13 WARRANTS

9 Months Ended

Dec. 31, 2015

Temporary Equity Disclosure [Abstract]

WARRANTS

NOTE 13.WARRANTS

On May 26, 2015, the Company issued 2,777,777 warrants, which vest immediately, have an exercise price of $1.80 and expire on May 26, 2020. The warrants were valued using the Black-Scholes pricing model. Significant assumptions used in the valuation include stock price on the measurement date of $1.50, expected term of 2.5 years, expected volatility of 50%, risk free interest rate of 1.53%, and expected dividend yield of 0%. The value on the grant date of the options was $1,078,523 and the expense for March 31, 2015 and December 31, 2015 was determined to be $0 and $0. As of December 31, 2013, no options have been exercised from this tranche of options.

There was no warrant activity before 2015. Below is a table summarizing the Company's outstanding warrants as of March 31, 2015 and December 31, 2015:

					Weighted Avg.
	Number of		Weighted Avg.		Remaining		Intrinsic
	Shares		Exercise Price		Term		Value
None outstanding at March 31, 2015		—		—		—
Granted		2,777,777		1.8		4.41	$	13,333,330
Outstanding at December 31, 2015		2,777,777		1.8		4.41	$	13,333,330

For the year ended March 31, 2015 and nine-months December 31, 2015, the Company has incurred no warrants based expense.