Document And Entity Information
Document And Entity Information - shares | 12 Months Ended | |
Mar. 31, 2024 | May 28, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001617867 | |
Entity Registrant Name | Autonomix Medical, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-41940 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-1607810 | |
Entity Address, Address Line One | 21 Waterway Avenue, Suite 300 | |
Entity Address, City or Town | The Woodlands | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77380 | |
City Area Code | 713 | |
Local Phone Number | 588-6150 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | AMIX | |
Security Exchange Name | NASDAQ | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
ICFR Auditor Attestation Flag | false | |
Document Financial Statement Error Correction [Flag] | true | |
Document Financial Statement Restatement Recovery Analysis [Flag] | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 18,845,044 | |
Auditor Name | FORVIS, LLP | |
Auditor Firm ID | 686 | |
Auditor Location | Atlanta, Georgia |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Current assets: | ||
Cash | $ 8,608 | $ 865 |
Other current assets | 783 | 0 |
Total current assets | 9,391 | 865 |
Long-term assets: | ||
Fixed assets, net | 16 | 0 |
Total long-term assets | 16 | 0 |
Total Assets | 9,407 | 865 |
Current liabilities: | ||
Accounts payable | 492 | 173 |
Accrued expenses | 285 | 48 |
Total current liabilities | 777 | 221 |
Long-term liabilities: | ||
Long term debt - convertible notes, net of unamortized debt discount | 1,002 | 0 |
Total long-term liabilities | 1,002 | 0 |
Total Liabilities | 1,779 | 221 |
Commitments and contingencies (Note 5) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized as of March 31, 2024, no shares issued and outstanding, and 7,100,000 shares authorized as of March 31, 2023, no shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 500,000,000 shares authorized as of March 31, 2024, 18,846,094 shares issued and outstanding, and 25,000,000 shares authorized as of March 31, 2023, 12,336,571 shares issued and outstanding | 19 | 12 |
Additional paid-in capital | 46,578 | 24,175 |
Accumulated deficit | (38,969) | (23,543) |
Total Stockholders' Equity | 7,628 | 644 |
Total Liabilities and Stockholders' Equity | $ 9,407 | $ 865 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2024 | Mar. 31, 2023 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 10,000,000 | 7,100,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 500,000,000 | 25,000,000 |
Common stock, issued (in shares) | 18,846,094 | 12,336,571 |
Common stock, outstanding (in shares) | 18,846,094 | 12,336,571 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating expenses: | ||
General and administrative expense | $ 5,249,000 | $ 1,245,000 |
Research and development expense | 2,225,000 | 745,000 |
Warrant expense - termination agreement | 4,556,000 | 0 |
Total operating expenses | 12,030,000 | 1,990,000 |
Loss from operations | (12,030,000) | (1,990,000) |
Other (expense) income: | ||
Warrant liability - mark-to-market | (3,444,000) | 0 |
Interest expense | (79,000) | 0 |
Interest income | 127,000 | 0 |
Total other expense | (3,396,000) | 0 |
Loss before income taxes | (15,426,000) | (1,990,000) |
Income taxes | 0 | 0 |
Net loss | $ (15,426,000) | $ (1,990,000) |
Loss per share - basic and diluted (in dollars per share) | $ (1.05) | $ (0.17) |
Weighted average shares outstanding - basic and diluted (in shares) | 14,626,282 | 12,023,112 |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Restricted Stock [Member] Preferred Stock [Member] | Restricted Stock [Member] Common Stock [Member] | Restricted Stock [Member] Additional Paid-in Capital [Member] | Restricted Stock [Member] Retained Earnings [Member] | Restricted Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 31, 2022 | 0 | 11,999 | ||||||||
Balance at Mar. 31, 2022 | $ 0 | $ 12 | $ 23,500 | $ (21,553) | $ 1,959 | |||||
Net Loss | $ 0 | $ 0 | 0 | (1,990) | (1,990) | |||||
Issuance of common stock (in shares) | 0 | 338 | ||||||||
Issuance of common stock | $ 0 | $ 0 | 675 | 0 | 675 | |||||
Warrants issued for debt issuance costs | 0 | |||||||||
Balance (in shares) at Mar. 31, 2023 | 0 | 12,337 | ||||||||
Balance at Mar. 31, 2023 | $ 0 | $ 12 | 24,175 | (23,543) | 644 | |||||
Net Loss | $ 0 | $ 0 | 0 | (15,426) | (15,426) | |||||
Issuance of common stock (in shares) | 0 | 35 | 0 | 1,420 | ||||||
Issuance of common stock | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 2 | 2,838 | 0 | 2,840 |
Stock-based compensation | $ 0 | $ 0 | 618 | 0 | 618 | |||||
Issuance of common stock from IPO, net of costs, shares (in shares) | 0 | 2,234 | ||||||||
Issuance of common stock from IPO, net of costs, value | $ 2 | 9,873 | 9,875 | |||||||
Issuance of common stock for extinguishment of convertible debt (in shares) | 0 | 335 | ||||||||
Issuance of common stock for extinguishment of convertible debt | $ 0 | $ 1 | 499 | 0 | 500 | |||||
Issuance of common stock - warrants exercised (in shares) | 0 | 2,485 | ||||||||
Issuance of common stock - warrants exercised | $ 0 | $ 2 | (2) | 0 | 0 | |||||
Warrants issued for debt issuance costs | 0 | 0 | 577 | 0 | 577 | |||||
Fair value of warrants issued - termination agreement | $ 0 | $ 0 | 8,000 | 0 | 8,000 | |||||
Balance (in shares) at Mar. 31, 2024 | 0 | 18,846 | ||||||||
Balance at Mar. 31, 2024 | $ 0 | $ 19 | $ 46,578 | $ (38,969) | $ 7,628 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (15,426) | $ (1,990) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 618 | 0 |
Depreciation and amortization expense | 81 | 0 |
Warrant expense - termination agreement | 4,556 | 0 |
Warrant liability - mark-to-market | 3,444 | 0 |
Changes in operating assets - (increase)/decrease: | ||
Other current assets | (478) | 9 |
Changes in operating liabilities - increase: | ||
Accounts payable | 320 | 81 |
Accrued expenses | 237 | 46 |
Net cash used in operating activities | (6,648) | (1,854) |
Cash Flows from Investing Activities: | ||
Purchase of property and equipment | (19) | 0 |
Net cash used in investing activities | (19) | 0 |
Cash Flows from Financing Activities (increase/decrease): | ||
Issuance of common stock | 2,840 | 675 |
Issuance of convertible debt | 2,000 | 0 |
Issuance of common stock from IPO | 10,866 | 0 |
IPO issuance costs | (1,296) | 0 |
Net cash provided by financing activities | 14,410 | 675 |
Net change in cash and cash equivalents | 7,743 | (1,179) |
Cash and cash equivalents, at beginning of period | 865 | 2,044 |
Cash and cash equivalents, at end of period | 8,608 | 865 |
Non-cash financing activities: | ||
Warrants issued for debt issuance costs | 577 | 0 |
Proceeds from cashless exercise of warrants | 2 | 0 |
Fair value of warrants issued for issuance costs as part of IPO | 225 | 0 |
Holdback of IPO proceeds | $ 305 | $ 0 |
Convertible notes converted into common stock (in shares) | 670 | 0 |
Settlement/conversion to common shares for debt issuance costs | $ (170) | $ 0 |
Note 1 - Description of the Bus
Note 1 - Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1 Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies Description of the Business Autonomix Medical, Inc (“we,” “our,” the “Company”) is a medical device company organized as a Delaware corporation on June 10, 2014. Liquidity and Going Concern The Company's financial statements are prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company is an early-stage company that is subject to all the risks associated with early-stage and emerging growth companies and has incurred losses since inception. For the years ended March 31, 2024 2023, March 31, 2024 2023, March 31, 2024. not one not On January 26, 2024, May 13, 2024, 90 not 4.99% not twelve The Company paid a cash commission of 7.0% to the selling agent on sales of the shares of common stock in the IPO. In addition, the Company has issued the selling agent warrants to purchase up to a total number of shares of common stock equal to 2.675% of the total number of shares sold in the IPO at an exercise price equal to 125% of the public offering price of the shares sold in the IPO. The selling agent warrants will be exercisable at any time, and from time to time, in whole or in part, commencing from the date that is six fifth The Company estimates its current cash resources, including the approximately $9.8 million of net proceeds from the IPO is sufficient to fund its operations into but not first 2025. no Basis of Presentation The annual financial statements and disclosures have been prepared using the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). Use of Estimates in Financial Statement Presentation The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company's significant estimates and assumptions include the valuation of equity related instruments, and initial and recurring fair value measurements for the warrant liability. