Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2015 | Jun. 24, 2015 | Sep. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Stevia First Corp. | ||
Entity Central Index Key | 1,438,943 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Trading Symbol | STVF | ||
Entity Common Stock, Shares Outstanding | 78,293,917 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 23,901,933 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Current Assets | ||
Cash | $ 389,730 | $ 1,403,403 |
Accounts receivable, net | 61,595 | |
Inventory | 8,478 | |
Prepaid Expense and other current assets | 2,500 | 10,637 |
Advance payment on related party lease | 10,413 | |
Total Assets | 462,303 | 1,424,453 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 134,007 | 79,915 |
Accounts payable - related party | 1,000 | 16,100 |
Derivative liability | 1,406,596 | 1,438,814 |
Total liabilities | 1,541,603 | 1,534,829 |
Stockholders' Deficiency | ||
Common stock, par value $0.001 per share; 525,000,000 shares authorized; 72,968,915 and 66,832,323 shares issued and outstanding, respectively | 72,969 | 66,833 |
Unvested, issued common stock | (149,714) | |
Additional paid-in-capital | 11,222,965 | 8,299,366 |
Accumulated deficit | (12,375,234) | (8,326,861) |
Total stockholders' deficiency | (1,079,300) | (110,376) |
Total liabilities and stockholders' deficiency | $ 462,303 | $ 1,424,453 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2015 | Mar. 31, 2014 |
Balance Sheet | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 525,000,000 | 525,000,000 |
Common stock, shares issued | 72,968,915 | 66,832,323 |
Common stock, shares outstanding | 72,968,915 | 66,832,323 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement | ||
Revenues | $ 245,680 | |
Cost of goods sold | 121,341 | |
Gross profit | 124,339 | |
Operating Expenses: | ||
General and Administrative | 2,749,153 | $ 2,866,095 |
Rent and other related party costs | 49,017 | 156,400 |
Research and development | 1,131,327 | 575,092 |
Total Operating Expenses | 3,929,497 | 3,597,587 |
Loss from operations | (3,805,158) | (3,597,587) |
Other income (expenses) | ||
Cost to induce exercise of warrants | (961,767) | (344,835) |
Interest expense | (6,065) | (404,317) |
Change in fair value of derivative liability | 724,617 | 193,915 |
Total other income (expense) | (243,215) | (555,237) |
Net loss | $ (4,048,373) | $ (4,152,824) |
Loss per share - Basic and diluted | $ (0.06) | $ (0.07) |
Weighted average number of common shares outstanding, basic and diluted | 70,421,874 | 60,128,127 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Unvested, Issued Common Stock [Member] | Total |
Balance, amount at Mar. 31, 2013 | $ 55,659 | $ 3,707,772 | $ (4,174,037) | $ (157,500) | $ (568,106) |
Balance, shares at Mar. 31, 2013 | 55,659,102 | ||||
Common stock subscribed for cash at $0.34 per share, net of derivative value of warrants, value | $ 3,677 | (119,452) | (115,775) | ||
Common stock subscribed for cash at $0.34 per share, net of derivative value of warrants, shares | 3,676,472 | ||||
Common stock issued to employees and director, value | $ 100 | 35,900 | 7,786 | 43,786 | |
Common stock issued to employees and director, shares | 100,000 | ||||
Common stock issued upon exercise of warrants, value | $ 4,677 | 1,819,828 | 1,824,505 | ||
Common stock issued upon exercise of warrants, shares | 4,676,472 | ||||
Common stock issued upon exercise of options, value | $ 1,250 | 324,748 | $ 325,998 | ||
Common stock issued upon exercise of options, shares | 1,250,000 | 1,250,000 | |||
Common stock issued as payment of accrued interest, value | $ 43 | 37,458 | $ 37,501 | ||
Common stock issued as payment of accrued interest, shares | 43,370 | ||||
Common stock issued upon the conversion of convertible notes payable, value | $ 1,427 | 955,133 | 956,560 | ||
Common stock issued upon the conversion of convertible notes payable, shares | 1,427,107 | ||||
Extinguishment of derivative liabilities | 359,734 | 359,734 | |||
Fair value of stock-based compensation | 1,178,245 | 1,178,245 | |||
Net Loss | (4,152,824) | (4,152,824) | |||
Balance, amount at Mar. 31, 2014 | $ 66,833 | 8,299,366 | (8,326,861) | (149,714) | (110,376) |
Balance, shares at Mar. 31, 2014 | 66,832,523 | ||||
Reclassication of unvested, issued common stock to paid-in capital | (149,714) | $ 149,714 | (149,714) | ||
Common stock issued to employees and director, value | $ 1,500 | 328,011 | 329,511 | ||
Common stock issued to employees and director, shares | 1,500,000 | ||||
Common stock issued upon exercise of warrants, value | $ 3,676 | 1,466,912 | 1,470,588 | ||
Common stock issued upon exercise of warrants, shares | 3,676,472 | ||||
Common stock issued upon exercise of options, value | $ 50 | 4,950 | $ 5,000 | ||
Common stock issued upon exercise of options, shares | 50,000 | 50,000 | |||
Common stock issued for services, value | $ 910 | 337,990 | $ 338,900 | ||
Common stock issued for services, shares | 909,920 | ||||
Fair value of vested stock options | 233,310 | 233,310 | |||
Fair value of vested warrants granted to employees | 432,772 | 432,772 | |||
Extinguishment of derivative liabilities | 269,368 | 269,368 | |||
Net Loss | (4,048,373) | (4,048,373) | |||
Balance, amount at Mar. 31, 2015 | $ 72,969 | $ 11,222,965 | $ (12,375,234) | $ (1,079,300) | |
Balance, shares at Mar. 31, 2015 | 72,968,915 |
STATEMENTS OF STOCKHOLDERS' EQ6
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY) (Parenthetical) | 12 Months Ended |
Mar. 31, 2014$ / shares | |
Statement Of Stockholders' Equity | |
Common stock subscribed for cash, (in dollars per share) | $ 0.34 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Operating activities | ||
Net loss | $ (4,048,373) | $ (4,152,824) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Fair value of vested stock options | 233,310 | 1,178,245 |
Fair value of vested common stock issued to employees | 329,511 | 43,786 |
Fair value of vested warrants granted to employees | 432,772 | |
Fair value of common stock issued for services | 338,900 | |
Cost of warrant modification | 961,767 | 344,835 |
Change in fair value of derivative liability | (724,617) | (193,915) |
Amortization of debt discount | 374,592 | |
Changes in assets and liabilities: | ||
Accounts receivable | (22,100) | |
Inventory | (8,478) | |
Advance payment on related party lease | 10,413 | 125,004 |
Prepaid expense | 8,137 | 936 |
Accrued interest | 29,686 | |
Accounts payable - related party | (15,100) | 9,170 |
Accounts payable and accrued liabilities | 4,092 | 107,652 |
Net Cash Used in Operating Activities | (2,499,766) | $ (2,132,833) |
Investing activities | ||
Acquisition of cash upon acquisition | 10,505 | |
Net Cash Provided by Investing Activities | 10,505 | |
Financing activities | ||
Proceeds from exercise of warrants, net | 1,470,588 | $ 1,824,505 |
Proceeds from exercise of options | 5,000 | 185,998 |
Proceeds from sale of common stock, net | 1,133,250 | |
Net Cash Provided by Financing Activities | 1,475,588 | 3,143,753 |
Net increase (decrease) in cash | (1,013,673) | 1,010,920 |
Cash - Beginning of Period | 1,403,403 | 392,483 |
Cash - End of Period | $ 389,730 | $ 1,403,403 |
Cash paid during the period for: | ||
Interest | ||
Income taxes | ||
Non-Cash Investing and Financing Activities: | ||
Fair value of warrants issued with common stock recorded as derivative liability | $ 1,249,025 | |
Issuance of common stock upon conversion of notes payable and accrued interest | 994,061 | |
Cancellation of accounts payable applied to option exercise price | 140,000 | |
Extinguishment of derivative liability | $ 269,368 | $ 359,734 |
Acquisition of accounts receivable upon acquisition | $ 39,495 |
BUSINESS AND BASIS OF OPERATION
BUSINESS AND BASIS OF OPERATIONS | 12 Months Ended |
Mar. 31, 2015 | |
BUSINESS AND BASIS OF OPERATIONS [Abstract] | |
BUSINESS AND BASIS OF OPERATIONS | 1. BUSINESS AND BASIS OF OPERATIONS Stevia First Corp. (the “Company”, “we”, “us” or “our”), was incorporated under the laws of the State of Nevada on June 29, 2007. T he Company is an agricultural biotechnology company engaged primarily in developing novel methods and technologies for industrial production of stevia, using such methods and technologies to develop, obtain approval for and commercialize one or more stevia extract products, and exploring and commercializing additional research applications for such methods and technologies. The Company's fiscal year end is March 31. Going Concern These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception and has a stockholders’ deficiency of $ 1 ,079,300 as at March 31, 2015, and further losses are anticipated in the development of its business. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. The ability to continue as a going concern is dependent on the Company attaining and maintaining profitable operations in the future and/or raising additional capital to meet its obligations and repay its liabilities arising from normal business operations when they come due. After giving effect to the funds received in subsequent equity financings (as described in Note 12) , we estimate as of March 31, 2015 we will have sufficient funds to operate the business for the next 12 months. We will require additional financing to fund our planned future operations, including the continuation of our ongoing research and development efforts, seeking to license or acquire new assets, and researching and developing any potential patents and any further intellectual property that we may acquire. Further, these estimates could differ if we encounter unanticipated difficulties, in which case our current funds may not be sufficient to operate our business for that period. In addition, our estimates of the amount of cash necessary to operate our business may prove to be wrong, and we could spend our available financial resources much faster than we currently expect. Subsequent to March 31, 2015, we completed a private placement of our common stock and warrants resulting in net proceeds of $ 1,325,000 . We do not have any other firm commitments for future capital. Significant additional financing will be required to fund our planned principal operations in the near term and in future periods, including research and development activities relating to stevia extract production, developing and seeking regulatory approval for any of our stevia product candidates, commercializing any product candidate for which we are able to obtain regulatory approval or certification, seeking to license or acquire new assets or businesses, and maintaining our intellectual property rights and pursuing rights to new technologies. We do not presently have, nor do we expect in the near future to have, significant revenue to fund our business from our operations, and will need to obtain most of our necessary funding from external sources in the near term. Since inception, we have funded our operations primarily through equity and debt financings, and we expect to continue to rely on these sources of capital in the future. However, if we raise additional funds by issuing equity or convertible debt securities, our existing stockholders’ ownership will be diluted, and obtaining commercial loans would increase our liabilities and future cash commitments. If we pursue capital through alternative sources, such as collaborations or other similar arrangements, we may be forced to relinquish rights to our proprietary technology or other intellectual property and could result in our receipt of only a portion of any revenue that may be generated from a partnered product or business. Further, these or other sources of capital may not be available on commercially reasonable or acceptable terms when needed, or at all. If we cannot raise the money that we need in order to continue to develop our business, we will be forced to delay, scale back or eliminate some or all of our proposed operations. If any of these were to occur, there is a substantial risk that our business would fail and our stockholders could lose all of their investment. |
DERIVATIVE LIABILITY
DERIVATIVE LIABILITY | 12 Months Ended |
Mar. 31, 2015 | |
DERIVATIVE LIABILITY [Abstract] | |
