COMMITMENTS AND CONTINGENCIES

9 Months Ended

Dec. 31, 2014

Commitments And Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE12: COMMITMENTS AND CONTINGENCIES

In addition to the matters described in Note 10, the Company may become involved in or subject to, routine litigation, claims, disputes, proceedings and investigations in the ordinary course of business, which in our opinion will not have a material adverse effect on our financial condition, cash flows or results of operations.

Office Lease

In April 2011, the Company leased approximately 2,400 square feet of office space in San Diego, California. The term of the lease is three years. There are no options to extend the lease term.

On February 1, 2014, the Company entered into a sublease agreement in connection with the relocation of the Company’s principal headquarters. The new sublease covers approximately 7,525 square feet and has a term that expires November 30, 2014. Rent during the term is $15,050 per month.

On April 1, 2014, the Company entered into a modification of its current lease agreement.  The terms of the modification begin December 1, 2014 and extended the expiration date to November 30, 2018.  Average rent expense is approximately $23,304 per month, with a deposit of $170,000 due in November 2014.  The base rent expense over the life of the lease is approximately $1,118,600.  Total rent expense for the Transition 2014 Period and fiscal year ended March 31, 2014, was $143,704 and $85,383, respectively. Rent expense under the lease for the fiscal period ended December 31, 2015 is expected to be $279,650.

Future minimum lease payments as of December 31, 2014 are as follows:

For the Years Ending December 31,
2015	$	199,380
2016		298,370
2017		307,320
2018		289,450
	$	1,094,520