Annual report pursuant to Section 13 and 15(d)

Subsequent Events

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Subsequent Events
12 Months Ended
Mar. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

We have evaluated subsequent events through the date of this Annual Report and have identified the following material events and transactions that occurred after March 31, 2019: 

 

Grants of Stock Options and Adoption of 2019 Stock Incentive Plan

 

On May 23, 2019, when the quoted market price of our common stock was $0.80 per share, the Compensation Committee of the Board granted options from our 2016 Plan to our independent directors, officers and employees and to certain consultants to purchase an aggregate of 1,210,000 shares of our common stock at an exercise price of $1.00 per share. The options were vested 25% upon grant with the remaining shares vesting over three years for independent directors, officers and employees, and over two years for consultants. On May 30, 2019, when the quoted market price of our common stock was $0.91 per share, we granted options to purchase 10,000 shares of our common stock to another consultant. The options were vested 25% upon grant with the remaining shares vesting over two years.

 

On May 27, 2019, the Board approved, subject to subsequent stockholder approval at our 2019 Annual Meeting of Stockholders expected to be held in September 2019, the 2019 Omnibus Equity Incentive Plan (the 2019 Plan) and designated 7.5 million shares of our authorized common stock to be reserved thereunder. On May 28, 2019, when the quoted market price of our common stock was $0.82 per share, the Compensation Committee granted options from the 2019 Plan to one of our officers to purchase 170,000 shares of our common stock at an exercise price of $1.00 per share, which grant is contingent upon the approval of the 2019 Plan by our stockholders. The option will vest 25% upon approval of the 2019 Plan with the remaining shares vesting over three years.