DERIVATIVE LIABILITY | 4. DERIVATIVE LIABILITY In June 2008, the FASB issued authoritative guidance on determining whether an instrument (or embedded feature) is indexed to an entity’s own stock. Under the authoritative guidance, instruments which do not have fixed settlement provisions are deemed to be derivative instruments. Certain warrants issued to investors and placement agents (described in Note 5 and Note 6) do not have fixed settlement provisions because their exercise prices will be lowered if the Company issues securities at lower prices in the future. In accordance with the FASB authoritative guidance, the warrants have been characterized as derivative liabilities to be re-measured at the end of every reporting period with the change in value reported in the statement of operations. At the applicable dates of issuance and as of March 31, 2014 and March 31, 2015, the derivative liabilities were valued using a probability weighted average Black-Scholes-Merton pricing model with the following assumptions: Warrants: March 31, 2014 Date of Modification March 31, 2015 Exercise Price $ 0.34 -0.42 $ 0.40 -0.45 $ 0.34 – 0.45 Stock Price $ $ $ Risk-free interest rate 0.07 -1.73 % 1.78 -2.0 % 0.41 – 1.25 % Expected volatility % % % Expected life (in years) 0.50 -4.25 years 0.01 – 5.0 years 2.50 – 4.5 years Expected dividend yield Fair Value: $ $ $ The risk-free interest rate was based on rates established by the Federal Reserve Bank. The Company uses the historical volatility of its common stock to estimate the future volatility for its common stock. The expected life of the warrants was determined by the expiration date of the warrants. The expected dividend yield was based on the fact that the Company has not paid dividends to its common stockholders in the past and does not expect to pay dividends to its common stockholders in the future. During the year ended March 31, 2014, we recognized derivative liabilities of $ 1,249,025 related to the warrants issued in conjunction with the sale of the Company’s common stock. Also, during the fiscal year ended March 31, 2014, certain terms of the derivative liabilities were modified, and the aggregate incremental change in their fair values of $ 344,835 were accounted for as an increase in the fair value of the derivative liabilities as of date of modification (described in Note 7). Additionally, certain warrants that were accounted for as derivatives were exercised, and as such their corresponding fair value at the exercise dates of $ 359,73 4 were extinguished from the derivative liabilities balance. During the year ended march 31, 2015, we recognized a change in the fair value of derivative liability of $ 193,915 . As of March 31, 2014, the aggregate fair value of the derivative liabilities was $ 1,438,814 . On September 10, 2014, certain terms of certain of the Company’s warrants were modified in connection with an early exercise offer made to the warrant holders, and the incremental change in their fair values of $ 21,218 was accounted for as an increase in the fair value of the derivative liabilities as of the date of modification and recorded as a cost to induce exercise of the warrants. Also, as part of the terms of the early exercise offer, the Company issued to such warrant holders new, replacement warrants with an aggregate fair value at their issue date of $ 940,549 , which was accounted for as a derivative liability at the issue date (described in Note 7). All of the warrants subject to the early exercise offer, which were accounted for as derivative liabilities, were exercised in connection with such offer, and as such their corresponding fair value at the exercise date of $ 269,368 was extinguished from the derivative liabilities balance. During the year ended March 31, 2015, we recognized a change in fair value of the derivative liability of $ 724,617 . As of March 31, 2015, the aggregate fair value of the derivative liabilities was $ 1,406,596 . |
STOCKHOLDERS' DEFICIENCY
STOCKHOLDERS' DEFICIENCY | 12 Months Ended |
Mar. 31, 2015 | |
STOCKHOLDERS' DEFICIENCY [Abstract] | |
STOCKHOLDERS' DEFICIENCY | 5. STOCKHOLDERS’ DEFICIENCY Equity financing On June 25, 2013, the Company entered into a Securities Purchase Agreement with three investors for the sale of an aggregate of 3,676,472 shares of the Company's common stock and warrants to purchase an aggregate of 11,029,416 shares of the Company’s common stock for total gross proceeds of $1,250,000 , or a sales price of $ 0.34 per share. The offering closed on June 28, 2013. The Company incurred $116,750 of direct costs in connection with the financing, resulting in net cash proceeds to the Company of $1,133,250 . The pu rchasers who entered into the Securities Purchase Agreement were also issued warrants to purchase up to 11,029,416 shares of the Company’s common stock. The warrants were issued in three series of 3,676,472 shares each and have initial exercise prices of $0.40 , $0.50 and $0.60 per share, respectively, are exercisable immediately upon issuance and have a term of exercise equal to five years, six months and nine months, respectively. The Company also issued warrants to purchase up to 294,185 shares of the Company’s common stock to its placement agent related to the financing. The placement agent’s warrants have an exercise price of $ 0.425 per share and a term of five years and are exercisable immediately. Each of the warrants included anti-dilution provision that allows for the automatic reset of the exercise price upon any future sale of the Company’s common stock, warrants, options, convertible debt or any other equity-linked securities at an issuance, exercise or conversion price below the current exercise price of the warrants, provided that the exercise price shall not be reduced to less than $ 0.20 per s hare. The Company considered the current FASB guidance of “Determining Whether an Instrument Indexed to an Entity’s Own Stock” and determined that the exercise prices of the warrants were not fixed amounts because they are subject to fluctuation based on the occurrence of future offerings or events. As a result, the Company determined that the warrants were not considered indexed to the Company’s own stock and characterized the initial fair value of these warrants as derivative liabilities upon issuance. The Company determined the aggregate initial fair value of the warrants issued to investors and the placement agent in the financing to be $ 1,249,025 at issuance based upon a probability weighted average Black-Scholes-Merton option pricing model. For financial statement purposes, the amount of the derivative liability created from the issuance of the warrants of $1,249,025 has been offset to the net cash proceeds received of $1,133,250 , resulting in a net reduction of additio nal paid in capital of $ 115,775 resulting from the sale of the shares and warrants. Common stock issued upon conversion of convertible notes and accrued interest As of the year ended March 31, 2013, the Company had outstanding principal balance of convertible notes of $955,000 , and related outstanding accrued interest on these convertible notes that amounted to $39,061 with conversion prices ranging from $0.45 to $1.25 . During the year ended March 31, 2014, holders of the convertible notes converted all of their outstanding principal balance of convertible notes of $956,560 and related outstanding accrued interest of $37,501 into an aggre gate 1,470,477 shares of the Company's common stock based upon their conversion prices per share. Common stock issued to employees for services with vesting terms The Company has issued the following shares of common stock to employees and directors that vest over time: · In July and August 2012, the Company issued an aggregate of 700,000 shares of its common stock to employees and a director of the Company, with aggregate fair value of $189,000 at grant date, and vesting over a period ranging from 16 months to 60 months from the date of grant under the Company's stock option and incentive plan (the “2012 Stock Incentive Plan”). · In July 2013, the Company issued 100,000 shares of its common stock to an employee of the Company with fair value of $36,000 at grant date and vesting over a period of 31 months from the date of grant under the Company's 2012 Stock Incentive Plan. · In conjunction with the Percipio asset purchase (see Note 3) entered into by the Company on May 2014, the Company entered into an employment agreement with a new employee, pursuant to which the Company granted 100,000 shares of its common stock with fair value of $38,000 at grant date . The 100,000 shares of stock is vesting over a period of 24 months from the date of grant under the Company's 2012 Stock Incentive Plan. · In conjunction with the Distribution and License Agreements (see Note 9) entered into by the Company in August 2014, the Company entered into employment agreements with two new employees, pursuant to which the Company granted an aggregate of 1 ,40 0,000 shares of its common stock , with aggregate fair value of $420,000 at grant date . Of these 1,400,000 shares of stock, 400,000 vested immediately, and the remaining 1,000,000 are vesting over period s ranging from 12 months to 36 months from the date of grant . An aggregate of 1,000,000 shares of the Company’s restricted common stock will also be issued and will vest upon achievement certain milestones, for which the Company will account for their costs at the time their issuance becomes probable. These shares of common stock were valued based upon the market price of the Company’s common stock at the dates of grant and determined the aggregate fair value s to be of approximately $ 683 ,000 . The allocable portion of the aggregate fair value s of the se shares of common stock that vested during the year s ended March 31, 2015 and 2014 amounted to $43,786 and $329,511 , respectively, and were recognized as expense in the accomp anying statements of operations during the years then ended. As of March 31, 2015, approximately $310,000 of these awards remains unvested and will be amortized as compensation costs in future years. Shares of restricted stock granted above are subject to forfeiture to the Company or other restrictions that will lapse in accordance with a vesting schedule determined by our Board. In the event a recipient’s employment or service with the Company terminates, any or all of the shares of common stock held by such recipient that have not vested as of the date of termination under the terms of the restricted stock agreement are forfeited to the Company in accordance with such restricted grant agreement. The Company reclassified $149,714 from unvested , unissued common stock to additional paid-in capital relating to the unvested portion of vested shares granted as of the prior year ended March 31, 2014, to make its presentation of stockholders’ deficiency reflect the transaction more appropriately. There was no net effect on stockholders’ deficiency. Common stock issued for services During the year ended March 31, 2015 , the Company issued an aggregate of 790,972 shares of the Company’s common stock to consultant s as payment for services and recorded an expense of $ 294,1 00 based on the closing market price of our common stock on the date of the issuance. These shares were issued outside of the 2012 Stock Incentive Plan. In December 2014, the Company issued 78,948 shares of common stock under the 2012 Stock Incentive Plan to a consultant under the terms of a consulting agreement and recorded an expense of $ 30,000 based on the closing market price of our common stock on the date of issuance. In March 2015, the Company also issued 40,000 shares of common stock under the 2012 Stock Incentive Plan , to an employee and recorded an expense of $ 14,8 00 based on the closing market price of our common stock on the date of issuance. |
STOCK OPTIONS
STOCK OPTIONS | 12 Months Ended |
Mar. 31, 2015 | |
STOCK OPTIONS [Abstract] | |
