities: Warrants to purchase common stock - - Potentially dilutive common shares assumed converted - - Denominator for diluted earnings per share - adjusted weighted average shares 1,767,957 1,318,813 Basic net loss attributable to common stockholders per common share $ (29.08 ) $ (10.53 ) Diluted net loss attributable to common stockholders per common share $ (29.08 ) $ (10.61 ) |
Schedule of potentially dilutive securities excluded in determining diluted net loss per common share | Potentially dilutive securities excluded in determining diluted net loss per common share for the fiscal years ended March 31, 2016 and 2015 are as follows: As of March 31, 2016 2015 Series A Preferred stock issued and outstanding (1) 750,000 750,000 Series B Preferred stock issued and outstanding (2) 3,663,077 - Series C Preferred stock issued and outstanding (3) 2,318,012 - Outstanding options under the 2008 and 1999 Stock Incentive Plans 336,987 207,638 Outstanding warrants to purchase common stock 1,907,221 1,544,474 Warrant shares issuable to PLTG upon exchange of Series A Preferred under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as subsequently amended - 375,000 10% Senior Secured Convertible Notes issued to PLTG between October 2012 and July 2013, including accrued interest through March 31, 2015 - 444,235 10% convertible notes issued as a component of 2014 Unit Private Placement, including accrued interest through March 31, 2015 - 433,758 Total 8,975,297 3,755,105 ____________ (1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement with PLTG, as amended (2) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015 (3) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value hierarchy for liabilities measured at fair value on a recurring basis | The fair value hierarchy for liabilities measured at fair value on a recurring basis is as follows: Fair Value Measurements at Reporting Date Using Total Carrying Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Value (Level 1) (Level 2) (Level 3) March 31, 2016: Warrant liability $ - $ - $ - $ - March 31, 2015: Warrant liability $ 3,008,500 $ - $ - $ 3,008,500 |
Schedule of changes in Level 3 liabilities measured at fair value on a recurring basis | The changes in Level 3 liabilities measured at fair value on a recurring basis are as follows: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Warrant Liability Balance at March 31, 2015 $ 3,008,500 Mark to market loss included in net loss 1,894,700 Elimination of liability upon modification of warrants (4,903,200 ) Balance at March 31, 2016 $ - |
Prepaid Expenses and Other Cu27
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of prepaid expenses and other current assets | Prepaid expenses and other current assets consist of the following: March 31, 2016 2015 Insurance $ 27,000 $ 27,300 Prepaid compensation under financial advisory and other consulting agreements 337,500 - Public offering expenses 57,400 - Legal fees - 3,400 Technology license fees and all other 4,900 5,000 $ 426,800 $ 35,700 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of property and equipment | Property and equipment consists of the following: March 31, 2016 2015 Laboratory equipment $ 659,000 $ 653,600 Tenant improvements 26,900 26,900 Computers and network equipment 43,200 32,200 Office furniture and equipment 69,500 69,500 798,600 782,200 Accumulated depreciation and amortization (711,000 ) (665,100 ) Property and equipment, net $ 87,600 $ 117,100 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of accrued expenses | Accrued expenses consist of: March 31, 2016 2015 Accrued professional services $ 318,000 $ 213,800 Accrued AV-101 development expenses $ 186,000 $ - Accrued compensation 310,000 990,700 All other - 2,000 $ 814,000 $ 1,206,500 |
Convertible Promissory Notes 30
Convertible Promissory Notes and Other Notes Payable (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Schedule of the components of the Company's convertible promissory notes and other notes payable | The following table summarizes the components of the Companys convertible promissory notes and other notes payable: March 31, 2016 March 31, 2015 Principal Accrued Principal Accrued Balance Interest Total Balance Interest Total Senior Secured 10% Convertible Promissory Notes issued to PLTG: Exchange Note issued on October 11, 2012 $ - $ - $ - $ 1,272,600 $ 360,200 $ 1,632,800 Investment Note issued on October 11, 2012 - - - 500,000 141,500 641,500 Investment Note issued on October 19, 2012 - - - 500,000 140,100 640,100 Investment Note issued on February 22, 2013 - - - 250,000 59,100 309,100 Investment Note issued on March 12, 2013 - - - 750,000 172,600 922,600 - - - 3,272,600 873,500 4,146,100 Convertible promissory note issued on July 26, 2013 - - - 250,000 46,200 296,200 Total Senior notes - - - 3,522,600 919,700 4,442,300 Aggregate note discount - - - - - - Net Senior notes - - - 3,522,600 919,700 4,442,300 less: current portion - - - (3,272,600 ) (873,500 ) (4,146,100 ) Senior notes - non-current portion and discount $ - $ - $ - $ 250,000 $ 46,200 $ 296,200 10% Convertible Promissory Notes (Unit Notes) 2014 Unit Notes, including amended notes, due 3/31/15 $ - $ - $ - $ 4,066,900 $ 270,700 $ 4,337,600 Note discounts - - - (180,000 ) - (180,000 ) Net convertible notes (all current) $ - $ - $ - $ 3,886,900 $ 270,700 $ 4,157,600 Notes Payable to unrelated parties: 7.5% Notes payable to service providers for accounts payable converted to notes payable: Burr, Pilger, Mayer $ - $ - $ - $ 90,400 $ 13,100 $ 103,500 Desjardins - - - 156,300 24,100 180,400 McCarthy Tetrault - - - 319,700 46,000 365,700 August 2012 Morrison & Foerster Note A - - - 918,200 193,200 1,111,400 August 2012 Morrison & Foerster Note B - - - 1,379,400 333,100 1,712,500 University Health Network - - - 549,500 101,800 651,300 - - - 3,413,500 711,300 4,124,800 Note discount - - - (474,500 ) - (474,500 ) - - - 2,939,000 711,300 3,650,300 less: current portion (and discount at March 31, 2015) - - - (2,939,000 ) (711,300 ) (3,650,300 ) non-current portion and discount $ - $ - $ - $ - $ - $ - 5.75% and 10.25% Notes payable to insurance premium financing company (current) $ - $ - $ - $ 5,800 $ - $ 5,800 10% Notes payable to vendors for accounts payable converted to notes payable $ - $ - $ - $ 378,300 $ 51,500 $ 429,800 less: current portion - - - (378,300 ) (51,500 ) (429,800 ) non-current portion $ - $ - $ - $ - $ - $ - 7.0% Note payable (August 2012) $ 58,800 $ 12,000 $ 70,800 $ 58,800 $ 7,900 $ 66,700 less: current portion (31,600 ) (12,000 ) (43,600 ) (23,200 ) (7,900 ) (31,100 ) 7.0% Notes payable - non-current portion $ 27,200 $ - $ 27,200 $ 35,600 $ - $ 35,600 Total notes payable to unrelated parties $ 58,800 $ 12,000 $ 70,800 $ 3,381,900 $ 770,700 $ 4,152,600 less: current portion (and discount at March 31, 2015) (31,600 ) (12,000 ) (43,600 ) (3,346,300 ) (770,700 ) (4,117,000 ) Net non-current portion $ 27,200 $ - $ 27,200 $ 35,600 $ - $ 35,600 Notes payable to related parties: October 2012 7.5% Note to Cato Holding Co. $ - $ - $ - $ 293,600 $ 55,900 $ 349,500 October 2012 7.5% Note to Cato Research Ltd. - - - 1,009,000 204,800 1,213,800 - - - 1,302,600 260,700 1,563,300 Note discount - - - (54,500 ) - (54,500 ) Total notes payable to related parties - - - 1,248,100 260,700 1,508,800 less: current portion - - - (1,248,100 ) (260,700 ) (1,508,800 ) non-current portion and discount $ - $ - $ - $ - $ - $ - |
Schedule of Black Scholes option pricing model | We used the Black-Scholes option valuation model with the following assumptions to determine share-based compensation expense related to option grants during the fiscal years ended March 31, 2016 and 2015: Fiscal Years Ended March 31, 2016 2015 (weighted average) Exercise price $ 8.78 not applicable Market price on date of grant $ 8.69 not applicable Risk-free interest rate 1.99 % not applicable Expected term (years) 8.45 not applicable Volatility 93.27 % not applicable Expected dividend yield 0.00 % not applicable Fair value per share at grant date $ 7.09 not applicable |
Platinum Unit Notes And Acquired Unit Notes [Member] | Warrant [Member] | |
Schedule of Black Scholes option pricing model | We valued the warrants issued in connection with the 2014 Unit Note conversions at an aggregate of $5,168,400 using the Black Scholes option pricing model and the following assumptions: Assumption: Platinum Unit Notes and Acquired Unit Notes Investor Unit Notes Market price per share at conversion date $ 10.00 $ 8.00 Exercise price per share $ 7.00 $ 7.00 Risk-free interest rate 1.58 1.57 Contractual term in years 5.00 5.00 Volatility 76.5 % 75.7 % Dividend rate 0.0 % 0.0 % Warrant shares 506,004 327,016 Fair Value per share $ 6.89 $ 5.15 |
Cato Notes [Member] | Cato Holding Co & Cato Research Ltd [Member] | |
Schedule of Black Scholes option pricing model | The warrants subject to the exercise price modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions: Assumption: Pre-modification Post-modification Market price per share at modification date $ 10.00 $ 10.00 Exercise price per share $ 20.00 and $30.00 $ 7.00 Risk-free interest rate 0.87 % 0.87 % Contractual term in years 2.31 2.31 Volatility 73.9 % 73.9 % Dividend rate 0.0 % 0.0 % Weighted Average Fair Value per share $ 2.44 and $1.57 $ 5.33 |
7.5% B Notes Payable August 2012 (Service providers for accounts payable converted to notes payable) [Member] | Morrison & Foerster [Member] | |
Schedule of Black Scholes option pricing model | The warrants subject to the exercise price and term modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions: Assumption: Pre-modification Post-modification Market price per share at modification date $ 10.00 $ 10.00 Exercise price per share $ 20.00 and $40.00 $ 20.00 Risk-free interest rate 0.86 % 1.57 % Contractual term in years 2.27 4.27 Volatility 73.8 % 76.7 % Dividend rate 0.0 % 0.0 % Weighted Average Fair Value per share $ 2.39 and $1.04 $ 4.35 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of the aggregate allocation unit sales proceeds based on the relative fair values | The table below also presents the aggregate allocation of the 2014 Unit sales proceeds based on the relative fair values of the 2014 Unit Stock, 2014 Unit Warrants and 2014 Unit Notes as of their respective 2014 Unit sales dates. Unit Warrants Aggregate Allocation of Proceeds Based on Relative Fair Value of: Weighted Average Issuance Date Valuation Assumptions Per Share Aggregate Aggregate Warrant Risk free Fair Fair Value Proceeds Shares Market Exercise Term Interest Dividend Value of of Unit of Unit Unit Unit Unit Issued Price Price (Years) Rate Volatility Rate Warrant Warrants Sales Stock Warrant Note 282,850 $ 9.28 $ 10.00 2.17 0.62 % 72.36 % 0.00 % $ 3.63 $ 1,027,000 $ 3,133,500 $ 1,122,400 $ 454,200 $ 1,556,900 The table below also presents the aggregate allocation of the 2014 Unit sales proceeds based on the relative fair values of the 2014 Unit Stock, 2014 Unit Warrants and 2014 Unit Notes as of their respective 2014 Unit sales dates during the fiscal year ended March 31, 2016. Unit Warrants Aggregate Allocation of Proceeds Based on Relative Fair Value of: Weighted Average Issuance Date Valuation Assumptions Per Share Aggregate Aggregate Warrant Risk free Fair Fair Value Proceeds Shares Market Exercise Term Interest Dividend Value of of Unit of Unit Unit Unit Unit Issued Price Price (Years) Rate Volatility Rate Warrant Warrants Sales Stock Warrant Note 24,250 $ 10.00 $ 10.00 1.70 0.45 % 73.19 % 0.00 % $ 3.69 $ 89,600 $ 280,000 $ 128,900 $ 2,057,900 $ 118,200 Accordingly, we have recognized a deemed dividend in the aggregate amount of $2,058,000 in arriving at net loss attributable to common stockholders in the accompanying Condensed Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2016. Unit Warrants Aggregate Allocation of Proceeds Based on Relative Fair Value of: Weighted Average Issuance Date Valuation Assumptions Per Share Aggregate Aggregate Warrant Risk free Fair Fair Value Proceeds Shares Market Exercise Term Interest Dividend Value of of Unit of Unit Unit Unit Issued Price Price (Years) Rate Volatility Rate Warrant Warrants Sales Stock Warrant 717,978 $ 10.45 $ 7.00 5.00 1.61 % 77.30 % 0.0 % $ 7.37 $ 5,288,600 $ 5,025,800 $ 2,967,900 $ 2,057,900 |
Schedule of Black Scholes option pricing model | The warrants subject to the term extension were valued using the Black-Scholes Option Pricing Model and the following weighted average assumptions: Assumption: Pre- modification Post- modification Market price per share $ 8.25 $ 8.25 Exercise price per share $ 12.99 $ 12.99 Risk-free interest rate 0.28% 0.36% Remaining contractual term in years 0.15 0.40 Volatility 91.2% 91.2% Dividend rate 0.0% 0.0% Fair Value per share $ 0.30 $ 0.80 We valued the warrants granted on the dates indicated using the Black Scholes Option Pricing Model and the following assumptions: Assumption: 11/23/2015 12/11/2015 3/25/2016 Market price per share $ 6.75 $ 5.00 $ 8.00 Exercise price per share $ 7.00 $ 7.00 $ 8.00 Risk-free interest rate 1.70% 1.16% 1.39% Contractual term in years 5.0 3.0 5.0 Volatility 77.95% 77.88% 78.96% Dividend rate 0.0% 0.0% 0.0% Fair Value per share $ 4.22 $ 2.12 $ 5.08 Warrant shares granted 7,500 37,500 230,000 Expense recognized $ 31,700 $ 79,600 $ 1,169,500 The warrants subject to the exercise price modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions: Assumption: Pre-modification Post-modification Market price per share $ 10.00 $ 10.00 Exercise price per share (weighted average) $ 30.23 $ 11.92 Risk-free interest rate (weighted average) 0.83% 0.83% Remaining contractual term in years (weighted average) 2.26 2.26 Volatility (weighted average) 73.7% 73.7% Dividend rate 0.0% 0.0% Fair Value per share (weighted average) $ 1.55 $ 3.79 The warrants subject to the exercise price modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions: Assumption: Pre-modification Post-modification Market price per share $ 6.50 $ 6.50 Exercise price per share (weighted average) $ 9.97 $ 7.00 Risk-free interest rate (weighted average) 1.74% 1.75% Remaining contractual term in years (weighted average) 5.13 5.16 Volatility (weighted average) 78.8% 78.7% Dividend rate 0.0% 0.0% Fair Value per share (weighted average) $ 3.65 $ 4.08 The warrants subject to the exercise price modifications and term extensions were valued using the Black-Scholes Option Pricing Model and the following assumptions: Assumption: Pre- modification Post- modification Market price per share at modification date $ 8.00 $ 8.00 Exercise price per share (weighted average) $ 23.13 $ 13.00 Risk-free interest rate (weighted average) 0.04% 0.31% Contractual term in years (weighted average) 0.24 1.24 Volatility (weighted average) 69.7% 69.8% Dividend rate 0.0% 0.0% Weighted Average Fair Value per share $ 0.22 $ 1.31 |
Schedule of outstanding warrants to purchase shares | The following table summarizes outstanding warrants to purchase shares of our common stock as of March 31, 2016. The weighted average exercise price of outstanding warrants at March 31, 2016 was $8.17 per share. Exercise Price Expiration Shares Subject to Purchase at per Share Date March 31, 2016 $ 7.00 12/11/2018 to 3/3/2023 1,417,125 $ 8.00 3/25/2021 230,000 $ 10.00 8/31/2016 to 1/11/2020 135,384 $ 15.00 4/30/2016 to 8/31/2016 10,664 $ 20.00 9/15/2019 110,448 $ 30.00 11/20/2017 3,600 1,907,221 |
Schedule of reserved shares of common stock for future issuance | At March 31, 2016, the Company has reserved shares of its common stock for future issuance as follows: Upon exchange of all shares of Series A Preferred Stock currently issued and outstanding (1) 750,000 Upon exchange of all shares of Series B Preferred Stock currently issued and outstanding 3,663,077 Reserved for potential future issuance of Series B Preferred Stock 108,105 Upon exchange of all shares of Series C Preferred Stock currently issued and outstanding 2,318,012 Reserved for potential future issuance of Series C Preferred Stock 681,988 Pursuant to warrants to purchase common stock: Subject to outstanding warrants 1,907,221 Pursuant to stock incentive plans: Subject to outstanding options under the 2008 and 1999 Stock Incentive Plans 336,987 Available for future grants under the 2008 Stock Incentive Plan 660,242 997,229 Total 10,425,632 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of effective income tax rate | Income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 34% to pretax losses as a result of the following: Fiscal Years Ended March 31, 2016 2015 Computed expected tax benefit (34.00 ) % (34.00 ) % Tax effect of loss on debt extinguishment 19.22 % 5.85 % Tax effect of warrant modifications 4.38 % 0.24 % Tax effect of Warrant Liability mark to market 1.36 % 0.08 % Other losses not benefitted 9.04 % 27.83 % Other 0.01 % 0.02 % Income tax expense 0.01 % 0.02 % |
Schedule of components of the deferred tax assets | March 31, 2016 2015 Deferred tax assets: Net operating loss carryovers $ 26,606 $ 23,054 Basis differences in fixed assets - 24 Accruals and reserves 4,609 2,694 Total deferred tax assets 31,215 25,772 Valuation allowance (31,215 ) (25,772 ) Net deferred tax assets $ - $ - |
Stock Option Plans and 401(k)33
Stock Option Plans and 401(k) Plan (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of share-based compensation expense | The following table summarizes share-based compensation expense, including share-based expense related to grants of warrants to certain of our officers, independent directors, consultants and service providers as described in Note 9, Capital Stock, Twelve Months Ended March 31, 2016 2015 Research and development expense: Stock option grants $ 227,700 $ 176,200 Warrants granted to officer in March 2014 and March 2013 11,400 145,100 Fully-vested warrants granted to officer in September 2015 852,200 - Fully-vested warrants granted to officer and consultants in January 2015 - 527,500 1,091,300 848,800 General and administrative expense: Stock option grants 93,800 98,800 Warrants granted to officers and directors in March 2014 and March 2013 15,600 283,100 Fully-vested warrants granted to officers, directors and consultants in September 2015 2,840,700 - Fully-vested warrants granted to officers, directors and consultants in January 2015 - 1,229,400 2,950,100 1,611,300 Total stock-based compensation expense $ 4,041,400 $ 2,460,100 |
Schedule of Black Scholes option valuation model | We used the Black-Scholes option valuation model with the following assumptions to determine share-based compensation expense related to option grants during the fiscal years ended March 31, 2016 and 2015: Fiscal Years Ended March 31, 2016 2015 (weighted average) Exercise price $ 8.78 not applicable Market price on date of grant $ 8.69 not applicable Risk-free interest rate 1.99 % not applicable Expected term (years) 8.45 not applicable Volatility 93.27 % not applicable Expected dividend yield 0.00 % not applicable Fair value per share at grant date $ 7.09 not applicable |
Schedule of stock option plans | The following table summarizes activity for the fiscal years ended March 31, 2016 and 2015 under our stock option plans: Fiscal Years Ended March 31, 2016 2015 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Options outstanding at beginning of period 207,638 $ 10.09 212,486 $ 10.09 Options granted 145,000 $ 8.78 - $ - Options exercised - $ - - $ - Options forfeited (10,359 ) $ 9.26 (2,001 ) $ 9.25 Options expired (5,292 ) $ 9.42 (2,847 ) $ 10.56 Options outstanding at end of period 336,987 $ 9.56 207,638 $ 10.09 Options exercisable at end of period 201,779 $ 10.11 199,013 $ 10.09 Weighted average grant-date fair value of options granted during the period $ 7.09 $ - |
