0001411685 2015-04-01 2016-03-31 0001411685 2015-09-30 0001411685 2016-06-22 0001411685 2014-08-13 2014-08-14 0001411685 2016-03-31 0001411685 1998-05-01 2016-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember vtgn:AccreditedInvestorsAndInstitutionsMember 2014-03-01 2015-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember vtgn:AccreditedInvestorsAndInstitutionsMember us-gaap:ConvertibleNotesPayableMember 2014-03-01 2015-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember vtgn:AccreditedInvestorsAndInstitutionsMember us-gaap:ConvertibleNotesPayableMember 2015-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember vtgn:AccreditedInvestorsAndInstitutionsMember vtgn:UnitStock2014Member 2014-03-01 2015-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember vtgn:AccreditedInvestorsAndInstitutionsMember vtgn:UnitWarrants2014Member 2014-03-01 2015-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember vtgn:AccreditedInvestorsAndInstitutionsMember vtgn:UnitWarrants2014Member 2015-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember vtgn:AccreditedInvestorsAndInstitutionsMember 2015-04-01 2015-05-14 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember vtgn:AccreditedInvestorsMember us-gaap:ConvertibleNotesPayableMember 2015-04-01 2015-05-14 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember vtgn:AccreditedInvestorsMember us-gaap:ConvertibleNotesPayableMember 2015-05-14 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember vtgn:AccreditedInvestorsMember vtgn:UnitStock2014Member 2015-04-01 2015-05-14 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember vtgn:AccreditedInvestorsMember vtgn:UnitWarrants2014Member 2015-04-01 2015-05-14 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember vtgn:AccreditedInvestorsMember vtgn:UnitWarrants2014Member 2015-05-14 0001411685 2015-03-01 2015-09-30 0001411685 vtgn:PromissoryNotesAndPayablesMember us-gaap:SeriesBPreferredStockMember 2015-03-01 2015-09-30 0001411685 us-gaap:PrivatePlacementMember vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:SeriesBPreferredStockMember 2015-04-01 2016-03-31 0001411685 us-gaap:PrivatePlacementMember vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:WarrantMember 2015-04-01 2016-03-31 0001411685 us-gaap:SubsequentEventMember vtgn:AccreditedInvestorsMember us-gaap:PrivatePlacementMember us-gaap:SeriesBPreferredStockMember 2016-04-01 2016-05-31 0001411685 us-gaap:SubsequentEventMember vtgn:AccreditedInvestorsMember us-gaap:PrivatePlacementMember us-gaap:WarrantMember 2016-04-01 2016-05-31 0001411685 us-gaap:SubsequentEventMember us-gaap:CommonStockMember 2016-05-16 0001411685 us-gaap:SubsequentEventMember us-gaap:CommonStockMember 2016-05-15 2016-05-16 0001411685 us-gaap:SubsequentEventMember us-gaap:WarrantMember 2016-05-15 2016-05-16 0001411685 us-gaap:SubsequentEventMember us-gaap:WarrantMember 2016-05-16 0001411685 vtgn:ExchangeNoteMember vtgn:PlatinumLongTermGrowthVIILLCMember 2015-03-31 0001411685 vtgn:ExchangeNoteMember vtgn:PlatinumLongTermGrowthVIILLCMember 2016-03-31 0001411685 vtgn:ExchangeNoteMember vtgn:PlatinumLongTermGrowthVIILLCMember 2014-04-01 2015-03-31 0001411685 vtgn:InvestmentNoteMember vtgn:PlatinumLongTermGrowthVIILLCMember 2014-04-01 2015-03-31 0001411685 vtgn:InvestmentNoteMember