STOCK OPTIONS | 6. STOCK OPTIONS Year ended March 31, 2014 The 2012 Stock Incentive Plan authorizes the Company to issue common stock, stock options and other equity awards to its employees, directors and consultants as compensation for services. Pursuant to the terms of the 2012 Stock Incentive Plan, the exercise price for all equity awards issued under the 2012 Stock Incentive Plan is based on the market price per share of the Company’s common stock on the date of grant of the applicable award. During the year ended March 31, 2014, the Company granted 225,000 options to employees that expire between ten years from the applicable date of grant, with vesting periods ranging from zero to 36 months. The fair value of each option award was estimated on the date of grant using the Black-Scholes option pricing model based on the following assumptions (i) volatility rate between 46.9 % and 78.7 %, (ii) discount rate of between 2.73 % and 3.04 %, (iii) zero expected dividend yield, and (iv) expected life of approximately 7 years, which represents the average of the term of the option and the vesting period. The total fair value of these option grants to employees at grant dates was approximately $ 64,000 . During the year ended March 31, 2014, the Company also granted consultants options to purchase 4,000,000 shares of the Company’s common stock that expire three years from date of grant, with vesting periods ranging from zero months to 24 months. The fair value of these options granted to consultants was estimated, as the options vest, using the Black-Scholes option pricing model based on the following assumptions: (i) volatility rates ranging from 76.26 % to 84.5 % (ii) discount rates ranging from 0.63 % to 2.53 % (iii) zero expected dividend yield, and (iv) expected life ranging from 3 to 10 years. The total fair value of these option grants to consultants at current valuation date was approximately $ 977,000 . In November 2013, 500,000 options were exercised by a consultant at an exercise price of $ 0.32 per share. In lieu of cash proceeds, the options were exercised in exchange for $ 140,000 in fees owed pursuant to their consulting service agreement. Also, between the months of November 2013 to March 2014, an aggregate of 750,000 options were exercised in exchange for 750,000 shares of the Company’s common stock at exercise prices ranging from $ 0.10 to $ 0.32 per share or total proceeds to the Company of $ 185,998 . Year Ended March 31, 2015 During the year ended March 31, 2015, the Company granted to employees options to purchase an aggregate of 1,125,000 shares of the Company’s common stock that expire ten years from the date of grant and have vesting periods ranging from zero to 36 months. The fair value of each option award was estimated on the date of grant using the Black-Scholes option pricing model based on the following assumptions: (i) volatility rate of 81.84 %, (ii) discount rate of 1.62 %, (iii) zero expected dividend yield, and (iv) expected life of 5 years, which is the average of the term of the options and their vesting periods. The total fair value of the option grants to employees at their grant dates was approximately $ 300,000 . During the year ended March 31, 2015, the Company also granted to three consultants options to purchase 225,000 shares of the Company’s common stock that expire between five and ten years from date of grant and have vesting periods ranging from is 0 to 36 months. The fair value of these options granted to the consultants was estimated using the Black-Scholes option pricing model based on the following assumptions: (i) volatility rate of 76.26 %, (ii) discount rate of 2.17 %, (iii) zero expected dividend yield, and (iv) expected life of 5 years. The total fair value of the option grants to the consultants at their grant dates was approximately $ 88,000 . In April 2014, 50,000 options were exercised by a consultant at an exercise price of $0.10 per share or total proceeds to the Company of $5,000 . A summary of the Company’s stock option activity during the fiscal years ended March 31, 2014 and 2015 is as follows: Shares Weighted Average Exercise Price Balance at March 31, 2013 $ Granted Exercised Cancelled Balance outstanding at March 31, 2014 $ Granted Exercised Cancelled Balance outstanding at March 31, 2015 $ Balance exercisable at March 31,2015 $ A summary of the Company’s stock options outstanding as of March 31, 2015 is as follows: Number of Options Weighted Average Exercise Price Weighted Average Grant-date Stock Price Options Outstanding, March 31, 2015 $ $ $ $ $ 0.31 - 0.38 $ 0.31 -0.38 $ 0.40 -.047 $ 0.40 -0.47 $ $ Options Exercisable, March 31, 2015 $ $ $ $ $ 0.31 -0.36 $ 0.31 -0.36 $ 0.40 -0.47 $ 0.40 -0.47 $ $ During the years ended March 31, 2015 and 2014, we expensed total stock-based compensatio n related to stock options of $ 233, 310 and $ 1,178,245 , respectively, and the remaining unamortized cost of the outstanding stock-based awards at March 31, 2015 was approximately $ 304,000 . This cost will be amortized on a straight line basis over a weighted average remaining vesting period of 2 years and will be adjusted for subsequent changes in estimated forfeitures. Future option grants will increase the amount of compensation expense that will be recorded. The intrinsic value of all outstanding stock o ptions at March 31, 2015, was approximately $ 324,000 . |
WARRANTS
WARRANTS | 12 Months Ended |
Mar. 31, 2015 | |
WARRANTS [Abstract] | |
WARRANTS | 7. WARRANTS A summary of warrants to purchase common stock issued during the fiscal years ended March 31, 2014 and 2015 is as follows: Shares Weighted Average Exercise Price Balance at March 31, 2013 $ Granted Exercised Cancelled - - Balance outstanding at March 31, 2014 $ Granted Exercised Cancelled - - Balance outstanding at March 31, 2015 $ Balance exercisable at March 31, 2015 $ * * The exercise prices of 7,352,944 of these warrants are subject to adjustment based on the occurrence of future offerings or events and are not a fixed amount and therefore we characterized the fair value of these warrants as derivative liabilities. The exercise prices of these warrants were subsequently reset to $ 0.30 per share as a result of the offering described in Note 12. Warrants granted under the October 2012 financing We issued warrants to purchase up to an aggregate of 1,080,000 shares of the Company’s common stock to the convertible note holders and the placement agent in an offering we entered into on October 29, 2012. These warrants had a exercise prices ranging from $ 0.625 per share to $0.70 per share, a term of five years and were exercisable immediately. During the year ended March 31, 2014, all of the convertible note holders exercised their 1,000,000 warrants held by them and acquired 1,000,000 shares of the Company’s common stock at the then-effective exercise price of $0.34 per share, resulting in $340,000 in proceeds to the Company. Warrants to acquire 80,000 shares of common stock issued to our placement agent remained outstanding as of March 31, 2015. Warrants granted under the June 2013 financing The purchasers who entered into the Securities Purchase Agreement on June 25, 2013, were issued warrants to purchase up to 11,029,416 shares of the Company’s common stock. The warrants were issued in three series of 3,676,472 each and had initial exercise prices of $ 0.40 , $ 0.50 and $ 0.60 per share, respectively, are exercisable immediately upon issuance, and have a term of exercise equal to five years, six months and nine months, respectively. The Company also issued warrants to purchase up to 294,185 shares of the Company’s common stock to its placement agent in the financing. The placement agent warrants have an exercise price of $ 0.425 per share and a term of five years and are exercisable immediately. The exercise prices of the warrants are subject to fluctuation based on the occurrence of future offerings or events and are not a fixed amount and therefore we characterized the fair value of these warrants as derivative liabilities upon issuance. In November 2013 and December 2013, certain purchasers under the June 25, 2013 Securities Purchase Agreement exercised some of their six-month warrants and acquired an aggregate of 314,000 shares of the Company's common stock at the then-effective exercise price of $ 0.50 per share, resulting in gross proceeds of $ 157,000 to the Company. On December 6, 2013, the Company offered the purchasers holding the remaining six-month warrants the right to exercise all of those warrants, for an aggregate of 3,362,472 shares of the Company’s common stock, based on the terms of an early exercise offer wherein such warrants became exercisable at a reduced exercise price of $ 0.42 per share, so long as the exercise thereof occurred on or before December 9, 2013. The Company accounted for the reset of the exercise price of the Series B warrants as a modification of the Series B warrants. As such, the Company calculated the fair value of the warrants as of that date and accounted for the incremental change in the fair value of the Series B warrants of $ 109,503 as a cost of modification expense in the Company’s statement of operations for the fiscal year ended March 31, 2014. On December 9, 2013, all of the purchasers acted on the early exercise offer and the Company issued 3,362,472 shares of its common stock, resulting in net proceeds of $ 1,327,504 to the Company (see Note 5). As these warrants were accounted for as derivative liabilities as of their issue date, their corresponding fair values at the date of exercise of $ 359,731 were extinguished when the $3,676,472 Series B warrants were exercised, and charged to additional paid-in capital. In March 2014, we extended to September 30, 2014 the expiration date of the 3,676,472 Series C nine-month warrants issued pursuant to the June 25, 2013 Securities Purchase Agreement. The Company accounted for the extension of the termination date as a modification of the of the Series C warrants and accounted for the incremental change in the fair value of the Series C warrants of $ 235,332 as a cost of modification expense in the Company’s statement of operations for the fiscal year ended March 31, 2014. As these warrants were accounted for as derivative liabilities as of their issue date, the fair value at the date of modification was calculated by the Company based upon an internally-prepared valuation tool using an option-pricing model reflecting a probability weighted average Black Scholes-Merton valuation technique. On September 9, 2014, we offered the purchasers holding the nine-month warrants the right to exercise all of those warrants, for an aggregate of 3,676,472 shares of our common stock, based on the terms of an early exercise offer wherein such warrants became exercisable at a reduced exercise price of $ 0.40 per share and new warrants would be issued to such investors, so long as the exercise thereof occurred on or before September 10, 2014. All purchasers acted on the early exercise offer and we issued 3,676,472 shares of our common stock for net proceeds to us of $ 1,470,589 . We determined that the modification of the exercise price of the warrants from $ 0.42 per share to $0.40 per share should be recorded as a cost to induce the exercise of the warrants. As such, we recognized the difference of $ 21,218 between the fair value of the warrants before and after the modification as a cost in the accompanying statements of operations for the year ended March 31, 2015. In conjunction with the early exercise offer, we issued to the warrant holders who acted on such offer new, replacement warrants to purchase an additional 3,676,472 shares of our common stock. The terms and conditions of the replacement warrants are the same as the terms of the originally issued warrants, except that: (a) the initial exercise date is September 10, 2014 rather than June 28, 2013; (b) the replacement warrants have an exercise term of five years rather than nine months; (c) the exercise price of the replacement warrants is $ 0.45 per share (subject to anti-dilution and other adjustments as described below and a floor exercise price of $ 0.20 per share); and (d) the replacement warrants and the shares of common stock underlying such warrants are not registered under the Securities Act and are restricted securities. The new warrants are exercisable immediately upon issuance. These replacement warrants also provide for the adjustment of the exercise price and/or number of shares issuable upon exercise thereof in connection with stock dividends and splits, subsequent rights offerings, pro rata distributions to the Company’s common stockholders and subsequent equity sales by the Company at an effective price lower than the then-current exercise price of the replacement warrants. We determined that the fair value of these replacement warrants at their issue date of $ 940,549 was recorded as a cost to induce the exercise of the originally issued nine-month warrants in the accompanying statements of operations for the year ended March 31, 2015. In consideration of applicable guidance, the Company has determined that the warrants are not considered indexed to the Company’s own stock, since the exercise prices of the warrants are subject to fluctuation based on the occurrence of future offerings or events and are not a fixed amount, and therefore characterized the fair value of these warrants of $ 940,549 as a derivative liability upon issuance (See Note 4). Warrants issued to employees On August 25, 2014, we entered into employment agreements with two new employees, pursuant to which, these employees became entitled to receive warrants to purchase an aggregate of 4,400,000 shares of the Company’s common stock. These warrants have an exercise price of $ 0.30 , and a term of ten years from issue date. Vesting terms of these warrants are as follows: (i) warrants to purchase 800,000 shares of common stock vested immediately at their grant date , (ii) warrants to purchase 2,000,000 shares of common stock have vesting terms ranging from one year to three years, and (iii) warrants to purchase 1,600,000 shares of common stock vest upon achievement of certain milestones under the distribution agreement (See Note 9). During the year ended March 31, 2015, we expensed total stock-based compensation related to the vesting of these warrants of $ 432,772 , and the remaining unamortized cost of the outstanding warrants at March 31, 2015 was $ 273,108 . The aggregate intrinsic value of all of the outstanding and exercisable w arrants at March 31, 2015 was $ 355,200 . |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2015 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | 8. INCOME TAXES The Company has no tax provision for any period presented due to our history of operating losses. As of March 31, 2015, the Company had net operating loss ca rry forwards of approximately $ 7,300,000 that may be available to reduce future years' taxable income through 2030. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as management has determined that their realization is not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. The Company adopted accounting rules which address the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under these rules, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. These accounting rules also provide guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of March 31, 2015 no liability for unrecognized tax benefits was required to be recorded. |