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Some of these judgments can be subjective and complex, and, consequently, actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid accounts with original maturities of three may $250,000. not not Offering Costs Offering costs consist of professional costs incurred through the balance sheet date that are direct and incremental related to the Company’s anticipated IPO. These costs, together with the selling agent fees, were reclassified to additional paid-in capital upon completion of the Company’s IPO on January 26, 2024. During the year ended March 31, 2024, Property and Equipment Property and equipment are stated at historical cost and depreciated on a straight-line basis over their estimated useful lives, generally three Convertible Notes The Company evaluates embedded redemption, conversion and other features within its debt to determine whether any embedded features should be bifurcated from the host instrument and accounted for as a derivative at fair value, with changes in fair value recorded in the statement of operations. The Company’s debt is carried on the balance sheet on a historical cost basis net of unamortized discounts and premiums because the Company has not If the Company incurs costs associated with its convertible notes, in advance of the receipt of proceeds, the Company will record a deferred asset. Upon receipt of proceeds the Company will reclassify the deferred asset as a direct deduction from the carrying amount, as described above. In addition, since the instruments included a substantive conversion feature as of time of issuance, the issuance of equity securities were accounted for as a contractual conversion with no Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company utilizes a three Level 1 Level 2 Level 3 The carrying value of short-term instruments, including cash, accounts payable, accrued expenses and convertible notes included in long-term debt, approximate fair value due to the relatively short period to maturity for these instruments. Related Parties The Company follows ASC 850, Related Party Disclosures Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax basis of reported assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company must then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not not March 31, 2024 March 31, 2023 The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740 10 not March 31, 2024 March 31, 2023 Stock-based Compensation Employee share-based compensation is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite service period. For awards with a performance condition, compensation expense is recognized over the requisite service period if it is probable that the performance condition will be satisfied. For awards to non-employees, the Company recognizes compensation expense in the same manner as if the Company had paid cash for the goods or services. The Company estimates the fair value of options and equity classified warrants granted using an options pricing model. Expense is recognized within general and administrative and research and development expenses and forfeitures are recognized as they are incurred. Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC 480, 480” 815, 815” 480, 480, 815, For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not The Company issued warrants to purchase shares of common stock (i) in connection with the Bridge Offering, (ii) as part of selling agent compensation in 2024, 2, Loss Per Common Share Basic loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. Generally , t he Company’s outstanding warrants are non-participating securities as they are not no However, the warrants described in Note 2 not no For the twelve March 31, 2024 2023, not March 31, 2024 2023 Equity based warrants to purchase common shares 5,744,569 6,569,929 Convertible Notes - common shares (1) 665,000 — Convertible Notes - equity-based warrants to purchase common shares 500,000 — Stock options granted under Company's incentive plan 2,003,600 — Total potentially dilutive securities 8,913,169 6,569,929 ( 1 Shares relating to the conversion of the convertible notes as of March 31, 2024 Research and Development Costs Research and development costs are expensed as incurred. Advertising It is our policy to expense advertising costs as incurred. Advertising expenses are included within general and administrative expenses within the statement of operations. For the years ended March 31, 2024 2023, Fair Value of Common Stock Prior to establishing a public market for the Company’s common stock, the estimated fair value of the Company’s common stock was determined by the Company’s Board of Directors (the "Board") as of the date of each option grant, with input from management, considering the Company’s most recently available third third may JOBS Act Accounting Election The Company qualifies as an emerging growth company ("EGC"), as defined in the Jumpstart Our Business Startups Act of 2012 not may Segments The Company currently operates in one one Recent Accounting Pronouncements In December 2023, 2023 09, 740 December 15, 2024, not its financial statements. In June 2016, No. 2016 13, 326 Given the non-revenue nature of the Company, the adoption of this standard did not The Company does not not Reclassifications Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no Correction of an Immaterial Error in the Prior Period Financial Statements During the fourth 2024 March 31, 2024), 730. SEC Staff Accounting Bulletin No. 99 Materiality ASC Topic 250, not no 2023 not March 31, 2023 10 A summary of immaterial corrections reflecting the prior period impact to the Company’s Statement of Operations, for the year ended March 31, 2023 As Revised March 31, 2023 Correction March 31, 2023 General and administrative expense $ 1,333 $ (88 ) $ 1,245 Research and development expense 657 88 745 Net Loss $ 1,990 $ - $ 1,990 |
Note 2 - Warrant Liability and
Note 2 - Warrant Liability and Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 2 Warrant Liability and Fair Value of Financial Instruments Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. While the Company believes that its valuation methods are appropriate, the Company recognizes that the use of different methodologies or assumptions to determine the fair value could result in a different estimate of fair value at the reporting date. The primary assumptions that would significantly affect the fair values are the probability weighting of the different settlement outcomes used. The Company did not 12 March 31, 2023. not 3 March 31, 2024 March 31, 2023. The following table summarizes the activity of the Level 3 Warrant Liabilities Balance as of March 31, 2023 $ — Additions 4,556 Change in fair value measurements - warrants mark-to-market 3,444 Settlement and reclassification to equity (8,000 ) Balance as of March 31, 2024 $ — The Company recognized the initial warrant expense as a component of operating expenses on the statement of operations under warrant expense termination agreement warrant liability mark-to-market $3.4 no 3 Warrant Liabilities As more fully detailed in Note 6 Related Party Transactions July 7, 2023, one The fair value of the warrant liability has been estimated using a discounted cash flow model under various scenarios and used the probability-weighted expected return method (“PWERM”) comparing the probabilities of different outcomes. The outcomes considered included (i) the closing of a qualified financing as part of the Company’s IPO at various points in time and (ii) the possibility of default whereby the licensee receives nothing. Key assumptions for the model were as follows for the initial measurement: Discount rate at issuance (1) 20.00% Probability (2) 70% - 10% - 20% Payment (3) 0 8,000,000 Expected term (in years) 0.48 0.98 ( 1 The initial discount rate was chosen based on private equity rates of return as described in the AICPA Practice Aid on Valuation of Privately-Held-Company Equity securities issued as compensation. For the recurring fair value measurement, the Company updated the discount rate based upon yield curves estimated to be similar in credit quality to the Company; ( 2 Scenario probability as of issuance was based on timing expectations of management that a qualified offering occurring as of December 31, 2023 70%, June 30, 2024 10%; no 20%; ( 3 The warrant has a $0.01 strike price, however, the strike price is low relative to the stock price, making the warrant value close to the value of a stock unit. The agreement has a fixed payment value of $8.0 million, see Note 6 On January 29, 2024, 1.6 The completion of the Company’s IPO fixed the number of warrant shares issuable and the Company re-classified the Warrant to additional-paid in capital as it met the requirements for equity classification. Upon reclassification, the Company valued the warrant at $8.0 million, which represented the fair value of the shares issued on that date. |
