Annual report pursuant to Section 13 and 15(d)

Subsequent Events

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Subsequent Events
12 Months Ended
Mar. 31, 2021
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, 2021:

 

Conversion of Series D Preferred Stock

 

From April 5, 2021 to April 22,2021, holders of an aggregate of 402,149 shares of our Series D Preferred converted such shares into 9,249,427 shares of our registered common stock, following which no shares of Series D Preferred remained outstanding.

 

Exercise of Warrants

 

From April 1, 2021 through the date of this Annual Report, holders of outstanding warrants have exercised warrants to purchase an aggregate of 1,508,768 shares of our common stock and we have received cash proceeds of approximately $1,105,700. On May 16, 2021, warrants to purchase 2,705,883 shares of our common stock at $5.30 per share expired unexercised.

 

Grant of Options from 2019 Plan

 

From April 1, 2021 through the date of this Annual Report, we granted options to purchase 575,000 shares of our common stock under the terms of our 2019 Plan to three newly-hired executives and a new independent member of our Board. The options have an exercise price equal to the quoted closing market price of our common stock on the Nasdaq Capital Market on the respective date of grant, a term of ten years and vest 25% on the first anniversary of the grant date and ratably on a monthly basis for three years thereafter.

 

Termination of LPC Agreement

 

On June 25, 2021, in accordance with its provisions, we voluntarily terminated the LPC Agreement and will sell no additional shares of our common stock under that agreement.