DISTRIBUTION AND LICENSE AGREEM
DISTRIBUTION AND LICENSE AGREEMENTS | 12 Months Ended |
Mar. 31, 2015 | |
DISTRIBUTION AND LICENSE AGREEMENTS [Abstract] | |
DISTRIBUTION AND LICENSE AGREEMENTS | 9. DISTRIBUTION AND LICENSE AGREEMENTS On August 25, 2014, we entered into a distribution agreement with Qualipride International (“Qualipride”), a stevia supplier located and organized in the People’s Republic of China, under which we became the exclusive worldwide distributor of Qualipride’s stevia products and acquired Qualipride’s customer list. Pursuant to the distribution agreement, Qualipride will supply products to the Company at its cost, plus up to 2 % for handling costs and up to a 5 % sales commission. We are obligated to hire and train sales personnel or appoint representatives to introduce, promote, market and sell Qualipride’s products worldwide. In addition, we must file a “generally recognized as safe” notice with the U.S. Food and Drug Administration for one or more of Qualipride’s stevia products prior to August 18, 2015. The Company will account for such costs as such sales are made, or such other direct costs are incurred. During the year ended March 31, 2015, neither any sales were made nor other direct cost were incurred pursuant to the terms of the distribution agreement. Concurrently, we also entered into a license agreement with Qualipride, Mr. Dong Yuejin and Mr. Guo Yuxiao, in which we obtained an exclusive license outside China to use Qualipride’s proprietary methods and designs for stevia extraction and purification facilities. Pursuant to the license agreement, we must obtain financing of at least $ 2.55 million prior to August 18, 2015 or the license granted to us will terminate, which funds we intend would be used to build a stevia extraction and purification facility in California. The license agreement also requires us to make payments to Qualipride of up to $ 700,000 upon securing required financing and achievement of certain other milestones, in addition to royalty payments of between $ 1.00 and $ 2.00 for each kilogram of certain specified stevia extracts produced at a California stevia production facility that is designed using the methods subject to the license grant. The Company will account for the costs of such license and obligation once such financing has been received. During the year ended March 31, 2015, the Company did not receive any financing pursuant to the terms of the license agreement. Concurrently with such arrangements, we also entered into employment agreements with Mr. Dong and Mr. Guo. Under the employment agreements, in addition to their salaries, which will be determined once significant operations begin , Mr. Dong and Mr. Guo are entitled to receive an aggregate of 2,400,000 restricted shares of our common stock (see Note 5) and warrants to purchase up to an aggregate of 4,400,000 shares of our common stock (see Note 7). An aggregate of 400,000 shares of our restricted common stock and warrants to purchase up to an aggregate of 800,000 shares of our common stock vested immediately upon issuance. An aggregate of 1,000,000 shares of our restricted common stock and warrants to purchase up to an aggregate of 2,000,000 shares of our common stock have vesting terms ranging from one to three years. An aggregate of 1,000,000 shares of our restricted common stock will be issued and warrants to purchase up to an aggregate of 1,600,000 shares of our common stock will vest once we achieve certain milestones, including reaching more than $ 5 million in annual revenue and the planned California stevia extraction and purification facility becoming operational and meeting certain technical performance specifications. The Company will account for the costs of the 1,000,000 shares of common stock and warrants to purchase up to an aggregate of 1,600,000 shares of common stock, at the time their issuance becomes probable. During the year ended March 31, 2015, no such milestones were met and as of the year ended March 31, 2015, we owed no compensation to Mr. Dong or Mr. Guo. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND LEASE OBLIGATIONS | 12 Months Ended |
Mar. 31, 2015 | |
RELATED PARTY TRANSACTIONS AND LEASE OBLIGATIONS [Abstract] | |
RELATED PARTY TRANSACTIONS AND LEASE OBLIGATIONS | 10. RELATED PARTY TRANSACTIONS AND LEASE OBLIGATIONS Advance payment of related party lease On April 23, 2012, the Company entered into a lease agreement (the “Sutter Lease”) with Sutter Buttes LLC (“Sutter Buttes”), pursuant to which the Company has agreed to lease from Sutter Buttes approximately 1,000 acres of land in Sutter County, California. The Sutter Lease began on May 1, 2012 and expired on May 1, 2014 and the Company pre-paid the aggregate amount of all rent payments thereunder, totaling $ 250,000 . Sutter Buttes, the landlord under the Sutter Lease, is jointly-owned by Dr. Avtar Dhillon, the Chairman of the Board of Directors of the Company, and his wife, Diljit Bains. The amount of all rent payments under the Sutter Lease of $250,000 was initially accounted for by the Company as an asset, advance payment of related party lease, and was amortized over the term of the lease of 24 months. During the year ended March 31, 2014, the Company recognized rent expense of $ 125,000 related to the Sutter Lease. As of March 31, 2014, the unamortized balance of the advance payment of the related party lease was $ 10,413 . The lease expired on May 1, 2014 and was not renewed and the Company is not renting or leasing the property after the expiration of the lease. Other related party lease obligations On April 23, 2012, the Company entered into a lease agreement with One World Ranches LLC (“One World Ranches”), pursuant to which the Company has agreed to lease from One World Ranches certain office and laboratory space located at 5225 Carlson Road, Yuba City, California (the “Carlson Lease”). The Carlson Lease began on May 1, 2012 and expires on May 1, 2017, and the Company’s rent payments thereunder are $ 2,300 per month. The Company has paid $ 1,500 as a refundable security deposit under the Carlson Lease. On August 18, 2012, the Company entered into a lease agreement (the “Sacramento Lease”) with Sacramento Valley Real Estate, which is jointly-owned by Dr. Avtar Dhillon, the Chairman of the Board of Directors of the Company, and his wife, Diljit Bains, pursuant to which the Company leases an apartment located at 33-800 Clark Avenue, Yuba City, California. This Company uses this apartment as an alternative to renting hotel rooms for management use since several of our managers are not resident in Yuba City. The month to month lease began on August 20, 2012 and the Company’s rent payment is $ 1,000 per month. On August 22, 2012, the Company paid $ 1,000 as a refundable security deposit under the Sacramento lease. Aggregate payments under the above leases for the years ended March 31, 2015 and 2014 were $ 49,000 and $ 156,400 , respectively. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Mar. 31, 2015 | |
COMMITMENTS [Abstract] | |
COMMITMENTS | 11. COMMITMENTS We have exclusive and worldwide rights to patents and patent applications obtained through a license agreement with Vineland Research and Innovations Centre, Inc. entered into in August 2012 and amended in October 2013 (the “Vineland License”). The patent family includes an issued U.S. patent, an issued European Union patent, and an issued Canadian patent. On October 10, 2013, we entered into an amendment to the Vineland License, pursuant to which Vineland agreed to license to us an additional patent application and to pay up to $ 50,000 in patent prosecution cost related to the new patent application. The patents and patent applications covered by the Vineland License relate to microbial production of steviol and steviol glycosides. The Vineland License has an initial term of 10 years and may be renewed by us for additional two-year terms until all licensed patents have expired. Pursuant to the Vineland License, we agreed to total cash fees due and payable within the first year of the agreement of $ 50,000 , all of which have been paid and recorded as expenses. In addition to these cash fees, we will owe royalties of 0.5 % of the sale price of products developed using the intellectual property, and in the third year and all subsequent years of the Vineland License the Company will owe a minimum annual royalty of $ 10,000 . |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 12. SUBSEQUENT EVENTS In May 2015, the Company entered into a securities purchase agreement with the purchasers identified therein providing for the issuance and sale by the Company to the p urchasers, in a private placement, of an aggregate of 5,000,002 shares of the Company’s common stock (collectively, the “Shares”) and Series A Warrants to purchase up to an aggregate of 5,000,002 shares of the Company’s common stock, Series B Warrants to purchase up to an aggregate of 5,000,002 shares of the Company’s common stock, and Series C Warrants to purchase up to an aggregate of 2,500,001 shares of the Company’s common stock (the Series A Warrants, the Series B Warrants and the Series C Warrants, collectively, the “Warrants”, and the shares issuable upon exercise of the Warrants, collectively, the “Warrant Shares”), at a price of $0.30 per Share (the “Offering”). The Offering closed on May 11, 2015. After deducting for fees and expenses, the aggregate net proceeds to the Company from the sale of the Shares and Warrants were approximately $1,325,000 . On the closing of the Offering, the Company issued warrants to purchase up to 400,000 shares of the Company’s common stock to H.C. Wainwright & Co., LLC (“H.C. Wainwright”) as placement agent for the Offering (the “Placement Agent Warrants”). The Placement Agent Warrants have substantially the same terms as the Series A Warrants issued to the p urchasers, except that the exercise price is $0.375 per share. As a result of the Offering, the exercise prices of 7, 352,944 previously issued warrants were reduced to $0.30 per share. In April and May 2015, we issued a total of 325,000 shares of our common stock to two consultants in exchange for services valued at $115,000 . In May 2015, our board of d irectors approve d option grants to each of the d irectors and two employees to purchase a total of 1,300,000 shares of the Company’s common stock under the 2012 Plan, all of which vest over two years. The total cost of the option grants of approximately $217,000 will be amortized over the two year vesting period. |
BUSINESS AND BASIS OF OPERATI18
BUSINESS AND BASIS OF OPERATIONS (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
BUSINESS AND BASIS OF OPERATIONS [Abstract] | |
