Note 16 - Subsequent Event

6 Months Ended

Sep. 30, 2017

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Note 16 – Subsequent Event

In November 2017, the Company entered into a subscription agreement with an existing stockholder to provide $3 million in exchange for Series A Convertible Preferred Stock. The Series A Preferred Stock has the rights, privileges, preferences and restrictions set for in the Certificate of Amendment to Certificate of Incorporation (the “Designations”) filed by the Company with the Secretary of State of the State of New Jersey on November 8, 2017.  The Designations provide for an 8% dividend rate and Series A Preferred Stock is convertible into shares of common stock at a price of $3.00 per share.

The Company has the option of repurchasing the shares of the Series A Preferred Stock at face value plus unpaid dividends after three years.

The holders of the Series A Preferred Stock will vote together with the holders of the Company’s Common Stock on an as-converted basis on each matter submitted to a vote of holders of Common Stock (whether at a meeting of shareholders or by written consent). In any such vote, the number of votes that may be cast by a Holder shall be equal to one (1) vote for each Conversion Share underlying such Holder’s outstanding shares of Series A Preferred, subject to adjustment based on the applicable Maximum Conversion Amount, as of the record date for such vote or written consent or, if there is no specified record date, as of the date of such vote or written consent. Each Holder shall be entitled to notice of all shareholder meetings (or requests for written consent) in accordance with the Company’s bylaws.

At the Company’s Annual Meeting in January 2018, the shareholders will vote to approve (i) an amendment to our Certificate of Incorporation to increase the number of authorized Common Shares from 4,000,000 shares to 6,000,000 shares and (ii) the increase of the maximum amount of shares of Common Stock into which the Series A Preferred Stock can be converted from 600,000 shares to 1,000,000 shares.