Schedule of stock options outstanding and exercisable | The following table summarizes information on stock options outstanding and exercisable under our stock option plans as of March 31, 2016: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Remaining Average Average Exercise Number Years until Exercise Number Exercise Price Outstanding Expiration Price Exercisable Price $ 8.00 102,089 8.35 $ 8.00 46,881 $ 8.00 $ 9.25 80,000 9.42 $ 9.25 - $ 9.25 $ 10.00 145,039 3.83 $ 10.00 145,039 $ 10.00 $ 14.40 to $36.00 9,859 4.04 $ 21.80 9,859 $ 21.80 336,987 6.53 $ 9.56 201,779 $ 10.11 |
Commitments, Contingencies, G34
Commitments, Contingencies, Guarantees and Indemnifications (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of capital lease obligations | As of March 31, 2016 and 2015, the following assets are under capital lease obligations and included in property and equipment: March 31, 2016 2015 Office equipment 4,500 4,500 Accumulated depreciation (3,400 ) (2,500 ) Net book value $ 1,100 $ 2,000 |
Schedule of amortization expense for assets recorded under capital leases | Amortization expense for assets recorded under capital leases is included in depreciation expense. Future minimum payments, by year and in the aggregate, required under capital leases are as follows: Capital Fiscal Years Ending March 31, Leases 2017 $ 1,200 2018 100 Future minimum lease payments 1,300 Less imputed interest included in minimum lease payments (200 ) Present value of minimum lease payments 1,100 Less current portion (1,100 ) Non-current capital lease obligation $ - |
Schedule of future minimum payments under operating leases | At March 31, 2016, future minimum payments under operating leases relate to our facility lease in South San Francisco, California through July 31, 2017 and are as follows: Fiscal Years Ending March 31, Amount 2017 $ 277,100 2018 93,800 $ 370,900 |
Schedule of future minimum principal payments related to long-term debt | At March 31, 2016, future minimum principal payments related to long-term debt were as follows: Fiscal Years Ending March 31, Amount 2017 $ 31,600 2018 10,400 2019 11,200 Thereafter through June 2019 5,600 $ 58,800 |
Supplemental Financial Inform35
Supplemental Financial Information (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of quarterly financial information | Quarterly Results of Operations (Unaudited) (in thousands, except share and per share amounts) Three Months Ended June 30, September 30, December 31, March 31, Total Fiscal 2015 2015 2015 2016 Year 2016 Operating expenses: Research and development $ 373 $ 1,656 $ 806 $ 1,097 $ 3,932 General and administrative 1,448 3,731 1,336 7,404 13,919 Total operating expenses 1,821 5,387 2,142 8,501 17,851 Loss from operations (1,821 ) (5,387 ) (2,142 ) (8,501 ) (17,851 ) Other expenses, net: Interest expense, net (755 ) (12 ) (3 ) (1 ) (771 ) Change in warrant liabilities (1,895 ) - - - (1,895 ) Loss on extinguishment of debt (25,051 ) (1,649 ) - - (26,700 ) Other expense, net - - (2 ) - (2 ) Loss before income taxes (29,522 ) (7,048 ) (2,147 ) (8,502 ) (47,219 ) Income taxes (2 ) - - - (2 ) Net loss (29,524 ) (7,048 ) (2,147 ) (8,502 ) (47,221 ) Accrued dividend on Series B Preferred stock (213 ) (615 ) (631 ) (681 ) (2,140 ) Deemed dividend on Series B Preferred stock (256 ) (887 ) (669 ) (246 ) (2,058 ) Net loss attributable to common stockholders $ (29,993 ) $ (8,550 ) $ (3,447 ) $ (9,429 ) $ (51,419 ) Basic and diluted net loss per common share $ (19.23 ) $ (5.26 ) $ (1.95 ) $ (4.44 ) $ (29.08 ) Weighted average shares used in computing: Basic and diluted net loss per common share 1,559,483 1,624,371 1,765,641 2,123,936 1,767,957 Three Months Ended Total Fiscal Year 2015 June 30, 2014 September 30, 2014 December 31, 2014 March 31, 2015 Operating expenses: Research and development $ 474 $ 558 $ 445 $ 956 $ 2,433 General and administrative 797 556 671 2,320 4,344 Total operating expenses 1,271 1,114 1,116 3,276 6,777 Loss from operations (1,271 ) (1,114 ) (1,116 ) (3,276 ) (6,777 ) Other expenses, net: Interest expense, net (785 ) (606 ) (792 ) (2,366 ) (4,549 ) Change in warrant liabilities (1,727 ) 1,302 953 (563 ) (35 ) Income (loss) before income taxes (4,551 ) (2,021 ) (1,090 ) (6,222 ) (13,884 ) Income taxes (2 ) - - - (2 ) Net income (loss) $ (4,553 ) $ (2,021 ) $ (1,090 ) $ (6,222 ) $ (13,886 ) Basic net loss per common share $ (3.70 ) $ (1.58 ) $ (0.84 ) $ (4.24 ) $ (10.53 ) Diluted net loss per common share $ (3.70 ) $ (1.90 ) $ (1.08 ) $ (4.24 ) $ (10.61 ) Weighted average shares used in computing: Basic net loss per common share 1,229,504 1,279,267 1,302,316 1,466,402 1,318,813 Diluted net loss per common share 1,229,504 1,299,115 1,302,316 1,466,402 1,318,813 |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) - USD ($) | May 16, 2016 | Mar. 25, 2016 | Dec. 11, 2015 | Nov. 23, 2015 | Nov. 11, 2015 | Sep. 02, 2015 | Aug. 15, 2015 | May 05, 2015 | Aug. 14, 2014 | Dec. 31, 2015 | Nov. 30, 2015 | May 14, 2015 | Jan. 31, 2015 | May 31, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2016 | May 12, 2015 | Mar. 31, 2014 |
Description of reverse stock split ratio | 1-for-20 | |||||||||||||||||||||
Accumulated deficit | $ (131,743,200) | $ (131,743,200) | $ (84,522,700) | $ (84,522,700) | $ (131,743,200) | |||||||||||||||||
Cash proceeds from issuance and sale of notes | 34,500,000 | |||||||||||||||||||||
Cash proceeds from government research grant awards, strategic collaboration payments and other revenues | 16,400,000 | |||||||||||||||||||||
Cash proceeds from issuance of equity securities | $ 29,100,000 | |||||||||||||||||||||
Aggregate face amount | $ 1,302,600 | 1,302,600 | ||||||||||||||||||||
Extinguishment of debt, amount | $ 17,200,000 | |||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||
Cash proceeds from issuance of equity securities | $ 8,700,000 | |||||||||||||||||||||
Number of shares issued | 2,352,942 | |||||||||||||||||||||
2014 Unit Warrants [Member] | ||||||||||||||||||||||
Number of shares issued | 24,250 | 282,850 | ||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||
Number of shares issued | 230,000 | 37,500 | 7,500 | 1,123,533 | 650,000 | 15,750 | 381,000 | |||||||||||||||
Warrant exercisable date | Mar. 19, 2019 | |||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 9.25 | |||||||||||||||||||||
Warrant term | 5 years | |||||||||||||||||||||
Warrant [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Number of shares issued | 2,705,883 | |||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 5.30 | |||||||||||||||||||||
Warrant term | 5 years | |||||||||||||||||||||
10% Convertible Promissory Note (2014 Unit Notes) [Member] | ||||||||||||||||||||||
Aggregate face amount | $ 4,066,900 | 4,066,900 | ||||||||||||||||||||
Promissory Notes And Payables [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||
Number of shares issued upon debt conversion | 2,618,917 | |||||||||||||||||||||
Description of lender names | Cato Research Ltd., Cato Holding Company, Morrison & Foerster LLP (Note A and Note B), McCarthy Tetrault, Burr Pilger & Mayer, University Health Network (Toronto), the Icahn School of Medicine at Mount Sinai, National Jewish Health and others. | |||||||||||||||||||||
Accredited Investors [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||
Number of shares issued upon debt conversion | 265,699 | |||||||||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | ||||||||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 3,000,000 | |||||||||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 1,650,000 | |||||||||||||||||||||
Number of shares issued | 458,571 | 235,714 | ||||||||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Warrant [Member] | ||||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 7 | |||||||||||||||||||||
Private Placement [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 5,025,800 | |||||||||||||||||||||
Number of shares issued | 717,978 | |||||||||||||||||||||
Private Placement [Member] | Accredited Investors [Member] | ||||||||||||||||||||||
Aggregate face amount | 3,113,500 | $ 3,113,500 | $ 3,113,500 | |||||||||||||||||||
Private Placement [Member] | Accredited Investors [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 5,025,800 | |||||||||||||||||||||
Private Placement [Member] | Accredited Investors [Member] | Series B Preferred Stock [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Cash proceeds from issuance of equity securities | $ 278,000 | |||||||||||||||||||||
Number of shares issued | 39,714 | |||||||||||||||||||||
Private Placement [Member] | Accredited Investors [Member] | Warrant [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Number of shares issued | 39,714 | |||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 7 | |||||||||||||||||||||
Warrant term | 5 years | |||||||||||||||||||||
Private Placement [Member] | Platinum Long Term Growth VII, LLC [Member] | 2014 Unit Restricted Stock [Member] | ||||||||||||||||||||||
Number of shares issued | 125,000 | |||||||||||||||||||||
Private Placement [Member] | Platinum Long Term Growth VII, LLC [Member] | 2014 Unit Warrants [Member] | ||||||||||||||||||||||
Number of shares issued | 125,000 | |||||||||||||||||||||
Private Placement [Member] | Platinum Long Term Growth VII, LLC [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 2,650,000 | |||||||||||||||||||||
Cash proceeds from issuance of equity securities | $ 5,025,800 | |||||||||||||||||||||
Number of shares issued | 717,976 | |||||||||||||||||||||
Private Placement [Member] | Platinum Long Term Growth VII, LLC [Member] | Warrant [Member] | ||||||||||||||||||||||
Number of shares issued | 717,976 | |||||||||||||||||||||
Warrant term | 5 years | |||||||||||||||||||||
Private Placement [Member] | Platinum Long Term Growth VII, LLC [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | ||||||||||||||||||||||
Aggregate face amount | $ 1,250,000 | $ 1,250,000 | ||||||||||||||||||||
Securities Purchase Agreements [Member] | Accredited Investors [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | ||||||||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 280,000 | |||||||||||||||||||||
Aggregate face amount | $ 280,000 | |||||||||||||||||||||
Debt instrument maturity date range start | Apr. 30, 2015 | |||||||||||||||||||||
Debt instrument maturity date range end | May 15, 2015 | |||||||||||||||||||||
Securities Purchase Agreements [Member] | Accredited Investors [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | 2014 Unit Restricted Stock [Member] | ||||||||||||||||||||||
Number of shares issued | 33,000 | |||||||||||||||||||||
Securities Purchase Agreements [Member] | Accredited Investors [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | 2014 Unit Warrants [Member] | ||||||||||||||||||||||
Number of shares issued | 24,250 | |||||||||||||||||||||
Warrant exercisable date | Dec. 31, 2016 | |||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 10 | |||||||||||||||||||||
Securities Purchase Agreements [Member] | Private Placement [Member] | Warrant [Member] | ||||||||||||||||||||||
Number of shares issued | 833,020 | |||||||||||||||||||||
Securities Purchase Agreements [Member] | Private Placement [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | ||||||||||||||||||||||
Cash proceeds from issuance and sale of notes | 50,000 | |||||||||||||||||||||
Description of conversion terms | Entitling the 2014 Unit Note holders at the time of conversion to the 25% Qualified Financing conversion premium under the terms of the 2014 Unit Notes. | |||||||||||||||||||||
Securities Purchase Agreements [Member] | Private Placement [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||
Number of shares issued | 833,020 | |||||||||||||||||||||
Securities Purchase Agreements [Member] | Private Placement [Member] | Accredited Investors And Institutions [Member] | ||||||||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 280,000 | $ 3,100,000 | ||||||||||||||||||||
Securities Purchase Agreements [Member] | Private Placement [Member] | Accredited Investors And Institutions [Member] | 2014 Unit Restricted Stock [Member] | ||||||||||||||||||||||
Number of shares issued | 282,850 | |||||||||||||||||||||
Securities Purchase Agreements [Member] | Private Placement [Member] | Accredited Investors And Institutions [Member] | 2014 Unit Warrants [Member] | ||||||||||||||||||||||
Number of shares issued | 282,850 | |||||||||||||||||||||
Warrant exercisable date | Dec. 31, 2016 | |||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 10 | $ 10 | ||||||||||||||||||||
Securities Purchase Agreements [Member] | Private Placement [Member] | Accredited Investors And Institutions [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | ||||||||||||||||||||||
Aggregate face amount | $ 3,100,000 | $ 3,100,000 | ||||||||||||||||||||
Debt instrument maturity date range start | Mar. 31, 2015 | |||||||||||||||||||||
Debt instrument maturity date range end | Apr. 30, 2015 | |||||||||||||||||||||
Description of conversion terms | Automatically convertible into securities we might issue upon the consummation of a Qualified Financing. | |||||||||||||||||||||
Securities Purchase Agreements [Member] | Private Placement [Member] | Accredited Investors [Member] | 2014 Unit Restricted Stock [Member] | ||||||||||||||||||||||
Number of shares issued | 33,000 | |||||||||||||||||||||
Securities Purchase Agreements [Member] | Private Placement [Member] | Accredited Investors [Member] | 2014 Unit Warrants [Member] | ||||||||||||||||||||||
Number of shares issued | 24,250 | |||||||||||||||||||||
Warrant exercisable date | Dec. 31, 2016 | |||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 10 | |||||||||||||||||||||
Securities Purchase Agreements [Member] | Private Placement [Member] | Accredited Investors [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | ||||||||||||||||||||||
Aggregate face amount | $ 280,000 | |||||||||||||||||||||
Debt instrument maturity date range start | Apr. 30, 2015 | |||||||||||||||||||||
Debt instrument maturity date range end | May 15, 2015 | |||||||||||||||||||||
Description of conversion terms | (i) an equity or equity-based public financing registered with the SEC, or (ii) an equity or equity-based private placement, or series of private placements, not registered with the SEC, in either case resulting in gross cash proceeds to us of at least $10.0 million prior to Maturity (a Qualified Financing | |||||||||||||||||||||
Securities Purchase Agreements [Member] | Private Placement [Member] | Platinum Long Term Growth VII, LLC [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||
Number of shares issued | 142,857 |
Basis of Presentation (Detail37
Basis of Presentation (Details Narrative 1) - USD ($) | May 16, 2016 | Mar. 25, 2016 | Dec. 11, 2015 | Nov. 23, 2015 | Nov. 11, 2015 | Sep. 02, 2015 | Nov. 30, 2015 | Jan. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2016 |
Expected cash expenditures | $ 9,100,000 | |||||||||
Share price (in dollars per share) | $ 8.75 | $ 8.75 | ||||||||
Cash proceeds from issuance of equity securities | $ 29,100,000 | |||||||||
Warrant [Member] | ||||||||||
Number of shares issued | 230,000 | 37,500 | 7,500 | 1,123,533 | 650,000 | 15,750 | 381,000 | |||
Share price (in dollars per share) | $ 8 | $ 5 | $ 6.75 | $ 6.50 | $ 9.11 | $ 8 | ||||
Warrant term | 5 years | |||||||||
Warrant exercise price (in dollars per share) | $ 9.25 | |||||||||
Subsequent Event [Member] | ||||||||||
Number of shares issued | 2,352,942 | |||||||||
Share price (in dollars per share) | $ 4.24 | |||||||||
Cash proceeds from issuance of equity securities | $ 8,700,000 | |||||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||||
Number of shares issued | 2,570,040 | |||||||||
Share price (in dollars per share) | $ 4.24 | |||||||||
Cash proceeds from issuance of equity securities | $ 9,500,000 | |||||||||
Subsequent Event [Member] | Warrant [Member] | ||||||||||
Number of shares issued | 2,705,883 | |||||||||
Share price (in dollars per share) | $ 0.01 | |||||||||
Warrant term | 5 years | |||||||||
Warrant exercise price (in dollars per share) | $ 5.30 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator: | ||||||||||
Net loss attributable to common stockholders for basic earnings per share | $ (9,429,000) | $ (3,447,000) | $ (8,550,000) | $ (29,993,000) | $ (51,419,000) | $ (13,885,800) | ||||
less: change in fair value of warrant liability attributable to outstanding warrants issued to PLTG | (105,200) | |||||||||
Net loss for diluted earnings per share attributable to common stockholders | $ (51,419,000) | $ (13,991,000) | ||||||||
Denominator: | ||||||||||
Weighted average basic common shares outstanding (in shares) | 1,466,402 | 1,302,316 | 1,279,267 | 1,229,504 | 1,767,957 | 1,318,813 | ||||
Assumed conversion of dilutive securities: | ||||||||||
Warrants to purchase common stock | ||||||||||
Potentially dilutive common shares assumed converted | ||||||||||
Denominator for diluted earnings per share - adjusted weighted average shares | 1,466,402 | 1,302,316 | 1,299,115 | 1,229,504 | 1,767,957 | 1,318,813 | ||||
Basic net loss attributable to common stockholders per common share | $ (4.24) | $ (0.84) | $ (1.58) | $ (3.70) | $ (29.08) | $ (10.53) | ||||
Diluted net loss attributable to common stockholders per common share | $ (4.24) | $ (1.08) | $ (1.90) | $ (3.70) | $ (29.08) | $ (10.61) |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Details 1) - shares | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Total | 8,975,297 | 3,755,105 | |
Series A Preferred Stock [Member] | |||
Total | [1] | 750,000 | 750,000 |
Series B Preferred Stock [Member] | |||
Total | [2] | 3,663,077 | |
Series C Preferred Stock [Member] | |||
Total | [3] | 2,318,012 | |
2008 And 1999 Stock Incentive Plans [Member] | |||
Total | 336,987 | 207,638 | |
Warrant [Member] | |||
Total | 1,907,221 | 1,544,474 | |
Platinum Warrant [Member] | Platinum Long Term Growth VII, LLC [Member] | Note Exchange and Purchase Agreement [Member] | |||
Total | 375,000 | ||
10% Senior Secured Convertible Notes [Member] | Platinum Long Term Growth VII, LLC [Member] | |||
Total | 444,235 | ||
10% Convertible Promissory Note (2014 Unit Notes) [Member] | |||
Total | 433,758 | ||
[1] | Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement with Platinum, as amended. | ||
[2] | Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015. | ||
[3] | Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016. |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Details Narrative) - $ / shares | 12 Months Ended | ||
Mar. 31, 2016 | Sep. 02, 2015 | May 12, 2015 | |
Warrant [Member] | |||
Exercise price (in dollars per share) | $ 9.25 | ||
Platinum Long Term Growth VII, LLC [Member] | Warrant [Member] | |||
Exercise price (in dollars per share) | $ 7 | ||
Minimum [Member] | |||
Estimated useful lives | 5 years | ||
Maximum [Member] | |||
Estimated useful lives | 7 years |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Warrant liability | $ 3,008,500 | |
Recurring [Member] | ||
Warrant liability | $ 3,008,500 | |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Warrant liability | ||
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Warrant liability | ||
Recurring [Member] | Significant Unobservable (Level 3) [Member] | ||
Warrant liability | $ 3,008,500 |
Fair Value Measurements (Deta42
Fair Value Measurements (Details 1) - Recurring [Member] - Significant Unobservable (Level 3) [Member] | 12 Months Ended |
Mar. 31, 2016USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at beginning | $ 3,008,500 |
Mark to market loss included in net loss | 1,894,700 |
Elimination of liability upon modification of warrants | $ (4,903,200) |
Balance at end |
Fair Value Measurements (Deta43
Fair Value Measurements (Details Narrative) - Warrant [Member] - $ / shares | Sep. 02, 2015 | May 12, 2015 |
Warrant exercise price (in dollars per share) | $ 9.25 | |
Platinum Long Term Growth VII, LLC [Member] | ||
Warrant exercise price (in dollars per share) | $ 7 |
Prepaid Expenses and Other Cu44
Prepaid Expenses and Other Current Assets (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Insurance | $ 27,000 | $ 27,300 |
Prepaid compensation under financial advisory and other consulting agreements | 337,500 | |
