Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.2
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Summary of stock-based compensation expense
     Three Months Ended June 30,  
     2020      2019  
             
 Research and development expense   $ 226,600     $ 390,600  
 General and administrative expense     448,000       672,400  
 Total stock-based compensation expense   $ 674,600     $ 1,063,000  
Fair value assumptions
Assumption:   Weighted Average    

 

Range

 
Market price per share at grant date   $ 0.41     $ 0.40 to 0.54  
Exercise price per share   $ 0.41     $ 0.40 to 0.55  
Risk-free interest rate     0.39 %   0.35% to 0.44 %
Expected term in years     5.36     5.20 to 5.94  
Volatility     84.10 %   82.93% to 85.85 %
Dividend rate     0.0 %     0.0 %
Shares     1,945,000          
                 
Fair Value per share   $ 0.28          
Schedule of potentially dilutive securities excluded from computation of earnings per share
    At June 30,     At March 31,  
    2020     2020  
             
Series A Preferred stock issued and outstanding (1)     750,000       750,000  
Series B Preferred stock issued and outstanding (2)     1,160,240       1,160,240  
Series C Preferred stock issued and outstanding (3)     2,318,012       2,318,012  
Outstanding options under the Company's Amended and Restated 2016 (formerly 2008) Stock Incentive Plan and 2019 Omnibus Equity Incentive Plan     11,948,088       10,003,088  
Outstanding warrants to purchase common stock     26,589,834       26,555,281  
Total     42,766,174       40,786,621  
____________                

(1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as amended

(2) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015; excludes shares of unegistered common stock issuable in payment of dividends on Series B Preferred upon conversion

(3) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016