Going Concern | Going Concern These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception and has a stockholders’ deficiency of $ 1 ,079,300 as at March 31, 2015, and further losses are anticipated in the development of its business. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. The ability to continue as a going concern is dependent on the Company attaining and maintaining profitable operations in the future and/or raising additional capital to meet its obligations and repay its liabilities arising from normal business operations when they come due. After giving effect to the funds received in subsequent equity financings (as described in Note 12) , we estimate as of March 31, 2015 we will have sufficient funds to operate the business for the next 12 months. We will require additional financing to fund our planned future operations, including the continuation of our ongoing research and development efforts, seeking to license or acquire new assets, and researching and developing any potential patents and any further intellectual property that we may acquire. Further, these estimates could differ if we encounter unanticipated difficulties, in which case our current funds may not be sufficient to operate our business for that period. In addition, our estimates of the amount of cash necessary to operate our business may prove to be wrong, and we could spend our available financial resources much faster than we currently expect. Subsequent to March 31, 2015, we completed a private placement of our common stock and warrants resulting in net proceeds of $ 1,325,000 . We do not have any other firm commitments for future capital. Significant additional financing will be required to fund our planned principal operations in the near term and in future periods, including research and development activities relating to stevia extract production, developing and seeking regulatory approval for any of our stevia product candidates, commercializing any product candidate for which we are able to obtain regulatory approval or certification, seeking to license or acquire new assets or businesses, and maintaining our intellectual property rights and pursuing rights to new technologies. We do not presently have, nor do we expect in the near future to have, significant revenue to fund our business from our operations, and will need to obtain most of our necessary funding from external sources in the near term. Since inception, we have funded our operations primarily through equity and debt financings, and we expect to continue to rely on these sources of capital in the future. However, if we raise additional funds by issuing equity or convertible debt securities, our existing stockholders’ ownership will be diluted, and obtaining commercial loans would increase our liabilities and future cash commitments. If we pursue capital through alternative sources, such as collaborations or other similar arrangements, we may be forced to relinquish rights to our proprietary technology or other intellectual property and could result in our receipt of only a portion of any revenue that may be generated from a partnered product or business. Further, these or other sources of capital may not be available on commercially reasonable or acceptable terms when needed, or at all. If we cannot raise the money that we need in order to continue to develop our business, we will be forced to delay, scale back or eliminate some or all of our proposed operations. If any of these were to occur, there is a substantial risk that our business would fail and our stockholders could lose all of their investment. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. The more significant estimates and assumptions by management include, among others, reserves for accounts receivable, the fair value of equity instruments issued for services, and input assumptions used in the valuation of derivative liabilities. |
Revenues | Revenues Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for products and/or services that have been delivered in the normal course of business , title has passed, the selling price is both fixed and determinable, and collectability is reasonably assured, all of which generally occurs upon shipment of the Company’s product or delivery of the product to the destination specified by the customer. The Company determines whether delivery has occurred based on when title transfers and the risks and rewards of ownership have transferred to the buyer, which usually occurs when the Company ships the products. The Company regularly reviews its customers’ financial positions to ensure that collectability is reasonably assured. Except for warranties, the Company has no post-sales obligations. |
Accounts Receivable | Revenues Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for products and/or services that have been delivered in the normal course of business , title has passed, the selling price is both fixed and determinable, and collectability is reasonably assured, all of which generally occurs upon shipment of the Company’s product or delivery of the product to the destination specified by the customer. The Company determines whether delivery has occurred based on when title transfers and the risks and rewards of ownership have transferred to the buyer, which usually occurs when the Company ships the products. The Company regularly reviews its customers’ financial positions to ensure that collectability is reasonably assured. Except for warranties, the Company has no post-sales obligations. Accounts Receivable The Company evaluates the collectability of its trade accounts receivable based on a number of factors. In circumstances where the Company becomes aware of a specific customer’s inability to meet its financial obligations to the Company, a specific reserve for bad debts is estimated and recorded , which reduces the recognized receivable to the estimated amount the Company believes will ultimately be collected. In addition to specific customer identification of potential bad debts, bad debt charges are recorded based on the Company’s historical losses and an overall assessment of past due trade accounts receivable outstanding. The allowance for doubtful accounts and returns and discounts is established through a provision reducing the carrying value of receivables. At March 31, 2015, the allowance for doubtful accounts and returns and discounts was approximately $ 2,500 . |
Financial Assets and Liabilities Measured at Fair Value | Financial Assets and Liabilities Measured at Fair Value The Company uses various inputs in determining the fair value of its investments and measures these assets on a recurring basis. Financial assets recorded at fair value in the balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. Authoritative guidance provided by FASB defines the following levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these financial assets: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3 Unobservable inputs based on the Company’s assumptions. The following table presents the liabilities of the Company that are required to be recorded at fair value on the Company’s balance sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2015 and 2014: March 31, 2015 Level 1 Level 2 Level 3 Total Fair value of Derivative Liability $ - $ 1,406,596 $ - $ 1,406,596 March 31, 2014 Level 1 Level 2 Level 3 Total Fair value of Derivative Liability $ - $ 1,438,814 $ - $ 1,438,814 The carrying value of cash and accounts payable and accrued liabilities approximates their fair value because of the short maturity of these instruments. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. |
Derivative Financial Instruments | Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a probability weighted average Black-Scholes-Merton models to value the derivative instruments at inception and on subsequent valuation dates through the March 31, 2015, reporting date. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized as income (loss) in the period that includes the enactment date. |
Stock-Based Compensation | Stock-Based Compensation The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions, for services and for financing costs. The Company accounts for share-based payments under the guidance as set forth in the Share-Based Payment Topic of the FASB Accounting Standards Codification (“ASC”), which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, officers, directors, and consultants, including employee stock options, based on estimated fair values. The Company estimates the fair value of share-based payment awards to employees and directors on the date of grant using a Black-Scholes-Merton option-pricing model, and the value of the portion of the award that is ultimately expected to vest is recognized as expense over the required service period in the Company's statements of operations. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) the date at which the necessary performance to earn the equity instruments is complete. Stock-based compensation is based on awards ultimately expected to vest and is reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, as necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company periodically issues unvested (“restricted”) shares of its common stock to employees as equity incentives. The Company’s restricted stock vests upon the satisfaction of a recipient’s service condition, which is satisfied over a period of number of years. The restricted shares vest over certain period and remain subject to forfeiture if vesting conditions are not met. The Company values the shares based on the price per share of the Company’s shares at the date of grant and recognizes the value as compensation expense ratably over the vesting period. |
Basic and Diluted Loss Per Share | Basic and Diluted Loss Per Share The Company computes loss per share in accordance with ASC Topic 260, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing the net loss applicable to common stockholders by the weighted average number of outstanding common shares during the period. Diluted loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Diluted loss per share excludes all potential common shares if their effect is anti-dilutive. The following potentially dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive: March 31, 2015 2014 Options Warrants Total |
Research and Development | Research and Development Research and development costs consist primarily of fees paid to consultants and outside service providers, patent fees and costs, and other expenses relating to the acquisition, design, development and testing of the Company's treatments and product candidates. Research and development costs are expensed as incurred over the life of the underlying contracts on the straight-line basis, unless the achievement of milestones, the completion of contracted work, or other information indicates that a different expensing schedule is more appropriate. The Company reviews the status of its research and development contracts on a quarterly basis. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers . ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016, however, the FASB has proposed a one-year deferral. Early adoption is not permitted, and either full retrospective adoption or modified retrospective adoption is permitted. The Company is in the process of evaluating the impact of ASU 2014-09 on the Company’s financial statements and disclosures. In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) . ASU 2014-08 amends the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations or that have a major effect on the Company's operations and financial results should be presented as discontinued operations. This new accounting guidance is effective for annual periods beginning after December 15, 2014. The Company is currently evaluating the impact of adopting ASU 2014-08 on the Company's financial statements and disclosures. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern , which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. ASU 2014-15 requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company is currently evaluating the impact the adoption of ASU 2014-15 on the Company’s financial statements and disclosures. In November 2014, the FASB issued Accounting Standards Update No. 2014-16, Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity . The amendments in ASU 2014-6 do not change the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. The amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. ASU 2014-6 applies to all entities that are issuers of, or investors in, hybrid financial instruments that are issued in the form of a share and is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2014-16 on the Company’s financial statements and disclosures In January 2015, the FASB issued Accounting Standards Update No. 2015-01 (Subtopic 225-20) - Income Statement - Extraordinary and Unusual Ite ms . ASU 2015-01 eliminates the concept of an extraordinary item from GAAP. As a result, an entity will no longer be required to segregate extraordinary items from the results of ordinary operations, to separately present an extraordinary item on its income statement, net of tax, after income from continuing operations or to disclose income taxes and earnings-per-share data applicable to an extraordinary item. However, ASU 2015-01 will still retain the presentation and disclosure guidance for items that are unusual in nature and occur infrequently. ASU 2015-01 is effective for periods beginning after December 15, 2015. Early adoption is permitted. The adoption of ASU 2015-01 is not expected to have a material effect on the Company’s consolidated financial statements. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Investments and Liabilities of Assets Measured at Fair Value on Recurring Basis | The following table presents the liabilities of the Company that are required to be recorded at fair value on the Company’s balance sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2015 and 2014: March 31, 2015 Level 1 Level 2 Level 3 Total Fair value of Derivative Liability $ - $ 1,406,596 $ - $ 1,406,596 March 31, 2014 Level 1 Level 2 Level 3 Total Fair value of Derivative Liability $ - $ 1,438,814 $ - $ 1,438,814 |