Public offering expenses | $ 57,400 | |
Legal fees | $ 3,400 | |
Technology license fees and all other | $ 4,900 | 5,000 |
Prepaid expenses and other current assets | $ 426,800 | $ 35,700 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Property and equipment, gross | $ 798,600 | $ 782,200 |
Accumulated depreciation and amortization | (711,000) | (665,100) |
Property and equipment, net | 87,600 | 117,100 |
Laboratory Equipment [Member] | ||
Property and equipment, gross | 659,000 | 653,600 |
Tenant Improvements [Member] | ||
Property and equipment, gross | 26,900 | 26,900 |
Computers and Network Equipment [Member] | ||
Property and equipment, gross | 43,200 | 32,200 |
Office Furniture And Equipment [Member] | ||
Property and equipment, gross | $ 69,500 | $ 69,500 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Payables and Accruals [Abstract] | ||
Accrued professional services | $ 318,000 | $ 213,800 |
Accrued AV-101 development expenses | 186,000 | |
Accrued compensation | $ 310,000 | $ 990,700 |
All other | 2,000 | |
Accrued expenses | $ 814,000 | $ 1,206,500 |
Convertible Promissory Notes 47
Convertible Promissory Notes and Other Notes Payable (Details) - USD ($) | Jun. 12, 2015 | May 29, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2015 | Jun. 10, 2015 |
Principal Balance | $ 1,302,600 | |||||
Accrued Inrerest | 260,700 | |||||
Total | 1,563,300 | |||||
Principal Balance : | ||||||
Aggregate note discount | (54,500) | |||||
Net Senior notes | 1,248,100 | |||||
less: current portion | $ (1,248,100) | |||||
Senior notes - non-current portion and discount | ||||||
Accrued Interest : | ||||||
Aggregate note discount | ||||||
Net Senior notes | $ 260,700 | |||||
less: current portion | $ (260,700) | |||||
Senior notes - non-current portion and discount | ||||||
Total | ||||||
Aggregate note discount | $ (54,500) | |||||
Net Senior notes | $ 58,800 | 1,508,800 | ||||
less: current portion | $ (1,508,800) | |||||
Senior notes - non-current portion and discount | ||||||
Senior Secured Exchange Note [Member] | Platinum Long Term Growth VII, LLC [Member] | ||||||
Principal Balance | $ 1,272,600 | |||||
Accrued Inrerest | 360,200 | |||||
Total | $ 1,632,800 | |||||
Issuance Date | Oct. 11, 2012 | |||||
Senior Secured Investment Note [Member] | Platinum Long Term Growth VII, LLC [Member] | ||||||
Principal Balance | $ 500,000 | |||||
Accrued Inrerest | 141,500 | |||||
Total | $ 641,500 | |||||
Issuance Date | Oct. 11, 2012 | |||||
Senior Secured Investment Note [Member] | Platinum Long Term Growth VII, LLC [Member] | ||||||
Principal Balance | $ 500,000 | |||||
Accrued Inrerest | 140,100 | |||||
Total | $ 640,100 | |||||
Issuance Date | Oct. 19, 2012 | |||||
Senior Secured Investment Note [Member] | Platinum Long Term Growth VII, LLC [Member] | ||||||
Principal Balance | $ 250,000 | |||||
Accrued Inrerest | 59,100 | |||||
Total | $ 309,100 | |||||
Issuance Date | Feb. 22, 2013 | |||||
Senior Secured Investment Note [Member] | Platinum Long Term Growth VII, LLC [Member] | ||||||
Principal Balance | $ 750,000 | |||||
Accrued Inrerest | 172,600 | |||||
Total | $ 922,600 | |||||
Issuance Date | Mar. 12, 2013 | |||||
Senior Secured Exchange Note & Investment Note [Member] | Platinum Long Term Growth VII, LLC [Member] | ||||||
Principal Balance | $ 3,272,600 | |||||
Accrued Inrerest | 873,500 | |||||
Total | 4,146,100 | |||||
10% Convertible Promissory Notes Maturing On July 30, 2014 [Member] | Platinum Long Term Growth VII, LLC [Member] | ||||||
Principal Balance | 250,000 | |||||
Accrued Inrerest | 46,200 | |||||
Total | $ 296,200 | |||||
Issuance Date | Jul. 26, 2013 | |||||
Senior Secured Notes [Member] | Platinum Long Term Growth VII, LLC [Member] | ||||||
Principal Balance | $ 3,522,600 | |||||
Accrued Inrerest | 919,700 | |||||
Total | $ 4,442,300 | |||||
Principal Balance : | ||||||
Aggregate note discount | ||||||
Net Senior notes | $ 3,522,600 | |||||
less: current portion | (3,272,600) | |||||
Senior notes - non-current portion and discount | $ 250,000 | |||||
Accrued Interest : | ||||||
Aggregate note discount | ||||||
Net Senior notes | $ 919,700 | |||||
less: current portion | (873,500) | |||||
Senior notes - non-current portion and discount | $ 46,200 | |||||
Total | ||||||
Aggregate note discount | ||||||
Net Senior notes | $ 4,442,300 | |||||
less: current portion | (4,146,100) | |||||
Senior notes - non-current portion and discount | 296,200 | |||||
10% Convertible Promissory Note (2014 Unit Notes) [Member] | ||||||
Principal Balance | 4,066,900 | |||||
Accrued Inrerest | 270,700 | |||||
Total | $ 4,337,600 | |||||
Maturity Date | Mar. 31, 2015 | |||||
Principal Balance : | ||||||
Aggregate note discount | $ (180,000) | |||||
less: current portion | $ 3,886,900 | |||||
Accrued Interest : | ||||||
Aggregate note discount | ||||||
less: current portion | $ 270,700 | |||||
Total | ||||||
Aggregate note discount | (180,000) | |||||
less: current portion | 4,157,600 | |||||
7.5% Notes Payable (Service providers for accounts payable converted to notes payable) [Member] | ||||||
Principal Balance | 3,413,500 | |||||
Accrued Inrerest | 711,300 | |||||
Total | 4,124,800 | |||||
Principal Balance : | ||||||
Aggregate note discount | (474,500) | |||||
Net Senior notes | 2,939,000 | |||||
less: current portion | $ (2,939,000) | |||||
Senior notes - non-current portion and discount | ||||||
Accrued Interest : | ||||||
Aggregate note discount | ||||||
Net Senior notes | $ 711,300 | |||||
less: current portion | $ (711,300) | |||||
Senior notes - non-current portion and discount | ||||||
Total | ||||||
Aggregate note discount | $ (474,500) | |||||
Net Senior notes | 3,650,300 | |||||
less: current portion | $ (3,650,300) | |||||
Senior notes - non-current portion and discount | ||||||
7.5% Notes Payable (Service providers for accounts payable converted to notes payable) [Member] | Burr Pilger & Mayer [Member] | ||||||
Principal Balance | $ 90,400 | |||||
Accrued Inrerest | 13,100 | |||||
Total | 103,500 | |||||
7.5% Notes Payable (Service providers for accounts payable converted to notes payable) [Member] | Desjardins Securities [Member] | ||||||
Principal Balance | 156,300 | |||||
Accrued Inrerest | 24,100 | |||||
Total | 180,400 | |||||
7.5% Notes Payable (Service providers for accounts payable converted to notes payable) [Member] | McCarthy Tetrault [Member] | ||||||
Principal Balance | 319,700 | |||||
Accrued Inrerest | 46,000 | |||||
Total | 365,700 | |||||
7.5% Notes Payable (Service providers for accounts payable converted to notes payable) [Member] | University Health Network [Member] | ||||||
Principal Balance | 549,500 | |||||
Accrued Inrerest | 101,800 | |||||
Total | 651,300 | |||||
Maturity Date | Mar. 31, 2016 | |||||
Total | ||||||
Aggregate note discount | $ 27,500 | |||||
7.5% A Notes Payable August 2012 (Service providers for accounts payable converted to notes payable) [Member] | Morrison & Foerster [Member] | ||||||
Principal Balance | 918,200 | |||||
Accrued Inrerest | 193,200 | |||||
Total | 1,111,400 | |||||
Total | ||||||
Aggregate note discount | $ 122,400 | |||||
7.5% B Notes Payable August 2012 (Service providers for accounts payable converted to notes payable) [Member] | Morrison & Foerster [Member] | ||||||
Principal Balance | 1,379,400 | |||||
Accrued Inrerest | 333,100 | |||||
Total | 1,712,500 | |||||
Maturity Date | Mar. 31, 2016 | |||||
Total | ||||||
Aggregate note discount | $ 225,500 | |||||
5.75% & 10.25% Notes payable (Insurance premium financing company) [Member] | ||||||
Principal Balance : | ||||||
less: current portion | $ 5,800 | |||||
Accrued Interest : | ||||||
less: current portion | ||||||
Total | ||||||
less: current portion | $ 5,800 | |||||
10% Notes Payable (Vendors for accounts payable converted to notes payable) [Member] | ||||||
Principal Balance : | ||||||
Net Senior notes | 378,300 | |||||
less: current portion | $ (378,300) | |||||
Senior notes - non-current portion and discount | ||||||
Accrued Interest : | ||||||
Net Senior notes | $ 51,500 | |||||
less: current portion | $ (51,500) | |||||
Senior notes - non-current portion and discount | ||||||
Total | ||||||
Net Senior notes | $ 429,800 | |||||
less: current portion | $ (429,800) | |||||
Senior notes - non-current portion and discount | ||||||
7.0% Note payable (August 2012) [Member] | ||||||
Principal Balance : | ||||||
Net Senior notes | $ 58,800 | $ 58,800 | ||||
less: current portion | (31,600) | (23,200) | ||||
Senior notes - non-current portion and discount | 27,200 | 35,600 | ||||
Accrued Interest : | ||||||
Net Senior notes | 12,000 | 7,900 | ||||
less: current portion | $ (12,000) | $ (7,900) | ||||
Senior notes - non-current portion and discount | ||||||
Total | ||||||
Net Senior notes | $ 70,800 | $ 66,700 | ||||
less: current portion | (43,600) | (31,100) | ||||
Senior notes - non-current portion and discount | 27,200 | 35,600 | ||||
Total Notes Payable To Unrelated Parties [Member] | ||||||
Principal Balance : | ||||||
Net Senior notes | 58,800 | 3,381,900 | ||||
less: current portion | (31,600) | (3,346,300) | ||||
Senior notes - non-current portion and discount | 27,200 | 35,600 | ||||
Accrued Interest : | ||||||
Net Senior notes | 12,000 | 770,700 | ||||
less: current portion | $ (12,000) | $ (770,700) | ||||
Senior notes - non-current portion and discount | ||||||
Total | ||||||
Net Senior notes | $ 70,800 | $ 4,152,600 | ||||
less: current portion | (43,600) | (4,117,000) | ||||
Senior notes - non-current portion and discount | $ 27,200 | 35,600 | ||||
October 2012 7.5% Note Payable [Member] | Cato Holding Co [Member] | ||||||
Principal Balance | 293,600 | |||||
Accrued Inrerest | 55,900 | |||||
Total | 349,500 | |||||
October 2012 7.5% Note Payable [Member] | Cato Research Ltd. [Member] | ||||||
Principal Balance | 1,009,000 | |||||
Accrued Inrerest | 204,800 | |||||
Total | $ 1,213,800 |
Convertible Promissory Notes 48
Convertible Promissory Notes and Other Notes Payable (Details 1) - $ / shares | Mar. 25, 2016 | Dec. 11, 2015 | Nov. 23, 2015 | Nov. 11, 2015 | Sep. 02, 2015 | Nov. 30, 2015 | Jan. 31, 2015 | Mar. 31, 2016 |
Market Price (in dollars per share) | $ 8.75 | |||||||
Warrant [Member] | ||||||||
Market Price (in dollars per share) | $ 8 | $ 5 | $ 6.75 | $ 6.50 | $ 9.11 | $ 8 | ||
Exercise price per share | $ 8 | $ 7 | $ 7 | $ 9.25 | $ 10 | |||
Risk-free interest rate | 1.39% | 1.16% | 1.70% | 1.52% | ||||
Contractual term in years | 5 years | 3 years | 5 years | 5 years | ||||
Volatility | 78.96% | 77.88% | 77.95% | 77.20% | ||||
Dividend rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||
Warrant shares | 230,000 | 37,500 | 7,500 | 1,123,533 | 650,000 | 15,750 | 381,000 | |
Weighted Average Fair Value per share | $ 5.08 | $ 2.12 | $ 4.22 | $ 5.68 | ||||
Platinum Unit Notes And Acquired Unit Notes [Member] | Warrant [Member] | ||||||||
Market Price (in dollars per share) | 10 | |||||||
Exercise price per share | $ 7 | |||||||
Risk-free interest rate | 1.58% | |||||||
Contractual term in years | 5 years | |||||||
Volatility | 76.50% | |||||||
Dividend rate | 0.00% | |||||||
Warrant shares | 506,004 | |||||||
Weighted Average Fair Value per share | $ 6.89 | |||||||
Investor Unit Notes [Member] | Warrant [Member] | ||||||||
Market Price (in dollars per share) | 8 | |||||||
Exercise price per share | $ 7 | |||||||
Risk-free interest rate | 1.57% | |||||||
Contractual term in years | 5 years | |||||||
Volatility | 75.70% | |||||||
Dividend rate | 0.00% | |||||||
Warrant shares | 327,016 | |||||||
Weighted Average Fair Value per share | $ 5.15 |
Convertible Promissory Notes 49
Convertible Promissory Notes and Other Notes Payable (Details 2) - $ / shares | Mar. 25, 2016 | Dec. 11, 2015 | Nov. 23, 2015 | Sep. 02, 2015 | Jan. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2016 | Nov. 11, 2015 |
Assumption: | ||||||||
Market Price (in dollars per share) | $ 8.75 | $ 8.75 | ||||||
Warrant [Member] | ||||||||
Assumption: | ||||||||
Market Price (in dollars per share) | $ 8 | $ 5 | $ 6.75 | $ 9.11 | $ 8 | $ 6.50 | ||
Exercise price per share | $ 8 | $ 7 | $ 7 | $ 9.25 | $ 10 | |||
Risk-free interest rate | 1.39% | 1.16% | 1.70% | 1.52% | ||||
Contractual term in years | 5 years | 3 years | 5 years | 5 years | ||||
Volatility | 78.96% | 77.88% | 77.95% | 77.20% | ||||
Dividend rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||
Weighted Average Fair Value per share | $ 5.08 | $ 2.12 | $ 4.22 | $ 5.68 | ||||
Warrant [Member] | Maximum [Member] | ||||||||
Assumption: | ||||||||
Contractual term in years | 5 years | |||||||
Warrant [Member] | Minimum [Member] | ||||||||
Assumption: | ||||||||
Contractual term in years | 1 year | |||||||
Pre-Modification [Member] | Warrant [Member] | ||||||||
Assumption: | ||||||||
Market Price (in dollars per share) | 8.25 | 8.25 | ||||||
Exercise price per share | $ 12.99 | 12.99 | ||||||
Risk-free interest rate | 0.28% | |||||||
Contractual term in years | 1 month 24 days | |||||||
Volatility | 91.20% | |||||||
Dividend rate | 0.00% | |||||||
Weighted Average Fair Value per share | $ 0.30 | 0.30 | ||||||
Pre-Modification [Member] | Cato Notes [Member] | Cato Holding Co & Cato Research Ltd [Member] | Warrant [Member] | ||||||||
Assumption: | ||||||||
Market Price (in dollars per share) | 10 | $ 10 | ||||||
Risk-free interest rate | 0.87% | |||||||
Contractual term in years | 2 years 3 months 22 days | |||||||
Volatility | 73.90% | |||||||
Dividend rate | 0.00% | |||||||
Pre-Modification [Member] | Cato Notes [Member] | Cato Holding Co & Cato Research Ltd [Member] | Warrant [Member] | Maximum [Member] | ||||||||
Assumption: | ||||||||
Exercise price per share | 30 | $ 30 | ||||||
Weighted Average Fair Value per share | 2.44 | 2.44 | ||||||
Pre-Modification [Member] | Cato Notes [Member] | Cato Holding Co & Cato Research Ltd [Member] | Warrant [Member] | Minimum [Member] | ||||||||
Assumption: | ||||||||
Exercise price per share | 20 | 20 | ||||||
Weighted Average Fair Value per share | 1.57 | 1.57 | ||||||
Post-Modification [Member] | Warrant [Member] | ||||||||
Assumption: | ||||||||
Market Price (in dollars per share) | 8.25 | 8.25 | ||||||
Exercise price per share | $ 12.99 | 12.99 | ||||||
Risk-free interest rate | 0.36% | |||||||
Contractual term in years | 4 months 24 days | |||||||
Volatility | 91.20% | |||||||
Dividend rate | 0.00% | |||||||
Weighted Average Fair Value per share | $ 0.80 | 0.80 | ||||||
Post-Modification [Member] | Cato Notes [Member] | Cato Holding Co & Cato Research Ltd [Member] | Warrant [Member] | ||||||||
Assumption: | ||||||||
Market Price (in dollars per share) | 10 | 10 | ||||||
Exercise price per share | 7 | $ 7 | ||||||
Risk-free interest rate | 0.87% | |||||||
Contractual term in years | 2 years 3 months 22 days | |||||||
Volatility | 73.90% | |||||||
Dividend rate | 0.00% | |||||||
Weighted Average Fair Value per share | $ 5.33 | $ 5.33 |
Convertible Promissory Notes 50
Convertible Promissory Notes and Other Notes Payable (Details 3) - $ / shares | Mar. 25, 2016 | Dec. 11, 2015 | Nov. 23, 2015 | Sep. 02, 2015 | Jan. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2016 | Nov. 11, 2015 |
Market Price (in dollars per share) | $ 8.75 | $ 8.75 | ||||||
Warrant [Member] | ||||||||
Market Price (in dollars per share) | $ 8 | $ 5 | $ 6.75 | $ 9.11 | $ 8 | $ 6.50 | ||
Exercise price per share | $ 8 | $ 7 | $ 7 | $ 9.25 | $ 10 | |||
Risk-free interest rate | 1.39% | 1.16% | 1.70% | 1.52% | ||||
Contractual term in years | 5 years | 3 years | 5 years | 5 years | ||||
Volatility | 78.96% | 77.88% | 77.95% | 77.20% | ||||
Dividend rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||
Weighted Average Fair Value per share | $ 5.08 | $ 2.12 | $ 4.22 | $ 5.68 | ||||
Warrant [Member] | Maximum [Member] | ||||||||
Contractual term in years | 5 years | |||||||
Warrant [Member] | Minimum [Member] | ||||||||
Contractual term in years | 1 year | |||||||
Pre-Modification [Member] | Warrant [Member] | ||||||||
Market Price (in dollars per share) | 8.25 | 8.25 | ||||||
Exercise price per share | $ 12.99 | 12.99 | ||||||
Risk-free interest rate | 0.28% | |||||||
Contractual term in years | 1 month 24 days | |||||||
Volatility | 91.20% | |||||||
Dividend rate | 0.00% | |||||||
Weighted Average Fair Value per share | $ 0.30 | 0.30 | ||||||
Pre-Modification [Member] | 7.5% B Notes Payable August 2012 (Service providers for accounts payable converted to notes payable) [Member] | Morrison & Foerster [Member] | Warrant [Member] | ||||||||
Market Price (in dollars per share) | 10 | $ 10 | ||||||
Risk-free interest rate | 0.86% | |||||||
Contractual term in years | 2 years 3 months 7 days | |||||||
Volatility | 73.80% | |||||||
Dividend rate | 0.00% | |||||||
Pre-Modification [Member] | 7.5% B Notes Payable August 2012 (Service providers for accounts payable converted to notes payable) [Member] | Morrison & Foerster [Member] | Warrant [Member] | Maximum [Member] | ||||||||
Exercise price per share | 40 | $ 40 | ||||||
Weighted Average Fair Value per share | 2.39 | 2.39 | ||||||
Pre-Modification [Member] | 7.5% B Notes Payable August 2012 (Service providers for accounts payable converted to notes payable) [Member] | Morrison & Foerster [Member] | Warrant [Member] | Minimum [Member] | ||||||||
Exercise price per share | 20 | 20 | ||||||
Weighted Average Fair Value per share | 1.04 | 1.04 | ||||||
Post-Modification [Member] | Warrant [Member] | ||||||||
Market Price (in dollars per share) | 8.25 | 8.25 | ||||||
Exercise price per share | $ 12.99 | 12.99 | ||||||
Risk-free interest rate | 0.36% | |||||||
Contractual term in years | 4 months 24 days | |||||||
Volatility | 91.20% | |||||||
Dividend rate | 0.00% | |||||||
Weighted Average Fair Value per share | $ 0.80 | 0.80 | ||||||
Post-Modification [Member] | 7.5% B Notes Payable August 2012 (Service providers for accounts payable converted to notes payable) [Member] | Morrison & Foerster [Member] | Warrant [Member] | ||||||||
Market Price (in dollars per share) | 10 | 10 | ||||||
Exercise price per share | 20 | $ 20 | ||||||
Risk-free interest rate | 1.57% | |||||||
Contractual term in years | 4 years 3 months 7 days | |||||||
Volatility | 76.70% | |||||||
Dividend rate | 0.00% | |||||||
Weighted Average Fair Value per share | $ 4.35 | $ 4.35 |
Convertible Promissory Notes 51
Convertible Promissory Notes and Other Notes Payable (Details 4) - $ / shares | Mar. 25, 2016 | Dec. 11, 2015 | Nov. 23, 2015 | Sep. 02, 2015 | Jan. 31, 2015 | Apr. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2016 | Nov. 11, 2015 |
Assumption: | |||||||||
Market Price (in dollars per share) | $ 8.75 | $ 8.75 | |||||||
Warrant [Member] | |||||||||
Assumption: | |||||||||
Market Price (in dollars per share) | $ 8 | $ 5 | $ 6.75 | $ 9.11 | $ 8 | $ 6.50 | |||
Exercise price per share | $ 8 | $ 7 | $ 7 | $ 9.25 | $ 10 | ||||
Risk-free interest rate | 1.39% | 1.16% | 1.70% | 1.52% | |||||
Contractual term in years | 5 years | 3 years | 5 years | 5 years | |||||
Volatility | 78.96% | 77.88% | 77.95% | 77.20% | |||||
Dividend rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||
Weighted Average Fair Value per share | $ 5.08 | $ 2.12 | $ 4.22 | $ 5.68 | |||||
Icahn School of Medicine at Mount Sinai [Member] | |||||||||
Assumption: | |||||||||
Market Price (in dollars per share) | $ 9.40 | ||||||||
Icahn School of Medicine at Mount Sinai [Member] | Warrant [Member] | |||||||||
Assumption: | |||||||||
Market Price (in dollars per share) | 9.40 | ||||||||
Exercise price per share | $ 10 | ||||||||
Risk-free interest rate | 1.59% | ||||||||
Contractual term in years | 5 years | ||||||||
Volatility | 80.30% | ||||||||
Dividend rate | 0.00% | ||||||||
Weighted Average Fair Value per share | $ 5.95 | ||||||||
10% Promissory Note [Member] | Icahn School of Medicine at Mount Sinai [Member] | Warrant [Member] | |||||||||
Assumption: | |||||||||
Exercise price per share | $ 10 | ||||||||
Pre-Modification [Member] | Warrant [Member] | |||||||||
Assumption: | |||||||||
Market Price (in dollars per share) | 8.25 | 8.25 | |||||||
