General form of registration statement for all companies including face-amount certificate companies

Derivative Liabilities (Tables)

v3.5.0.2
Derivative Liabilities (Tables)
 12 Months Ended
Mar. 31, 2016
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 consolidated balance sheet as of March 31, 2016:

 

    Carrying     Fair Value Measurement Using  
    Value     Level 1     Level 2     Level 3     Total  
                               
Derivative warrant liabilities   $ 313,709     $ —     $ —     $ 313,709     $ 313,709  
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 year ended March 31, 2016:

 

    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     106,994  
Balance, March 31, 2016   $ 313,709  
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     March 31, 2016  
Risk free interest rate     1.57 %     1.74 %     1.04 %
Dividend yield     0.00 %     0.00 %     0.00 %
Expected volatility     47 %     47 %     41 %
Remaining term (years)     5.0       5.0       4.15 – 4.19