Annual report pursuant to Section 13 and 15(d)

Stock Option Plans and 401(k) Plan (Tables)

v3.20.2
Stock Option Plans and 401(k) Plan (Tables)
12 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of share-based compensation expense
     Fiscal Year Ended March 31,  
     2020      2019  
             
 Research and development expense   $ 1,287,200     $ 1,259,400  
                 
 General and administrative expense     2,533,600       2,184,000  
                 
                 
 Total stock-based compensation expense   $ 3,820,800     $ 3,443,400  
Schedule of Black Scholes option valuation model
    Fiscal Years Ended March 31,  
     2020      2019  
    (weighted average)     (weighted average)  
Exercise price   $ 1.14     $ 1.45  
Market price on date of grant   $ 1.05     $ 1.45  
Risk-free interest rate     1.79 %     2.84 %
Expected term (years)     5.41       6.32  
Volatility     86.99 %     96.58 %
Expected dividend yield     0.00 %     0.00 %
                 
Fair value per share at grant date   $ 0.73     $ 1.15  
Schedule of stock option plans
     Fiscal Years Ended March 31,  
     2020      2019  
           Weighted            Weighted  
           Average            Average  
     Number of      Exercise      Number of      Exercise  
     Shares      Price      Shares      Price  
                         
 Options outstanding at beginning of period     6,626,088     $ 1.48       5,300,338     $ 2.43  
 Options granted     3,455,000     $ 1.14       1,355,000     $ 1.45  
 Options exercised     -     $ -       (29,250 )   $ 1.50  
 Options forfeited     -     $ -       -     $ -  
 Options expired     (78,000 )   $ 1.50       -     $ -  
                                 
 Options outstanding at end of period     10,003,088     $ 1.36       6,626,088     $ 1.48  
 Options exercisable at end of period     7,936,290     $ 1.39       4,303,972     $ 1.53  
                                 
 Weighted average grant-date fair value of                                
 options granted during the period           $ 0.73             $ 1.15  
Modification Black Sholes option valuation model

Assumption:

  Pre-modification     Post-modification  
Market price per share   $ 1.49     $ 1.49  
Exercise price per share   $ 3.57     $ 1.50  
Risk-free interest rate     2.77 %     2.77 %
Remaining expected term in years     5.08       5.08  
Volatility     94.9 %     94.9 %
Dividend rate     0.0 %     0.0 %
                 
Number of option shares     2,419,503       2,419,503  
Weighted average fair value per share   $ 0.91     $ 1.08  
Schedule of stock options outstanding and exercisable
        Options Outstanding     Options Exercisable  
               Weighted                    
               Average      Weighted            Weighted  
               Remaining      Average            Average  
   Exercise      Number      Years until      Exercise      Number      Exercise  
   Price      Outstanding      Expiration      Price      Exercisable      Price  
                                   
  $ 0.50 to $1.00       1,815,000       9.30     $ 0.90       1,040,422     $ 0.84  
  $ 1.16       2,000,000       7.84     $ 1.16       2,000,000     $ 1.16  
  $ 1.20 to $1.41       2,525,000       9.13     $ 1.35       1,455,466     $ 1.33  
  $ 1.50 to $1.52       2,412,253       6.65     $ 1.50       2,302,069     $ 1.50  
  $ 1.56 to $1.99       1,115,000       7.86     $ 1.63       1,017,082     $ 1.61  
  $ 2.20 to $15.00       135,835       6.28     $ 6.03       121,251     $ 6.49  
                                               
      10,003,088       8.12     $ 1.36       7,936,290     $ 1.39