Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.0.8
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Sep. 30, 2014
Summary Of Significant Accounting Policies Tables  
Summary of stock-based compensation expense
    Three Months Ended     Six Months Ended  
    September 30,     September 30,  
    2014     2013     2014     2013  
 Research and development expense:                        
 Stock option grants   $ 64,600     $ 59,100     $ 126,100     $ 113,400  
 Warrants granted to officer in March 2014 and 2013     36,300       33,500       72,600       66,900  
                                 
      100,900       92,600       198,700       180,300  
                                 
 General and administrative expense:                                
 Stock option grants     33,300       66,800       68,100       110,300  
 Warrants granted to officers and directors in March 2014 and 2013     70,800       66,800       141,600       133,700  
                                 
      104,100       133,600       209,700       244,000  
                                 
 Total stock-based compensation expense   $ 205,000     $ 226,200     $ 408,400     $ 424,300  
Basic and diluted net loss attributable to common stockholders per share
   

Quarters Ended

September 30,

   

Six Months Ended

September 30,

 
    2014     2013     2014     2013  
                         
Numerator:                        
Net loss attributable to common stockholders for basic earnings per share   $ (2,020,900 )   $ (1,459,800 )   $ (6,574,200 )   $ (1,274,100 )
less: change in fair value of warrant liability attributable to Exchange,  Investment and Bridge Warrants issued to Platinum     (441,700 )     (84,200 )     -       (733,500 )
Net loss for diluted earnings per share attributable to common stockholders   $ (2,462,600 )   $ (1,544,000 )   $ (6,574,200 )   $ (2,007,600 )
                                 
Denominator:                                
Weighted average basic common shares outstanding     1,279,251       1,081,529       1,254,506       1,061,266  
Assumed conversion of dilutive securities:                                
Warrants to purchase common stock     19,848       46,622       -       51,409  
Potentially dilutive common shares assumed converted     19,848       46,622       -       51,409  
Denominator for diluted earnings per share - adjusted weighted average shares     1,299,099       1,128,152       1,254,506       1,112,675  
                                 
Basic net loss attributable to common stockholders per common share   $ (1.58 )   $ (1.35 )   $ (5.24 )   $ (1.20 )
Diluted net loss attributable to common stockholders per common share   $ (1.90 )   $ (1.37 )   $ (5.24 )   $ (1.80 )
Schedule of antidilutive securities excluded from computation of earnings per share

 

    As of September 30,  
    2014     2013  
Series A preferred stock issued and outstanding (1)     750,000       750,000  
Warrant shares issuable to Platinum upon exercise of common stock warrants by Platinum upon exchange of Series A Preferred under the terms of the October 11, 2012 Note Exchange and Purchase Agreement     375,000       375,000  
Outstanding options under the 2008 and 1999 Stock Incentive Plans     209,388       239,406  
Outstanding warrants to purchase common stock     962,758       733,737  
10% convertible Exchange Note and Investment Notes issued to Platinum in October 2012, February 2013 and March 2013, including accrued interest through September 30, 2014 and 2013, respectively (2)     394,258       356,397  
10% convertible note issued to Platinum on July 26, 2013, including accrued interest through March 31, 2014 through September 30, 2014 and 2013, respectively     28,166       25,461  
10% convertible notes issued as a component of Unit Private Placements, including accrued interest through March 31, 2014 accrued interest through September 30, 2014 and 2013, respectively (3)     281,396       20,806  
                 
Total     3,000,966       2,500,807  

 

(1)  Assumes exchange under the terms of the October 11, 2012  Note Exchange and Purchase Agreement with Platinum
(2)  Assumes conversion under the terms of the October 11, 2012  Note Exchange and Purchase Agreement with Platinum and the terms of the individual notes
(3) Excludes effect of conversion premium upon conversion into securities which may be issued in a Qualified Financing, as defined in the notes