| Valuation Assumptions |
| |
Measurement
Date
|
Warrants |
Remaining
Contract
Term in
Years
|
Exercise
Price
|
Volatility |
Risk-free
Interest
Rate
|
Fair
Value
|
| Warrant |
|
|
|
|
|
|
|
|
|
| Placement Agent Warrants |
March 31, 2015 |
16,500 |
1.09 |
$ |
5.00 |
100% |
0.26% |
$ |
1,000 |
| Investor - Series A Warrants |
March 31, 2015 |
1,000 |
0.41 |
$ |
3.00 |
100% |
0.14% |
|
– |
| Investor - Series B Warrants |
March 31, 2015 |
1,400,000 |
0.41 |
$ |
3.63 |
100% |
0.14% |
|
5,000 |
| Placement Agent Warrants |
March 31, 2015 |
69,037 |
1.09 |
$ |
3.00 |
100% |
0.26% |
|
5,000 |
| |
|
|
|
|
|
|
|
$ |
11,000 |
| |
|
|
|
|
|
|
|
|
|
| Warrant |
|
|
|
|
|
|
|
|
|
| Placement Agent Warrants |
June 30, 2015 |
16,500 |
0.84 |
$ |
5.00 |
143% |
0.28% |
$ |
5,000 |
| Investor - Series A Warrants |
June 30, 2015 |
1,000 |
0.16 |
$ |
3.00 |
143% |
0.01% |
|
– |
| Investor - Series B Warrants |
June 30, 2015 |
1,400,000 |
0.16 |
$ |
3.63 |
143% |
0.01% |
|
35,000 |
| Placement Agent Warrants |
June 30, 2015 |
69,037 |
0.84 |
$ |
3.00 |
143% |
0.28% |
|
30,000 |
| |
|
|
|
|
|
|
|
$ |
70,000 |
| Warrant |
|
|
|
|
|
|
|
|
|
| Placement Agent Warrants |
September 30, 2015 |
16,500 |
0.59 |
$ |
5.00 |
100% |
0.08% |
$ |
– |
| Placement Agent Warrants |
September 30, 2015 |
69,037 |
0.59 |
$ |
3.00 |
100% |
0.08% |
|
5,000 |
| |
|
|
|
|
|
|
|
$ |
5,000 |
|
| Changes in fair value of Level 3 financial liabilities recurring basis |
| |
|
Three
Months Ended September
30,
|
|
|
Six
Months Ended September
30,
|
|
| |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
| Beginning balance |
|
$ |
70,000 |
|
|
$ |
1,697,000 |
|
|
$ |
11,000 |
|
|
$ |
3,175,000 |
|
| Mark to market net unrealized gain |
|
|
(65,000 |
) |
|
$ |
(841,000 |
) |
|
$ |
(6,000 |
) |
|
$ |
(2,319,000 |
) |
| Ending balance |
|
$ |
5,000 |
|
|
$ |
856,000 |
|
|
$ |
5,000 |
|
|
$ |
856,000 |
|
|