Antidilutive Securities Excluded from Computation of Earnings Per Share | The following potentially dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive: March 31, 2015 2014 Options Warrants Total |
DERIVATIVE LIABILITY (Tables)
DERIVATIVE LIABILITY (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
DERIVATIVE LIABILITY [Abstract] | |
Valuation Assumptions for Derivative Liabilities | At the applicable dates of issuance and as of March 31, 2014 and March 31, 2015, the derivative liabilities were valued using a probability weighted average Black-Scholes-Merton pricing model with the following assumptions: Warrants: March 31, 2014 Date of Modification March 31, 2015 Exercise Price $ 0.34 -0.42 $ 0.40 -0.45 $ 0.34 – 0.45 Stock Price $ $ $ Risk-free interest rate 0.07 -1.73 % 1.78 -2.0 % 0.41 – 1.25 % Expected volatility % % % Expected life (in years) 0.50 -4.25 years 0.01 – 5.0 years 2.50 – 4.5 years Expected dividend yield Fair Value: $ $ $ |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
STOCK OPTIONS [Abstract] | |
Summary of Stock Option Activity | In April 2014, 50,000 options were exercised by a consultant at an exercise price of $0.10 per share or total proceeds to the Company of $5,000 . A summary of the Company’s stock option activity during the fiscal years ended March 31, 2014 and 2015 is as follows: Shares Weighted Average Exercise Price Balance at March 31, 2013 $ Granted Exercised Cancelled Balance outstanding at March 31, 2014 $ Granted Exercised Cancelled Balance outstanding at March 31, 2015 $ Balance exercisable at March 31,2015 $ |
Options to Purchase Common Shares | A summary of the Company’s stock options outstanding as of March 31, 2015 is as follows: Number of Options Weighted Average Exercise Price Weighted Average Grant-date Stock Price Options Outstanding, March 31, 2015 $ $ $ $ $ 0.31 - 0.38 $ 0.31 -0.38 $ 0.40 -.047 $ 0.40 -0.47 $ $ Options Exercisable, March 31, 2015 $ $ $ $ $ 0.31 -0.36 $ 0.31 -0.36 $ 0.40 -0.47 $ 0.40 -0.47 $ $ |
WARRANTS (Tables)
WARRANTS (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
WARRANTS [Abstract] | |
Summary of Warrant Activity | A summary of warrants to purchase common stock issued during the fiscal years ended March 31, 2014 and 2015 is as follows: Shares Weighted Average Exercise Price Balance at March 31, 2013 $ Granted Exercised Cancelled - - Balance outstanding at March 31, 2014 $ Granted Exercised Cancelled - - Balance outstanding at March 31, 2015 $ Balance exercisable at March 31, 2015 $ * * The exercise prices of 7,352,944 of these warrants are subject to adjustment based on the occurrence of future offerings or events and are not a fixed amount and therefore we characterized the fair value of these warrants as derivative liabilities. The exercise prices of these warrants were subsequently reset to $ 0.30 per share as a result of the offering described in Note 12. |
BUSINESS AND BASIS OF OPERATI24
BUSINESS AND BASIS OF OPERATIONS (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
May. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Stockholders' equity (deficiency) | $ (1,079,300) | $ (110,376) | $ (568,106) | |
Subsequent Event [Member] | ||||
Proceeds from issuance of warrants | $ 1,325,000 | $ 1,325,000 |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | Mar. 31, 2015USD ($) |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Allowance for doubtful accounts receivable | $ 2,500 |
SUMMARY OF SIGNIFICANT ACCOUN26
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Investments and Liabilities Measured at Fair Value) (Details) - USD ($) | Mar. 31, 2015 | Sep. 10, 2014 | Mar. 31, 2014 |
Fair Value of Derivative Liability | $ 1,406,596 | $ 961,767 | $ 1,438,814 |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value of Derivative Liability | $ 1,406,596 | $ 1,438,814 |
SUMMARY OF SIGNIFICANT ACCOUN27
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Antidilutive Securities Excluded from Earnings per Share) (Details) - shares | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 18,452,129 | 12,877,129 |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 6,325,000 | 5,150,000 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 12,127,129 | 7,727,129 |
ACQUISITION FROM RELATED PARTY
ACQUISITION FROM RELATED PARTY (Details) - USD ($) | May. 16, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Accounts payable and accrued liabilities | $ 134,007 | $ 79,915 | |
Percipio Biosciences Inc [Member] | |||
Purchase of assets from related party | $ 50,000 | ||
Accounts payable and accrued liabilities | 13,200 | ||
Senior scientist annual salary | $ 95,000 | ||
Percipio Biosciences Inc [Member] | Chief Executive Officer [Member] | |||
Ownership percentage in acquired party held by an officer of the reporting entity | 20.00% |
DERIVATIVE LIABILITY (Narrative
DERIVATIVE LIABILITY (Narrative) (Details) - USD ($) | Sep. 10, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative liability | $ 961,767 | $ 1,406,596 | $ 1,438,814 |
Cost to induce exercise of warrants | (961,767) | (344,835) | |
Fair value of warrants issued with common stock recorded as derivative liability | 940,549 | 1,249,025 | |
Change in fair value of derivative liability | $ 21,218 | 724,617 | 193,915 |
Fair value of warrants accounted for as derivatives | 269,368 | 359,734 | |
Aggregate fair value of derivative liabilities | $ 1,406,596 | $ 1,438,814 | |
Equity Contract [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Share-based compensation arrangement by share-based payment award, fair Value assumptions, method used | Black-Scholes-Merton pricing model |
DERIVATIVE LIABILITY (Valuation
DERIVATIVE LIABILITY (Valuation of Derivative Liabilities) (Details) - USD ($) | Sep. 10, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Stock Price | $ 0.42 | $ 0.38 | $ 0.41 |
Expected volatility | 84.45% | 76.26% | 92.15% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Fair Value of Derivative Liability | $ 961,767 | $ 1,406,596 | $ 1,438,814 |
Maximum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Exercise Price | $ (0.45) | $ 0.45 | |
Risk-free interest rate | (2.00%) | 1.25% | |
Expected life (in years) | 5 years | 4 years 6 months | 4 years 3 months |
Minimum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Exercise Price | $ 0.40 | $ 0.34 | $ 0.34 |
Risk-free interest rate | 1.78% | 0.41% | 0.07% |
Expected life (in years) | 4 days | 2 years 6 months | 6 months |
STOCKHOLDERS' DEFICIENCY (Equit
STOCKHOLDERS' DEFICIENCY (Equity Financing) (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 3,676,472 | |||
Stock Issued During Period, Value, New Issues | $ 1,250,000 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 7,352,944 | 11,029,416 | ||
Fair value of warrants accounted for as derivatives | $ 269,368 | $ 359,734 | ||
Shares Issued, Price Per Share | $ 0.34 | |||
Payments of Stock Issuance Costs | $ 116,750 | |||
Proceeds From Issuance Of Common Stock | $ 1,133,250 | |||
Class Of Warrant Or Right, Exercise Price Of Warrants Or Rights | [1] | $ 0.39 | $ 0.41 | $ 0.50 |
Adjustments to Additional Paid in Capital, Warrant Issued | $ 432,772 | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Class Of Warrant Or Right, Exercise Price Of Warrants Or Rights | $ 0.20 | |||
Placement Agent Warrants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 294,185 | |||
Class Of Warrant Or Right, Exercise Price Of Warrants Or Rights | $ 0.425 | |||
Class of Warrant or Right, Exercise Period | 5 years | |||
Securities Purchase Agreement Warrants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants and Rights Outstanding | $ 1,249,025 | |||
Proceeds from Issuance of Warrants | 1,133,250 | |||
Adjustments to Additional Paid in Capital, Warrant Issued | $ (115,775) | |||
Securities Purchase Agreement Warrants, Series One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,676,472 | |||
Class Of Warrant Or Right, Exercise Price Of Warrants Or Rights | $ 0.40 | |||
Class of Warrant or Right, Exercise Period | 5 years | |||
Securities Purchase Agreement Warrants, Series Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,676,472 | |||
Class Of Warrant Or Right, Exercise Price Of Warrants Or Rights | $ 0.50 | |||
Class of Warrant or Right, Exercise Period | 6 months | |||
Securities Purchase Agreement Warrants, Series Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,676,472 | |||
Class Of Warrant Or Right, Exercise Price Of Warrants Or Rights | $ 0.60 | |||
Class of Warrant or Right, Exercise Period | 9 months | |||
[1] | The exercise prices of 7,352,944 of these warrants are subject to adjustment based on the occurrence of future offerings or events and are not a fixed amount and therefore we characterized the fair value of these warrants as derivative liabilities. The exercise prices of these warrants were subsequently reset to $0.30 per share as a result of the offering described in Note 12. |
STOCKHOLDERS' DEFICIENCY (Commo
STOCKHOLDERS' DEFICIENCY (Common Stock Issued Upon Conversion of Convertible Notes and Accrued Interest) (Details) - Convertible Debt [Member] | 12 Months Ended | |
Mar. 31, 2014USD ($)contract | Mar. 31, 2013USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Debt Instrument, Convertible, Number of Equity Instruments | contract | 1,470,477 | |
Convertible Debt | $ 956,560 | $ 955,000 |
Interest Payable, Current | $ 37,501 | $ 39,061 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.45 | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1.25 |
STOCKHOLDERS' DEFICIENCY (Com33
STOCKHOLDERS' DEFICIENCY (Common Stock Issued to Employees for Services with Vesting Terms) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 24 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued to employees | 1,400,000 | ||||
Fair value of shares issued to employees | $ 420,000 | $ 683,000 | |||
Shares vested (value) | 43,786 | $ 329,511 | |||
Reclassication of unvested, issued common stock to paid-in capital | 149,714 | ||||
Common stock issued for services, value | 338,900 | ||||
Stock-based compensation expense not yet recognized | $ 310,000 | $ 310,000 | $ 310,000 | ||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued to employees | 1,000,000 | ||||
2012 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock issued for services, shares | 40,000 | 790,972 | |||
Common stock issued for services, value | $ 14,800 | $ 294,100 | |||
Vesting 16 to 60 Months [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued to employees | 700,000 | ||||
Fair value of shares issued to employees | $ 189,000 | ||||
Vesting 31 Months [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of shares granted | 31 months | ||||
Shares issued to employees | 100,000 | ||||
Fair value of shares issued to employees | $ 36,000 | ||||
Vesting 24 Months [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of shares granted | 24 months | ||||
Shares issued to employees | 100,000 | ||||
Fair value of shares issued to employees | $ 38,000 | ||||
Vesting 12 to 36 Months [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued to employees | 1,000,000 | ||||
Vesting Immediately [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued to employees | 400,000 | ||||
Minimum [Member] | Vesting 16 to 60 Months [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of shares granted | 16 months | ||||