vtgn:PlatinumLongTermGrowthVIILLCMember 2015-03-31 0001411685 vtgn:InvestmentNoteMember vtgn:PlatinumLongTermGrowthVIILLCMember 2016-03-31 0001411685 vtgn:InvestmentNote1Member vtgn:PlatinumLongTermGrowthVIILLCMember 2014-04-01 2015-03-31 0001411685 vtgn:InvestmentNote1Member vtgn:PlatinumLongTermGrowthVIILLCMember 2015-03-31 0001411685 vtgn:InvestmentNote1Member vtgn:PlatinumLongTermGrowthVIILLCMember 2016-03-31 0001411685 vtgn:InvestmentNote2Member vtgn:PlatinumLongTermGrowthVIILLCMember 2014-04-01 2015-03-31 0001411685 vtgn:InvestmentNote2Member vtgn:PlatinumLongTermGrowthVIILLCMember 2015-03-31 0001411685 vtgn:InvestmentNote2Member vtgn:PlatinumLongTermGrowthVIILLCMember 2016-03-31 0001411685 vtgn:InvestmentNote3Member vtgn:PlatinumLongTermGrowthVIILLCMember 2014-04-01 2015-03-31 0001411685 vtgn:InvestmentNote3Member vtgn:PlatinumLongTermGrowthVIILLCMember 2015-03-31 0001411685 vtgn:InvestmentNote3Member vtgn:PlatinumLongTermGrowthVIILLCMember 2016-03-31 0001411685 vtgn:ExchangeNoteAndInvestmentNoteMember vtgn:PlatinumLongTermGrowthVIILLCMember 2015-03-31 0001411685 vtgn:ExchangeNoteAndInvestmentNoteMember vtgn:PlatinumLongTermGrowthVIILLCMember 2016-03-31 0001411685 vtgn:ConvertibleNotesPayable1Member vtgn:PlatinumLongTermGrowthVIILLCMember 2014-04-01 2015-03-31 0001411685 vtgn:ConvertibleNotesPayable1Member vtgn:PlatinumLongTermGrowthVIILLCMember 2015-03-31 0001411685 vtgn:ConvertibleNotesPayable1Member vtgn:PlatinumLongTermGrowthVIILLCMember 2016-03-31 0001411685 us-gaap:SeniorNotesMember vtgn:PlatinumLongTermGrowthVIILLCMember 2015-04-01 2016-03-31 0001411685 us-gaap:SeniorNotesMember vtgn:PlatinumLongTermGrowthVIILLCMember 2014-04-01 2015-03-31 0001411685 us-gaap:SeniorNotesMember vtgn:PlatinumLongTermGrowthVIILLCMember 2015-03-31 0001411685 us-gaap:SeniorNotesMember vtgn:PlatinumLongTermGrowthVIILLCMember 2016-03-31 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:BurrPilgerAndMayerMember 2015-03-31 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:DesjardinsSecuritiesMember 2015-03-31 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:McCarthyTetraultMember 2015-03-31 0001411685 vtgn:NotesPayableOtherPayables9Member vtgn:MorrisonAndFoersterNoteMember 2015-03-31 0001411685 vtgn:NotesPayableOtherPayables9Member vtgn:MorrisonAndFoersterNoteMember 2016-03-31 0001411685 vtgn:NotesPayableOtherPayables10Member vtgn:MorrisonAndFoersterNoteMember 2015-04-01 2016-03-31 0001411685 vtgn:NotesPayableOtherPayables10Member vtgn:MorrisonAndFoersterNoteMember 2015-03-31 0001411685 vtgn:NotesPayableOtherPayables10Member vtgn:MorrisonAndFoersterNoteMember 2016-03-31 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:UniversityHealthNetworkMember 2015-03-31 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:UniversityHealthNetworkMember 2016-03-31 0001411685 vtgn:NotesPayableOtherPayables7Member vtgn:IcahnSchoolOfMedicineAtMountSinaiMember 2014-04-30 0001411685 us-gaap:PrivatePlacementMember vtgn:AccreditedInvestorsMember 2014-03-31 0001411685 us-gaap:PrivatePlacementMember vtgn:AccreditedInvestorsMember 2015-03-31 0001411685 vtgn:RestrictedCommonStockMember vtgn:IcahnSchoolOfMedicineAtMountSinaiMember 2014-04-01 2014-04-30 0001411685 us-gaap:WarrantMember vtgn:IcahnSchoolOfMedicineAtMountSinaiMember 2014-04-01 2014-04-30 