Capital Stock

6 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

Capital Stock

NOTE 12 – CAPITAL STOCK

During the six month period ended September 30, 2020, we issued 2,120,208 shares of common stock as follows:

● 1,663,215 shares were sold to investors for $2,881,871

● 121,213 shares were issued to investors for exercised warrants valued for $242,245

● 279 shares were issued for cashless exercise of 1,967 warrants

● 8,336 shares were issued for services provided to the Company value at $13,188

● 327,165 shares valued at $475,736 were issued to employees, members of the Board of Directors, and members of the Advisory Committee as compensation

Pursuant to subscription agreements with certain investors, the Company agreed to file a registration statement for shares purchased by investors on or before the 75^th day following closing. The Company was unable to meet this obligation and is required to pay a liquidated damage fee to investors on a monthly basis to avoid default until such registration statement is filed. Accordingly, the Company paid $35,000 in the current period and accrued $126,200 for fees payable subsequent to September 30, 2020. The Company recorded these fees as issuance costs in Other Expenses.

At September 30, 2020, outstanding and exercisable stock purchase warrants consisted of the following:

	Number of Shares			Weighted Averaged Exercise Price		Weighted Average Life Remaining (Years)
Outstanding at March 31, 2020		8,504,372		$	2.10		3.60
Granted		-			-		-
Exercised		(123,180	)		2.00		-
Forfeited or cancelled		-			-		-
Outstanding at September 30, 2020		8,381,192		$	2.10		3.08
Exercisable at September 30, 2020		8,381,192		$	2.10		3.08

As of September 30, 2020, we had 8,381,192 warrants outstanding. Each warrant provides the holder the right to purchase up to one share of our Common Stock at a predetermined exercise price. The outstanding warrants consist of (1) warrants to purchase 966,494 shares of Common Stock at an exercise price of $1.65 per share until April 2025; (2) warrants to purchase 4,518,565 shares of our Common Stock at an exercise price of $2.00 per share from December 2022 through August of 2024; and (3) warrants to purchase 2,896,133 shares of Common Stock at an exercise price of $2.40 from December 2023 through August of 2024.