| Summary of Activity Related to Outstanding Warrants |
The following summarizes activity related to the Company's outstanding warrants for the years ended March 31, 2026, 2025 and 2024:
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Warrants |
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|
Weighted Average Exercise Price |
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|
Weighted Average Remaining Contractual Life (Years) |
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At March 31, 2023 |
|
39,813 |
|
|
$ |
153.00 |
|
|
|
5.5 |
|
Granted |
|
60,782 |
|
|
$ |
74.00 |
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|
|
— |
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Exercised |
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(38,737 |
) |
|
$ |
55.25 |
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|
|
— |
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Cancelled |
|
— |
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|
$ |
— |
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|
|
— |
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At March 31, 2024 |
|
61,858 |
|
|
$ |
76.25 |
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|
|
4.5 |
|
Granted |
|
3,105 |
|
|
$ |
140.75 |
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|
|
— |
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Exercised |
|
(10,726 |
) |
|
$ |
73.25 |
|
|
|
— |
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Cancelled |
|
— |
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|
$ |
— |
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|
|
— |
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At March 31, 2025 |
|
54,237 |
|
|
$ |
80.25 |
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|
|
3.6 |
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Granted |
|
535,000 |
|
|
$ |
10.25 |
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|
|
4.7 |
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Exercised |
|
— |
|
|
$ |
— |
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|
|
— |
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Cancelled |
|
— |
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$ |
— |
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|
— |
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At March 31, 2026 |
|
589,237 |
|
|
$ |
16.75 |
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|
|
4.5 |
|
Warrants exercisable as of March 31, 2026 |
|
589,237 |
|
|
$ |
16.75 |
|
|
|
4.5 |
|
The following summarizes activity related to the Company's outstanding warrants for the years ended March 31, 2026, 2025 and 2024:
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|
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Pre-Funded Warrants |
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At March 31, 2023 |
|
9,374 |
|
Granted |
|
— |
|
Exercised |
|
(9,374 |
) |
Cancelled |
|
— |
|
At March 31, 2024 |
|
— |
|
Granted |
|
— |
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Exercised |
|
— |
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Cancelled |
|
— |
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At March 31, 2025 |
|
— |
|
Granted |
|
500,000 |
|
Exercised |
|
(282,280 |
) |
Cancelled |
|
— |
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At March 31, 2026 |
|
217,720 |
|
Warrants exercisable as of March 31, 2026 |
|
217,720 |
|
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| Summary of Calculation of Fair Value of Awards using Black-Scholes Option-Pricing Model Affected by Stock Price on Date of Grant as well as Assumptions |
The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock option awards. The calculation of the fair value of the awards using the Black-Scholes option-pricing model is affected by the Company’s stock price on the date of grant as well as assumptions regarding the following:
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As of March 31, 2026 |
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As of March 31, 2025 |
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As of March 31, 2024 |
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Expected volatility |
185.33% |
|
183.05% |
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212.26% - 260.62% |
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Expected term |
6 years |
|
5 years |
|
5 years |
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Risk-free interest rate |
3.90% |
|
4.68% |
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3.66% - 4.61% |
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Dividend yield |
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— |
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— |
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— |
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Forfeiture rate |
0.00% |
|
0.00% |
|
0.00% |
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| Summary of Status of Outstanding Stock Options and Changes |
A summary of the status of the Company’s outstanding stock options as of March 31, 2026, 2025 and 2024 and changes during the periods ending on that date is as follows:
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Shares |
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Exercise Price |
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Grant Date Fair Value |
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Weighted Average Remaining Term (Years) |
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Options |
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At March 31, 2023 |
|
4,848 |
|
|
$ |
508.25 |
|
|
$ |
840.50 |
|
|
|
9.3 |
|
Granted |
|
7,960 |
|
|
$ |
143.25 |
|
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$ |
144.00 |
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|
|
10.0 |
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Exercised |
|
— |
|
|
$ |
— |
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|
$ |
— |
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|
|
— |
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Expired |
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(7 |
) |
|
$ |
2,887.50 |
|
|
$ |
2,852.50 |
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|
|
— |
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Forfeiture |
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(3,114 |
) |
|
$ |
164.75 |
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$ |
503.25 |
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|
|
— |
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At March 31, 2024 |
|
9,687 |
|
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$ |
508.25 |
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$ |
840.50 |
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|
8.8 |
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Granted |
|
8,521 |
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$ |
17.00 |
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|
$ |
16.75 |
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|
|
10.0 |
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Exercised |
|
— |
|
|
$ |
— |
|
|
$ |
— |
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|
|
— |
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Expired |
|
(337 |
) |
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$ |
153.50 |
|
|
$ |
465.50 |
|
|
|
— |
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Forfeiture |
|
(1,177 |
) |
|
$ |
150.50 |
|
|
$ |
440.00 |
|
|
|
— |
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At March 31, 2025 |
|
16,694 |
|
|
$ |
178.75 |
|
|
$ |
184.00 |
|
|
|
8.5 |
|
Granted |
|
8,580 |
|
|
$ |
22.00 |
|
|
$ |
21.50 |
|
|
|
— |
|
Exercised |
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
|
Expired |
|
(3,087 |
) |
|
$ |
115.75 |
|
|
$ |
317.50 |
|
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|
— |
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Forfeiture |
|
(4,697 |
) |
|
$ |
33.75 |
|
|
$ |
33.25 |
|
|
|
— |
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At March 31, 2026 |
|
17,490 |
|
|
$ |
152.00 |
|
|
$ |
121.25 |
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|
8.0 |
|
Exercisable at March 31, 2025 |
|
6,430 |
|
|
$ |
362.50 |
|
|
$ |
279.25 |
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|
7.2 |
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|