Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
6 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
NOTE 10 - Subsequent Events

2014 Unit Private Placement

 

From October 1, 2014 to November 17, 2014, we entered into additional securities purchase agreements with accredited investors pursuant to which we sold units to such accredited investors in private placement transactions consisting of (i) one-year 10% convertible 2014 Unit Notes in the aggregate face amount of $165,000; (ii) an aggregate of 8,250 shares of our restricted common stock; and (iii) warrants exercisable through December 31, 2016 to purchase an aggregate of 8,250 restricted shares of our common stock at an exercise price of $10.00 per share. We received cash proceeds of $165,000 from the sales of the Units.

 

Note Receivable from sale of Common Stock

 

On October 2, 2014 we received a cash payment of $60,000 from the maker of the May 2011 note receivable issued to us to purchase shares of our common stock.  For strategic purposes, we have considered that payment to be in full satisfaction of the outstanding principal balance of the note, $192,900, and related accrued interest at September 30, 2014.