Exercise price per share | $ 12.99 | 12.99 | |||||||
Risk-free interest rate | 0.28% | ||||||||
Contractual term in years | 1 month 24 days | ||||||||
Volatility | 91.20% | ||||||||
Dividend rate | 0.00% | ||||||||
Weighted Average Fair Value per share | $ 0.30 | 0.30 | |||||||
Pre-Modification [Member] | 10% Promissory Note [Member] | Icahn School of Medicine at Mount Sinai [Member] | Warrant [Member] | |||||||||
Assumption: | |||||||||
Market Price (in dollars per share) | 16 | 16 | |||||||
Exercise price per share | 10 | $ 10 | |||||||
Risk-free interest rate | 1.34% | ||||||||
Contractual term in years | 3 years 9 months 4 days | ||||||||
Volatility | 76.30% | ||||||||
Dividend rate | 0.00% | ||||||||
Weighted Average Fair Value per share | 10.48 | $ 10.48 | |||||||
Post-Modification [Member] | Warrant [Member] | |||||||||
Assumption: | |||||||||
Market Price (in dollars per share) | 8.25 | 8.25 | |||||||
Exercise price per share | $ 12.99 | 12.99 | |||||||
Risk-free interest rate | 0.36% | ||||||||
Contractual term in years | 4 months 24 days | ||||||||
Volatility | 91.20% | ||||||||
Dividend rate | 0.00% | ||||||||
Weighted Average Fair Value per share | $ 0.80 | 0.80 | |||||||
Post-Modification [Member] | 10% Promissory Note [Member] | Icahn School of Medicine at Mount Sinai [Member] | Warrant [Member] | |||||||||
Assumption: | |||||||||
Market Price (in dollars per share) | 16 | 16 | |||||||
Exercise price per share | 7 | $ 7 | |||||||
Risk-free interest rate | 1.34% | ||||||||
Contractual term in years | 3 years 9 months 4 days | ||||||||
Volatility | 76.30% | ||||||||
Dividend rate | 0.00% | ||||||||
Weighted Average Fair Value per share | $ 11.6 | $ 11.6 |
Convertible Promissory Notes 52
Convertible Promissory Notes and Other Notes Payable (Details Narrative) - USD ($) | Mar. 25, 2016 | Dec. 11, 2015 | Nov. 23, 2015 | Nov. 11, 2015 | Sep. 02, 2015 | Aug. 15, 2015 | Jun. 26, 2015 | May 05, 2015 | Dec. 31, 2015 | Nov. 30, 2015 | May 14, 2015 | Jan. 31, 2015 | Apr. 30, 2014 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 13, 2015 | May 12, 2015 | Mar. 31, 2014 |
Aggregate face amount | $ 1,302,600 | |||||||||||||||||||||
Extinguishment of debt, amount | $ 17,200,000 | |||||||||||||||||||||
Non- cash loss on extinguishment of debt | $ 26,700,200 | |||||||||||||||||||||
Share price (in dollars per share) | $ 8.75 | $ 8.75 | ||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||
Number of shares issued | 230,000 | 37,500 | 7,500 | 1,123,533 | 650,000 | 15,750 | 381,000 | |||||||||||||||
Warrant exercisable date | Mar. 19, 2019 | |||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 9.25 | |||||||||||||||||||||
Share price (in dollars per share) | $ 8 | $ 5 | $ 6.75 | $ 6.50 | $ 9.11 | $ 8 | ||||||||||||||||
Warrant fair value | $ 492,600 | $ 3,692,900 | $ 1,756,900 | |||||||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||||||||
Dividend rate | 10.00% | |||||||||||||||||||||
Private Placement [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||
Number of shares issued | 717,978 | |||||||||||||||||||||
Securities Purchase Agreements [Member] | Private Placement [Member] | Warrant [Member] | ||||||||||||||||||||||
Number of shares issued | 833,020 | |||||||||||||||||||||
Warrant fair value | $ 5,168,400 | $ 5,168,400 | ||||||||||||||||||||
Icahn School of Medicine at Mount Sinai [Member] | ||||||||||||||||||||||
Stem cell technology license maintenance fees and reimbursable patent prosecution costs | $ 288,400 | |||||||||||||||||||||
Additional Stem cell technology license maintenance fees and reimbursable patent prosecution costs | $ 35,800 | |||||||||||||||||||||
Share price (in dollars per share) | $ 9.40 | |||||||||||||||||||||
Icahn School of Medicine at Mount Sinai [Member] | Restricted Common Stock [Member] | ||||||||||||||||||||||
Number of shares issued | 15,000 | |||||||||||||||||||||
Icahn School of Medicine at Mount Sinai [Member] | Warrant [Member] | ||||||||||||||||||||||
Number of shares issued | 15,000 | |||||||||||||||||||||
Warrant exercisable date | Mar. 31, 2019 | |||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 10 | |||||||||||||||||||||
Share price (in dollars per share) | $ 9.40 | |||||||||||||||||||||
Warrant fair value | $ 89,200 | |||||||||||||||||||||
Accredited Investors [Member] | Private Placement [Member] | ||||||||||||||||||||||
Aggregate face amount | 3,113,500 | $ 3,113,500 | ||||||||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Warrant [Member] | ||||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 7 | |||||||||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||
Number of shares issued | 458,571 | 235,714 | ||||||||||||||||||||
Share price (in dollars per share) | $ 10 | |||||||||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Private Placement [Member] | Warrant [Member] | ||||||||||||||||||||||
Number of shares issued | 717,976 | |||||||||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Private Placement [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||
Number of shares issued | 717,976 | |||||||||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Securities Purchase Agreements [Member] | Private Placement [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||
Number of shares issued | 142,857 | |||||||||||||||||||||
10% Promissory Note [Member] | Icahn School of Medicine at Mount Sinai [Member] | ||||||||||||||||||||||
Aggregate face amount | $ 300,000 | |||||||||||||||||||||
Repayment of debt | 100,000 | |||||||||||||||||||||
Non- cash loss on extinguishment of debt | $ 16,900 | $ 386,200 | ||||||||||||||||||||
Debt conversion amount | $ 270,400 | |||||||||||||||||||||
10% Promissory Note [Member] | Icahn School of Medicine at Mount Sinai [Member] | Restricted Common Stock [Member] | ||||||||||||||||||||||
Number of shares issued | 15,000 | |||||||||||||||||||||
10% Promissory Note [Member] | Icahn School of Medicine at Mount Sinai [Member] | Warrant [Member] | ||||||||||||||||||||||
Number of shares issued | 15,000 | |||||||||||||||||||||
Warrant exercisable date | Mar. 31, 2019 | |||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 7 | |||||||||||||||||||||
10% Promissory Note [Member] | Icahn School of Medicine at Mount Sinai [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||
Share price (in dollars per share) | $ 16 | $ 12 | ||||||||||||||||||||
10% Convertible Promissory Note (2014 Unit Notes) [Member] | ||||||||||||||||||||||
Aggregate face amount | $ 4,066,900 | |||||||||||||||||||||
Maturity date | Mar. 31, 2015 | |||||||||||||||||||||
10% Convertible Promissory Note (2014 Unit Notes) [Member] | Securities Purchase Agreements [Member] | Private Placement [Member] | ||||||||||||||||||||||
Description of conversion terms | Entitling the 2014 Unit Note holders at the time of conversion to the 25% Qualified Financing conversion premium under the terms of the 2014 Unit Notes. | |||||||||||||||||||||
Debt conversion amount | $ 4,664,800 | |||||||||||||||||||||
10% Convertible Promissory Note (2014 Unit Notes) [Member] | Securities Purchase Agreements [Member] | Private Placement [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||
Number of shares issued | 833,020 | |||||||||||||||||||||
10% Convertible Promissory Note (2014 Unit Notes) [Member] | Accredited Investors [Member] | ||||||||||||||||||||||
Debt conversion amount | $ 1,500,000 | |||||||||||||||||||||
10% Convertible Promissory Note (2014 Unit Notes) [Member] | Accredited Investors [Member] | Securities Purchase Agreements [Member] | ||||||||||||||||||||||
Aggregate face amount | $ 280,000 | |||||||||||||||||||||
Debt instrument maturity date range start | Apr. 30, 2015 | |||||||||||||||||||||
Debt instrument maturity date range end | May 15, 2015 | |||||||||||||||||||||
10% Convertible Promissory Note (2014 Unit Notes) [Member] | Accredited Investors [Member] | Securities Purchase Agreements [Member] | Private Placement [Member] | ||||||||||||||||||||||
Aggregate face amount | $ 280,000 | |||||||||||||||||||||
Debt instrument maturity date range start | Apr. 30, 2015 | |||||||||||||||||||||
Debt instrument maturity date range end | May 15, 2015 | |||||||||||||||||||||
Debt conversion price (in dollars per share) | $ 10 | |||||||||||||||||||||
Description of conversion terms | (i) an equity or equity-based public financing registered with the SEC, or (ii) an equity or equity-based private placement, or series of private placements, not registered with the SEC, in either case resulting in gross cash proceeds to us of at least $10.0 million prior to Maturity (a Qualified Financing | |||||||||||||||||||||
Amortized discounts | $ 277,200 | |||||||||||||||||||||
Percentage of excess effective interest rates | 10000.00% | |||||||||||||||||||||
10% Convertible Promissory Note (2014 Unit Notes) [Member] | Platinum Long Term Growth VII, LLC [Member] | Private Placement [Member] | ||||||||||||||||||||||
Aggregate face amount | $ 1,250,000 | |||||||||||||||||||||
10% Convertible Promissory Note (2014 Unit Notes) [Member] | Platinum Long Term Growth VII, LLC [Member] | Securities Purchase Agreements [Member] | ||||||||||||||||||||||
Debt conversion price (in dollars per share) | $ 10 | |||||||||||||||||||||
10% Convertible Promissory Note (2014 Unit Notes) [Member] | Platinum Long Term Growth VII, LLC [Member] | Securities Purchase Agreements [Member] | Private Placement [Member] | ||||||||||||||||||||||
Non- cash loss on extinguishment of debt | $ 5,942,700 | $ 2,237,100 | ||||||||||||||||||||
Debt conversion amount | $ 1,345,700 | |||||||||||||||||||||
Maturity date | Mar. 31, 2015 | |||||||||||||||||||||
Debt conversion premium | $ 1,166,200 | |||||||||||||||||||||
Debt fair value | $ 7,676,200 | $ 7,676,200 | ||||||||||||||||||||
10% Convertible Promissory Note (2014 Unit Notes) [Member] | Platinum Long Term Growth VII, LLC [Member] | Securities Purchase Agreements [Member] | Private Placement [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||
Share price (in dollars per share) | $ 10 | $ 10 | ||||||||||||||||||||
Acquired Unit Notes [Member] | Platinum Long Term Growth VII, LLC [Member] | ||||||||||||||||||||||
Debt conversion amount | $ 1,487,900 | |||||||||||||||||||||
Acquired Unit Notes [Member] | Platinum Long Term Growth VII, LLC [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||
Share price (in dollars per share) | 10 | $ 10 | ||||||||||||||||||||
Investor Unit Notes [Member] | Warrant [Member] | ||||||||||||||||||||||
Number of shares issued | 327,016 | |||||||||||||||||||||
Share price (in dollars per share) | 8 | $ 8 | ||||||||||||||||||||
Investor Unit Notes [Member] | Platinum Long Term Growth VII, LLC [Member] | ||||||||||||||||||||||
Debt conversion amount | $ 1,831,200 | |||||||||||||||||||||
Investor Unit Notes [Member] | Platinum Long Term Growth VII, LLC [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||
Share price (in dollars per share) | $ 8 | $ 8 |
Convertible Promissory Notes 53
Convertible Promissory Notes and Other Notes Payable (Details Narrative 1) - USD ($) | Jun. 10, 2015 | May 29, 2015 | Jun. 30, 2015 | Sep. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 25, 2016 | Dec. 11, 2015 | Nov. 23, 2015 | Nov. 11, 2015 | Sep. 02, 2015 | Jan. 31, 2015 |
Share price (in dollars per share) | $ 8.75 | |||||||||||
Aggregate fair value | $ 18,891,400 | |||||||||||
Unamortized discounts | $ (54,500) | |||||||||||
Non- cash loss on extinguishment of debt | $ 26,700,200 | |||||||||||
Past due accounts payable | $ 936,000 | 2,251,100 | ||||||||||
Warrant [Member] | ||||||||||||
Share price (in dollars per share) | $ 8 | $ 5 | $ 6.75 | $ 6.50 | $ 9.11 | $ 8 | ||||||
Warrant exercise price (in dollars per share) | $ 9.25 | |||||||||||
Warrant [Member] | Cato Holding Co & Cato Research Ltd [Member] | ||||||||||||
Description of warrant exercise price | To reduce the exercise price thereof from $30.00 and $20.00 per share, respectively, to $7.00 per share. | |||||||||||
Increased aggregate fair value | $ 222,700 | |||||||||||
Warrant [Member] | Cato Holding Co. [Member] | ||||||||||||
Number of warrnts issued upon conversion | 12,500 | |||||||||||
Warrant exercise price (in dollars per share) | $ 7 | |||||||||||
Warrant [Member] | Cato Research Ltd. [Member] | ||||||||||||
Number of warrnts issued upon conversion | 60,691 | |||||||||||
Warrant exercise price (in dollars per share) | $ 7 | |||||||||||
7.5% Notes Payable (Service providers for accounts payable converted to notes payable) [Member] | ||||||||||||
Unamortized discounts | $ (474,500) | |||||||||||
7.5% Notes Payable (Service providers for accounts payable converted to notes payable) [Member] | University Health Network [Member] | ||||||||||||
Debt conversion amount | $ 656,400 | |||||||||||
Maturity date | Mar. 31, 2016 | |||||||||||
Unamortized discounts | $ 27,500 | |||||||||||
Non- cash loss on extinguishment of debt | $ 308,900 | |||||||||||
7.5% Notes Payable (Service providers for accounts payable converted to notes payable) [Member] | University Health Network [Member] | Series B Preferred Stock [Member] | ||||||||||||
Number of shares issued upon debt conversion | 93,775 | |||||||||||
Share price (in dollars per share) | $ 10 | |||||||||||
Aggregate fair value | $ 937,800 | |||||||||||
Cato Notes [Member] | Cato Holding Co & Cato Research Ltd [Member] | ||||||||||||
Debt conversion amount | $ 1,583,000 | |||||||||||
Maturity date | Mar. 31, 2016 | |||||||||||
Unamortized discounts | $ 46,000 | |||||||||||
Non- cash loss on extinguishment of debt | 1,800,100 | |||||||||||
Past due accounts payable | $ 171,300 | |||||||||||
Cato Notes [Member] | Series B Preferred Stock [Member] | Cato Holding Co & Cato Research Ltd [Member] | ||||||||||||
Number of shares issued upon debt conversion | 328,571 | |||||||||||
Share price (in dollars per share) | $ 10 | |||||||||||
Aggregate fair value | $ 3,285,700 |
Convertible Promissory Notes 54
Convertible Promissory Notes and Other Notes Payable (Details Narrative 2) - USD ($) | Sep. 30, 2015 | Aug. 10, 2015 | Jun. 12, 2015 | Jun. 12, 2015 | Jun. 10, 2015 | Sep. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 25, 2016 | Dec. 11, 2015 | Nov. 23, 2015 | Nov. 11, 2015 | Sep. 02, 2015 | Jan. 31, 2015 |
Share price (in dollars per share) | $ 8.75 | |||||||||||||
Aggregate fair value | $ 18,891,400 | |||||||||||||
Unamortized discounts | $ (54,500) | |||||||||||||
Non- cash loss on extinguishment of debt | $ 26,700,200 | |||||||||||||
Past due accounts payable | $ 936,000 | $ 2,251,100 | ||||||||||||
Warrant [Member] | ||||||||||||||
Share price (in dollars per share) | $ 8 | $ 5 | $ 6.75 | $ 6.50 | $ 9.11 | $ 8 | ||||||||
Warrant exercise price (in dollars per share) | $ 9.25 | |||||||||||||
7.5% A Notes Payable August 2012 (Service providers for accounts payable converted to notes payable) [Member] | Morrison & Foerster [Member] | ||||||||||||||
Debt conversion amount | $ 1,149,000 | |||||||||||||
Unamortized discounts | $ 122,400 | $ 122,400 | ||||||||||||
Non- cash loss on extinguishment of debt | $ 1,168,000 | |||||||||||||
Past due accounts payable | $ 165,100 | $ 165,100 | ||||||||||||
7.5% A Notes Payable August 2012 (Service providers for accounts payable converted to notes payable) [Member] | Morrison & Foerster [Member] | Series B Preferred Stock [Member] | ||||||||||||||
Number of shares issued upon debt conversion | 192,628 | |||||||||||||
Share price (in dollars per share) | $ 12.25 | |||||||||||||
Aggregate fair value | $ 2,359,700 | |||||||||||||
7.5% B Notes Payable August 2012 (Service providers for accounts payable converted to notes payable) [Member] | Morrison & Foerster [Member] | ||||||||||||||
Debt conversion amount | $ 1,735,500 | |||||||||||||
Maturity date | Mar. 31, 2016 | |||||||||||||
Unamortized discounts | $ 225,500 | |||||||||||||
Non- cash loss on extinguishment of debt | $ 1,305,600 | |||||||||||||
Description of agreement terms | (i) December 31, 2016 or (ii) our consummation of a registered public offering or a strategic transaction involving AV-101 in which, in either case, we received gross proceeds of at least $20.0 million, any and all action to collect amounts due under our August 2012 promissory Note A maturing on March 31, 2016 ( M&F Note A M&F Payables | |||||||||||||
7.5% B Notes Payable August 2012 (Service providers for accounts payable converted to notes payable) [Member] | Morrison & Foerster [Member] | Series B Preferred Stock [Member] | ||||||||||||||
Number of shares issued upon debt conversion | 257,143 | |||||||||||||
Share price (in dollars per share) | $ 10 | $ 10 | ||||||||||||
Aggregate fair value | $ 2,571,400 | |||||||||||||
7.5% B Notes Payable August 2012 (Service providers for accounts payable converted to notes payable) [Member] | Morrison & Foerster [Member] | Warrant [Member] | ||||||||||||||
Number of warrnts issued upon conversion | 110,448 | |||||||||||||
Warrant exercise price (in dollars per share) | $ 20 | $ 20 | ||||||||||||
Description of warrant exercise price | To reduce the exercise price of one of the warrants from %$40.00 per share to $20.00 per share. | |||||||||||||
Description of warrant maturity date | To extend the term of both warrants from September 15, 2017 to September 15, 2019. |
Convertible Promissory Notes 55
Convertible Promissory Notes and Other Notes Payable (Details Narrative 3) - USD ($) | Jun. 26, 2015 | Jun. 24, 2015 | Jun. 18, 2015 | Jun. 13, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 25, 2016 | Dec. 11, 2015 | Nov. 23, 2015 | Nov. 11, 2015 | Sep. 02, 2015 | Jan. 31, 2015 | Apr. 30, 2014 |
Share price (in dollars per share) | $ 8.75 | |||||||||||||||
Aggregate fair value | $ 18,891,400 | |||||||||||||||
Non- cash loss on extinguishment of debt | $ 26,700,200 | |||||||||||||||
Past due accounts payable | $ 936,000 | $ 2,251,100 | ||||||||||||||
Warrant [Member] | ||||||||||||||||
Share price (in dollars per share) | $ 8 | $ 5 | $ 6.75 | $ 6.50 | $ 9.11 | $ 8 | ||||||||||
Warrant exercise price (in dollars per share) | $ 9.25 | |||||||||||||||
Icahn School of Medicine at Mount Sinai [Member] | ||||||||||||||||
Share price (in dollars per share) | $ 9.40 | |||||||||||||||
Icahn School of Medicine at Mount Sinai [Member] | Warrant [Member] | ||||||||||||||||
Share price (in dollars per share) | 9.40 | |||||||||||||||
Warrant exercise price (in dollars per share) | $ 10 | |||||||||||||||
7.5% Notes Payable (Service providers for accounts payable converted to notes payable) [Member] | McCarthy Tetrault [Member] | ||||||||||||||||
Debt conversion amount | $ 379,600 | |||||||||||||||
Non- cash loss on extinguishment of debt | $ 447,500 | |||||||||||||||
Past due accounts payable | $ 2,100 | |||||||||||||||
7.5% Notes Payable (Service providers for accounts payable converted to notes payable) [Member] | McCarthy Tetrault [Member] | Series B Preferred Stock [Member] | ||||||||||||||||
Number of shares issued upon debt conversion | 59,230 | |||||||||||||||
Share price (in dollars per share) | $ 14 | |||||||||||||||
Aggregate fair value | $ 829,200 | |||||||||||||||
7.5% Notes Payable (Service providers for accounts payable converted to notes payable) [Member] | Burr Pilger & Mayer [Member] | ||||||||||||||||
Debt conversion amount | $ 105,200 | |||||||||||||||
Non- cash loss on extinguishment of debt | 230,500 | |||||||||||||||
Past due accounts payable | $ 17,900 | |||||||||||||||
7.5% Notes Payable (Service providers for accounts payable converted to notes payable) [Member] | Burr Pilger & Mayer [Member] | Series B Preferred Stock [Member] | ||||||||||||||||
Number of shares issued upon debt conversion | 21,429 | |||||||||||||||
Share price (in dollars per share) | $ 16.50 | |||||||||||||||
Aggregate fair value | $ 353,600 | |||||||||||||||
10% Promissory Note [Member] | Icahn School of Medicine at Mount Sinai [Member] | ||||||||||||||||
Debt conversion amount | $ 270,400 | |||||||||||||||
Non- cash loss on extinguishment of debt | $ 16,900 | $ 386,200 | ||||||||||||||
