Capital Stock Transactions
|12 Months Ended|
Mar. 31, 2017
|Capital Stock Transactions||
Capital Stock Transactions
There are 2,000,000 shares of Series A Convertible Preferred Stock, $0.0001 par value per share (“Series A”), authorized and 100,000 shares issued and outstanding, which are currently convertible into 20,000 shares of common stock. The Series A holders are entitled to: (1) vote on an equal per share basis as common stock, (2) dividends paid to the common stock holders on an as if-converted basis and (3) a liquidation preference equal to the greater of $10 per share of Series A (subject to adjustment) or such amount that would have been paid to the common stock holders on an as if-converted basis.
Common Stock and Warrants
In April 2016, the Company issued 930 shares of common stock for the exercise of options assumed by the Company as part of the acquisition of DT Media (Appia, Inc.) during March 2015.
In June 2016, the Company issued 3,282 shares of common stock for the exercise of options assumed by the Company as part of the acquisition of DT Media (Appia, Inc.) during March 2015.
In June 2016, the Company issued 30,000 warrants to a third party for services rendered. The warrants are immediately exercisable on the date of issuance at an initial exercise price of $1.08 per share and will expire on June 9, 2021.
In July 2016, the Company issued 13,826 shares of common stock for the exercise of options assumed by the Company as part of the acquisition of DT Media (Appia, Inc.) during March 2015.
In January 2017, the Company issued 345 shares of common stock for the exercise of options assumed by the Company as part of the acquisition of DT Media (Appia, Inc.) during March 2015.
In September 2016, in connection with the issuance of the Notes, the Company issued 250,000 and 4,105,600 warrants to the initial purchaser and holders of the Notes, respectively. The warrants are immediately exercisable on the date of issuance at an initial exercise price of $1.364 per share and will expire on September 23, 2020. The exercise price is subject to proportional adjustment for adjustments to outstanding common stock and anti-dilution provisions in case of dividends or distributions, stock split or combination, or if the Company issues or sells shares of common stock at a price per share less than the conversion price on the trading day immediately preceding such issuance of sale. Refer to Note 8 "Fair Value Measurements" and Note 11 "Debt" for more details.
The following table provides activity for warrants issued and outstanding during the year ended March 31, 2017:
With respect to warrants for services rendered, the Company expensed $19 during the year ended March 31, 2017, and recorded no warrant expense during the year ended March 31, 2016.
Restricted Stock Agreements
From time to time, the Company enters into restricted stock agreements (“RSAs”) with certain employees and consultants. The RSAs have performance conditions, market conditions, time conditions or a combination thereof. In some cases, once the stock vests, the individual is restricted from selling the shares of stock for a certain defined period, from three months to two years, depending on the terms of the RSA. As reported in our Current Reports on Form 8-K filed with the SEC on February 12, 2014 and June 25, 2014, the Company adopted a Board Member Equity Ownership Policy that supersedes any post-vesting lock-up in RSAs that are applicable to people covered by the policy, which includes the Company’s Board of Directors and Chief Executive Officer.
Service and Time Condition RSAs
On various dates during the years ended March 31, 2017, 2016, and 2015, the Company issued 331,363, 233,928, and 267,195 restricted shares, respectively, with vesting criteria based on both service and time conditions.
In August 2016, the Company issued 331,363 restricted shares to its directors for services. The shares vest over one year. For accounting purposes, the Company determined the grant date fair value to be $1.10 per share which is the closing price of the Company's stock price on August 1, 2016. Subsequently, 39,545 unvested shares were canceled related to the voluntary departure of one of our directors.
With respect to service and time condition RSAs, during the years ended March 31, 2017, 2016, and 2015, the Company expensed $379, $867, and $956 related to time condition RSAs, respectively. As of March 31, 2017, 139,318 remain unvested.
The following is a summary of restricted stock awards and activities for all vesting conditions for the years ended March 31, 2017 and 2016, respectively, were as follows:
All restricted shares, vested and unvested, cancellable and not cancelled, have been included in the outstanding shares as of March 31, 2017.
At March 31, 2017 and March 31, 2016, there was $103 and $159, respectively, of unrecognized stock-based compensation expense, net of estimated forfeitures, related to unvested restricted stock awards expected to be recognized over a weighted-average period of approximately 0.33 and 0.34 years, respectively.
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://www.xbrl.org/2003/role/presentationRef