Related Party Transactions

12 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

Note 9. Related Party Transactions

Beginning in March 2013, the Company employed an immediate family member of the Chief Executive Officer as an operations technician at an annual salary of approximately $36,000.

Upon completion of the IPO, on March 26, 2014, Oculus owned 2,000,000 shares of the Company’s common stock or approximately 43% of the then outstanding common stock.

On March 13, 2015, Oculus entered into a securities purchase agreement with several investors, pursuant to which the investors agreed to purchase 350,000 shares of the Company’s common stock at a price of $2.75 per share. On March 23, 2015, this sale closed. Oculus retained the voting rights to the 350,000 shares until and through the date of closing of the Merger. In the event that the closing of the Merger does not occur on or prior to September 30, 2015, the 350,000 shares of the Company’s common stock will become fully tradable and full voting rights will transfer to the purchasers of such shares.

On March 13, 2015, Oculus entered into a securities purchase follow-up agreement with several investors pursuant to which Oculus agreed to sell 1,650,000 shares of the Company’s common stock at a price of $2.75 per share to the investors upon completion of the Merger, provided that 50,000 shares may be sold to one or more investors prior to closing. If the Merger does not close by August 13, 2015 or as may be extended up to 60 calendar days at Oculus’s discretion, there will be no obligation of the investors to purchase the shares. Oculus will retain the voting rights to the 50,000 shares until and through the date of closing of the Merger. In the event that the closing of the Merger does not occur on or prior to September 30, 2015, the 50,000 shares of common stock will become fully tradable and full voting rights will transfer to the investors.