Note 3 - Convertible Notes Paya
Note 3 - Convertible Notes Payable | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 3 Convertible Notes Payable On September 9, 2023, December 31, 2025. five The Bridge Financing Warrants can be exercised from the date of Notes issuance through the five four not As of March 31, 2024, not 1, The Company’s effective interest rate for the Notes is 15.3% due to the amortization of the discount stemming from the issuance of the Bridge Financing Warrants. The table below summarizes the Company’s outstanding convertible notes payable as of March 31, 2024 Principal Amount Amortized Debt Discount Net Carrying Amount Zero-coupon convertible notes payable due on December 31, 2025 $ 1,330 $ 328 $ 1,002 Warrants The Company issued the Notes with detachable warrants for the purchase of shares of the Company’s common stock. The Company utilized a Monte Carlo simulation model to determine the fair value of each Bridge Offering Warrant. During the year ended March 31, 2024, During the year ended March 31, 2024 The following table presents a summary of activity for the warrants issued in connection with the Company’s Notes: Warrants Weighted-Average Exercise Price Per Share Remaining Life (In Years) Aggregate Intrinsic Value* Outstanding and exercisable, March 31, 2023 — $ — — $ — Granted 500,000 1.00 — — Exercised — — — — Forfeited/Cancelled — — — — Expired — — — — Outstanding, March 31, 2024 500,000 $ 1.00 4.48 $ 1,010,000 Exercisable, March 31, 2024 500,000 $ 1.00 4.48 $ 1,010,000 *Aggregate Intrinsic Value = Excess of market value over the exercise price of all in-the-money warrants. |
Note 4 - Equity
Note 4 - Equity | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 4 Equity On November 29, 2023, $.001 $.001 Preferred Stock As of March 31, 2024 no Restricted Stock On February 15, 2024, 12 Year ended March 31, 2024 2023 Recognized in general and administrative expense $ 16,625 $ — Total $ 16,625 $ — For the year ended March 31, 2024, April 2024 February 2025. A summary of activity regarding Restricted Stock issued is as follows: Grant Date Number of Shares Fair Value Per Share Outstanding, March 31, 2023 — $ — Granted 35,000 $ 3.80 Vested (2,917 ) $ 3.80 Unvested, March 31, 2024 32,083 $ 3.80 Common Stock On April 6, 2023, March 31, 2024, not On September 9, 2023, 3 Convertible Notes Payable Stock Plan and Stock Options In June 2023, 2023 March 31, 2024, In August 2023, 1st April 1, 2024 April 1, 2033 five March 31st may no not April 1, 2024, The following table summarizes the stock option activity for the year ended March 31, 2024 no March 31, 2023 Options Weighted-Average Exercise Price Per Share Weighted-Average Remaining Life (In Years) Aggregate Intrinsic Value* Outstanding and exercisable, March 31, 2023 — $ — — $ — Granted 2,003,600 2.33 — — Exercised — — — — Forfeited/Cancelled — — — — Expired — — — — Outstanding, March 31, 2024 2,003,600 $ 2.33 9.35 $ 1,680,672 Exercisable, March 31, 2024* 239,217 $ 2.00 8.96 $ 244,001 *Aggregate Intrinsic Value = Excess of market value over the exercise price of all in-the-money stock. During the year ended March 31, 2024 three ten one one four four 1 September 30, 2023, September 30, 2023 2 3 two 4 All options issued and outstanding are being amortized over their respective vesting periods. The unrecognized compensation expense at March 31, 2024 March 31, 2024 no March 31, 2023 Equity-Based Stock Warrants On March 26, 2024, five 1 2 3 4 January 26, 2024. The Company will periodically grant warrants to investors in connection with equity financing or to third March 31, 2024 Warrants Weighted-Average Exercise Price Per Share Weighted-Average Remaining Life (In Years) Aggregate Intrinsic Value* Outstanding and exercisable, March 31, 2023 6,569,929 $ 0.02 5.99 $ 12,982,587 Granted 1,679,765 0.25 — — Exercised** (2,485,301 ) 0.03 — — Forfeited/Cancelled (19,824 ) 1.50 — — Expired — — — — Outstanding, March 31, 2024 5,744,569 $ 0.08 4.80 $ 17,072,147 Exercisable, March 31, 2024 5,736,236 $ 0.08 4.80 $ 17,063,647 *Aggregate Intrinsic Value = Excess of market value over the exercise price of all in-the-money stock. **All exercised shares utilized the “cashless exercise” option. The unrecognized compensation expense at March 31, 2024 March 31, 2024 no March 31, 2023 Under the fair value method, the fair value of each warrant was estimated on the grant date using the Black-Scholes option pricing model. Variables used in the Black-Scholes warrant pricing model included the following: Range 2023 2024 Fair value of common stock on the measurement date (per share) — $ 2.00 5.00 Discount rate based on the daily yield curve rates for U.S. Treasury obligations — 4.04% to 4.54% Expected life — 3 5 Expected volatility based on the historical volatility of comparable companies' stock — 104% to 119% |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 5 Commitments and Contingencies Legal Proceedings From time to time, we may not Employment Agreements The Company has agreements with key employees to provide certain benefits, including salary and other wage-related benefits, in the event of termination. In addition, the Company has adopted a severance policy for certain key members of executive management to provide certain benefits, including salary and other wage-related benefits, in the event of termination without cause. In total, these benefits would amount to $0.8 million using the rate of compensation in effect at March 31, 2024 |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 6 Related Party Transactions The Company utilizes a consulting firm that is owned by the Company’s former Chief Financial Officer to provide accounting and financial reporting services and pays certain expenses on behalf of the Company. During the year ended March 31, 2024 2023 March 31, 2024 March 31, 2023 As of March 31, 2024 On December 21, 2021, 90 may On July 7, 2023, one January 29, 2024, may five not The shares underlying the warrant will be subject to a lockup agreement for a period of six twelve |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 7 Income Taxes The Company files U.S. federal and various U.S. state income tax returns. Due to the Company’s losses, there was no March 31, 2024 2023 March 31, March 31, 2024 2023 Amount % Amount % Tax benefit at the U.S. federal statutory rate $ (3,239 ) 21.00 % $ (418 ) 21.00 % Tax rate change — — $ — — % Permanent differences 1,697 (11.01 )% $ — — % Return to provision (69 ) 0.45 % $ — — % Change in state rate (190 ) 1.23 % $ — — % State tax (net of federal benefit) (192 ) 1.24 % $ — — % Valuation allowance 1,993 (12.91 )% $ 418 (21.00 )% Effective income tax rate $ — — % $ — — % The effective income tax rate varied from the statutory rate in 2024 2023 Deferred tax assets and liabilities consist of the following (in thousands): March 31, March 31, 2024 2023 Assets related to: Capitalized R&D costs $ 602 $ 124 Net operating losses 2,643 1,342 Accrual to cash 72 — Stock-based compensation 142 — Total deferred tax assets 3,459 1,466 Valuation allowance for deferred tax assets (3,459 ) (1,466 ) Net deferred tax — — Net deferred tax assets $ — $ — At March 31, 2024, 2034. 