Capital Stock and Warrants |
3 Months Ended | |||
|---|---|---|---|---|
Jun. 30, 2026 | ||||
| Capital Stock and Warrants [Abstract] | ||||
| Capital Stock and Warrants |
During the year ended March 31, 2025, the Company executed four equity offerings. These offerings involved the sale of Common Stock, Pre-Funded Warrants, Series A Warrants and a maximum number of Series B Warrants as defined in the respective agreements.
Holders of common stock are entitled to one vote per share, dividends at the discretion of the Board of Directors, and a pro-rata share of residual assets upon liquidation. This comprehensive activity reflects the Company’s capital restructuring and financing strategy during the reporting period.
Series A warrants were issued with initial exercise prices of $80.60, $39.00, and $6.24, each exercisable for five years from the initial exercise date. Series B warrants were issued with zero initial eligibility, subject to increase on the Reset Date based on the Reset Share Amount formula. Placement agents received 10% of the Series A and Series B warrants issued to investors, along with Common Stock Warrants, as compensation. The Company classified all Series A and Series B warrants as derivative financial instruments under ASC 815-10-15-83 upon initial recognition. During the year ended March 31, 2025, due to anti-dilution and reset provisions, the exercise prices of Series A and Series B warrants were adjusted to the floor price during the year, and the number of warrants was increased to maintain the aggregate exercise price. As a result, the number of exercisable warrants became fixed, eliminating variability, and the outstanding Series A and Series B warrants were reclassified to equity at their respective reclassification date fair values. Warrants exercised before reclassification were reclassified at their exercise date fair value, while those exercised after were adjusted through additional paid-in capital.
As of March 31, 2026, 870,187 Series A warrants exercisable at $16.12, 2,549,143 Series A warrants exercisable at $6.24, 781,122 Series B warrants exercisable at $0.002 and 64,600 Pre-funded warrants remains outstanding for the above equity offerings. During the year ended March 31, 2026, 4,654,461 shares were issued on exercise of Series A warrants, 1,469,497 shares on exercise of Series B warrants and 20,000 shares on exercise of Pre-funded warrants. Also during the year ended March 31, 2026, 233,645 Series A warrants were foregone by the investor. As of June 30, 2026, the closing balance of these warrants remains unchanged from March 31, 2026.
As of March 31, 2026, 53,447 Placement agent warrants exercisable at $16.12, remains outstanding. During the year ended March 31, 2026, 93,500 shares were issued on exercise of Placement agent warrants. As of June 30, 2026, the closing balance of these warrants remains unchanged from March 31, 2026.
Further, during the year ended March 31, 2026, the Company has cancelled 1,384 shares of common stock inadvertently issued in excess earlier on exercise of warrants.
As of March 31, 2026, the Company has issued 2,874,559 Pre-Funded warrants in lieu of liquidation damages payable to some investors. Out of these, 33,458 Pre-Funded warrants has been exercised during the year ended March 31, 2026. As of March 31, 2026, 2,841,101 Pre-Funded warrants remains outstanding. As of June 30, 2026, the closing balance of these warrants remains unchanged from March 31, 2026.
Further, during the year ended March 31, 2026, the Company has issued 2,400,310 Pre-Funded warrants in exchange of common stock cancelled during the period. As of June 30, 2026, the closing balance of these warrants remains unchanged from March 31, 2026.
On February 25, 2026, the Company consummated the closing of Common stock warrants in a private placement offering. The Company issued an aggregate of 939 warrants for aggregate gross proceeds of $939. Each Warrant is exercisable for one share of the Company’s common stock with a par value $0.0001 per share and at an initial exercise price of $6,000 per share, subject to adjustment as mentioned in the Securities Purchase Agreement. No placement agent, underwriter, broker or dealer manager was engaged in connection with the Private Placement, and no commissions or placement agent fees were paid by the Company. As of June 30, 2026, the closing balance of these warrants remains unchanged from March 31, 2026.
As of June 30, 2026, there were 5,297 outstanding warrants with an exercise price of $56.64 per share, which were issued to the placement agent in connection with the bridge financing completed in June 2024.
As of June 30, 2026, an aggregate of 1,054,494 equity shares had been issued to the holders of Convertible Redeemable Notes pursuant to the exercise of their conversion option. The shares were issued in settlement of the outstanding principal amount of the notes, together with the applicable conversion fees and penalties accrued due to the delay in conversion, in accordance with the terms and conditions of the respective note agreements.
As of June 30, 2026, the Company has 1,940,251 number of restricted shares (1,940,251 as of March 31, 2026) and 6,548,234 number of unrestricted shares (5,493,740 as on March 31, 2026). |