0001411685 us-gaap:WarrantMember vtgn:IcahnSchoolOfMedicineAtMountSinaiMember 2014-04-30 0001411685 vtgn:IcahnSchoolOfMedicineAtMountSinaiMember 2014-04-01 2014-04-30 0001411685 vtgn:NotesPayableOtherPayables7Member vtgn:IcahnSchoolOfMedicineAtMountSinaiMember 2014-04-01 2015-03-31 0001411685 us-gaap:SeriesBPreferredStockMember 2015-04-01 2016-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember us-gaap:ConvertibleNotesPayableMember vtgn:PlatinumLongTermGrowthVIILLCMember 2015-04-01 2016-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember us-gaap:ConvertibleNotesPayableMember vtgn:PlatinumLongTermGrowthVIILLCMember 2016-03-31 0001411685 vtgn:AcquiredUnitNotesMember vtgn:PlatinumLongTermGrowthVIILLCMember 2015-04-01 2016-03-31 0001411685 vtgn:InvestorUnitNotesMember vtgn:PlatinumLongTermGrowthVIILLCMember 2015-04-01 2016-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember us-gaap:ConvertibleNotesPayableMember 2015-04-01 2016-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember us-gaap:ConvertibleNotesPayableMember us-gaap:SeriesBPreferredStockMember 2015-04-01 2016-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember us-gaap:WarrantMember 2015-04-01 2016-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember us-gaap:WarrantMember 2016-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember us-gaap:ConvertibleNotesPayableMember vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:SeriesBPreferredStockMember 2016-03-31 0001411685 vtgn:AcquiredUnitNotesMember vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:SeriesBPreferredStockMember 2016-03-31 0001411685 vtgn:InvestorUnitNotesMember vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:SeriesBPreferredStockMember 2016-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember us-gaap:ConvertibleNotesPayableMember vtgn:PlatinumLongTermGrowthVIILLCMember 2015-04-01 2015-06-30 0001411685 vtgn:ConvertibleNotesPayableAndAcquiredUnitNotesMember us-gaap:WarrantMember 2015-04-01 2016-03-31 0001411685 vtgn:ConvertibleNotesPayableAndAcquiredUnitNotesMember us-gaap:WarrantMember 2016-03-31 0001411685 vtgn:InvestorUnitNotesMember us-gaap:WarrantMember 2015-04-01 2016-03-31 0001411685 vtgn:InvestorUnitNotesMember us-gaap:WarrantMember 2016-03-31 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:UniversityHealthNetworkMember 2015-05-28 2015-05-29 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:UniversityHealthNetworkMember 2015-05-29 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:UniversityHealthNetworkMember us-gaap:SeriesBPreferredStockMember 2015-05-28 2015-05-29 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:UniversityHealthNetworkMember us-gaap:SeriesBPreferredStockMember 2015-05-29 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:UniversityHealthNetworkMember 2015-04-01 2015-06-30 0001411685 vtgn:NotesPayableOtherPayables8Member vtgn:CatoHoldingCoAndCatoResearchLtdMember 2015-06-09 2015-06-10 0001411685 vtgn:NotesPayableOtherPayables8Member vtgn:CatoHoldingCoAndCatoResearchLtdMember 2015-06-10 0001411685 vtgn:NotesPayableOtherPayables8Member vtgn:CatoHoldingCoAndCatoResearchLtdMember us-gaap:SeriesBPreferredStockMember 2015-06-10 0001411685 vtgn:NotesPayableOtherPayables8Member vtgn:CatoHoldingCoAndCatoResearchLtdMember