Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2016

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

A summary of warrant activity is as follows:

	Number of Shares		Weighted- Average Exercise Price/Share		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (1)
Outstanding — March 31, 2014		5,099,528	$	10.08
Issued		826,284		6.00
Exercised		(23,256)		4.08
Expired		(426,750)		39.36
Outstanding — March 31, 2015		5,475,806		7.20
Issued		7,513,768		3.68
Exercised		(49,339)		2.40
Expired		(1,786,367)		9.28
Outstanding — March 31, 2016		11,153,868	$	4.50		3.7	$	3,800
Vested (exercisable) — March 31, 2016		11,153,868	$	4.50		3.7	$	3,800

(1)

Aggregate intrinsic value represents the difference between the exercise price of the warrant and the closing market price of the Company’s common stock on March 31, 2016, which was $2.03 per share.

Schedule of Fair Value Assumptions of Stock Options

The fair value of each option grant was estimated on the date of grant using Black-Scholes with the following assumptions:

	March 31,
	2016	2015
Expected life (years)	5.2 – 6.4	1.5 – 6.1
Risk-free interest rate	1.30% - 1.93%	0.31% - 2.03%
Volatility	116% - 122%	103% - 128%
Dividend yield	0%	0%

Schedule of Stock Option Activity

A summary of stock option activity is as follows:

	Number of Shares		Weighted- Average Exercise Price/Share		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (1)
Outstanding — March 31, 2014		991,183	$	4.20
Granted (weighted-average fair value of $4.20 per share)		955,199		4.92
Exercised		(657)		3.24
Forfeited		(150,130)		4.56
Expired		(1,850)		27.48
Outstanding — March 31, 2015		1,793,745	$	4.56
Granted (weighted-average fair value of $2.83 per share)		2,536,968		4.49
Exercised		(4,601)		2.47
Forfeited		(322,760)		4.37
Expired		(4,027)		5.55
Outstanding — March 31, 2016		3,999,325	$	4.44		8.4	$	135,600
Vested (exercisable) — March 31, 2016		1,333,944	$	4.41		7.1	$	—
Expected to vest after March 31, 2016 (unexercisable)		2,665,381	$	4.45		3.0	$	135,600

(1)

Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of the common stock on March 31, 2016, which was $2.03 per share.

Stock Options [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Information by Exercise Price Range

The following table summarizes information with respect to stock options outstanding and exercisable at March 31, 2016:

Exercise Price	Number Outstanding		Weighted- Average Remaining Contractual Life (Years)		Weighted- Average Exercise Price		Number Exercisable		Weighted- Average Exercise Price
$1.08 – 2.66		331,687		7.5	$	1.82		156,254	$	2.32
$3.00 – 3.96		1,430,798		8.5	$	3.14		521,916	$	3.21
$4.32 – 4.92		759,506		8.4	$	4.75		281,164	$	4.71
$5.00 – 6.36		953,344		8.9	$	5.05		206,780	$	5.15
$7.80 – 7.92		507,554		8.2	$	7.81		151,394	$	7.84
$10.32 – 99.60		16,436		4.7	$	16.43		16,436	$	16.43
		3,999,325						1,333,944

Warrant [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Fair Value Assumptions of Stock Options

During the years ended March 31, 2016 and 2015, the fair value of each warrant grant was estimated on the date of grant using Black-Scholes with the following assumptions:

	March 31,
	2016		2015
Expected life (years)		3.1 – 5.2		3.0 – 7.0
Risk-free interest rate		0.99% - 1.73%		1.07% - 2.00%
Volatility		99% - 121%		117% - 125%
Dividend yield		0%		0%

Schedule of Information by Exercise Price Range

The following table summarizes information with respect to warrants outstanding and exercisable at March 31, 2016:

Exercise Price		Number Outstanding		Weighted- Average Remaining Contractual Life (Years)		Weighted- Average Exercise Price		Number Exercisable		Weighted- Average Exercise Price
$	1.88 – 2.40		174,187		2.4	$	2.30		174,187	$	2.30
$	3.48 – 3.57		7,096,524		4.3	$	3.57		7,096,524	$	3.57
$	4.44 – 4.47		1,780,634		2.6	$	4.44		1,780,634	$	4.44
$	5.88 – 6.00		1,242,517		3.9	$	5.99		1,242,517	$	5.99
$	8.28 – 16.56		837,609		0.9	$	8.29		837,609	$	8.29
$	33.60 – 129.60		22,397		1.5	$	98.70		22,397	$	98.70
			11,153,868						11,153,868

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details