SUBSEQUENT EVENTS

6 Months Ended

Sep. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On October 9, 2018, the Company issued a Convertible Note to a Lender which the Company borrowed $5.0 million from the Lender. The Convertible Note has a term of one year from issuance, with two one-year extensions available at the option of the Company, and bears interest at 8% per annum. The principal is payable upon maturity, in cash or in shares of the Company’s Class A common stock, par value $0.001 per share (the “Common Stock”) at the Company’s election. The Convertible Note is unsecured and may be prepaid without premium or penalty, and contains customary covenants, representations and warranties. The Convertible Note is convertible, in whole or in part from time to time, into shares of Common Stock at the holder’s election or at the Company’s election. Upon conversion, the Company may elect to settle such conversion with shares of Common Stock or a combination of cash and shares of Common Stock. At maturity, the Company may elect to pay in cash or shares of Common Stock.

In October 2018, all of the proceeds from the Convertible Note were used to repay the $5.0 million principal amount outstanding under the 2013 Notes prior to its maturity of October 21, 2018. The warrants issued to creditors in connection with the 2013 Notes expired with the payment of the $5.0 million of 2013 Notes.