2017 2024. 2017 not 80% 2034. Sections 382 383 may 382 382 no 382 The Company has recorded a full valuation allowance against its net total deferred tax assets as of March 31, 2024 2023 not not not not March 31, 2024, The Company is subject to income taxes in the U.S. federal jurisdiction, and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. As of March 31, 2024, three four As of March 31, 2024, no |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 8 Subsequent Events On April 1, 2024, five March 31st On April 5, 2024, 75,000 four |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. Other Information During the three March 31, 2024, no 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Substantial Doubt About Going Concern Policy [Policy Text Block] | Liquidity and Going Concern The Company's financial statements are prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company is an early-stage company that is subject to all the risks associated with early-stage and emerging growth companies and has incurred losses since inception. For the years ended March 31, 2024 2023, March 31, 2024 2023, March 31, 2024. not one not On January 26, 2024, May 13, 2024, 90 not 4.99% not twelve The Company paid a cash commission of 7.0% to the selling agent on sales of the shares of common stock in the IPO. In addition, the Company has issued the selling agent warrants to purchase up to a total number of shares of common stock equal to 2.675% of the total number of shares sold in the IPO at an exercise price equal to 125% of the public offering price of the shares sold in the IPO. The selling agent warrants will be exercisable at any time, and from time to time, in whole or in part, commencing from the date that is six fifth The Company estimates its current cash resources, including the approximately $9.8 million of net proceeds from the IPO is sufficient to fund its operations into but not first 2025. no |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The annual financial statements and disclosures have been prepared using the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in Financial Statement Presentation The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company's significant estimates and assumptions include the valuation of equity related instruments, and initial and recurring fair value measurements for the warrant liability. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Some of these judgments can be subjective and complex, and, consequently, actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid accounts with original maturities of three may $250,000. not not |
Offering Costs, Policy [Policy Text Block] | Offering Costs Offering costs consist of professional costs incurred through the balance sheet date that are direct and incremental related to the Company’s anticipated IPO. These costs, together with the selling agent fees, were reclassified to additional paid-in capital upon completion of the Company’s IPO on January 26, 2024. During the year ended March 31, 2024, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at historical cost and depreciated on a straight-line basis over their estimated useful lives, generally three |
Debt, Policy [Policy Text Block] | Convertible Notes The Company evaluates embedded redemption, conversion and other features within its debt to determine whether any embedded features should be bifurcated from the host instrument and accounted for as a derivative at fair value, with changes in fair value recorded in the statement of operations. The Company’s debt is carried on the balance sheet on a historical cost basis net of unamortized discounts and premiums because the Company has not If the Company incurs costs associated with its convertible notes, in advance of the receipt of proceeds, the Company will record a deferred asset. Upon receipt of proceeds the Company will reclassify the deferred asset as a direct deduction from the carrying amount, as described above. In addition, since the instruments included a substantive conversion feature as of time of issuance, the issuance of equity securities were accounted for as a contractual conversion with no |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company utilizes a three Level 1 Level 2 Level 3 The carrying value of short-term instruments, including cash, accounts payable, accrued expenses and convertible notes included in long-term debt, approximate fair value due to the relatively short period to maturity for these instruments. |
Related Party Transactions Policy [Policy Text Block] | Related Parties The Company follows ASC 850, Related Party Disclosures |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax basis of reported assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company must then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not not March 31, 2024 March 31, 2023 The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740 10 not March 31, 2024 March 31, 2023 |
Share-Based Payment Arrangement [Policy Text Block] | Stock-based Compensation Employee share-based compensation is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite service period. For awards with a performance condition, compensation expense is recognized over the requisite service period if it is probable that the performance condition will be satisfied. For awards to non-employees, the Company recognizes compensation expense in the same manner as if the Company had paid cash for the goods or services. The Company estimates the fair value of options and equity classified warrants granted using an options pricing model. Expense is recognized within general and administrative and research and development expenses and forfeitures are recognized as they are incurred. |
Warrants, Policy [Policy Text Block] | Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC 480, 480” 815, 815” 480, 480, 815, For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not The Company issued warrants to purchase shares of common stock (i) in connection with the Bridge Offering, (ii) as part of selling agent compensation in 2024, 2, |
Earnings Per Share, Policy [Policy Text Block] | Loss Per Common Share Basic loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. Generally , t he Company’s outstanding warrants are non-participating securities as they are not no However, the warrants described in Note 2 not no For the twelve March 31, 2024 2023, not March 31, 2024 2023 Equity based warrants to purchase common shares 5,744,569 6,569,929 Convertible Notes - common shares (1) 665,000 — Convertible Notes - equity-based warrants to purchase common shares 500,000 — Stock options granted under Company's incentive plan 2,003,600 — Total potentially dilutive securities 8,913,169 6,569,929 ( 1 Shares relating to the conversion of the convertible notes as of March 31, 2024 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development costs are expensed as incurred. |
Advertising Cost [Policy Text Block] | Advertising It is our policy to expense advertising costs as incurred. Advertising expenses are included within general and administrative expenses within the statement of operations. For the years ended March 31, 2024 2023, |
Stockholders' Equity, Policy [Policy Text Block] | Fair Value of Common Stock Prior to establishing a public market for the Company’s common stock, the estimated fair value of the Company’s common stock was determined by the Company’s Board of Directors (the "Board") as of the date of each option grant, with input from management, considering the Company’s most recently available third third may |
Jumpstart Our Business Startups (JOBS) Act Accounting Election Policy [Policy Text Block] | JOBS Act Accounting Election The Company qualifies as an emerging growth company ("EGC"), as defined in the Jumpstart Our Business Startups Act of 2012 not may |
