Quarterly report pursuant to Section 13 or 15(d)

Capital Stock Transactions

Capital Stock Transactions
9 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Capital Stock Transactions
Capital Stock Transactions
Preferred Stock
There are 2,000,000 shares of Series A Convertible Preferred Stock authorized, $0.0001 par value per share (“Series A”), and 100,000 shares of Series A 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 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 if-converted basis.
Common Stock and Warrants
For the nine months ended December 31, 2019, the Company issued 2,169,876 shares of common stock for the exercise of employee options.
The following table provides activity for warrants issued and outstanding during the nine months ended December 31, 2019:
Number of Warrants Outstanding
Weighted-Average Exercise Price
Outstanding as of March 31, 2019



Outstanding as of December 31, 2019


Restricted Stock Awards
From time to time, the Company enters into restricted stock award (“RSAs”) agreements with certain employees, directors, 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, except for Company Board members and the Chief Executive Officer, who are subject to the Company's Board Member Equity Ownership Policy, which supersedes any post-vesting lock-up in RSAs that are applicable to such persons.
Service and Time Condition RSAs
Awards of restricted stock are grants of restricted stock that are issued at no cost to the recipient. The cost of these awards is determined using the fair market value of the Company’s common stock on the date of the grant. Compensation expense for restricted stock awards with a service and time condition is recognized on a straight-line basis over the requisite service period.

In July 2019, the Company issued 75,494 restricted shares to its Board of Directors for their next annual service period. The shares vest quarterly over one year. The fair value of the shares on the date of issuance was $421.
With respect to time condition RSAs, the Company expensed $105 and $318 during the three and nine months ended December 31, 2019, respectively, and $123 and $365 during the three and nine months ended December 31, 2018, respectively.
The following is a summary of restricted stock awards and activities for all vesting conditions for the nine months ended December 31, 2019:
Number of Shares
Weighted-Average Grant Date Fair Value
Unvested restricted stock outstanding as of March 31, 2019





Unvested restricted stock outstanding as of December 31, 2019


All restricted shares, vested and unvested, cancelable and not cancelled, have been included in the outstanding shares as of December 31, 2019.
At December 31, 2019, there was $246 of unrecognized stock-based compensation expense, net of estimated forfeitures, related to non-vested restricted stock awards expected to be recognized over a weighted-average period of approximately 0.58 years.