Past due accounts payable | $ 19,100 | |||||||||||||||
10% Promissory Note [Member] | Icahn School of Medicine at Mount Sinai [Member] | Series B Preferred Stock [Member] | ||||||||||||||||
Number of shares issued upon debt conversion | 40,000 | 3,000 | ||||||||||||||
Share price (in dollars per share) | $ 16 | $ 12 | ||||||||||||||
Aggregate fair value | $ 640,000 | $ 36,000 | ||||||||||||||
10% Promissory Note [Member] | Icahn School of Medicine at Mount Sinai [Member] | Warrant [Member] | ||||||||||||||||
Number of warrnts issued upon conversion | 15,000 | |||||||||||||||
Warrant exercise price (in dollars per share) | $ 7 | |||||||||||||||
Description of warrant exercise price | To reduce the exercise price from $10.00 per share to $7.00 per share. | |||||||||||||||
Increased aggregate fair value | $ 16,600 |
Convertible Promissory Notes 56
Convertible Promissory Notes and Other Notes Payable (Details Narrative 4) - USD ($) | Jul. 06, 2015 | Jul. 02, 2015 | Jun. 29, 2015 | Jul. 31, 2015 | Sep. 30, 2015 | Jun. 10, 2015 | Sep. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Share price (in dollars per share) | $ 8.75 | ||||||||
Aggregate fair value | $ 18,891,400 | ||||||||
Non- cash loss on extinguishment of debt | $ 26,700,200 | ||||||||
Past due accounts payable | $ 936,000 | $ 2,251,100 | |||||||
Two Professional Service Providers & Former Employee [Member] | |||||||||
Non- cash loss on extinguishment of debt | $ 44,100 | $ 281,800 | |||||||
Past due accounts payable | $ 497,900 | ||||||||
Series B Preferred Stock [Member] | Two Professional Service Providers & Former Employee [Member] | |||||||||
Number of shares issued upon debt conversion | 80,929 | ||||||||
Aggregate fair value | $ 823,800 | ||||||||
Series B Preferred Stock [Member] | Two Professional Service Providers & Former Employee [Member] | Maximum [Member] | |||||||||
Share price (in dollars per share) | $ 12 | ||||||||
Series B Preferred Stock [Member] | Two Professional Service Providers & Former Employee [Member] | Minimum [Member] | |||||||||
Share price (in dollars per share) | $ 10 | ||||||||
10% Promissory Note [Member] | National Jewish Health [Member] | |||||||||
Debt conversion amount | $ 115,000 | ||||||||
Non- cash loss on extinguishment of debt | $ 152,900 | ||||||||
10% Promissory Note [Member] | National Jewish Health [Member] | Series B Preferred Stock [Member] | |||||||||
Number of shares issued upon debt conversion | 17,857 | ||||||||
Share price (in dollars per share) | $ 15 | ||||||||
Aggregate fair value | $ 267,900 | ||||||||
7.5% Notes Payable (Service providers for accounts payable converted to notes payable) [Member] | Desjardins Securities [Member] | |||||||||
Debt conversion amount | $ 187,400 | ||||||||
Non- cash loss on extinguishment of debt | 262,600 | ||||||||
7.5% Notes Payable (Service providers for accounts payable converted to notes payable) [Member] | Desjardins Securities [Member] | Series B Preferred Stock [Member] | |||||||||
Number of shares issued upon debt conversion | 32,143 | ||||||||
Share price (in dollars per share) | $ 14 | ||||||||
Aggregate fair value | $ 450,000 | ||||||||
7.5% Notes Payable (Service providers for accounts payable converted to notes payable) [Member] | MicroConstants, Inc [Member] | |||||||||
Debt conversion amount | $ 22,000 | ||||||||
Non- cash loss on extinguishment of debt | $ 157,600 | ||||||||
Past due accounts payable | $ 70,400 | ||||||||
7.5% Notes Payable (Service providers for accounts payable converted to notes payable) [Member] | MicroConstants, Inc [Member] | Series B Preferred Stock [Member] | |||||||||
Number of shares issued upon debt conversion | 17,857 | ||||||||
Share price (in dollars per share) | $ 14 | ||||||||
Aggregate fair value | $ 250,000 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) | 1 Months Ended | 10 Months Ended | 12 Months Ended | |||
May 14, 2015 | Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | |
Market Price (in dollars per share) | $ 8.75 | $ 8.75 | ||||
Aggregate Proceeds of Unit Sales | $ 280,000 | $ 5,025,800 | $ 280,000 | $ 3,133,500 | $ 3,146,600 | |
10% Convertible Promissory Note (2014 Unit Notes) [Member] | ||||||
Aggregate Allocation of Proceeds Based on Relative Fair Value of: | $ 118,200 | $ 1,556,900 | ||||
2014 Unit Warrants [Member] | ||||||
Warrant Shares Issued | 24,250 | 282,850 | ||||
Market Price (in dollars per share) | $ 10 | $ 9.28 | $ 9.28 | $ 9.28 | ||
Exercise price per share | $ 10 | 10 | 10 | $ 10 | ||
Term (Years) | 1 year 8 months 12 days | 2 years 2 months 8 days | ||||
Risk free Interest Rate | 0.45% | 0.62% | ||||
Volatility | 73.19% | 72.36% | ||||
Dividend Rate | 0.00% | 0.00% | ||||
Per Share Fair Value of Warrant | $ 3.69 | $ 3.63 | $ 3.63 | $ 3.63 | ||
Aggregate Fair Value of Unit Warrants | $ 89,600 | $ 1,027,000 | ||||
Aggregate Allocation of Proceeds Based on Relative Fair Value of: | 2,057,900 | $ 454,200 | ||||
2014 Unit Restricted Stock [Member] | ||||||
Aggregate Allocation of Proceeds Based on Relative Fair Value of: | $ 128,900 | $ 1,122,400 |
Capital Stock (Details 1)
Capital Stock (Details 1) - USD ($) | 1 Months Ended | 10 Months Ended | 12 Months Ended | |||
May 14, 2015 | Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | |
Market Price (in dollars per share) | $ 8.75 | $ 8.75 | ||||
Aggregate Proceeds of Unit Sales | $ 280,000 | $ 5,025,800 | $ 280,000 | $ 3,133,500 | $ 3,146,600 | |
10% Convertible Promissory Note (2014 Unit Notes) [Member] | ||||||
Aggregate Allocation of Proceeds Based on Relative Fair Value of: | $ 118,200 | $ 1,556,900 | ||||
2014 Unit Warrants [Member] | ||||||
Warrant Shares Issued | 24,250 | 282,850 | ||||
Market Price (in dollars per share) | $ 10 | $ 9.28 | $ 9.28 | $ 9.28 | ||
Exercise Price (in dollars per share) | $ 10 | 10 | 10 | $ 10 | ||
Term (Years) | 1 year 8 months 12 days | 2 years 2 months 8 days | ||||
Risk free Interest Rate | 0.45% | 0.62% | ||||
Volatility | 73.19% | 72.36% | ||||
Dividend Rate | 0.00% | 0.00% | ||||
Per Share Fair Value of Warrant | $ 3.69 | $ 3.63 | $ 3.63 | $ 3.63 | ||
Aggregate Fair Value of Unit Warrants | $ 89,600 | $ 1,027,000 | ||||
Aggregate Allocation of Proceeds Based on Relative Fair Value of: | 2,057,900 | $ 454,200 | ||||
2014 Unit Restricted Stock [Member] | ||||||
Aggregate Allocation of Proceeds Based on Relative Fair Value of: | $ 128,900 | $ 1,122,400 |
Capital Stock (Details 2)
Capital Stock (Details 2) - USD ($) | 1 Months Ended | 10 Months Ended | 12 Months Ended | ||
May 14, 2015 | Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2015 | |
Market Price (in dollars per share) | $ 8.75 | $ 8.75 | |||
Aggregate Proceeds of Unit Sales | $ 280,000 | $ 5,025,800 | $ 280,000 | $ 3,133,500 | $ 3,146,600 |
Series B Warrants [Member] | |||||
Warrant Shares Issued | 717,978 | ||||
Market Price (in dollars per share) | $ 10.45 | $ 10.45 | |||
Exercise Price (in dollars per share) | $ 7 | 7 | |||
Term (Years) | 5 years | ||||
Risk free Interest Rate | 1.61% | ||||
Volatility | 77.30% | ||||
Dividend Rate | 0.00% | ||||
Per Share Fair Value of Warrant | $ 7.37 | $ 7.37 | |||
Aggregate Fair Value of Unit Warrants | $ 5,288,600 | ||||
Aggregate Allocation of Proceeds Based on Relative Fair Value of: | 2,057,900 | ||||
Series B Preferred Stock [Member] | |||||
Aggregate Allocation of Proceeds Based on Relative Fair Value of: | $ 2,967,900 |
Capital Stock (Details 3)
Capital Stock (Details 3) - $ / shares | Mar. 25, 2016 | Dec. 11, 2015 | Nov. 23, 2015 | Sep. 02, 2015 | Jan. 31, 2015 | Mar. 31, 2016 | Nov. 11, 2015 |
Assumption: | |||||||
Market Price (in dollars per share) | $ 8.75 | ||||||
Warrant [Member] | |||||||
Assumption: | |||||||
Market Price (in dollars per share) | $ 8 | $ 5 | $ 6.75 | $ 9.11 | $ 8 | $ 6.50 | |
Exercise price per share | $ 8 | $ 7 | $ 7 | $ 9.25 | $ 10 | ||
Risk-free interest rate | 1.39% | 1.16% | 1.70% | 1.52% | |||
Term (Years) | 5 years | 3 years | 5 years | 5 years | |||
Volatility | 78.96% | 77.88% | 77.95% | 77.20% | |||
Dividend rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||
Per Share Fair Value of Warrant | $ 5.08 | $ 2.12 | $ 4.22 | $ 5.68 | |||
Warrant [Member] | Pre-Modification [Member] | |||||||
Assumption: | |||||||
Market Price (in dollars per share) | 8.25 | ||||||
Exercise price per share | $ 12.99 | ||||||
Risk-free interest rate | 0.28% | ||||||
Term (Years) | 1 month 24 days | ||||||
Volatility | 91.20% | ||||||
Dividend rate | 0.00% | ||||||
Per Share Fair Value of Warrant | $ 0.30 | ||||||
Warrant [Member] | Post-Modification [Member] | |||||||
Assumption: | |||||||
Market Price (in dollars per share) | 8.25 | ||||||
Exercise price per share | $ 12.99 | ||||||
Risk-free interest rate | 0.36% | ||||||
Term (Years) | 4 months 24 days | ||||||
Volatility | 91.20% | ||||||
Dividend rate | 0.00% | ||||||
Per Share Fair Value of Warrant | $ 0.80 |
Capital Stock (Details 4)
Capital Stock (Details 4) - $ / shares | 1 Months Ended | |
May 31, 2014 | Mar. 31, 2016 | |
Assumption: | ||
Market Price (in dollars per share) | $ 8.75 | |
2013 Unit Warrants [Member] | Pre-Modification [Member] | ||
Assumption: | ||
Market Price (in dollars per share) | $ 12.60 | |
Exercise price per share | $ 20 | |
Risk-free interest rate | 0.44% | |
Term (Years) | 2 years 2 months 1 day | |
Volatility | 75.60% | |
Dividend rate | 0.00% | |
Per Share Fair Value of Warrant | $ 3.73 | |
2013 Unit Warrants [Member] | Post-Modification [Member] | ||
Assumption: | ||
Market Price (in dollars per share) | 12.60 | |
Exercise price per share | $ 10 | |
Risk-free interest rate | 0.62% | |
Term (Years) | 2 years 7 months 2 days | |
Volatility | 76.60% | |
Dividend rate | 0.00% | |
Per Share Fair Value of Warrant | $ 6.65 |
Capital Stock (Details 5)
Capital Stock (Details 5) - $ / shares | Mar. 25, 2016 | Dec. 11, 2015 | Nov. 23, 2015 | Nov. 11, 2015 | Sep. 02, 2015 | Nov. 30, 2015 | Jan. 31, 2015 | Mar. 31, 2016 |
Assumption: | ||||||||
Market Price (in dollars per share) | $ 8.75 | |||||||
Warrant [Member] | ||||||||
Assumption: | ||||||||
Market Price (in dollars per share) | $ 8 | $ 5 | $ 6.75 | $ 6.50 | $ 9.11 | $ 8 | ||
Exercise price per share | $ 8 | $ 7 | $ 7 | $ 9.25 | $ 10 | |||
Risk-free interest rate | 1.39% | 1.16% | 1.70% | 1.52% | ||||
Term (Years) | 5 years | 3 years | 5 years | 5 years | ||||
Volatility | 78.96% | 77.88% | 77.95% | 77.20% | ||||
Dividend rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||
Per Share Fair Value of Warrant | $ 5.08 | $ 2.12 | $ 4.22 | $ 5.68 | ||||
Warrant Shares Issued | 230,000 | 37,500 | 7,500 | 1,123,533 | 650,000 | 15,750 | 381,000 | |
Expense recognized | 1,169,500 | 79,600 | 31,700 |
Capital Stock (Details 6)
Capital Stock (Details 6) - $ / shares | Nov. 11, 2015 | Jun. 10, 2015 | Jan. 31, 2015 | Mar. 31, 2016 |
Assumption: | ||||
Market Price (in dollars per share) | $ 8.75 | |||
Warrants Subject To Exercise Price [Member] | Pre-Modification [Member] | ||||
Assumption: | ||||
Market Price (in dollars per share) | $ 6.50 | $ 10 | $ 8 | |
Exercise price per share | $ 9.97 | $ 30.23 | $ 23.13 | |
Risk-free interest rate | 1.74% | 0.83% | 0.04% | |
Term (Years) | 5 years 1 month 17 days | 2 years 3 months 4 days | 2 months 26 days | |
Volatility | 78.80% | 73.70% | 69.70% | |
Dividend rate | 0.00% | 0.00% | 0.00% | |
Per Share Fair Value of Warrant | $ 3.65 | $ 1.55 | $ 0.22 | |
Warrants Subject To Exercise Price [Member] | Post-Modification [Member] | ||||
Assumption: | ||||
Market Price (in dollars per share) | 6.50 | 10 | 8 | |
Exercise price per share | $ 7 | $ 11.92 | $ 13 | |
Risk-free interest rate | 1.75% | 0.83% | 0.31% | |
Term (Years) | 5 years 1 month 28 days | 2 years 3 months 4 days | 1 year 2 months 26 days | |
Volatility | 78.70% | 73.70% | 69.80% | |
Dividend rate | 0.00% | 0.00% | 0.00% | |
Per Share Fair Value of Warrant | $ 4.08 | $ 3.79 | $ 1.31 |
Capital Stock (Details 7)
Capital Stock (Details 7) - $ / shares | Nov. 11, 2015 | Jun. 10, 2015 | Jan. 31, 2015 | Mar. 31, 2016 |
Assumption: | ||||
Market Price (in dollars per share) | $ 8.75 | |||
Warrants Subject To Exercise Price [Member] | Pre-Modification [Member] | ||||
Assumption: | ||||
Market Price (in dollars per share) | $ 6.50 | $ 10 | $ 8 | |
Exercise price per share | $ 9.97 | $ 30.23 | $ 23.13 | |
Risk-free interest rate | 1.74% | 0.83% | 0.04% | |
Term (Years) | 5 years 1 month 17 days | 2 years 3 months 4 days | 2 months 26 days | |
Volatility | 78.80% | 73.70% | 69.70% | |
Dividend rate | 0.00% | 0.00% | 0.00% | |
Per Share Fair Value of Warrant | $ 3.65 | $ 1.55 | $ 0.22 | |
Warrants Subject To Exercise Price [Member] | Post-Modification [Member] | ||||
Assumption: | ||||
Market Price (in dollars per share) | 6.50 | 10 | 8 | |
Exercise price per share | $ 7 | $ 11.92 | $ 13 | |
Risk-free interest rate | 1.75% | 0.83% | 0.31% | |
Term (Years) | 5 years 1 month 28 days | 2 years 3 months 4 days | 1 year 2 months 26 days | |
Volatility | 78.70% | 73.70% | 69.80% | |
Dividend rate | 0.00% | 0.00% | 0.00% | |
Per Share Fair Value of Warrant | $ 4.08 | $ 3.79 | $ 1.31 |
Capital Stock (Details 8)
Capital Stock (Details 8) - $ / shares | Nov. 11, 2015 | Jun. 10, 2015 | Jan. 31, 2015 | Mar. 31, 2016 |
Assumption: | ||||
Market Price (in dollars per share) | $ 8.75 | |||
Warrants Subject To Exercise Price [Member] | Pre-Modification [Member] | ||||
Assumption: | ||||
Market Price (in dollars per share) | $ 6.50 | $ 10 | $ 8 | |
Exercise price per share | $ 9.97 | $ 30.23 | $ 23.13 | |
Risk-free interest rate | 1.74% | 0.83% | 0.04% | |
Term (Years) | 5 years 1 month 17 days | 2 years 3 months 4 days | 2 months 26 days | |
Volatility | 78.80% | 73.70% | 69.70% | |
Dividend rate | 0.00% | 0.00% | 0.00% | |
Per Share Fair Value of Warrant | $ 3.65 | $ 1.55 | $ 0.22 | |
Warrants Subject To Exercise Price [Member] | Post-Modification [Member] | ||||
Assumption: | ||||
Market Price (in dollars per share) | 6.50 | 10 | 8 | |
Exercise price per share | $ 7 | $ 11.92 | $ 13 | |
Risk-free interest rate | 1.75% | 0.83% | 0.31% | |
Term (Years) | 5 years 1 month 28 days | 2 years 3 months 4 days | 1 year 2 months 26 days | |
Volatility | 78.70% | 73.70% | 69.80% | |
Dividend rate | 0.00% | 0.00% | 0.00% | |
Per Share Fair Value of Warrant | $ 4.08 | $ 3.79 | $ 1.31 |
Capital Stock (Details 9)
Capital Stock (Details 9) - $ / shares | Nov. 11, 2015 | Mar. 31, 2016 | Sep. 02, 2015 |
Warrant One [Member] | |||
Exercise Price per Share | $ 7 | ||
Shares Subject to Purchase | 1,417,125 | ||
Warrant One [Member] | Minimum [Member] | |||
Expiration Date | Dec. 11, 2018 | ||
Warrant One [Member] | Maximum [Member] | |||
Expiration Date | Mar. 3, 2023 | ||
Warrant Two [Member] | |||
Exercise Price per Share | $ 8 | ||
Expiration Date | Mar. 25, 2021 | ||
Shares Subject to Purchase | 230,000 | ||
Warrant Three [Member] | |||
Exercise Price per Share | $ 10 | ||
Shares Subject to Purchase | 135,384 | ||
Warrant Three [Member] | Minimum [Member] | |||
Expiration Date | Aug. 31, 2016 | ||
Warrant Three [Member] | Maximum [Member] | |||
Expiration Date | Jan. 11, 2020 | ||
Warrant Four [Member] | |||
Exercise Price per Share | $ 15 | ||
Shares Subject to Purchase | 10,664 | ||
Warrant Four [Member] | Minimum [Member] | |||
Expiration Date | Apr. 30, 2016 | ||
Warrant Four [Member] | Maximum [Member] | |||
Expiration Date | Aug. 31, 2016 | ||
Warrant Five [Member] | |||
Exercise Price per Share | $ 20 | ||
Expiration Date | Sep. 15, 2019 | ||
Shares Subject to Purchase | 110,448 | ||
Warrant Six [Member] | |||
Exercise Price per Share | $ 30 | ||
Expiration Date | Nov. 20, 2017 | ||
Shares Subject to Purchase | 3,600 | ||
Warrant [Member] | |||
Exercise Price per Share | $ 9.25 | ||
Expiration Date | Mar. 19, 2019 | ||
Shares Subject to Purchase | 1,907,221 |
Capital Stock (Details 10)
Capital Stock (Details 10) | Mar. 31, 2016shares | |
Reserved for future issuance | 10,425,632 | |
Subject to outstanding awards | 997,229 | |
Available for future grants | 660,242 | |
2008 and 1999 Stock Incentive Plans [Member] | ||
Subject to outstanding awards | 336,987 | |
2008 Stock Incentive Plan [Member] | ||
Available for future grants | 660,242 | |
Series A Preferred Stock [Member] | ||
Upon exchange of all shares currently issued and outstanding | 750,000 | [1] |
Series B Preferred Stock [Member] | ||
Upon exchange of all shares currently issued and outstanding | 3,663,077 | |
Reserved for future issuance | 108,105 | |
Series C Preferred Stock [Member] | ||
Upon exchange of all shares currently issued and outstanding | 2,318,012 | |
Reserved for future issuance | 681,988 | |
Warrant [Member] | ||
Subject to outstanding awards | 1,907,221 | |
[1] | Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement with Platinum, as amended. |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - USD ($) | Jan. 13, 2016 | Aug. 15, 2015 | May 07, 2015 | May 05, 2015 | Aug. 14, 2014 | Oct. 11, 2012 | Dec. 31, 2015 | May 14, 2015 | Dec. 31, 2011 | Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | May 14, 2015 | Mar. 31, 2016 | Mar. 31, 2014 |
Description of reverse stock split ratio | 1-for-20 | ||||||||||||||||||
Common stock par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
Preferred stock authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||||
Preferred stock par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Aggregate gross proceeds | $ 280,000 | $ 5,025,800 | $ 280,000 | $ 3,133,500 | $ 3,146,600 | ||||||||||||||
Accrued dividends | $ 2,089,600 | $ 2,089,600 | $ 2,089,600 | $ 2,089,600 | |||||||||||||||
Face amount | $ 1,302,600 | $ 1,302,600 | $ 1,302,600 | $ 1,302,600 | |||||||||||||||
Cash proceeds from issuance and sale of notes | $ 34,500,000 | ||||||||||||||||||
10% Convertible Promissory Note (2014 Unit Notes) [Member] | |||||||||||||||||||
Face amount | 4,066,900 | 4,066,900 | 4,066,900 | 4,066,900 | |||||||||||||||
Securities Purchase Agreements [Member] | Private Placement [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | |||||||||||||||||||
Cash proceeds from issuance and sale of notes | 50,000 | ||||||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | |||||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 3,000,000 | ||||||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Private Placement [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | |||||||||||||||||||
Face amount | $ 1,250,000 | $ 1,250,000 | $ 1,250,000 | $ 1,250,000 | |||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Securities Purchase Agreements [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | |||||||||||||||||||
Conversion price (in dollars per share) | $ 10 | $ 10 | $ 10 | $ 10 | |||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Securities Purchase Agreements [Member] | Private Placement [Member] | |||||||||||||||||||
Proceeds from private placement | $ 1,000,000 | ||||||||||||||||||
Accredited Investors And Institutions [Member] | Securities Purchase Agreements [Member] | Private Placement [Member] | |||||||||||||||||||
Proceeds from private placement | $ 3,113,500 | ||||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 280,000 | $ 3,100,000 | |||||||||||||||||
Accredited Investors And Institutions [Member] | Securities Purchase Agreements [Member] | Private Placement [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | |||||||||||||||||||
Proceeds from private placement | 3,113,500 | ||||||||||||||||||
Face amount | $ 3,100,000 | 3,100,000 | $ 3,100,000 | $ 3,100,000 | |||||||||||||||
Debt instrument maturity date range start | Mar. 31, 2015 | ||||||||||||||||||
Debt instrument maturity date range end | Apr. 30, 2015 | ||||||||||||||||||
Accredited Investors And Institutions [Member] | Securities Purchase Agreements [Member] | Minimum [Member] | Private Placement [Member] | |||||||||||||||||||
Proceeds from private placement | 10,000,000 | ||||||||||||||||||
Accredited Investors [Member] | Private Placement [Member] | |||||||||||||||||||
Face amount | $ 3,113,500 | $ 3,113,500 | $ 3,113,500 | $ 3,113,500 | $ 3,113,500 | ||||||||||||||