Segment Reporting, Policy [Policy Text Block] | Segments The Company currently operates in one one |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In December 2023, 2023 09, 740 December 15, 2024, not its financial statements. In June 2016, No. 2016 13, 326 Given the non-revenue nature of the Company, the adoption of this standard did not The Company does not not |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no Correction of an Immaterial Error in the Prior Period Financial Statements During the fourth 2024 March 31, 2024), 730. SEC Staff Accounting Bulletin No. 99 Materiality ASC Topic 250, not no 2023 not March 31, 2023 10 A summary of immaterial corrections reflecting the prior period impact to the Company’s Statement of Operations, for the year ended March 31, 2023 As Revised March 31, 2023 Correction March 31, 2023 General and administrative expense $ 1,333 $ (88 ) $ 1,245 Research and development expense 657 88 745 Net Loss $ 1,990 $ - $ 1,990 |
Note 1 - Description of the B_2
Note 1 - Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | March 31, 2024 2023 Equity based warrants to purchase common shares 5,744,569 6,569,929 Convertible Notes - common shares (1) 665,000 — Convertible Notes - equity-based warrants to purchase common shares 500,000 — Stock options granted under Company's incentive plan 2,003,600 — Total potentially dilutive securities 8,913,169 6,569,929 |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | As Revised March 31, 2023 Correction March 31, 2023 General and administrative expense $ 1,333 $ (88 ) $ 1,245 Research and development expense 657 88 745 Net Loss $ 1,990 $ - $ 1,990 |
Note 2 - Warrant Liability an_2
Note 2 - Warrant Liability and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Warrant Liabilities Balance as of March 31, 2023 $ — Additions 4,556 Change in fair value measurements - warrants mark-to-market 3,444 Settlement and reclassification to equity (8,000 ) Balance as of March 31, 2024 $ — |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Discount rate at issuance (1) 20.00% Probability (2) 70% - 10% - 20% Payment (3) 0 8,000,000 Expected term (in years) 0.48 0.98 |
Note 3 - Convertible Notes Pa_2
Note 3 - Convertible Notes Payable (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Convertible Debt [Table Text Block] | Principal Amount Amortized Debt Discount Net Carrying Amount Zero-coupon convertible notes payable due on December 31, 2025 $ 1,330 $ 328 $ 1,002 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrants Weighted-Average Exercise Price Per Share Remaining Life (In Years) Aggregate Intrinsic Value* Outstanding and exercisable, March 31, 2023 — $ — — $ — Granted 500,000 1.00 — — Exercised — — — — Forfeited/Cancelled — — — — Expired — — — — Outstanding, March 31, 2024 500,000 $ 1.00 4.48 $ 1,010,000 Exercisable, March 31, 2024 500,000 $ 1.00 4.48 $ 1,010,000 |
Note 4 - Equity (Tables)
Note 4 - Equity (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Restricted Stock Expenses, General and Administrative [Table Text Block] | Year ended March 31, 2024 2023 Recognized in general and administrative expense $ 16,625 $ — Total $ 16,625 $ — |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Grant Date Number of Shares Fair Value Per Share Outstanding, March 31, 2023 — $ — Granted 35,000 $ 3.80 Vested (2,917 ) $ 3.80 Unvested, March 31, 2024 32,083 $ 3.80 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Options Weighted-Average Exercise Price Per Share Weighted-Average Remaining Life (In Years) Aggregate Intrinsic Value* Outstanding and exercisable, March 31, 2023 — $ — — $ — Granted 2,003,600 2.33 — — Exercised — — — — Forfeited/Cancelled — — — — Expired — — — — Outstanding, March 31, 2024 2,003,600 $ 2.33 9.35 $ 1,680,672 Exercisable, March 31, 2024* 239,217 $ 2.00 8.96 $ 244,001 |
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block] | Warrants Weighted-Average Exercise Price Per Share Weighted-Average Remaining Life (In Years) Aggregate Intrinsic Value* Outstanding and exercisable, March 31, 2023 6,569,929 $ 0.02 5.99 $ 12,982,587 Granted 1,679,765 0.25 — — Exercised** (2,485,301 ) 0.03 — — Forfeited/Cancelled (19,824 ) 1.50 — — Expired — — — — Outstanding, March 31, 2024 5,744,569 $ 0.08 4.80 $ 17,072,147 Exercisable, March 31, 2024 5,736,236 $ 0.08 4.80 $ 17,063,647 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Range 2023 2024 Fair value of common stock on the measurement date (per share) — $ 2.00 5.00 Discount rate based on the daily yield curve rates for U.S. Treasury obligations — 4.04% to 4.54% Expected life — 3 5 Expected volatility based on the historical volatility of comparable companies' stock — 104% to 119% |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | March 31, March 31, 2024 2023 Amount % Amount % Tax benefit at the U.S. federal statutory rate $ (3,239 ) 21.00 % $ (418 ) 21.00 % Tax rate change — — $ — — % Permanent differences 1,697 (11.01 )% $ — — % Return to provision (69 ) 0.45 % $ — — % Change in state rate (190 ) 1.23 % $ — — % State tax (net of federal benefit) (192 ) 1.24 % $ — — % Valuation allowance 1,993 (12.91 )% $ 418 (21.00 )% Effective income tax rate $ — — % $ — — % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, March 31, 2024 2023 Assets related to: Capitalized R&D costs $ 602 $ 124 Net operating losses 2,643 1,342 Accrual to cash 72 — Stock-based compensation 142 — Total deferred tax assets 3,459 1,466 Valuation allowance for deferred tax assets (3,459 ) (1,466 ) Net deferred tax — — Net deferred tax assets $ — $ — |
Note 1 - Description of the B_3
Note 1 - Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2024 USD ($) | Jan. 26, 2024 USD ($) $ / shares shares | Mar. 31, 2024 USD ($) shares | Mar. 31, 2023 USD ($) shares | May 13, 2024 shares | |
Net Income (Loss) Attributable to Parent | $ (15,426) | $ (1,990) | |||
Net Cash Provided by (Used in) Operating Activities | (6,648) | (1,854) | |||
Revenues | 0 | 0 | |||
Retained Earnings (Accumulated Deficit) | $ (38,969) | (38,969) | (23,543) | ||
Working Capital (deficit) | 8,600 | 8,600 | |||
Stock Issued During Period, Value, New Issues | 2,840 | 675 | |||
Proceeds from Issuance of Common Stock | $ 2,840 | $ 675 | |||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 670 | 0 | |||
Payments for Initial Public Offering Issuance Costs | $ 1,296 | $ 0 | |||
Liability for Uncertainty in Income Taxes, Current | 0 | 0 | 0 | ||
Advertising Expense | $ 1,700 | $ 100 | |||
Number of Reportable Segments | 1 | ||||
Number of Operating Segments | 1 | ||||
Convertible Debt with 4.99% Beneficial Ownership Limitation [Member] | |||||
Convertible Notes Payable | $ 1,300 | ||||
Debt Instrument, Convertible, Number of Equity Instruments | 665,000 | ||||
Autonomix Medical, Inc [Member] | Convertible Debt with 4.99% Beneficial Ownership Limitation [Member] | |||||
Convertible Notes Payable | $ 1,300 | $ 1,300 | |||
Debt Instrument, Convertible, Number of Equity Instruments | 665,000 | ||||
Autonomix Medical, Inc [Member] | Maximum [Member] | |||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 4.99% | ||||
Conversion of Convertible Notes to Common Stock [Member] | |||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 335,000 | ||||
IPO [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 2,234,222 | ||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 5 | ||||
Stock Issued During Period, Value, New Issues | $ 11,200 | ||||
Proceeds from Issuance of Common Stock | 9,800 | ||||
Earnest Money Deposits | 300 | ||||
IPO [Member] | Cash [Member] | |||||
Proceeds from Issuance of Common Stock | $ 9,800 | ||||
IPO [Member] | Selling Agent [Member] | |||||
Commission Percentage | 7% | 7% | |||
Warrants Issued During Period, Percentage | 2.675% | 2.675% | |||
Class of Warrant or Right, Exercise Price as a Percentage of Offering Price | 125% | ||||
IPO [Member] | Other Current Assets [Member] | |||||
Earnest Money Deposits | $ 300 | ||||
IPO [Member] | Subsequent Event [Member] | |||||
Common Stock, Shares, Cancelled in Period (in shares) | shares | 1,050 |
Note 1 - Description of the B_4
Note 1 - Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Anti-dilutive Securities (Details) - shares | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Antidilutive securities (in shares) | 8,913,169 | 6,569,929 | |
Warrant [Member] | |||
Antidilutive securities (in shares) | 5,744,569 | 6,569,929 | |
Convertible Debt Securities [Member] | |||
Antidilutive securities (in shares) | [1] | 665,000 | 0 |
Convertible Notes to Warrant [Member] | |||
Antidilutive securities (in shares) | 500,000 | 0 | |
Share-Based Payment Arrangement, Option [Member] | |||
Antidilutive securities (in shares) | 2,003,600 | 0 | |
[1]Shares for the convertible note proceeds received as of March 31, 2024 |
Note 1 - Description of the B_5
