Quarterly report pursuant to Section 13 or 15(d)

Derivative Liabilities (Tables)

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Derivative Liabilities (Tables)
 6 Months Ended
Sep. 30, 2015
Derivative Liability [Abstract]  
Schedule of Fair value on a 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 September 30, 2015:  

 

    Carrying     Fair Value Measurement Using  
    Value     Level 1     Level 2     Level 3     Total  
                               
Derivative warrant liabilities   $ 191,129     $ —     $ —     $ 191,129     $ 191,129  
                                         
Schedule of 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 six months ended September 30, 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     (15,586 )
 Balance, September 30, 2015   $ 191,129  
Schedule of fair value of the derivative feature of the warrants

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   September 30, 2015  
 Risk free interest rate   1.57%   1.74%   1.37%  
 Dividend yield   0.00%   0.00%   0.00%  
 Expected volatility   47%   47%   45%  
 Remaining term   5.0   5.0   4.65 – 4.69 years