Accredited Investors [Member] | Securities Purchase Agreements [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | |||||||||||||||||||
Description of conversion | Automatically convertible into securities issuable upon our consummation of a Qualified Financing. | ||||||||||||||||||
Face amount | $ 280,000 | $ 280,000 | |||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 280,000 | ||||||||||||||||||
Debt instrument maturity date range start | Apr. 30, 2015 | ||||||||||||||||||
Debt instrument maturity date range end | May 15, 2015 | ||||||||||||||||||
Accredited Investors [Member] | Securities Purchase Agreements [Member] | Private Placement [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | |||||||||||||||||||
Face amount | $ 280,000 | $ 280,000 | |||||||||||||||||
Conversion price (in dollars per share) | $ 10 | $ 10 | |||||||||||||||||
Debt instrument maturity date range start | Apr. 30, 2015 | ||||||||||||||||||
Debt instrument maturity date range end | May 15, 2015 | ||||||||||||||||||
Accredited Investors [Member] | Securities Purchase Agreements [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | |||||||||||||||||||
Description of conversion | Automatically convertible into securities issuable upon our consummation of a Qualified Financing. | ||||||||||||||||||
Face amount | $ 3,413,500 | $ 3,413,500 | |||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 3,413,500 | ||||||||||||||||||
Debt instrument maturity date range start | Mar. 31, 2015 | ||||||||||||||||||
Debt instrument maturity date range end | May 15, 2015 | ||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||
Preferred stock authorized | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | ||||||||||
Preferred stock par value (in dollars per share) | $ 0.001 | ||||||||||||||||||
Description of conversion | One-half of one restricted share of our common stock. | ||||||||||||||||||
Description of preferred stock voting rights | No voting rights. | ||||||||||||||||||
Number of preferred stock outstanding | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | |||||||||||
Series A Preferred Stock [Member] | Platinum Long Term Growth VII, LLC [Member] | |||||||||||||||||||
Number of common shares converted | 750,000 | 750,000 | |||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||
Preferred stock authorized | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | |||||||||||||||
Number of preferred stock outstanding | 3,663,077 | 3,663,077 | 3,663,077 | 3,663,077 | |||||||||||||||
Number of common shares converted | 228,818 | ||||||||||||||||||
Percent of preferred stock accrued dividends | 10.00% | ||||||||||||||||||
Net loss on accrued dividends | $ 2,140,500 | ||||||||||||||||||
Preferred stock liquidation value | $ 27,731,200 | $ 27,731,200 | 27,731,200 | $ 27,731,200 | |||||||||||||||
Series B Preferred Stock [Member] | Private Placement [Member] | |||||||||||||||||||
Number of shares issued | 717,978 | ||||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 5,025,800 | ||||||||||||||||||
Series B Preferred Stock [Member] | Certificate Of Designation [Member] | |||||||||||||||||||
Preferred stock authorized | 4,000,000 | ||||||||||||||||||
Description of conversion | One (1) share of our Common Stock, subject to adjustment, only for customary stock dividends, reclassifications, splits and similar transactions. | ||||||||||||||||||
Description of stock trading | For 20 consecutive trading days, our common stock trades at least 20,000 shares per day with a daily closing price of at least $12.00 per share. | ||||||||||||||||||
Series B Preferred Stock [Member] | Certificate Of Designation [Member] | Minimum [Member] | |||||||||||||||||||
Initial up-front cash payment | $ 10,000,000 | ||||||||||||||||||
Aggregate gross proceeds | $ 10,000,000 | ||||||||||||||||||
Series B Preferred Stock [Member] | Securities Purchase Agreements [Member] | Private Placement [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | |||||||||||||||||||
Number of shares issued | 833,020 | ||||||||||||||||||
Series B Preferred Stock [Member] | Platinum Long Term Growth VII, LLC [Member] | |||||||||||||||||||
Number of shares issued | 458,571 | 235,714 | |||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 1,650,000 | ||||||||||||||||||
Series B Preferred Stock [Member] | Platinum Long Term Growth VII, LLC [Member] | Private Placement [Member] | |||||||||||||||||||
Number of shares issued | 717,976 | ||||||||||||||||||
Cash proceeds from issuance and sale of notes | 2,650,000 | ||||||||||||||||||
Series B Preferred Stock [Member] | Platinum Long Term Growth VII, LLC [Member] | Securities Purchase Agreements [Member] | Private Placement [Member] | |||||||||||||||||||
Number of shares issued | 142,857 | ||||||||||||||||||
Series B Preferred Stock [Member] | Accredited Investors [Member] | Private Placement [Member] | |||||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 5,025,800 | ||||||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||||||
Preferred stock authorized | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | |||||||||||||||
Number of preferred stock outstanding | 2,318,012 | 2,318,012 | 2,318,012 | 2,318,012 | |||||||||||||||
Series C Preferred Stock [Member] | Certificate Of Designation [Member] | |||||||||||||||||||
Preferred stock authorized | 3,000,000 | ||||||||||||||||||
Preferred stock par value (in dollars per share) | $ 0.001 | ||||||||||||||||||
Description of conversion | One share of our common stock. | ||||||||||||||||||
Description of preferred stock voting rights | No voting rights. | ||||||||||||||||||
Series C Preferred Stock [Member] | Platinum Long Term Growth VII, LLC [Member] | |||||||||||||||||||
Number of shares issued | 341,518 | ||||||||||||||||||
2014 Unit Restricted Stock [Member] | Platinum Long Term Growth VII, LLC [Member] | Private Placement [Member] | |||||||||||||||||||
Number of shares issued | 125,000 | ||||||||||||||||||
2014 Unit Restricted Stock [Member] | Accredited Investors And Institutions [Member] | Securities Purchase Agreements [Member] | Private Placement [Member] | |||||||||||||||||||
Number of shares issued | 282,850 | ||||||||||||||||||
2014 Unit Restricted Stock [Member] | Accredited Investors [Member] | Securities Purchase Agreements [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | |||||||||||||||||||
Number of shares issued | 33,000 | ||||||||||||||||||
2014 Unit Restricted Stock [Member] | Accredited Investors [Member] | Securities Purchase Agreements [Member] | Private Placement [Member] | |||||||||||||||||||
Number of shares issued | 33,000 | ||||||||||||||||||
2014 Unit Restricted Stock [Member] | Accredited Investors [Member] | Securities Purchase Agreements [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | |||||||||||||||||||
Number of shares issued | 315,850 | ||||||||||||||||||
2014 Unit Warrants [Member] | |||||||||||||||||||
Number of shares issued | 24,250 | 282,850 | |||||||||||||||||
2014 Unit Warrants [Member] | Platinum Long Term Growth VII, LLC [Member] | Private Placement [Member] | |||||||||||||||||||
Number of shares issued | 125,000 | ||||||||||||||||||
2014 Unit Warrants [Member] | Accredited Investors And Institutions [Member] | Securities Purchase Agreements [Member] | Private Placement [Member] | |||||||||||||||||||
Number of shares issued | 282,850 | ||||||||||||||||||
Warrant exercisable date | Dec. 31, 2016 | ||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 10 | $ 10 | $ 10 | $ 10 | |||||||||||||||
2014 Unit Warrants [Member] | Accredited Investors [Member] | Securities Purchase Agreements [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | |||||||||||||||||||
Number of shares issued | 24,250 | ||||||||||||||||||
Warrant exercisable date | Dec. 31, 2016 | ||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 10 | $ 10 | |||||||||||||||||
2014 Unit Warrants [Member] | Accredited Investors [Member] | Securities Purchase Agreements [Member] | Private Placement [Member] | |||||||||||||||||||
Number of shares issued | 24,250 | ||||||||||||||||||
Warrant exercisable date | Dec. 31, 2016 | ||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 10 | $ 10 | |||||||||||||||||
2014 Unit Warrants [Member] | Accredited Investors [Member] | Securities Purchase Agreements [Member] | 10% Convertible Promissory Note (2014 Unit Notes) [Member] | |||||||||||||||||||
Number of shares issued | 307,100 | ||||||||||||||||||
Warrant exercisable date | Dec. 31, 2016 | ||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 10 | $ 10 | |||||||||||||||||
10% Convertible Promissory Note (2014 Unit Notes) [Member] | Platinum Long Term Growth VII, LLC [Member] | Private Placement [Member] | |||||||||||||||||||
Number of shares issued | 125,000 | ||||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 1,250,000 |
Capital Stock (Details Narrat69
Capital Stock (Details Narrative 1) | Aug. 15, 2015USD ($)shares | May 15, 2015USD ($)shares | May 12, 2015USD ($)$ / shares | May 05, 2015USD ($)Number$ / sharesshares | Dec. 31, 2015USD ($)shares | Jun. 30, 2015USD ($) | May 14, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($)$ / shares |
Principal and accrued but unpaid interest | $ 1,563,300 | $ 1,563,300 | ||||||||||||
Share price (in dollars per share) | $ / shares | $ 8.75 | $ 8.75 | $ 8.75 | |||||||||||
Loss on debt extinguishment | $ (1,649,000) | $ (25,051,000) | $ (26,700,200) | (2,388,000) | ||||||||||
Cash proceeds from issuance and sale of notes | $ 34,500,000 | |||||||||||||
10% Convertible Notes [Member] | ||||||||||||||
Principal and accrued but unpaid interest | 4,337,600 | 4,337,600 | ||||||||||||
10% Convertible Notes [Member] | Private Placement [Member] | Securities Purchase Agreements [Member] | ||||||||||||||
Debt conversion amount | $ 4,664,800 | |||||||||||||
Cash proceeds from issuance and sale of notes | 50,000 | |||||||||||||
Series B Preferred Stock [Member] | Private Placement [Member] | ||||||||||||||
Number of shares issued | shares | 717,978 | |||||||||||||
Cash proceeds from issuance and sale of notes | $ 5,025,800 | |||||||||||||
Series B Preferred Stock [Member] | 10% Convertible Notes [Member] | Private Placement [Member] | Securities Purchase Agreements [Member] | ||||||||||||||
Number of shares issued | shares | 833,020 | |||||||||||||
Series B Warrants [Member] | ||||||||||||||
Number of shares issued | shares | 717,978 | |||||||||||||
Share price (in dollars per share) | $ / shares | $ 10.45 | $ 10.45 | $ 10.45 | |||||||||||
Series B Warrants [Member] | Private Placement [Member] | ||||||||||||||
Number of shares issued | shares | 717,978 | |||||||||||||
Platinum Long Term Growth VII, LLC [Member] | ||||||||||||||
Number of common shares purchased | $ 1,200,000 | |||||||||||||
Number of common shares exchanged | shares | 30,000 | |||||||||||||
Loss on debt extinguishment | $ 12,270,900 | |||||||||||||
Cash proceeds from issuance and sale of notes | $ 3,000,000 | |||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Private Placement [Member] | Securities Purchase Agreements [Member] | ||||||||||||||
Proceeds from private placement | $ 1,000,000 | |||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Senior Secured 10% Convertible Promissory Notes | ||||||||||||||
Principal and accrued but unpaid interest | $ 4,442,300 | $ 4,442,300 | ||||||||||||
Platinum Long Term Growth VII, LLC [Member] | 10% Convertible Notes [Member] | Private Placement [Member] | Securities Purchase Agreements [Member] | ||||||||||||||
Debt conversion amount | $ 1,345,700 | |||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Series B Preferred Stock [Member] | ||||||||||||||
Number of shares issued | shares | 458,571 | 235,714 | ||||||||||||
Additional number of shares issued | shares | 400,000 | |||||||||||||
Number of common shares purchased | $ 1,650,000 | |||||||||||||
Number of common shares exchanged | shares | 30,000 | |||||||||||||
Share price (in dollars per share) | $ / shares | $ 10 | |||||||||||||
Fair value of stock issued | $ 4,000,000 | |||||||||||||
Cash proceeds from issuance and sale of notes | $ 1,650,000 | |||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Series B Preferred Stock [Member] | Private Placement [Member] | ||||||||||||||
Number of shares issued | shares | 717,976 | |||||||||||||
Cash proceeds from issuance and sale of notes | $ 2,650,000 | |||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Series B Preferred Stock [Member] | Private Placement [Member] | Securities Purchase Agreements [Member] | ||||||||||||||
Number of shares issued | shares | 142,857 | |||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Series B Preferred Stock [Member] | Senior Secured 10% Convertible Promissory Notes | ||||||||||||||
Number of shares converted | Number | 641,335 | |||||||||||||
Principal and accrued but unpaid interest | $ 4,500,000 | |||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Series B Preferred Stock [Member] | 10% Convertible Notes [Member] | ||||||||||||||
Number of shares converted | Number | 240,305 | |||||||||||||
Principal and accrued but unpaid interest | $ 1,300,000 | |||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Series B Preferred Stock [Member] | 10% Convertible Notes [Member] | Private Placement [Member] | Securities Purchase Agreements [Member] | ||||||||||||||
Share price (in dollars per share) | $ / shares | $ 10 | $ 10 | $ 10 | |||||||||||
Platinum Long Term Growth VII, LLC [Member] | Series B Warrants [Member] | ||||||||||||||
Number of shares issued | shares | 458,571 | 235,714 | ||||||||||||
Additional number of shares issued | shares | 400,000 | |||||||||||||
Value of additional shares issued | $ 8,270,900 | |||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Series B Warrants [Member] | Private Placement [Member] | Securities Purchase Agreements [Member] | ||||||||||||||
Number of shares issued | shares | 142,857 | |||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Series B Warrants [Member] | 10% Convertible Notes [Member] | ||||||||||||||
Number of shares purchased | shares | 240,305 | |||||||||||||
Warrant term | 5 years | |||||||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 7 | |||||||||||||
Accredited Investors [Member] | 10% Convertible Notes [Member] | ||||||||||||||
Principal and accrued but unpaid interest | $ 1,500,000 | |||||||||||||
Debt conversion amount | $ 1,500,000 | |||||||||||||
Accredited Investors [Member] | 10% Convertible Notes [Member] | Securities Purchase Agreements [Member] | ||||||||||||||
Cash proceeds from issuance and sale of notes | $ 280,000 | |||||||||||||
Accredited Investors [Member] | Series B Preferred Stock [Member] | Private Placement [Member] | ||||||||||||||
Cash proceeds from issuance and sale of notes | $ 5,025,800 | |||||||||||||
Accredited Investors [Member] | Series B Preferred Stock [Member] | 10% Convertible Notes [Member] | ||||||||||||||
Number of shares converted | shares | 265,699 | |||||||||||||
Accredited Investors [Member] | Series B Warrants [Member] | 10% Convertible Notes [Member] | ||||||||||||||
Number of shares converted | shares | 265,699 |
Capital Stock (Details Narrat70
Capital Stock (Details Narrative 2) - USD ($) | Mar. 25, 2016 | Jan. 25, 2016 | Dec. 11, 2015 | Nov. 23, 2015 | Nov. 11, 2015 | Sep. 02, 2015 | Aug. 28, 2015 | Aug. 15, 2015 | May 15, 2015 | May 12, 2015 | Oct. 11, 2012 | Jan. 25, 2016 | Dec. 31, 2015 | Nov. 30, 2015 | Jan. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 |
Cash proceeds from issuance and sale of notes | $ 34,500,000 | ||||||||||||||||||||
Market price per share (in dollars per share) | $ 8.75 | $ 8.75 | $ 8.75 | $ 8.75 | $ 8.75 | ||||||||||||||||
Warrant Exchange Agreements [Member] | |||||||||||||||||||||
Weighted average fair value (in dollars per share) | $ 7.97 | $ 7.97 | $ 7.97 | $ 7.97 | $ 7.97 | ||||||||||||||||
Fair value of stock issued | $ 6,495,000 | ||||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||||
Aggregate amount of deemed dividend | $ 2,058,000 | ||||||||||||||||||||
Number of common shares converted | 228,818 | ||||||||||||||||||||
Accrued dividends | $ 50,900 | $ 50,900 | $ 50,900 | $ 50,900 | $ 50,900 | ||||||||||||||||
Series B Warrants [Member] | |||||||||||||||||||||
Number of shares issued | 717,978 | ||||||||||||||||||||
Weighted average fair value (in dollars per share) | $ 7.37 | $ 7.37 | $ 7.37 | $ 7.37 | $ 7.37 | ||||||||||||||||
Market price per share (in dollars per share) | 10.45 | 10.45 | 10.45 | 10.45 | 10.45 | ||||||||||||||||
Exercise price per share (in dollars per share) | $ 7 | $ 7 | $ 7 | $ 7 | $ 7 | ||||||||||||||||
Risk-free interest rate | 1.61% | ||||||||||||||||||||
Term (Years) | 5 years | ||||||||||||||||||||
Volatility | 77.30% | ||||||||||||||||||||
Expected dividend rate | 0.00% | ||||||||||||||||||||
Series B Preferred Unit Offering [Member] | Registration Statement [Member] | |||||||||||||||||||||
Number of common shares registered | 3,992,479 | ||||||||||||||||||||
Restricted Common Stock [Member] | |||||||||||||||||||||
Number of shares issued accrued dividend | 6,837 | ||||||||||||||||||||
Warrant [Member] | Warrant Exchange Agreements [Member] | |||||||||||||||||||||
Number of shares issued | 91,230 | 814,989 | |||||||||||||||||||
Number of common shares purchased | 1,086,610 | 1,086,610 | 1,086,610 | 1,086,610 | 1,086,610 | ||||||||||||||||
Weighted average fair value (in dollars per share) | $ 3.76 | $ 3.76 | $ 3.76 | $ 3.76 | $ 3.76 | ||||||||||||||||
Fair value of warrant | $ 4,081,600 | $ 4,081,600 | $ 4,081,600 | $ 4,081,600 | $ 4,081,600 | ||||||||||||||||
Market price per share (in dollars per share) | $ 8 | $ 8 | $ 8 | $ 8 | $ 8 | ||||||||||||||||
Exercise price per share (in dollars per share) | $ 8.47 | 8.47 | 8.47 | 8.47 | 8.47 | ||||||||||||||||
Risk-free interest rate | 0.88% | ||||||||||||||||||||
Term (Years) | 3 years 29 days | ||||||||||||||||||||
Volatility | 81.00% | ||||||||||||||||||||
Expected dividend rate | 0.00% | ||||||||||||||||||||
Debt instrument maturity date range start | Jan. 31, 2016 | ||||||||||||||||||||
Debt instrument maturity date range end | Jun. 11, 2016 | ||||||||||||||||||||
Increase in fair value | $ 45,700 | ||||||||||||||||||||
Warrant [Member] | Warrant Exchange Agreements [Member] | General and Administrative Expense [Member] | |||||||||||||||||||||
Fair value of warrant modification expense | $ 2,143,400 | ||||||||||||||||||||
Series A Exchange Warrant [Member] | Exchange Agreement [Member] | |||||||||||||||||||||
Weighted average fair value (in dollars per share) | $ 5.45 | $ 5.45 | $ 5.45 | $ 5.45 | $ 5.45 | ||||||||||||||||
Fair value of warrant | $ 2,919,200 | $ 2,919,200 | $ 2,919,200 | $ 2,919,200 | $ 2,919,200 | ||||||||||||||||
Market price per share (in dollars per share) | $ 8.25 | $ 8.25 | $ 8.25 | $ 8.25 | $ 8.25 | ||||||||||||||||
Exercise price per share (in dollars per share) | $ 7 | $ 7 | $ 7 | $ 7 | $ 7 | ||||||||||||||||
Risk-free interest rate | 1.47% | ||||||||||||||||||||
Term (Years) | 5 years | ||||||||||||||||||||
Volatility | 77.90% | ||||||||||||||||||||
Expected dividend rate | 0.00% | ||||||||||||||||||||
Series A Exchange Warrant [Member] | Note Exchange & Purchase Agreement [Member] | |||||||||||||||||||||
Number of shares issued | 455,358 | ||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||
Number of shares issued | 230,000 | 37,500 | 7,500 | 1,123,533 | 650,000 | 15,750 | 381,000 | ||||||||||||||
Number of common shares purchased | 1,907,221 | 1,907,221 | 1,907,221 | 1,907,221 | 1,907,221 | ||||||||||||||||
Weighted average fair value (in dollars per share) | $ 5.08 | $ 2.12 | $ 4.22 | $ 5.68 | |||||||||||||||||
Fair value of warrant | $ 492,600 | $ 3,692,900 | $ 1,756,900 | ||||||||||||||||||
Market price per share (in dollars per share) | 8 | 5 | 6.75 | $ 6.50 | $ 9.11 | $ 8 | |||||||||||||||
Exercise price per share (in dollars per share) | $ 8 | $ 7 | $ 7 | $ 9.25 | $ 10 | ||||||||||||||||
Risk-free interest rate | 1.39% | 1.16% | 1.70% | 1.52% | |||||||||||||||||
