Annual report pursuant to Section 13 and 15(d)

3. Summary of Significant Accounting Policies (Tables)

v2.4.1.9
3. Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Mar. 31, 2015
Accounting Policies [Abstract]  
Financial liabilities measured at fair value on a recurring basis

Financial liabilities measured at fair value on a recurring basis are summarized below:

 

    Fair Value Measurements at March 31, 2015 Using  
    Total
March 31,
2015 		    Quoted prices in active markets for identical assets
(Level 1) 		    Significant other observable inputs
(Level 2) 		    Significant other unobservable inputs
(Level 3) 		 
Liabilities:                                
Derivative liabilities – warrants   $       11,000            –             –     $ 11,000  

 

    Fair Value Measurements at March 31, 2014 Using  
    Total
March 31,
2014 		    Quoted prices in active markets for identical assets
(Level 1) 		    Significant other observable inputs
(Level 2) 		    Significant other unobservable inputs
(Level 3) 		 
Liabilities:                                
Derivative liabilities – warrants   $ 3,175,000           –         –     $ 3,175,000  

 
Property and equipment estimated useful life
    Years  
Office equipment   3  
Manufacturing, lab and other equipment   5  
Furniture and fixtures   7  
(Loss) earnings per share
    For the Years Ended  
    March 31,  
    2015     2014  
Net (loss) income available to common stockholders - basic   $ (8,203,000 )   $ 3,735,000  
                 
Denominator - basic:                
Weighted average number of common shares outstanding     9,657,000       6,882,000  
Basic (loss) earnings per common share   $ (0.85 )   $ 0.54  
                 
Net (loss) income available to common stockholders - diluted   $ (8,203,000 )   $ 3,735,000  
Denominator - diluted:                
Weighted average number of common shares outstanding     9,657,000       6,882,000  
Common share equivalents of outstanding stock options     –       12,000  
Common share equivalents of outstanding warrants     –       4,000  
Weighted average number of common shares outstanding     9,657,000       6,898,000  
Dilutive (loss) earnings per common share   $ (0.85 )   $ 0.54  
                 
Securities excluded from the weighted average dilutive common shares outstanding because their inclusion would have been anti-dilutive:                
Stock options     2,877,000       1,122,000  
Warrants     7,741,000       1,410,000  
      10,618,000       2,532,000