Note 1 - Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Prior Period Corrections (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
General and administrative expense | $ 5,249 | $ 1,245 |
Research and development expense | 2,225 | 745 |
Net Loss | $ (15,426) | (1,990) |
Previously Reported [Member] | ||
General and administrative expense | 1,333 | |
Research and development expense | 657 | |
Net Loss | 1,990 | |
Revision of Prior Period, Adjustment [Member] | ||
General and administrative expense | (88) | |
Research and development expense | 88 | |
Net Loss | 0 | |
As Revised [Member] | ||
General and administrative expense | 1,245 | |
Research and development expense | 745 | |
Net Loss | $ 1,990 |
Note 2 - Warrant Liability an_3
Note 2 - Warrant Liability and Fair Value of Financial Instruments (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2024 USD ($) $ / shares | Mar. 31, 2023 USD ($) | Mar. 31, 2024 | Mar. 31, 2024 yr | |
Assets, Fair Value Disclosure | $ 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | $ 0 | 0 | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ (4,556) | $ 0 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.01 | |||
Measurement Input, Probability Rate [Member] | Valuation, Probability-weighted Expected Return Method (PWERM) [Member] | No Qualified Offering Occurring [Member] | ||||
Warrants and Rights Outstanding, Measurement Input | 0.20 | |||
Measurement Input, Fixed Price [Member] | Valuation, Probability-weighted Expected Return Method (PWERM) [Member] | Maximum [Member] | ||||
Warrants and Rights Outstanding, Measurement Input | 8,000,000 | 8 | ||
Measurement Input, Expected Term [Member] | Valuation, Probability-weighted Expected Return Method (PWERM) [Member] | Maximum [Member] | Fair Value, Recurring [Member] | ||||
Warrants and Rights Outstanding, Measurement Input | 0.98 | 55 |
Note 2 - Warrant Liability an_4
Note 2 - Warrant Liability and Fair Value of Financial Instruments - Schedule of Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 [Member] - Warrant [Member] $ in Thousands | 12 Months Ended |
Mar. 31, 2024 USD ($) | |
Balance as of March 31, 2023 | $ 0 |
Additions | 4,556 |
Change in fair value measurements - warrants mark-to-market | 3,444 |
Settlement and reclassification to equity | (8,000) |
Balance as of March 31, 2024 | $ 0 |
Note 2 - Warrant Liability an_5
Note 2 - Warrant Liability and Fair Value of Financial Instruments - Fair Value Measurement Inputs and Valuation Techniques (Details) - Mar. 31, 2024 | Total | yr | |
Measurement Input, Discount Rate [Member] | Fair Value, Recurring [Member] | |||
Warrant measurement input | [1] | 20 | |
Measurement Input, Probability Rate [Member] | Valuation, Probability-weighted Expected Return Method (PWERM) [Member] | Qualified Offering Occurring, Two [Member] | |||
Warrant measurement input | [2] | 0.10 | |
Measurement Input, Probability Rate [Member] | Valuation, Probability-weighted Expected Return Method (PWERM) [Member] | No Qualified Offering Occurring [Member] | |||
Warrant measurement input | 0.20 | ||
Measurement Input, Fixed Price [Member] | Valuation, Probability-weighted Expected Return Method (PWERM) [Member] | Minimum [Member] | |||
Warrant measurement input | [3] | 0 | |
Measurement Input, Fixed Price [Member] | Valuation, Probability-weighted Expected Return Method (PWERM) [Member] | Maximum [Member] | |||
Warrant measurement input | 8,000,000 | 8 | |
Measurement Input, Expected Term [Member] | Fair Value, Recurring [Member] | Valuation, Probability-weighted Expected Return Method (PWERM) [Member] | Minimum [Member] | |||
Warrant measurement input | 0.48 | ||
Measurement Input, Expected Term [Member] | Fair Value, Recurring [Member] | Valuation, Probability-weighted Expected Return Method (PWERM) [Member] | Maximum [Member] | |||
Warrant measurement input | 0.98 | 55 | |
[1]The initial discount rate was chosen based on private equity rates of return as described in the AICPA Practice Aid on Valuation of Privately-Held-Company Equity securities issued as compensation. For the recurring fair value measurement, the Company updated the discount rate based upon yield curves estimated to be similar in credit quality to the Company[2]Scenario probability as of issuance was based on timing expectations of management that a qualified offering occurring as of December 31, 2023 was estimated at 70%, respectively; a qualified offering occurring as of June 30, 2024 was estimated at 10%; and no qualified offering occurring was estimated at 20%[3]The warrant has a $0.01 strike price, however, the strike price is low relative to the stock price, making the warrant value close to the value of a stock unit. The agreement has a fixed payment value of $8.0 million, see Note 6 – Related Party Transactions. |
Note 3 - Convertible Notes Pa_3
Note 3 - Convertible Notes Payable (Details Textual) $ / shares in Units, $ in Thousands | 7 Months Ended | 12 Months Ended | ||||
Mar. 31, 2024 USD ($) yr $ / shares | Jan. 26, 2024 USD ($) | Sep. 09, 2023 USD ($) $ / shares shares | Mar. 31, 2024 USD ($) yr $ / shares | Mar. 31, 2024 USD ($) yr $ / shares | Mar. 31, 2023 USD ($) | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||
Proceeds from Convertible Debt | $ 2,000 | $ 0 | ||||
Bridge Financing Warrants in Connection with Convertible Notes [Member[ | ||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 0.25 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1 | |||||
Class of Warrant or Right, Lock-up Agreement Term of Underlying Shares (Day) | 180 days | |||||
Class of Warrant or Right, Percentage of Outstanding Stock | 25% | |||||
Warrants and Rights Outstanding | $ 600 | $ 600 | $ 600 | |||
Bridge Financing Warrants in Connection with Convertible Notes [Member[ | Measurement Input, Price Volatility [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 1.0188 | 1.0188 | 1.0188 | |||
Bridge Financing Warrants in Connection with Convertible Notes [Member[ | Measurement Input, Expected Term [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | yr | 5 | 5 | 5 | |||
Bridge Financing Warrants in Connection with Convertible Notes [Member[ | Measurement Input, Risk Free Interest Rate [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0.044 | 0.044 | 0.044 | |||
Bridge Financing Warrants in Connection with Convertible Notes [Member[ | Measurement Input, Discount Rate [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0.20 | 0.20 | 0.20 | |||
Bridge Financing Warrants in Connection with Convertible Notes [Member[ | Measurement Input, Discount for Lack of Marketability [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0.1577 | 0.1577 | 0.1577 | |||
Maximum [Member] | Autonomix Medical, Inc [Member] | ||||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 4.99% | |||||
The Notes [Member] | ||||||
Proceeds from Convertible Debt | $ 2,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 15.30% | 15.30% | 15.30% | |||
The Notes [Member] | Autonomix Medical, Inc [Member] | ||||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 4.99% | 4.99% | 4.99% | 4.99% | ||
The Notes [Member] | Conversion of Convertible Notes to Common Stock [Member] | ||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 2 | |||||
The Notes [Member] | Maximum [Member] | ||||||
Debt Instrument, Face Amount | $ 2,000 | |||||
The Notes [Member] | Minimum [Member] | ||||||
Interest Expense, Debt | $ 100 | |||||
Convertible Debt with 4.99% Beneficial Ownership Limitation [Member] | ||||||
Convertible Notes Payable | $ 1,300 | |||||
Debt Instrument, Convertible, Number of Equity Instruments | 665,000 | |||||
Convertible Debt with 4.99% Beneficial Ownership Limitation [Member] | Autonomix Medical, Inc [Member] | ||||||
Convertible Notes Payable | $ 1,300 | $ 1,300 | $ 1,300 | |||
Debt Instrument, Convertible, Number of Equity Instruments | 665,000 |
Note 3 - Convertible Notes Pa_4
Note 3 - Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net carrying amount | $ 1,002 | $ 0 |
The Notes [Member] | Convertible Debt [Member] | ||
Zero-coupon convertible notes payable due on December 31, 2025 | 1,330 | |
Amortized debt discount | 328 | |
Net carrying amount | $ 1,002 |
Note 3 - Convertible Notes Pa_5
Note 3 - Convertible Notes Payable - Schedule of Detachable Warrants (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Balance, outstanding (in shares) | 0 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 0 | ||