Minimum [Member] | Vesting 12 to 36 Months [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of shares granted | 12 months | ||||
Maximum [Member] | Vesting 16 to 60 Months [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of shares granted | 60 months | ||||
Maximum [Member] | Vesting 12 to 36 Months [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of shares granted | 36 months |
STOCKHOLDERS' DEFICIENCY (Com34
STOCKHOLDERS' DEFICIENCY (Common Stock Issued to Consultants for Services) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock issued for services, value | $ 338,900 | ||
2012 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock issued for services, shares | 40,000 | 790,972 | |
Common stock issued for services, value | $ 14,800 | $ 294,100 | |
Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock issued for services, shares | 909,920 | ||
Common stock issued for services, value | $ 910 | ||
Common Stock [Member] | 2012 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock issued for services, shares | 78,948 | ||
Common stock issued for services, value | $ 30,000 |
STOCK OPTIONS (Narrative) (Deta
STOCK OPTIONS (Narrative) (Details) - USD ($) | 1 Months Ended | 5 Months Ended | 12 Months Ended | ||
Apr. 30, 2014 | Nov. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options exercised during period (shares) | 50,000 | 1,250,000 | |||
Proceeds from exercise of options | $ 5,000 | $ 185,998 | |||
Stock-based compensation, options vested (value) | 233,310 | $ 1,178,245 | |||
Unamortized cost of outstanding stock-based awards | $ 304,000 | ||||
Weighted average remaining vesting period | 2 years | ||||
Options outstanding, intrinsic value | $ 324,000 | ||||
Options granted | 1,350,000 | 4,225,000 | |||
Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted during period (shares) | 1,125,000 | 225,000 | |||
Expiration period of options granted | 10 years | ||||
Expected volatility rate of options granted (minimum) | 46.90% | ||||
Expected volatility rate of options granted (maximum) | 78.70% | ||||
Expected volatility rate of options granted | 81.84% | ||||
Expected discount rate of options granted | 1.62% | ||||
Expected dividend yield of options granted | 0.00% | 0.00% | |||
Expected life of options granted | 5 years | 7 years | |||
Options outstanding, intrinsic value | $ 64,000 | $ 300,000 | $ 64,000 | ||
Consultants [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted during period (shares) | 225,000 | 4,000,000 | |||
Expiration period of options granted | 3 years | ||||
Expected volatility rate of options granted (minimum) | 76.26% | ||||
Expected volatility rate of options granted (maximum) | 84.50% | ||||
Expected volatility rate of options granted | 76.26% | ||||
Expected discount rate of options granted | 2.17% | ||||
Expected dividend yield of options granted | 0.00% | 0.00% | |||
Expected life of options granted | 5 years | ||||
Options exercised during period (shares) | 50,000 | 500,000 | 750,000 | ||
Options exercised during period, exercise price | $ 0.10 | $ 0.32 | |||
Proceeds from exercise of options | $ 5,000 | $ 185,998 | |||
Shares issued during period in exchange for options exercised | 750,000 | ||||
Options outstanding, intrinsic value | $ 977,000 | $ 88,000 | $ 977,000 | ||
Professional fees paid in exchange for options exercised | $ 140,000 | ||||
Minimum [Member] | Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of options or warrants granted | |||||
Expected discount rate of options granted | 2.73% | ||||
Minimum [Member] | Consultants [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period of options granted | 5 years | ||||
Vesting period of options or warrants granted | |||||
Expected discount rate of options granted | 0.63% | ||||
Expected life of options granted | 3 years | ||||
Options exercised during period, exercise price | $ 0.10 | ||||
Maximum [Member] | Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period of options granted | 10 years | ||||
Vesting period of options or warrants granted | 36 months | 36 months | |||
Expected discount rate of options granted | 3.04% | ||||
Maximum [Member] | Consultants [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period of options granted | 10 years | ||||
Vesting period of options or warrants granted | 36 months | 24 months | |||
Expected discount rate of options granted | 2.53% | ||||
Expected life of options granted | 10 years | ||||
Options exercised during period, exercise price | $ 0.32 | ||||
Stock Incentive Plan 2012 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of options or warrants granted | 2 years |
STOCK OPTIONS (Schedule of Stoc
STOCK OPTIONS (Schedule of Stock Option Activity) (Details) - $ / shares | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
STOCK OPTIONS [Abstract] | ||
Shares, beginning balance outstanding | 5,150,000 | 2,275,000 |
Shares, Granted | 1,350,000 | 4,225,000 |
Shares, Exercised | (50,000) | (1,250,000) |
Shares, Cancelled | (125,000) | (100,000) |
Shares, ending balance outstanding | 6,325,000 | 5,150,000 |
Shares, Balance exercisable | 5,189,587 | |
Weighted Average Exercise Price, beginning balance outstanding | $ 0.26 | $ 0.16 |
Weighted Average Exercise Price, ending balance outstanding | 0.33 | $ 0.26 |
Weighted Average Exercise Price, Balance exercisable | $ 0.32 |
STOCK OPTIONS (Summary of Stock
STOCK OPTIONS (Summary of Stock Options Outstanding) (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options Outstanding | 6,325,000 | 5,150,000 | 2,275,000 |
Weighted Average Exercise Price, Options Outstanding | $ 0.33 | $ 0.26 | $ 0.16 |
Number of Options Exercisable | 5,189,587 | ||
Weighted Average Exercise Price, Options Exercisable | $ 0.32 | ||
Stock Options 1 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options Outstanding | 1,300,000 | ||
Weighted Average Exercise Price, Options Outstanding | $ 0.1 | ||
Weighted Average Grant-Date Stock Price, Options Outstanding | $ 1 | ||
Number of Options Exercisable | 1,300,000 | ||
Weighted Average Exercise Price, Options Exercisable | $ 0.1 | ||
Weighted Average Grant-Date Stock Price, Options Exercisable | $ 1 | ||
Stock Options 2 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options Outstanding | 200,000 | ||
Weighted Average Exercise Price, Options Outstanding | $ 0.27 | ||
Weighted Average Grant-Date Stock Price, Options Outstanding | $ 0.27 | ||
Number of Options Exercisable | 200,000 | ||
Weighted Average Exercise Price, Options Exercisable | $ 0.27 | ||
Weighted Average Grant-Date Stock Price, Options Exercisable | $ 0.27 | ||
Stock Options 3 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options Outstanding | 2,200,000 | ||
Number of Options Exercisable | 1,300,002 | ||
Stock Options 4 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options Outstanding | 2,025,000 | ||
Number of Options Exercisable | 1,789,585 | ||
Stock Options 5 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options Outstanding | 600,000 | ||
Weighted Average Exercise Price, Options Outstanding | $ 0.51 | ||
Weighted Average Grant-Date Stock Price, Options Outstanding | $ 0.51 | ||
Number of Options Exercisable | 600,000 | ||
Weighted Average Exercise Price, Options Exercisable | $ 0.51 | ||
Weighted Average Grant-Date Stock Price, Options Exercisable | 0.51 | ||
Minimum [Member] | Stock Options 3 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Exercise Price, Options Outstanding | 0.31 | ||
Weighted Average Grant-Date Stock Price, Options Outstanding | 0.31 | ||
Weighted Average Exercise Price, Options Exercisable | 0.31 | ||
Weighted Average Grant-Date Stock Price, Options Exercisable | 0.31 | ||
Minimum [Member] | Stock Options 4 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Exercise Price, Options Outstanding | 0.40 | ||
Weighted Average Grant-Date Stock Price, Options Outstanding | 0.40 | ||
Weighted Average Exercise Price, Options Exercisable | 0.40 | ||
Weighted Average Grant-Date Stock Price, Options Exercisable | 0.40 | ||
Maximum [Member] | Stock Options 3 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Exercise Price, Options Outstanding | 0.38 | ||
Weighted Average Grant-Date Stock Price, Options Outstanding | 0.38 | ||
Weighted Average Exercise Price, Options Exercisable | 0.36 | ||
Weighted Average Grant-Date Stock Price, Options Exercisable | 0.36 | ||
Maximum [Member] | Stock Options 4 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Exercise Price, Options Outstanding | 0.047 | ||
Weighted Average Grant-Date Stock Price, Options Outstanding | 0.47 | ||
Weighted Average Exercise Price, Options Exercisable | 0.47 | ||
Weighted Average Grant-Date Stock Price, Options Exercisable | $ 0.47 |
WARRANTS (Narrative) (Details)
WARRANTS (Narrative) (Details) - USD ($) | Sep. 10, 2014 | Aug. 25, 2014 | Dec. 09, 2013 | Jun. 25, 2013 | Oct. 29, 2012 | Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 08, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Warrants issued (shares) | 11,029,416 | 8,076,472 | 11,323,601 | |||||||||
Exercise price of warrants | [1] | $ 0.41 | $ 0.39 | $ 0.41 | $ 0.50 | |||||||
Warrants outstanding | 7,727,129 | 12,127,129 | 7,727,129 | 1,080,000 | ||||||||
Number of shares called by early exercise of warrants | 11,029,416 | 7,352,944 | 11,029,416 | |||||||||
Cost of warrant modification | $ 961,767 | $ 344,835 | ||||||||||
Fair value of warrants accounted for as derivatives | 269,368 | 359,734 | ||||||||||
Cost to induce exercise of warrants | (961,767) | (344,835) | ||||||||||
Aggregate intrinsic value of all outstanding and exercisable warrants | $ 355,200 | |||||||||||
Employment Contracts [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Warrants issued (shares) | 4,400,000 | 4,400,000 | ||||||||||
Exercise price of warrants | $ 0.30 | |||||||||||
Warrant expiration period | 10 years | |||||||||||
Warrant vesting description | (i) warrants to purchase 800,000 shares of common stock vested immediately at their grant date, (ii) warrants to purchase 2,000,000 shares of common stock have vesting terms ranging from one year to three years, and (iii) warrants to purchase 1,600,000 shares of common stock vest upon achievement of certain milestones under the distribution agreement | |||||||||||
Unamortized cost of outstanding warrants | $ 273,108 | |||||||||||
Stock-based compensation expense | $ 432,772 | |||||||||||
Share-based Compensation Award, Tranche One [Member] | Employment Contracts [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Warrants issued (shares) | 800,000 | |||||||||||
Warrant vesting description | vested immediately at their grant date | |||||||||||
Share-based Compensation Award, Tranche Two [Member] | Employment Contracts [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Warrants issued (shares) | 2,000,000 | |||||||||||
Share-based Compensation Award, Tranche Three [Member] | Employment Contracts [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Warrants issued (shares) | 1,600,000 | |||||||||||
Minimum [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Exercise price of warrants | $ 0.20 | |||||||||||
Minimum [Member] | Share-based Compensation Award, Tranche Two [Member] | Employment Contracts [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period of warrants | 1 year | |||||||||||
Maximum [Member] | Share-based Compensation Award, Tranche Two [Member] | Employment Contracts [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period of warrants | 3 years | |||||||||||
Series A Warrants [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Warrants issued (shares) | 3,676,472 | |||||||||||
Exercise price of warrants | $ 0.40 | |||||||||||
Warrant expiration period | 5 years | |||||||||||
Series B Warrants [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Warrants issued (shares) | 3,676,472 | |||||||||||
Exercise price of warrants | $ 0.42 | $ 0.50 | $ 0.50 | |||||||||
Warrant expiration period | 6 months | |||||||||||
Warrants exercised during period | 314,000 | |||||||||||
Proceeds from exercise of warrants | $ 1,327,504 | $ 157,000 | ||||||||||
Number of shares called by early exercise of warrants | 3,362,472 | |||||||||||
Cost of warrant modification | $ 109,503 | |||||||||||
Fair value of warrants accounted for as derivatives | $ 359,731 | |||||||||||
Series C Warrants [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Warrants issued (shares) | 3,676,472 | |||||||||||
Exercise price of warrants | $ 0.40 | $ 0.60 | $ 0.42 | |||||||||
Warrant expiration period | 9 months | |||||||||||
Proceeds from exercise of warrants | $ 1,470,589 | |||||||||||
Number of shares called by early exercise of warrants | 3,676,472 | |||||||||||
