Quarterly report pursuant to Section 13 or 15(d)

Derivative Liabilities (Tables)

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Derivative Liabilities (Tables)
 9 Months Ended
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of financial assets and liabilities measured on recurring basis

Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed on the condensed consolidated balance sheet as of December 31, 2015:

 

    Carrying     Fair Value Measurement Using  
    Value     Level 1     Level 2     Level 3     Total  
                               
Derivative warrant liabilities   $ 185,715     $ —     $ —     $ 185,715     $ 185,715  
Schedule of fair value measurement of financial assets and liabilities using significant unobservable inputs

The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended December 31, 2015:

 

    Fair Value
Measurement
Using Level 3
Inputs		  
    Total  
Balance, April 1, 2015   $ —  
Issuance of derivative warrant liabilities     206,715  
Change in fair value of derivative warrant liabilities     (21,000 )
Balance, December 31, 2015   $ 185,715
Schedule of fair value of the derivative feature of the warrant

The fair value of the derivative feature of the warrants on the issuance dates and at the balance sheet date were calculated using a binomial option model valued with the following weighted average assumptions:

 

    May 22, 2015     June 9, 2015     December 31, 2015  
Risk free interest rate     1.57 %     1.74 %     1.76 %
Dividend yield     0.00 %     0.00 %     0.00 %
Expected volatility     47 %     47 %     44 %
Remaining term (years)     5.0       5.0       4.40 – 4.44