Outstanding, intrinsic value | [1] | $ 1,010,000 | $ 0 |
Granted, outstanding (in shares) | 500,000 | ||
Granted, weighted average exercise price (in dollars per share) | $ 1 | ||
Exercised, outstanding (in shares) | 0 | ||
Exercised, weighted average exercise price (in dollars per share) | $ 0 | ||
Forfeited/Cancelled, outstanding (in shares) | 0 | ||
Forfeited/Cancelled, weighted average exercise price (in dollars per share) | $ 0 | ||
Expired, outstanding (in shares) | 0 | ||
Expired, weighted average exercise price (in dollars per share) | $ 0 | ||
Balance, outstanding (in shares) | 500,000 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 1 | ||
Outstanding, remaining term (Year) | 4 years 5 months 23 days | ||
Exercisable (in shares) | 500,000 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 1 | ||
Exercisable, remaining term (Year) | 4 years 5 months 23 days | ||
Exercisable, intrinsic value | [1] | $ 1,010,000 | |
[1]Aggregate Intrinsic Value = Excess of market value over the exercise price of all in-the-money warrants. No outstanding or exercisable warrants were in-the-money as of March 31, 2024. |
Note 4 - Equity (Details Textua
Note 4 - Equity (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||
Aug. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 26, 2024 | Feb. 15, 2024 | Jan. 29, 2024 | Nov. 29, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Apr. 06, 2023 | |
Common Stock, Shares Authorized (in shares) | 500,000,000 | 25,000,000 | 500,000,000 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||||||
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 7,100,000 | 10,000,000 | |||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||||||
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 | ||||||||
Common Stock, Shares, Issued (in shares) | 18,846,094 | 12,336,571 | ||||||||
Common Stock, Value, Issued | $ 19,000 | $ 12,000 | ||||||||
Stock Issued During Period, Value, New Issues | $ 2,840,000 | 675,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,996,400 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 1,680,672 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 9 years 4 months 6 days | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.01 | |||||||||
General and Administrative Expense [Member] | ||||||||||
Share-Based Payment Arrangement, Expense | $ 500,000 | |||||||||
Research and Development Expense [Member] | ||||||||||
Share-Based Payment Arrangement, Expense | $ 100,000 | |||||||||
The 2023 Stock Plan [Member] | ||||||||||
Common Stock, Shares Authorized (in shares) | 2,003,600 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 4,000,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum | 5% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||||||||
The 2023 Stock Plan [Member] | Minimum [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 3 years | |||||||||
The 2023 Stock Plan [Member] | Maximum [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 10 years | |||||||||
Private Placement [Member] | ||||||||||
Common Stock, Shares Authorized (in shares) | 2,000,000 | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 2 | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,420,000 | |||||||||
Stock Issued During Period, Value, New Issues | $ 2,840,000 | |||||||||
Payments of Stock Issuance Costs | 0 | |||||||||
Restricted Stock [Member] | ||||||||||
Common Stock, Shares, Issued (in shares) | 35,000 | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 3.8 | |||||||||
Common Stock, Value, Issued | $ 133,000 | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 116,375 | |||||||||
Stock Issued During Period, Value, New Issues | 0 | |||||||||
Restricted Stock [Member] | General and Administrative Expense [Member] | ||||||||||
Share-Based Payment Arrangement, Expense | 16,625 | 0 | ||||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 3,100,000 | |||||||||
Share-Based Payment Arrangement, Expense | 600,000 | 0 | ||||||||
Share-Based Payment Arrangement, Option [Member] | Black-Scholes Model [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 3,700,000 | |||||||||
Share Price (in dollars per share) | $ 2.7 | $ 5 | $ 5 | $ 2 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount Rate | 4.04% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 104% | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 59,765 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6.25 | |||||||||
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | Black-Scholes Model [Member] | ||||||||||
Share Price (in dollars per share) | $ 2 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount Rate | 4.02% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 1 year 9 months 7 days | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 95% | |||||||||
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | Black-Scholes Model [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount Rate | 4.98% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years 3 months | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 119% | |||||||||
Share-Based Payment Arrangement, Option [Member] | The 2023 Stock Plan [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | |||||||||
Share-Based Payment Arrangement, Option [Member] | The 2023 Stock Plan [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | |||||||||
Share-Based Payment Arrangement, Option [Member] | The 2023 Stock Plan [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||
Share-Based Payment Arrangement, Option [Member] | The 2023 Stock Plan [Member] | Share-Based Payment Arrangement, Tranche Four [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||
Warrant [Member] | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 100,000 | |||||||||
Share-Based Payment Arrangement, Expense | $ 100,000 | $ 0 | ||||||||
Warrant [Member] | Minimum [Member] | Black-Scholes Model [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount Rate | 4.04% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 104% | |||||||||
Warrant [Member] | Maximum [Member] | Black-Scholes Model [Member] | ||||||||||
Share Price (in dollars per share) | $ 5 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount Rate | 4.54% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 119% |
Note 4 - Equity - General and A
Note 4 - Equity - General and Administrative Expense (Details) - General and Administrative Expense [Member] - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Expense | $ 500,000 | |
Restricted Stock [Member] | ||
Share-Based Payment Arrangement, Expense | $ 16,625 | $ 0 |
Note 4 - Equity - Restricted St
Note 4 - Equity - Restricted Stock Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Balance, unvested restricted stock units, shares (in shares) | shares | 0 |
Balance, unvested restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Granted, unvested restricted stock units, shares (in shares) | shares | 35,000 |
Granted, unvested restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.8 |
Vested restricted stock units, shares (in shares) | shares | (2,917) |
Vested restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.8 |
Balance, unvested restricted stock units, shares (in shares) | shares | 32,083 |
Balance, unvested restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.8 |
Note 4 - Equity - Schedule of S
Note 4 - Equity - Schedule of Stock Option Activity (Details) | 12 Months Ended | |
Mar. 31, 2024 USD ($) $ / shares shares | ||
Outstanding, options (in shares) | shares | 0 | |
Outstanding, options, weighted average exercise price (in dollars per share) | $ / shares | $ 0 | |
Granted, options (in shares) | shares | 2,003,600 | |
Granted, options, weighted average exercise price (in dollars per share) | $ / shares | $ 2.33 | |
Exercised, options (in shares) | shares | 0 | |
Exercised, options, weighted average exercise price (in dollars per share) | $ / shares | $ 0 | |
Forfeited/Cancelled, options (in shares) | shares | 0 | |
Forfeited/Cancelled, options, weighted average exercise price (in dollars per share) | $ / shares | $ 0 | |
Expired, options (in shares) | shares | 0 | |
Expired, options, weighted average exercise price (in dollars per share) | $ / shares | $ 0 | |
Outstanding, options (in shares) | shares | 2,003,600 | |