Cost of warrant modification | $ 235,332 | |||||||||||
Expiration date of warrants | September 30, 2014 | |||||||||||
Cost to induce exercise of warrants | $ 21,218 | |||||||||||
Replacement Warrants [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Warrants issued (shares) | 3,676,472 | |||||||||||
Exercise price of warrants | $ 0.45 | |||||||||||
Warrant expiration period | 5 years | |||||||||||
Fair value of warrants accounted for as derivatives | $ 940,549 | |||||||||||
Cost to induce exercise of warrants | $ 940,549 | |||||||||||
Replacement Warrants [Member] | Minimum [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Exercise price of warrants | $ 0.20 | |||||||||||
Warrant [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Exercise price of warrants | $ 0.34 | $ 0.34 | ||||||||||
Warrants exercised during period | 1,000,000 | |||||||||||
Proceeds from exercise of warrants | $ 340,000 | |||||||||||
Number of shares called by early exercise of warrants | 1,000,000 | 1,000,000 | ||||||||||
Placement Agent Agreement [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Warrants issued (shares) | 294,185 | 1,080,000 | ||||||||||
Exercise price of warrants | $ 0.425 | |||||||||||
Warrant expiration period | 5 years | |||||||||||
Warrants outstanding | 80,000 | |||||||||||
Placement Agent Agreement [Member] | Minimum [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Exercise price of warrants | $ 0.625 | |||||||||||
Placement Agent Agreement [Member] | Maximum [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Exercise price of warrants | $ 0.70 | |||||||||||
[1] | The exercise prices of 7,352,944 of these warrants are subject to adjustment based on the occurrence of future offerings or events and are not a fixed amount and therefore we characterized the fair value of these warrants as derivative liabilities. The exercise prices of these warrants were subsequently reset to $0.30 per share as a result of the offering described in Note 12. |
WARRANTS (Summary of Warrants t
WARRANTS (Summary of Warrants to Purchase Common Stock Issued) (Details) | Jun. 25, 2013shares | Mar. 31, 2015$ / shares$ / claimshares | Mar. 31, 2014$ / shares$ / claimshares | May. 31, 2015$ / shares | Apr. 30, 2015shares | Mar. 31, 2015$ / sharesshares | Mar. 31, 2014$ / sharesshares | |
Subsequent Event [Line Items] | ||||||||
Shares, Beginning balance | shares | 7,727,129 | 1,080,000 | ||||||
Shares, Granted | shares | 11,029,416 | 8,076,472 | 11,323,601 | |||||
Shares, Exercised | shares | (3,676,472) | (4,676,472) | ||||||
Shares, Cancelled | shares | ||||||||
Shares, Balance | shares | 12,127,129 | 7,727,129 | ||||||
Shares, exercisable | shares | 12,127,129 | |||||||
Weighted Average Exercise Price, Beginning balance | [1] | $ 0.41 | $ 0.50 | |||||
Weighted Average Exercise Price, Granted | $ / claim | [1] | 0.37 | 0.50 | |||||
Weighted Average Exercise Price, Exercised | [1] | $ 0.40 | $ 0.41 | |||||
Weighted Average Exercise Price, Cancelled | [1] | |||||||
Weighted Average Exercise Price, Balance | [1] | $ 0.39 | $ 0.41 | |||||
Weighted Average Exercise Price, Exercisable Balance | [1] | 0.39 | ||||||
Warrants with exercise prices subject to contingent adjustment | shares | 7,352,944 | 11,029,416 | ||||||
Exercise price of warrants subject to contingent adjustment | [1] | 0.41 | $ 0.50 | $ 0.39 | $ 0.41 | |||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Exercise price of warrants subject to contingent adjustment | $ 0.30 | |||||||
Subsequent Event [Member] | Previously Issued Warrants [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Weighted Average Exercise Price, Balance | 0.30 | |||||||
Warrants with exercise prices subject to contingent adjustment | shares | 7,352,944 | |||||||
Exercise price of warrants subject to contingent adjustment | $ 0.30 | $ 0.30 | $ 0.30 | |||||
[1] | The exercise prices of 7,352,944 of these warrants are subject to adjustment based on the occurrence of future offerings or events and are not a fixed amount and therefore we characterized the fair value of these warrants as derivative liabilities. The exercise prices of these warrants were subsequently reset to $0.30 per share as a result of the offering described in Note 12. |
INCOME TAXES (Details)
INCOME TAXES (Details) | Mar. 31, 2015USD ($) |
INCOME TAXES [Abstract] | |
Net operating loss carry forwards | $ 7,300,000 |
Liability for unrecognized tax benefits | $ 0 |
DISTRIBUTION AND LICENSE AGRE41
DISTRIBUTION AND LICENSE AGREEMENTS (Details) | Aug. 25, 2014shares | Jun. 25, 2013shares | Aug. 31, 2014shares | Mar. 31, 2015USD ($)$ / kgshares | Mar. 31, 2014shares |
Warrants issued (shares) | 11,029,416 | 8,076,472 | 11,323,601 | ||
Annual revenue milestone | $ | $ 5,000,000 | ||||
Maximum [Member] | |||||
Handling charge, percent of product cost | 2.00% | ||||
Sales commission charge as percent of product cost | 5.00% | ||||
Employment Contracts [Member] | |||||
Warrants issued (shares) | 4,400,000 | 4,400,000 | |||
Warrant vesting terms description | (i) warrants to purchase 800,000 shares of common stock vested immediately at their grant date, (ii) warrants to purchase 2,000,000 shares of common stock have vesting terms ranging from one year to three years, and (iii) warrants to purchase 1,600,000 shares of common stock vest upon achievement of certain milestones under the distribution agreement | ||||
Employment Contracts [Member] | Share-based Compensation Award, Tranche One [Member] | |||||
Warrants issued (shares) | 800,000 | ||||
Warrant vesting terms description | vested immediately at their grant date | ||||
Employment Contracts [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||
Warrants issued (shares) | 2,000,000 | ||||
Employment Contracts [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||
Warrants issued (shares) | 1,600,000 | ||||
Employment Contracts [Member] | Warrant [Member] | Share-based Compensation Award, Tranche One [Member] | |||||
Number of warrants or shares vested | 800,000 | ||||
Employment Contracts [Member] | Warrant [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||
Number of warrants or shares vested | 2,000,000 | ||||
Employment Contracts [Member] | Warrant [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||
Number of warrants or shares vested | 1,600,000 | ||||
Employment Contracts [Member] | Restricted Stock [Member] | |||||
Stock-based compensation, shares issued during period | 2,400,000 | ||||
Employment Contracts [Member] | Restricted Stock [Member] | Share-based Compensation Award, Tranche One [Member] | |||||
Number of warrants or shares vested | 400,000 | ||||
Employment Contracts [Member] | Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||
Number of warrants or shares vested | 1,000,000 | ||||
Employment Contracts [Member] | Restricted Stock [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||
Stock-based compensation, shares issued during period | 1,000,000 | ||||
Employment Contracts [Member] | Minimum [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||
Vesting period of options or warrants granted | 1 year | ||||
Employment Contracts [Member] | Maximum [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||
Vesting period of options or warrants granted | 3 years | ||||
Licensing Agreements [Member] | Scenario, Forecast [Member] | |||||
Minimum financing to be obtained pursuant to license agreement | $ | $ 2,550,000 | ||||
Maximum required payments upon completion of milestones | $ | $ 700,000 | ||||
Licensing Agreements [Member] | Minimum [Member] | Scenario, Forecast [Member] | |||||
Royalty payments required pursuant to licensing agreement (dollars per kilogram) | $ / kg | 1 | ||||
Licensing Agreements [Member] | Maximum [Member] | Scenario, Forecast [Member] | |||||
Royalty payments required pursuant to licensing agreement (dollars per kilogram) | $ / kg | 2 |
RELATED PARTY TRANSACTIONS AN42
RELATED PARTY TRANSACTIONS AND LEASE OBLIGATIONS (Details) | 12 Months Ended | 35 Months Ended | ||||
Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Mar. 31, 2015USD ($) | Apr. 23, 2014a | Aug. 22, 2012USD ($) | Apr. 23, 2012USD ($) | |
Operating Leased Assets [Line Items] | ||||||
Area of land leased | a | 1,000 | |||||
Operating leases, net rent expense | $ 49,000 | $ 156,400 | ||||
Sutter Buttes Llc [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Advance payment to related party | $ 250,000 | |||||
Advance payment on related party lease | 10,413 | |||||
Term of operating lease | 24 months | |||||
Operating leases, net rent expense | $ 125,000 | |||||
Carlson Lease [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Payments for rent per month | $ 2,300 | |||||
Security deposit | $ 1,500 | |||||
Sacramento Lease [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Payments for rent per month | $ 1,000 | |||||
Security deposit | $ 1,000 |
COMMITMENTS (Details)
COMMITMENTS (Details) - USD ($) | 12 Months Ended | 14 Months Ended |
Mar. 31, 2015 | Sep. 30, 2013 | |
Minimum annual royalty pursuant to license agreement, year three and beyond | $ 10,000 | |
Licensing Agreements [Member] | ||
Maximum proceeds from patent prosecution cost | $ 50,000 | |
Term of license agreement (years) | 10 years | |
Term of license agreement renewals (years) | 2 years | |
Total fees pursuant to license agreement | $ 50,000 | |
Royalties owed as percent of sale price of products developed using licensed intellectual property | 0.50% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||
May. 31, 2015USD ($)$ / sharesshares | May. 31, 2015USD ($)$ / sharesentityshares | Mar. 31, 2015USD ($)$ / sharesshares | Mar. 31, 2014USD ($)$ / sharesshares | Apr. 30, 2015shares | Mar. 31, 2013$ / shares | ||
Subsequent Event [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 3,676,472 | ||||||
Stock Issued During Period, Value, New Issues | $ | $ 1,250,000 | ||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 1,350,000 | 4,225,000 | |||||
Stock Issued During Period, Value, Issued for Services | $ | $ 338,900 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 7,352,944 | 11,029,416 | |||||
Class Of Warrant Or Right, Exercise Price Of Warrants Or Rights | $ / shares | [1] | $ 0.39 | $ 0.41 | $ 0.50 | |||
Placement Agent Warrants [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 294,185 | ||||||
Class Of Warrant Or Right, Exercise Price Of Warrants Or Rights | $ / shares | $ 0.425 | ||||||
Common Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stock Issued During Period, Shares, Issued for Services | 909,920 | ||||||
Stock Issued During Period, Value, Issued for Services | $ | $ 910 | ||||||
Stock Incentive Plan 2012 [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 5,000,002 | ||||||
Class Of Warrant Or Right, Exercise Price Of Warrants Or Rights | $ / shares | $ 0.30 | $ 0.30 | |||||
Proceeds from Issuance of Warrants | $ | $ 1,325,000 | $ 1,325,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ | $ 217,000 | $ 217,000 | |||||
Subsequent Event [Member] | Series A Warrants [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,000,002 | 5,000,002 | |||||
Subsequent Event [Member] | Series B Warrants [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,000,002 | 5,000,002 | |||||
Subsequent Event [Member] | Series C Warrants [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,500,001 | 2,500,001 | |||||
Subsequent Event [Member] | Placement Agent Warrants [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 400,000 | 400,000 | |||||
Class Of Warrant Or Right, Exercise Price Of Warrants Or Rights | $ / shares | $ 0.375 | $ 0.375 | |||||
Subsequent Event [Member] | Previously Issued Warrants [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 7,352,944 | ||||||
Class Of Warrant Or Right, Exercise Price Of Warrants Or Rights | $ / shares | $ 0.30 | $ 0.30 | $ 0.30 | ||||
Subsequent Event [Member] | Common Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stock Issued During Period, Shares, Issued for Services | 325,000 | ||||||
Number of consultants who were issued common stock for services | entity | 2 | ||||||
Stock Issued During Period, Value, Issued for Services | $ | $ 115,000 | ||||||
Subsequent Event [Member] | Restricted Common Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 1,300,000 | ||||||
[1] | The exercise prices of 7,352,944 of these warrants are subject to adjustment based on the occurrence of future offerings or events and are not a fixed amount and therefore we characterized the fair value of these warrants as derivative liabilities. The exercise prices of these warrants were subsequently reset to $0.30 per share as a result of the offering described in Note 12. |