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14. Subsequent Events
6 Months Ended
Sep. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events

Management has evaluated events subsequent to June 30, 2017 through the date that the accompanying condensed consolidated financial statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustment of and/or disclosure in such financial statements.

 

Public Offering -- On October 4, 2017, we consummated a public offering of 5,454,546 shares of common stock and warrants to purchase 5,454,546 shares of common stock, for total gross proceeds of $6.0 million. The offering was priced at $1.10 per unit with each unit comprised of one share of common stock and one common stock purchase warrant. Neither the warrants nor the units are listed on an exchange and therefore do not trade. The warrants carry a five-year term with an exercise price of $1.10 per share. The net proceeds of the offering were $5,289,735. H.C. Wainwright & Co. acted as exclusive placement agent for the offering.

 

Nasdaq Continued Listing Requirement -- On August 1, 2017, we received written notification from the Listing Qualifications Staff of The NASDAQ Stock Market LLC (“Nasdaq”) indicating that, based upon our continued non-compliance with the minimum $35,000,000 market value of listed securities (“MVLS”) requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(b)(2) (the “Rule”), the Staff had determined to delist our securities from Nasdaq (the “Staff Determination”) unless we timely request a hearing before the Nasdaq Hearings Panel (the “Panel”), which we timely requested on August 8, 2017.

 

We subsequently completed Nasdaq’s appeal process and in October 2017, Nasdaq formally notified us that we have demonstrated compliance with applicable requirements for the continued listing of our common stock on The Nasdaq Capital Market, including the $2.5 million stockholders' equity requirement, although we must appoint a new independent director no later than our next Annual Meeting scheduled to occur in March 2018. 

 

Restricted Stock Unit (“RSU”) Issuances – In October 2017, 46,125 RSUs held by our executives were exchanged into the same number of shares of our common stock. As our executives elected to net settle a portion of their RSU’s in exchange for the Company paying the related withholding taxes on the share issuance, 23,713 of the RSUs were cancelled, and we issued a net 22,412 shares to our executives.

 

Billing under NIH Contract -- In October 2017, we completed the first milestone on our contract with the National Institutes of Health (“NIH”) and invoiced NIH for the $74,812.50 payment associated with that milestone. The overall potential revenue on the NIH Contract is $299,250 and the contract has a nine month term.