7. OPTIONS AND WARRANTS
|12 Months Ended|
Mar. 31, 2019
|OPTIONS AND WARRANTS||
The Company has not granted any options since inception.
The Company has granted approximately 424,000 warrants (prior to adjustments based on subsequent dilutive issuances) in connection with convertible debentures (Note 5).
The Company issued 10,000,000 and 6,093,683 shares of their common stock on January 11, 2019 and February 8, 2019, respectively, upon cashless exercise of the warrants granted in connection with the September 11, 2017 Debenture. The Company issued approximately 13,078,000 additional shares upon the cashless exercise, and as such, based on the fair value of the common shares of the Company, recognized a loss on exercise of approximately $3,745,000.
The Company issued 6,719,925 and 4,494,347 shares of their common stock on July 17, 2018 and August 28, 2018, respectively, with a fair value of $150,000, upon cashless exercise of the warrants granted in connection with the July 31, 2017 Debenture.
In the year ended March 31, 2018, 323,333 (after adjustment) common shares of the Company were exercised, with a fair value of $67,000 upon exercise.
As of March 31, 2019, there are 444,000 (after adjustment) remaining warrants outstanding, which expire on January 31, 2022, with an exercise price of 45% of the market value of the common shares of the Company on the date of exercise.