Outstanding, options, weighted average exercise price (in dollars per share) | $ / shares | $ 2.33 | |
Outstanding, options, Weighted average remaining contractual term (Year) | 9 years 4 months 6 days | |
Outstanding, aggregate intrinsic value | $ | $ 1,680,672 | |
Exercisable, options (in shares) | shares | 239,217 | [1] |
Exercisable, options, weighted average exercise price (in dollars per share) | $ / shares | $ 2 | [1] |
Exercisable, options, Weighted average remaining contractual term (Year) | 8 years 11 months 15 days | |
Exercisable, aggregate intrinsic value | $ | $ 244,001 | |
[1]Aggregate Intrinsic Value = Excess of market value over the exercise price of all in-the-money stock. No outstanding or exercisable options were in-the-money as of March 31, 2024. |
Note 4 - Equity - Schedule of E
Note 4 - Equity - Schedule of Equity-Based Stock Warrants (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Outstanding, warrants (in shares) | 6,569,929 | ||
Outstanding, warrants, weighted average exercise price (in dollars per share) | $ 0.02 | ||
Outstanding, warrants, weighted average remaining contractual term (Year) | 4 years 9 months 18 days | 5 years 11 months 26 days | |
Outstanding, warrants, aggregate intrinsic value | [1] | $ 17,072,147 | $ 12,982,587 |
Granted, warrants (in shares) | 1,679,765 | ||
Granted, warrants, weighted average exercise price (in dollars per share) | $ 0.25 | ||
Exercised, warrants (in shares) | [2] | (2,485,301) | |
Exercised, warrants, weighted average exercise price (in dollars per share) | [2] | $ 0.03 | |
Forfeited/Cancelled, warrants (in shares) | (19,824) | ||
Forfeited/Cancelled, warrants, weighted average exercise price (in dollars per share) | $ 1.5 | ||
Expired, warrants (in shares) | 0 | ||
Expired, warrants, weighted average exercise price (in dollars per share) | $ 0 | ||
Outstanding, warrants (in shares) | 5,744,569 | 6,569,929 | |
Outstanding, warrants, weighted average exercise price (in dollars per share) | $ 0.08 | $ 0.02 | |
Exercisable, warrants (in shares) | 5,736,236 | ||
Exercisable, warrants, weighted average exercise price (in dollars per share) | $ 0.08 | ||
Exercisable, warrants, weighted average remaining contractual term ( (Year) | 4 years 9 months 18 days | ||
Exercisable, warrants, aggregate intrinsic value | [1] | $ 17,063,647 | |
[1]Aggregate Intrinsic Value = Excess of market value over the exercise price of all in-the-money stock.[2]All exercised shares utilized the “cashless exercise” option. |
Note 4 - Equity - Black-Scholes
Note 4 - Equity - Black-Scholes Option Pricing Model (Details) - Black-Scholes Model [Member] - $ / shares | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 26, 2024 | Jan. 29, 2024 | Sep. 30, 2023 | |
Share-Based Payment Arrangement, Option [Member] | ||||
Share Price (in dollars per share) | $ 2.7 | $ 5 | $ 5 | $ 2 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount Rate | 4.04% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 104% | |||
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | ||||
Share Price (in dollars per share) | $ 2 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount Rate | 4.02% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 1 year 9 months 7 days | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 95% | |||
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount Rate | 4.98% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years 3 months | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 119% | |||
Warrant [Member] | Minimum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount Rate | 4.04% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 104% | |||
Warrant [Member] | Maximum [Member] | ||||
Share Price (in dollars per share) | $ 5 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount Rate | 4.54% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 119% |
Note 5 - Commitments and Cont_2
Note 5 - Commitments and Contingencies (Details Textual) Pure in Thousands, $ in Millions | 12 Months Ended |
Mar. 31, 2024 USD ($) | |
Employee Benefits and Share-Based Compensation | $ 0.8 |
Pending Litigation [Member] | |
Loss Contingency, Pending Claims, Number | 0 |
Note 6 - Related Party Transa_2
Note 6 - Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Jan. 29, 2024 | Jul. 07, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Common Stock, Shares, Issued (in shares) | 18,846,094 | 12,336,571 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.01 | |||
Termination Agreement [Member] | The Warrant [Member] | ||||
Common Stock, Shares, Issued (in shares) | 1,600,000 | |||
Shares Issued, Price Per Share (in dollars per share) | $ 5 | |||
Class of Warrant or Right, Value of Securities Called by Warrants or Rights | $ 8 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.001 | |||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||
Interest Held in Company Receiving Warrants | 20% | |||
Termination Agreement [Member] | The Warrant [Member] | Common Stock, 6 Months Lock-up Period [Member] | ||||
Class of Warrant or Right, Lock-up Agreement Term of Underlying Shares (Day) | 6 months | |||
Class of Warrant or Right, Percentage of Outstanding Stock | 12.50% | |||
Termination Agreement [Member] | The Warrant [Member] | Common Stock, 12 Months Lock-up Period [Member] | ||||
Class of Warrant or Right, Lock-up Agreement Term of Underlying Shares (Day) | 12 months | |||
Management, Board of Director, and Family [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 0.5 | |||
Management, Board of Director, and Family [Member] | The Bridge Offering [Member] | ||||
Proceeds from Issuance of Debt | 0.1 | $ 0.1 | ||
Chief Financial Officer [Member] | Accounting and Financial Reporting Services [Member] | Maximum [Member] | ||||
Accounts Payable and Accrued Liabilities | 0.1 | $ 0.1 | ||
Management [Member] | ||||
Related Party Transaction, Amounts of Transaction | 0.4 | |||
Related Party [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 0.1 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) $ in Thousands | 12 Months Ended |
Mar. 31, 2024 USD ($) | |
Operating Loss Carryforwards | $ 11,200 |
Reserve for Uncertain Tax Positions | 0 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 1,900 |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards | 11,100 |
Expiration Commencing, Tax Year 2034-2037 [Member] | |
Operating Loss Carryforwards | 3,400 |
NOL Generated During 2017-2024 [Member] | |
Operating Loss Carryforwards | $ 7,700 |
Note 7 - Income Taxes - Schedul
Note 7 - Income Taxes - Schedule of Reconciliation (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Tax benefit at the U.S. federal statutory rate, amount | $ (3,239) | $ (418) |
Tax benefit at the U.S. federal statutory rate, percent | 21% | 21% |
Tax rate change, amount | $ 0 | $ 0 |
Tax rate change, percent | 0% | 0% |
Permanent differences, amount | $ 1,697 | $ 0 |
Permanent differences, percent | (11.01%) | 0% |
Return to provision, amount | $ (69) | $ 0 |
Return to provision, percent | (0.45%) | 0% |
Change in state rate, amount | $ (190) | $ 0 |
Change in state rate, percent | 1.23% | 0% |
State tax (net of federal benefit), amount | $ (192) | $ 0 |
State tax (net of federal benefit) | 1.24% | 0% |
Valuation allowance, amount | $ 1,993 | $ 418 |
Valuation allowance, percent | (12.91%) | 21% |
Valuation allowance, percent | 12.91% | (21.00%) |
Effective income tax rate, Total, amount | $ 0 | $ 0 |
Effective income tax rate | 0% | 0% |
Note 7 - Income Taxes - Sched_2
Note 7 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Assets related to: | ||
Capitalized R&D costs | $ 602 | $ 124 |
Net operating losses | 2,643 | 1,342 |
Accrual to cash | 72 | 0 |
Stock-based compensation | 142 | 0 |
Total deferred tax assets | 3,459 | 1,466 |
Valuation allowance for deferred tax assets | (3,459) | (1,466) |
Net deferred tax | 0 | 0 |
Net deferred tax assets | $ 0 | $ 0 |
Note 8 - Subsequent Events (Det
Note 8 - Subsequent Events (Details Textual) - shares | 12 Months Ended | ||
Apr. 05, 2024 | Apr. 01, 2024 | Mar. 31, 2024 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 2,003,600 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,996,400 | ||
Subsequent Event [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 2,023 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum | 5% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 942,305 |