Term (Years) | 5 years | 3 years | 5 years | 5 years | |||||||||||||||||
Volatility | 78.96% | 77.88% | 77.95% | 77.20% | |||||||||||||||||
Expected dividend rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||||||||||||||
Warrant [Member] | General and Administrative Expense [Member] | |||||||||||||||||||||
Number of shares issued | 98,400 | ||||||||||||||||||||
Warrant [Member] | Exchange Agreement [Member] | |||||||||||||||||||||
Weighted average fair value (in dollars per share) | $ 6.03 | $ 6.03 | $ 6.03 | $ 6.03 | $ 6.03 | ||||||||||||||||
Fair value of warrant | $ 11,797,400 | $ 11,797,400 | $ 11,797,400 | $ 11,797,400 | $ 11,797,400 | ||||||||||||||||
Market price per share (in dollars per share) | $ 8.25 | $ 8.25 | $ 8.25 | $ 8.25 | $ 8.25 | ||||||||||||||||
Exercise price per share (in dollars per share) | $ 7.13 | $ 7.13 | $ 7.13 | $ 7.13 | $ 7.13 | ||||||||||||||||
Risk-free interest rate | 1.27% | ||||||||||||||||||||
Term (Years) | 3 years 11 months 26 days | ||||||||||||||||||||
Volatility | 79.50% | ||||||||||||||||||||
Expected dividend rate | 0.00% | ||||||||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | |||||||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 3,000,000 | ||||||||||||||||||||
Number of shares exchanged | 30,000 | ||||||||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Series B Preferred Stock [Member] | |||||||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 1,650,000 | ||||||||||||||||||||
Number of shares issued | 458,571 | 235,714 | |||||||||||||||||||
Number of shares exchanged | 30,000 | ||||||||||||||||||||
Market price per share (in dollars per share) | $ 10 | ||||||||||||||||||||
Fair value of stock issued | $ 4,000,000 | ||||||||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Series B Warrants [Member] | |||||||||||||||||||||
Number of shares issued | 458,571 | 235,714 | |||||||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Series C Preferred Stock [Member] | |||||||||||||||||||||
Number of shares issued | 341,518 | ||||||||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Series C Preferred Stock [Member] | Exchange Agreement [Member] | |||||||||||||||||||||
Accrued dividends | $ 17,473,600 | $ 17,473,600 | 17,473,600 | $ 17,473,600 | $ 17,473,600 | ||||||||||||||||
Number of shares exchanged | 2,118,012 | ||||||||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Series C Preferred Stock [Member] | Exchange Agreement [Member] | General and Administrative Expense [Member] | |||||||||||||||||||||
Fair value of warrant modification expense | $ 3,194,900 | ||||||||||||||||||||
Platinum Long Term Growth VII, LLC [Member] | Series A Exchange Warrant [Member] | Exchange Agreement [Member] | |||||||||||||||||||||
Fair value of warrant | 481,300 | 481,300 | 481,300 | 481,300 | 481,300 | ||||||||||||||||
Platinum and Montsant Partners, LLC [Member] | Exchange Agreement [Member] | |||||||||||||||||||||
Number of shares exchanged | 200,000 | ||||||||||||||||||||
Platinum and Montsant Partners, LLC [Member] | Series C Preferred Stock [Member] | Exchange Agreement [Member] | |||||||||||||||||||||
Number of shares exchanged | 200,000 | ||||||||||||||||||||
Value of shares canceled | $ 1,776,494 | ||||||||||||||||||||
Platinum and Montsant Partners, LLC [Member] | Warrant [Member] | Exchange Agreement [Member] | |||||||||||||||||||||
Number of shares canceled | 2,368,658 | ||||||||||||||||||||
Other Holder [Member] | Series A Exchange Warrant [Member] | Exchange Agreement [Member] | |||||||||||||||||||||
Fair value of warrant | $ 437,900 | $ 437,900 | $ 437,900 | 437,900 | $ 437,900 | ||||||||||||||||
Private Placement [Member] | Series B Preferred Stock [Member] | |||||||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 5,025,800 | ||||||||||||||||||||
Number of shares issued | 717,978 | ||||||||||||||||||||
Private Placement [Member] | Series B Warrants [Member] | |||||||||||||||||||||
Number of shares issued | 717,978 | ||||||||||||||||||||
Private Placement [Member] | Accredited Investors [Member] | Series B Preferred Stock [Member] | |||||||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 5,025,800 | ||||||||||||||||||||
Private Placement [Member] | Platinum Long Term Growth VII, LLC [Member] | Series B Preferred Stock [Member] | |||||||||||||||||||||
Cash proceeds from issuance and sale of notes | $ 2,650,000 | ||||||||||||||||||||
Number of shares issued | 717,976 | ||||||||||||||||||||
Private Placement [Member] | Platinum Long Term Growth VII, LLC [Member] | Warrant [Member] | |||||||||||||||||||||
Number of shares issued | 717,976 |
Capital Stock (Details Narrat71
Capital Stock (Details Narrative 3) | Mar. 25, 2016$ / sharesshares | Dec. 11, 2015USD ($)$ / sharesshares | Nov. 23, 2015$ / sharesshares | Nov. 11, 2015USD ($)$ / sharesshares | Sep. 02, 2015USD ($)$ / sharesshares | Jan. 12, 2015USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Feb. 29, 2016USD ($)shares | Jan. 31, 2016USD ($)shares | Nov. 30, 2015USD ($)shares | Jun. 30, 2015USD ($)Numbershares | Jan. 31, 2015USD ($)$ / sharesshares | May 31, 2014USD ($)$ / sharesshares | Apr. 30, 2014USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($)Numbershares | Mar. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Aug. 15, 2014USD ($) | Sep. 30, 2015USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2015shares | Mar. 31, 2016USD ($)$ / shares | Mar. 31, 2015USD ($)$ / sharesshares | Jun. 26, 2015$ / shares | Jun. 13, 2015$ / shares |
Face amount | $ 1,302,600 | $ 1,302,600 | ||||||||||||||||||||||||||||
Loss on debt extinguishment | $ (1,649,000) | $ (25,051,000) | $ (26,700,200) | (2,388,000) | ||||||||||||||||||||||||||
Market price per share (in dollars per share) | $ / shares | $ 8.75 | $ 8.75 | $ 8.75 | |||||||||||||||||||||||||||
Number of shares issued for services | shares | 10,375 | 6,250 | ||||||||||||||||||||||||||||
Value of shares issued for services | 635,700 | |||||||||||||||||||||||||||||
General and administrative expense | $ 7,404,000 | $ 1,336,000 | 3,731,000 | 1,448,000 | 2,320,000 | $ 671,000 | $ 556,000 | $ 797,000 | $ 13,918,600 | 4,344,400 | ||||||||||||||||||||
Research and development expense | $ 1,097,000 | $ 806,000 | $ 1,656,000 | $ 373,000 | $ 956,000 | $ 445,000 | $ 558,000 | $ 474,000 | 3,931,600 | 2,432,700 | ||||||||||||||||||||
Consultant [Member] | ||||||||||||||||||||||||||||||
Cash paid | $ 175,000 | |||||||||||||||||||||||||||||
Additional Compensation | $ 80,000 | |||||||||||||||||||||||||||||
Consultant One [Member] | ||||||||||||||||||||||||||||||
Fair value of stock | $ 175,000 | |||||||||||||||||||||||||||||
Market price per share (in dollars per share) | $ / shares | $ 7.50 | $ 7.50 | ||||||||||||||||||||||||||||
Icahn School of Medicine at Mount Sinai [Member] | ||||||||||||||||||||||||||||||
Loss on debt extinguishment | $ 241,800 | |||||||||||||||||||||||||||||
Stem cell technology license maintenance fees and reimbursable patent prosecution costs | 288,400 | |||||||||||||||||||||||||||||
Fair value of stock | $ 141,000 | |||||||||||||||||||||||||||||
Market price per share (in dollars per share) | $ / shares | $ 9.40 | |||||||||||||||||||||||||||||
Additional Stem cell technology license maintenance fees and reimbursable patent prosecution costs | $ 35,800 | |||||||||||||||||||||||||||||
Financial Advisory And Corporate Development Service [Member] | Two Independent Contractors [Member] | ||||||||||||||||||||||||||||||
Number of shares issued for services | shares | 90,000 | |||||||||||||||||||||||||||||
Value of shares issued for services | $ 1,350,000 | |||||||||||||||||||||||||||||
Corporate Development Service [Member] | ||||||||||||||||||||||||||||||
Number of shares issued for services | shares | 50,000 | |||||||||||||||||||||||||||||
Value of shares issued for services | $ 500,000 | |||||||||||||||||||||||||||||
Number of contracts | Number | 2 | 2 | ||||||||||||||||||||||||||||
Legal Services [Member] | ||||||||||||||||||||||||||||||
Number of shares issued for services | shares | 10,000 | |||||||||||||||||||||||||||||
Value of shares issued for services | $ 58,000 | $ 25,000 | $ 90,000 | |||||||||||||||||||||||||||
Investor Relations [Member] | ||||||||||||||||||||||||||||||
Value of shares issued for services | 25,000 | $ 25,000 | ||||||||||||||||||||||||||||
Legal Counsel [Member] | ||||||||||||||||||||||||||||||
Loss on debt extinguishment | $ 16,700 | |||||||||||||||||||||||||||||
Number of shares issued for services | shares | 16,667 | |||||||||||||||||||||||||||||
Value of shares issued for services | $ 166,700 | |||||||||||||||||||||||||||||
10% Promissory Note [Member] | Icahn School of Medicine at Mount Sinai [Member] | ||||||||||||||||||||||||||||||
Face amount | $ 300,000 | |||||||||||||||||||||||||||||
Restricted Common Stock [Member] | Icahn School of Medicine at Mount Sinai [Member] | ||||||||||||||||||||||||||||||
Number of shares issued | shares | 15,000 | |||||||||||||||||||||||||||||
Restricted Common Stock [Member] | 10% Promissory Note [Member] | Icahn School of Medicine at Mount Sinai [Member] | ||||||||||||||||||||||||||||||
Number of shares issued | shares | 15,000 | |||||||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 9.25 | |||||||||||||||||||||||||||||
Number of shares issued | shares | 230,000 | 37,500 | 7,500 | 1,123,533 | 650,000 | 15,750 | 381,000 | |||||||||||||||||||||||
Value of shares issued | $ 106,300 | |||||||||||||||||||||||||||||
Warrant exercisable date | Mar. 19, 2019 | |||||||||||||||||||||||||||||
Fair value of warrant | $ 492,600 | $ 3,692,900 | $ 1,756,900 | |||||||||||||||||||||||||||
Weighted average fair value (in dollars per share) | $ / shares | $ 5.08 | $ 2.12 | $ 4.22 | $ 5.68 | ||||||||||||||||||||||||||
Market price per share (in dollars per share) | $ / shares | 8 | 5 | 6.75 | $ 6.50 | 9.11 | $ 8 | ||||||||||||||||||||||||
Exercise price per share (in dollars per share) | $ / shares | $ 8 | $ 7 | $ 7 | $ 9.25 | $ 10 | |||||||||||||||||||||||||
Risk-free interest rate | 1.39% | 1.16% | 1.70% | 1.52% | ||||||||||||||||||||||||||
Remaining contractual term | 5 years | 3 years | 5 years | 5 years | ||||||||||||||||||||||||||
Volatility | 78.96% | 77.88% | 77.95% | 77.20% | ||||||||||||||||||||||||||
Expected dividend rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||||||||||||||||||
Cash paid | $ 20,000 | |||||||||||||||||||||||||||||
General and administrative expense | $ 357,500 | $ 852,200 | 1,042,400 | |||||||||||||||||||||||||||
Research and development expense | $ 135,100 | $ 2,840,700 | $ 127,100 | |||||||||||||||||||||||||||
Warrant [Member] | Eleven Professional Service Providers [Member] | ||||||||||||||||||||||||||||||
Number of shares issued for services | shares | 230,000 | |||||||||||||||||||||||||||||
Warrant [Member] | Consultant [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 10 | |||||||||||||||||||||||||||||
Number of shares issued | shares | 5,715 | |||||||||||||||||||||||||||||
Warrant exercisable date | Dec. 31, 2014 | |||||||||||||||||||||||||||||
Risk-free interest rate | 0.24% | |||||||||||||||||||||||||||||
Volatility | 69.74% | |||||||||||||||||||||||||||||
Warrant [Member] | Icahn School of Medicine at Mount Sinai [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 10 | |||||||||||||||||||||||||||||
Number of shares issued | shares | 15,000 | |||||||||||||||||||||||||||||
Warrant exercisable date | Mar. 31, 2019 | |||||||||||||||||||||||||||||
Fair value of warrant | $ 89,200 | |||||||||||||||||||||||||||||
Weighted average fair value (in dollars per share) | $ / shares | $ 5.95 | |||||||||||||||||||||||||||||
Market price per share (in dollars per share) | $ / shares | 9.40 | |||||||||||||||||||||||||||||
Exercise price per share (in dollars per share) | $ / shares | $ 10 | |||||||||||||||||||||||||||||
Risk-free interest rate | 1.59% | |||||||||||||||||||||||||||||
Remaining contractual term | 5 years | |||||||||||||||||||||||||||||
Volatility | 80.30% | |||||||||||||||||||||||||||||
Expected dividend rate | 0.00% | |||||||||||||||||||||||||||||
Warrant [Member] | 10% Promissory Note [Member] | Icahn School of Medicine at Mount Sinai [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 7 | |||||||||||||||||||||||||||||
Number of shares issued | shares | 15,000 | |||||||||||||||||||||||||||||
Warrant exercisable date | Mar. 31, 2019 | |||||||||||||||||||||||||||||
Exercise price per share (in dollars per share) | $ / shares | $ 10 | |||||||||||||||||||||||||||||
Series B Preferred Stock [Member] | Legal Services Related To Debt Restructuring [Member] | ||||||||||||||||||||||||||||||
Number of shares issued for services | shares | 25,000 | |||||||||||||||||||||||||||||
Value of shares issued for services | $ 250,000 | |||||||||||||||||||||||||||||
Series B Preferred Stock [Member] | Financial Advisory And Corporate Development Service [Member] | Two Independent Contractors [Member] | ||||||||||||||||||||||||||||||
Prepaid expense | $ 1,012,500 | $ 1,012,500 | ||||||||||||||||||||||||||||
Series B Preferred Stock [Member] | Intellectual Property-Related Legal Services [Member] | ||||||||||||||||||||||||||||||
Number of shares issued for services | shares | 10,000 | |||||||||||||||||||||||||||||
Value of shares issued for services | $ 120,000 | |||||||||||||||||||||||||||||
Series B Preferred Stock [Member] | 10% Promissory Note [Member] | Icahn School of Medicine at Mount Sinai [Member] | ||||||||||||||||||||||||||||||
Market price per share (in dollars per share) | $ / shares | $ 16 | $ 12 | ||||||||||||||||||||||||||||
Note And Warrant Amendment Agreements [Member] | 10% Convertible Promissory Notes Maturing On July 30, 2014 [Member] | ||||||||||||||||||||||||||||||
Face amount | $ 895,000 | $ 112,500 | ||||||||||||||||||||||||||||
Loss on debt extinguishment | $ 272,900 | |||||||||||||||||||||||||||||
Market price per share (in dollars per share) | $ / shares | $ 20 | |||||||||||||||||||||||||||||
Note And Warrant Amendment Agreements [Member] | 2013 Unit Warrants [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 20 | |||||||||||||||||||||||||||||
Note And Warrant Amendment Agreements [Member] | Restricted Common Stock [Member] | 10% Convertible Promissory Notes Maturing On July 30, 2014 [Member] | ||||||||||||||||||||||||||||||
Number of shares issued | shares | 93,250 | |||||||||||||||||||||||||||||
Investment Banking Agreements [Member] | Warrant [Member] | Four Parties [Member] | ||||||||||||||||||||||||||||||
Number of shares issued | shares | 45,000 | |||||||||||||||||||||||||||||
Consulting Agreement [Member] | Restricted Common Stock [Member] | ||||||||||||||||||||||||||||||
Market price per share (in dollars per share) | $ / shares | $ 13.40 | |||||||||||||||||||||||||||||
Number of shares issued for services | shares | 10,000 | |||||||||||||||||||||||||||||
Value of shares issued for services | $ 134,000 | |||||||||||||||||||||||||||||
Consulting Agreement [Member] | Restricted Common Stock [Member] | Consultant [Member] | ||||||||||||||||||||||||||||||
Market price per share (in dollars per share) | $ / shares | $ 8.40 | |||||||||||||||||||||||||||||
Number of shares issued for services | shares | 20,000 | |||||||||||||||||||||||||||||
Value of shares issued for services | $ 160,000 |
Capital Stock (Details Narrat72
Capital Stock (Details Narrative 4) - USD ($) | Mar. 25, 2016 | Dec. 11, 2015 | Nov. 23, 2015 | Nov. 11, 2015 | Sep. 02, 2015 | Jun. 10, 2015 | Oct. 02, 2014 | Mar. 31, 2016 | Nov. 30, 2015 | Jan. 31, 2015 | May 31, 2011 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 |
Market price per share (in dollars per share) | $ 8.75 | $ 8.75 | $ 8.75 | ||||||||||||||||||
General and administrative expense | $ 7,404,000 | $ 1,336,000 | $ 3,731,000 | $ 1,448,000 | $ 2,320,000 | $ 671,000 | $ 556,000 | $ 797,000 | $ 13,918,600 | $ 4,344,400 | |||||||||||
Research and development expense | $ 1,097,000 | $ 806,000 | $ 1,656,000 | $ 373,000 | 956,000 | $ 445,000 | $ 558,000 | $ 474,000 | $ 3,931,600 | 2,432,700 | |||||||||||
Notes Receivable [Member] | Private Placement [Member] | |||||||||||||||||||||
Payment received for stock sold to investor | $ 500,000 | ||||||||||||||||||||
Cash payment received | $ 60,000 | ||||||||||||||||||||
Outstanding principal balance | $ 194,900 | 194,900 | |||||||||||||||||||
Other Expenses [Member] | Notes Receivable [Member] | Private Placement [Member] | |||||||||||||||||||||
Loss on settlement of note | $ 134,900 | ||||||||||||||||||||
Warrant Exchange Agreements [Member] | |||||||||||||||||||||
Weighted average fair value (in dollars per share) | $ 7.97 | $ 7.97 | $ 7.97 | ||||||||||||||||||
Warrants Subject To Exercise Price [Member] | Warrant Exchange Agreements [Member] | |||||||||||||||||||||
Number of shares issued | 54,576 | ||||||||||||||||||||
Warrants Subject To Exercise Price [Member] | Warrant Exchange Agreements [Member] | General and Administrative Expense [Member] | |||||||||||||||||||||
Fair value of warrant | $ 122,300 | ||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||
Number of shares issued | 230,000 | 37,500 | 7,500 | 1,123,533 | 650,000 | 15,750 | 381,000 | ||||||||||||||
Fair value of warrant | $ 492,600 | $ 3,692,900 | $ 1,756,900 | ||||||||||||||||||
Weighted average fair value (in dollars per share) | $ 5.08 | $ 2.12 | $ 4.22 | $ 5.68 | |||||||||||||||||
Market price per share (in dollars per share) | 8 | 5 | 6.75 | $ 6.50 | 9.11 | $ 8 | |||||||||||||||
Exercise price per share (in dollars per share) | $ 8 | $ 7 | $ 7 | $ 9.25 | $ 10 | ||||||||||||||||
Risk-free interest rate | 1.39% | 1.16% | 1.70% | 1.52% | |||||||||||||||||
Remaining contractual term | 5 years | 3 years | 5 years | 5 years | |||||||||||||||||
Volatility | 78.96% | 77.88% | 77.95% | 77.20% | |||||||||||||||||
Expected dividend rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||||||||||||||
Warrant term | 5 years | ||||||||||||||||||||
Warrant exercisable date | Mar. 19, 2019 | ||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 9.25 | ||||||||||||||||||||
General and administrative expense | $ 357,500 | $ 852,200 | $ 1,042,400 | ||||||||||||||||||
Research and development expense | $ 135,100 | $ 2,840,700 | $ 127,100 | ||||||||||||||||||
Reduction in exercise price (in dollars per share) | $ 7 | ||||||||||||||||||||
Number of unregistered common shares purchased | 10,803 | ||||||||||||||||||||
Warrant [Member] | Minimum [Member] | |||||||||||||||||||||
Remaining contractual term | 1 year | ||||||||||||||||||||
Warrant [Member] | Maximum [Member] | |||||||||||||||||||||
Remaining contractual term | 5 years | ||||||||||||||||||||
Warrant [Member] | Officers And Independent Members Of The Board [Member] | |||||||||||||||||||||
Number of shares issued | 600,000 | 340,000 | |||||||||||||||||||
Risk-free interest rate | 1.45% | ||||||||||||||||||||
Volatility | 75.86% | ||||||||||||||||||||
Warrant term | 5 years | ||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 10 | ||||||||||||||||||||
Warrant [Member] | Consultant [Member] | |||||||||||||||||||||
Number of shares issued | 5,715 | ||||||||||||||||||||
Risk-free interest rate | 0.24% | ||||||||||||||||||||
Volatility | 69.74% | ||||||||||||||||||||
Warrant term | 1 year | ||||||||||||||||||||
Warrant exercisable date | Dec. 31, 2014 | ||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 10 | ||||||||||||||||||||
Reduction in exercise price (in dollars per share) | $ 15 | ||||||||||||||||||||
Additional number of shares purchased | 90,675 | ||||||||||||||||||||
Warrant [Member] | General and Administrative Expense [Member] | |||||||||||||||||||||
Number of shares issued | 98,400 |
Research and Development Expe73
Research and Development Expenses (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Research and Development [Abstract] | ||||||||||
Research and development | $ 1,097,000 | $ 806,000 | $ 1,656,000 | $ 373,000 | $ 956,000 | $ 445,000 | $ 558,000 | $ 474,000 | $ 3,931,600 | $ 2,432,700 |
Income Taxes (Details)
Income Taxes (Details) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Computed expected tax benefit | (34.00%) | (34.00%) |
Tax effect of loss on debt extinguishment | 19.22% | 5.85% |
Tax effect of warrant modifications | 4.38% | 0.24% |
Tax effect of Warrant Liability mark to market | 1.36% | 0.08% |
Other losses not benefitted | 9.04% | 27.83% |
Other | 0.01% | 0.02% |
Income tax expense | 0.01% | 0.02% |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Deferred tax assets: | ||
Net operating loss carryovers | $ 26,606 | $ 23,054 |
Basis differences in fixed assets | 24 | |
Accruals and reserves | $ 4,609 | 2,694 |
Total deferred tax assets | 31,215 | 25,772 |
Valuation allowance | $ (31,215) | $ (25,772) |
Net deferred tax assets |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance increase | $ 5,443,000 | $ 4,619,000 |
U.S. federal net operating loss carryforwards | 67,900,000 | |
State net operating loss carryforwards | $ 60,100,000 |
Licensing and Collaborative A77
Licensing and Collaborative Agreements (Details Narrative) - USD ($) | Mar. 25, 2016 | Dec. 11, 2015 | Nov. 23, 2015 | Nov. 11, 2015 | Sep. 02, 2015 | Oct. 10, 2012 | Mar. 31, 2016 | Nov. 30, 2015 | Jan. 31, 2015 | Jul. 31, 2010 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2009 | Mar. 31, 2008 |
Research and development expenses | $ 1,097,000 | $ 806,000 | $ 1,656,000 | $ 373,000 | $ 956,000 | $ 445,000 | $ 558,000 | $ 474,000 | $ 3,931,600 | $ 2,432,700 | ||||||||||||
Aggregate face amount | $ 1,302,600 | 1,302,600 | ||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||
Research and development expenses | $ 135,100 | $ 2,840,700 | $ 127,100 | |||||||||||||||||||
Number of shares issued | 230,000 | 37,500 | 7,500 | 1,123,533 | 650,000 | 15,750 | 381,000 | |||||||||||||||
Cato Research Ltd. [Member] | 7.5% Unsecured Promissory Note [Member] | ||||||||||||||||||||||
Aggregate face amount | $ 1,009,000 | |||||||||||||||||||||
Cato Research Ltd. [Member] | 7.5% Unsecured Promissory Note [Member] | Warrant [Member] | ||||||||||||||||||||||
Number of shares issued | 50,450 | |||||||||||||||||||||
VistaGen California's [Member] | Cato Research Ltd. [Member] | ||||||||||||||||||||||
Research and development expenses | $ 52,600 | $ 38,100 | ||||||||||||||||||||
U.S.National Institutes Of Health With Preclinical Development Agreement [Member] | VistaGen California's [Member] | AV-101 [Member] | ||||||||||||||||||||||
Grant receivable | $ 4,200,000 | $ 4,200,000 | ||||||||||||||||||||
Subsequently increased grant receivable | $ 4,600,000 |
Stock Option Plans and 401(k)78
Stock Option Plans and 401(k) Plan (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Total stock-based compensation expense | $ 4,041,400 | $ 2,460,100 |
Research and Development Expense [Member] | ||
Total stock-based compensation expense | 1,091,300 | 848,800 |
Research and Development Expense [Member] | Stock Option [Member] | ||
Total stock-based compensation expense | 227,700 | 176,200 |
Research and Development Expense [Member] | Warrant (Officers & Directors) [Member] | ||
Total stock-based compensation expense | 11,400 | $ 145,100 |
Research and Development Expense [Member] | Vested Warrant (Officers, Directors & Consultants) [Member] | ||
Total stock-based compensation expense | $ 852,200 | |
Research and Development Expense [Member] | Vested Warrant (Officers, Directors & Consultants) [Member] | ||
Total stock-based compensation expense | $ 527,500 | |
General and Administrative Expense [Member] | ||
Total stock-based compensation expense | $ 2,950,100 | 1,611,300 |
General and Administrative Expense [Member] | Stock Option [Member] | ||
Total stock-based compensation expense | 93,800 | 98,800 |
General and Administrative Expense [Member] | Warrant (Officers & Directors) [Member] | ||
Total stock-based compensation expense | 15,600 | $ 283,100 |
General and Administrative Expense [Member] | Vested Warrant (Officers, Directors & Consultants) [Member] | ||
Total stock-based compensation expense | $ 2,840,700 | |
General and Administrative Expense [Member] | Vested Warrant (Officers, Directors & Consultants) [Member] | ||
Total stock-based compensation expense | $ 1,229,400 |
Stock Option Plans and 401(k)79
Stock Option Plans and 401(k) Plan (Details 1) - $ / shares | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Exercise price | $ 8.78 | |
Market price on date of grant | $ 8.69 | |
Risk-free interest rate | 1.99% | |
Expected term (years) | 8 years 5 months 12 days | |
Volatility | 93.27% | |
Expected dividend yield | 0.00% | |
Fair value per share at grant date | $ 7.09 |
Stock Option Plans and 401(k)80
Stock Option Plans and 401(k) Plan (Details 2) - $ / shares | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options outstanding at beginning | 207,638 | 212,486 |
Options granted | 145,000 | |
Options exercised | ||
Options forfeited | (10,359) | (2,001) |
Options expired | (5,292) | (2,847) |
Options outstanding at end | 336,987 | 207,638 |
Options exercisable at end | 201,779 | 199,013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Options outstanding at beginning | $ 10.09 | $ 10.09 |
Options granted | $ 8.78 | |
Options exercised | ||
Options forfeited | $ 9.26 | $ 9.25 |
Options expired | 9.42 | 10.56 |
Options outstanding at end | 9.56 | 10.09 |
Options exercisable at end | 10.11 | $ 10.09 |
Weighted average grant-date fair value of options granted | $ 7.09 |
Stock Option Plans and 401(k)81
Stock Option Plans and 401(k) Plan (Details 3) | 12 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Number Outstanding | shares | 336,987 |
Weighted Average Remaining Years until Expiration | 6 years 6 months 11 days |
Weighted Average Exercise Price | $ / shares | $ 9.56 |
Number Exercisable | shares | 201,779 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 10.11 |
Exercise Price $10.00 [Member] | |
Number Outstanding | shares | 145,039 |
Weighted Average Remaining Years until Expiration | 3 years 9 months 29 days |
Weighted Average Exercise Price | $ / shares | $ 10 |
Number Exercisable | shares | 145,039 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 10 |
Exercise Price From $14.40 To $36.00 [Member] | |
Number Outstanding | shares | 9,859 |
Weighted Average Remaining Years until Expiration | 4 years 14 days |
Weighted Average Exercise Price | $ / shares | $ 21.80 |
Number Exercisable | shares | 9,859 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 21.80 |
Exercise Price $8.00 [Member] | |
Number Outstanding | shares | 102,089 |
Weighted Average Remaining Years until Expiration | 8 years 4 months 6 days |
Weighted Average Exercise Price | $ / shares | $ 8 |
Number Exercisable | shares | 46,881 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 8 |
Exercise Price $9.25 [Member] | |
Number Outstanding | shares | 80,000 |
Weighted Average Remaining Years until Expiration | 9 years 5 months 1 day |
Weighted Average Exercise Price | $ / shares | $ 9.25 |
Number Exercisable | shares | |
Exercisable Weighted Average Exercise Price | $ / shares | $ 9.25 |
Stock Option Plans and 401(k)82
Stock Option Plans and 401(k) Plan (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2016 | Feb. 29, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 19, 2008 | Dec. 06, 1999 | |
Shares issued for future issuance | 10,425,632 | 10,425,632 | |||||
Number of granted shares | 145,000 | ||||||
Share price (in dollars per share) | $ 8.75 | $ 8.75 | |||||
Number of share available for grant | 660,242 | 660,242 | |||||
Aggregate intrinsic value outstanding | $ 76,600 | $ 76,600 | |||||
Value of exercisable options | $ 35,200 | $ 35,200 | |||||
Non-Officer Employees And Certain Strategic Consultants [Member] | |||||||
Number of granted shares | 90,000 | ||||||
Share price (in dollars per share) | $ 9.25 | ||||||
Two Parties [Member] | Investor Relations Agreement [Member] | |||||||
Number of granted shares | 30,000 | ||||||
Share price (in dollars per share) | $ 8 | ||||||
New Independent [Member] | |||||||
Number of granted shares | 25,000 | ||||||
Share price (in dollars per share) | $ 8 | $ 8 | |||||
2008 Stock Incentive Plan [Member] | |||||||
Maximum number of shares granted | 1,000,000 | ||||||
Number of share available for grant | 660,242 | 660,242 | |||||
Unrecognized compensation cost | $ 746,900 | $ 746,900 | |||||
Expected date of recognition | 2017-09 | ||||||
Vesting date | Apr. 1, 2016 | ||||||
2008 Stock Incentive Plan [Member] | Minimum [Member] | |||||||
Term of award | 5 years | ||||||
2008 Stock Incentive Plan [Member] | Maximum [Member] | |||||||
Term of award | 10 years | ||||||
1999 Stock Incentive Plan [Member] | |||||||
Maximum number of shares granted | 45,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Mar. 25, 2016 | Dec. 11, 2015 | Nov. 23, 2015 | Nov. 11, 2015 | Sep. 02, 2015 | Jun. 10, 2015 | Oct. 10, 2012 | Mar. 31, 2016 | Nov. 30, 2015 | Jan. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2006 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | May 11, 2011 |
Aggregate face amount | $ 1,302,600 | $ 1,302,600 | |||||||||||||||||||||||
Research and development | $ 1,097,000 | $ 806,000 | $ 1,656,000 | $ 373,000 | 956,000 | $ 445,000 | $ 558,000 | $ 474,000 | $ 3,931,600 | 2,432,700 | |||||||||||||||
Warrant [Member] | |||||||||||||||||||||||||
Warrant term | 5 years | ||||||||||||||||||||||||
Number of shares issued | 230,000 | 37,500 | 7,500 | 1,123,533 | 650,000 | 15,750 | 381,000 | ||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 9.25 | ||||||||||||||||||||||||
Research and development | $ 135,100 | $ 2,840,700 | $ 127,100 | ||||||||||||||||||||||
Series B Preferred Stock [Member] | Private Placement [Member] | |||||||||||||||||||||||||
Number of shares issued | 717,978 | ||||||||||||||||||||||||
Cato Holding Co. [Member] | Warrant [Member] | |||||||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 7 | ||||||||||||||||||||||||
Cato Research Ltd. [Member] | VistaGen California's [Member] | |||||||||||||||||||||||||
Research and development | 52,600 | 38,100 | |||||||||||||||||||||||
Cato Research Ltd. [Member] | Warrant [Member] | |||||||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 7 | ||||||||||||||||||||||||
Mr. Shawn Singh [Member] | |||||||||||||||||||||||||
Repayments of debt | 64,000 | ||||||||||||||||||||||||
Related party transation amount | $ 50,000 | $ 64,000 | |||||||||||||||||||||||
Unsecured Promissory Note (2012 CHC Note) [Member] | Cato Holding Co. [Member] | |||||||||||||||||||||||||
Aggregate face amount | $ 310,400 | ||||||||||||||||||||||||
Total interest expense | $ 28,200 | 175,900 | |||||||||||||||||||||||
Unsecured Promissory Note (2012 CHC Note) [Member] | Cato Holding Co. [Member] | Warrant [Member] | |||||||||||||||||||||||||
Warrant term | 5 years | ||||||||||||||||||||||||
Number of shares issued | 12,500 | ||||||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 30 | ||||||||||||||||||||||||
Unsecured Promissory Note (2012 CHC Note) [Member] | Cato Holding Co & Cato Research Ltd [Member] | Series B Preferred Stock [Member] | |||||||||||||||||||||||||
Number of shares issued upon debt conversion | 328,571 | ||||||||||||||||||||||||
Unsecured Promissory Note (2012 CHC Note) [Member] | Cato Holding Co & Cato Research Ltd [Member] | Unregistered Common Stock [Member] | |||||||||||||||||||||||||
Number of shares issued upon debt conversion | 54,894 | ||||||||||||||||||||||||
7.5% Unsecured Promissory Note [Member] | Cato Research Ltd. [Member] | |||||||||||||||||||||||||
Aggregate face amount | $ 1,009,000 | ||||||||||||||||||||||||
7.5% Unsecured Promissory Note [Member] | Cato Research Ltd. [Member] | Warrant [Member] | |||||||||||||||||||||||||
Warrant term | 5 years | ||||||||||||||||||||||||
Number of shares issued | 50,450 | ||||||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 20 | ||||||||||||||||||||||||
4.90% Unsecured Promissory Note [Member] | Mr. Shawn Singh [Member] | VistaGen California's [Member] | |||||||||||||||||||||||||
Aggregate face amount | $ 103,400 | ||||||||||||||||||||||||
Aggregate face amount cancelled | $ 128,200 | ||||||||||||||||||||||||
Repayments of debt | 101,900 | ||||||||||||||||||||||||
4.90% Unsecured Promissory Note [Member] | Mr. Shawn Singh [Member] | Warrant [Member] | VistaGen California's [Member] | |||||||||||||||||||||||||
Number of shares issued | 6,320 | ||||||||||||||||||||||||
Promissory Note [Member] | Mr. Shawn Singh [Member] | Private Placement [Member] | |||||||||||||||||||||||||
Aggregate face amount | $ 50,000 | $ 50,000 |
Commitments, Contingencies, G84
Commitments, Contingencies, Guarantees and Indemnifications (Details) - Office Furniture And Equipment [Member] - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Office equipment | $ 4,500 | $ 4,500 |
Accumulated depreciation | (3,400) | (2,500) |
Net book value | $ 1,100 | $ 2,000 |
Commitments, Contingencies, G85
Commitments, Contingencies, Guarantees and Indemnifications (Details 1) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Fiscal Years Ending March 31, | ||
2,017 | $ 1,200 | |
2,018 | 100 | |
Future minimum lease payments | 1,300 | |
Less imputed interest included in minimum lease payments | (200) | |
Present value of minimum lease payments | 1,100 | |
Less current portion | $ 1,100 | $ 1,000 |
Non-current capital lease obligation | $ 1,100 |
Commitments, Contingencies, G86
Commitments, Contingencies, Guarantees and Indemnifications (Details 2) | Mar. 31, 2016USD ($) |
Fiscal Years Ending March 31, | |
2,017 | $ 277,100 |
2,018 | 93,800 |
Total | $ 370,900 |
Commitments, Contingencies, G87
Commitments, Contingencies, Guarantees and Indemnifications (Details 3) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Fiscal Years Ending March 31, | ||
2,017 | $ 31,600 | |
2,018 | 10,400 | |
2,019 | 11,200 | |
Thereafter through June 2019 | 5,600 | |
Total | $ 58,800 | $ 1,508,800 |
Commitments, Contingencies, G88
Commitments, Contingencies, Guarantees and Indemnifications (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Facility rent expense | $ 337,200 | $ 337,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | May 19, 2016 | May 16, 2016 | Mar. 25, 2016 | Dec. 11, 2015 | Nov. 23, 2015 | Nov. 11, 2015 | Sep. 02, 2015 | Jun. 15, 2016 | Apr. 30, 2016 | Nov. 30, 2015 | Jan. 31, 2015 | May 31, 2016 | Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2016 |
Share price (in dollars per share) | $ 8.75 | $ 8.75 | $ 8.75 | ||||||||||||
Net cash proceeds from issuance of equity securities | $ 29,100,000 | ||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||
Number of share converted | 228,818 | ||||||||||||||
Accrued dividend | $ 50,900 | $ 50,900 | $ 50,900 | ||||||||||||
Series B Preferred Stock [Member] | Private Placement [Member] | |||||||||||||||
Number of shares issued | 717,978 | ||||||||||||||
Warrant [Member] | |||||||||||||||
Number of shares issued | 230,000 | 37,500 | 7,500 | 1,123,533 | 650,000 | 15,750 | 381,000 | ||||||||
Share price (in dollars per share) | $ 8 | $ 5 | $ 6.75 | $ 6.50 | $ 9.11 | $ 8 | |||||||||
Warrant term | 5 years | ||||||||||||||
Warrant exercise price (in dollars per share) | $ 9.25 | ||||||||||||||
Subsequent Event [Member] | |||||||||||||||
Number of shares issued | 2,352,942 | ||||||||||||||
Share price (in dollars per share) | $ 4.24 | ||||||||||||||
Gross cash proceeds from issuance of equity securities | $ 10,003,500 | ||||||||||||||
Net cash proceeds from issuance of equity securities | $ 8,700,000 | ||||||||||||||
Subsequent Event [Member] | Series B Preferred Stock [Member] | |||||||||||||||
Number of share converted | 2,403,051 | 44,500 | 7,500 | ||||||||||||
Number of shares issued upon conversion | 44,500 | ||||||||||||||
Subsequent Event [Member] | Series B Preferred Stock [Member] | Accredited Investors [Member] | Private Placement [Member] | |||||||||||||||
Number of shares issued | 39,714 | ||||||||||||||
Net cash proceeds from issuance of equity securities | $ 278,000 | ||||||||||||||
Subsequent Event [Member] | Series B Preferred Stock [Member] | Registered Common Stock [Member] | |||||||||||||||
Number of shares issued upon conversion | 2,192,847 | 7,500 | |||||||||||||
Additional number of shares issued upon conversion | 416,806 | ||||||||||||||
Accrued dividend | $ 1,642,100 | ||||||||||||||
Dividend (in dollars per share) | $ 3.94 | ||||||||||||||
Subsequent Event [Member] | Series B Preferred Stock [Member] | Unregistered Common Stock [Member] | |||||||||||||||
Number of shares issued upon conversion | 210,204 | 9,580 | 510 | ||||||||||||
Accrued dividend | $ 37,400 | $ 4,000 | |||||||||||||
Dividend (in dollars per share) | $ 3.90 | ||||||||||||||
Subsequent Event [Member] | Warrant [Member] | |||||||||||||||
Number of shares issued | 2,705,883 | ||||||||||||||
Share price (in dollars per share) | $ 0.01 | ||||||||||||||
Warrant term | 5 years | ||||||||||||||
Warrant exercise price (in dollars per share) | $ 5.30 | ||||||||||||||
Public sales price (in dollars per share) | $ 0.01 | ||||||||||||||
Subsequent Event [Member] | Warrant [Member] | Accredited Investors [Member] | Private Placement [Member] | |||||||||||||||
Number of shares issued | 39,714 | ||||||||||||||
Warrant term | 5 years | ||||||||||||||
Warrant exercise price (in dollars per share) | $ 7 |
Supplemental Financial Inform90
Supplemental Financial Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Operating expenses: | ||||||||||
Research and development | $ 1,097,000 | $ 806,000 | $ 1,656,000 | $ 373,000 | $ 956,000 | $ 445,000 | $ 558,000 | $ 474,000 | $ 3,931,600 | $ 2,432,700 |
General and administrative | 7,404,000 | 1,336,000 | 3,731,000 | 1,448,000 | 2,320,000 | 671,000 | 556,000 | 797,000 | 13,918,600 | 4,344,400 |
Total operating expenses | 8,501,000 | 2,142,000 | 5,387,000 | 1,821,000 | 3,276,000 | 1,116,000 | 1,114,000 | 1,271,000 | 17,850,200 | 6,777,100 |
Loss from operations | (8,501,000) | (2,142,000) | (5,387,000) | (1,821,000) | (3,276,000) | (1,116,000) | (1,114,000) | (1,271,000) | (17,850,200) | (6,777,100) |
Other expenses, net: | ||||||||||
Interest expense, net | (1,000) | (3,000) | (12,000) | (755,000) | (2,366,000) | (792,000) | (606,000) | (785,000) | (770,800) | (4,548,700) |
Change in warrant liability | (1,895,000) | (563,000) | 953,000 | 1,302,000 | (1,727,000) | (1,894,700) | (34,600) | |||
Loss on extinguishment of debt | (1,649,000) | (25,051,000) | (26,700,200) | (2,388,000) | ||||||
Other expense | (2,000) | (2,300) | (135,000) | |||||||
Loss before income taxes | (8,502,000) | (2,147,000) | (7,048,000) | (29,522,000) | (6,222,000) | (1,090,000) | (2,021,000) | (4,551,000) | (47,218,200) | (13,883,400) |
Income taxes | (2,000) | (2,000) | (2,300) | (2,400) | ||||||
Net loss | (8,502,000) | (2,147,000) | (7,048,000) | (29,524,000) | $ (6,222,000) | $ (1,090,000) | $ (2,021,000) | $ (4,553,000) | (47,220,500) | $ (13,885,800) |
Accrued dividends on Series B Preferred stock | (681,000) | (631,000) | (615,000) | (213,000) | (2,140,500) | |||||
Deemed dividend on Series B Preferred Units | (246,000) | (669,000) | (887,000) | (256,000) | (2,058,000) | |||||
Net loss attributable to common stockholders | $ (9,429,000) | $ (3,447,000) | $ (8,550,000) | $ (29,993,000) | $ (51,419,000) | $ (13,885,800) | ||||
Basic and diluted net loss per common share (in dollars per share) | $ (4.44) | $ (1.95) | $ (5.26) | $ (19.23) | $ (29.08) | |||||
Basic net loss per common share (in dollars per share) | $ (4.24) | $ (0.84) | $ (1.58) | $ (3.70) | (29.08) | $ (10.53) | ||||
Diluted net loss per common share (in dollars per share) | $ (4.24) | $ (1.08) | $ (1.90) | $ (3.70) | $ (29.08) | $ (10.61) | ||||
Weighted average shares used in computing: | ||||||||||
Basic and diluted net loss per common share (in shares) | 2,123,936 | 1,765,641 | 1,624,371 | 1,559,483 | 1,767,957 | |||||
Basic net loss per common share (in shares) | 1,466,402 | 1,302,316 | 1,279,267 | 1,229,504 | 1,767,957 | 1,318,813 | ||||
Diluted net loss per common share (in shares) | 1,466,402 | 1,302,316 | 1,299,115 | 1,229,504 | 1,767,957 | 1,318,813 |