us-gaap:SeriesBPreferredStockMember 2015-06-09 2015-06-10 0001411685 vtgn:CatoHoldingCoMember us-gaap:WarrantMember 2015-06-10 0001411685 vtgn:CatoHoldingCoMember us-gaap:WarrantMember 2015-06-09 2015-06-10 0001411685 vtgn:CatoResearchLtdMember us-gaap:WarrantMember 2015-06-10 0001411685 vtgn:CatoResearchLtdMember us-gaap:WarrantMember 2015-06-09 2015-06-10 0001411685 vtgn:CatoHoldingCoAndCatoResearchLtdMember us-gaap:WarrantMember 2015-06-09 2015-06-10 0001411685 vtgn:CatoHoldingCoAndCatoResearchLtdMember us-gaap:WarrantMember 2015-06-10 0001411685 us-gaap:ScenarioPreviouslyReportedMember vtgn:NotesPayableOtherPayables8Member vtgn:CatoHoldingCoAndCatoResearchLtdMember us-gaap:WarrantMember 2015-04-01 2016-03-31 0001411685 us-gaap:ScenarioPreviouslyReportedMember vtgn:NotesPayableOtherPayables8Member vtgn:CatoHoldingCoAndCatoResearchLtdMember us-gaap:WarrantMember 2016-03-31 0001411685 vtgn:ScenarioPostReportedMember vtgn:NotesPayableOtherPayables8Member vtgn:CatoHoldingCoAndCatoResearchLtdMember us-gaap:WarrantMember 2015-04-01 2016-03-31 0001411685 vtgn:ScenarioPostReportedMember vtgn:NotesPayableOtherPayables8Member vtgn:CatoHoldingCoAndCatoResearchLtdMember us-gaap:WarrantMember 2016-03-31 0001411685 us-gaap:ScenarioPreviouslyReportedMember vtgn:NotesPayableOtherPayables8Member vtgn:CatoHoldingCoAndCatoResearchLtdMember us-gaap:WarrantMember us-gaap:MaximumMember 2016-03-31 0001411685 us-gaap:ScenarioPreviouslyReportedMember vtgn:NotesPayableOtherPayables8Member vtgn:CatoHoldingCoAndCatoResearchLtdMember us-gaap:WarrantMember us-gaap:MinimumMember 2016-03-31 0001411685 vtgn:NotesPayableOtherPayables10Member vtgn:MorrisonAndFoersterNoteMember 2015-06-11 2015-06-12 0001411685 vtgn:NotesPayableOtherPayables10Member vtgn:MorrisonAndFoersterNoteMember us-gaap:SeriesBPreferredStockMember 2015-06-11 2015-06-12 0001411685 vtgn:NotesPayableOtherPayables10Member vtgn:MorrisonAndFoersterNoteMember us-gaap:SeriesBPreferredStockMember 2015-06-12 0001411685 vtgn:NotesPayableOtherPayables10Member vtgn:MorrisonAndFoersterNoteMember us-gaap:WarrantMember 2015-06-11 2015-06-12 0001411685 vtgn:NotesPayableOtherPayables10Member vtgn:MorrisonAndFoersterNoteMember us-gaap:WarrantMember 2015-06-12 0001411685 vtgn:NotesPayableOtherPayables10Member vtgn:MorrisonAndFoersterNoteMember 2015-03-20 2015-06-10 0001411685 vtgn:NotesPayableOtherPayables10Member vtgn:MorrisonAndFoersterNoteMember 2015-06-10 0001411685 vtgn:NotesPayableOtherPayables9Member vtgn:MorrisonAndFoersterNoteMember 2015-06-12 0001411685 vtgn:NotesPayableOtherPayables9Member vtgn:MorrisonAndFoersterNoteMember 2015-06-08 2015-06-12 0001411685 vtgn:NotesPayableOtherPayables9Member vtgn:MorrisonAndFoersterNoteMember us-gaap:SeriesBPreferredStockMember 2015-08-10 0001411685 vtgn:NotesPayableOtherPayables9Member vtgn:MorrisonAndFoersterNoteMember us-gaap:SeriesBPreferredStockMember 2015-08-09 2015-08-10 0001411685 vtgn:NotesPayableOtherPayables9Member vtgn:MorrisonAndFoersterNoteMember 2015-09-29 2015-09-30 0001411685 vtgn:NotesPayableOtherPayables9Member vtgn:MorrisonAndFoersterNoteMember 2015-09-30 0001411685 us-gaap:ScenarioPreviouslyReportedMember vtgn:NotesPayableOtherPayables10Member vtgn:MorrisonAndFoersterNoteMember us-gaap:WarrantMember 2015-04-01 2016-03-31 0001411685 us-gaap:ScenarioPreviouslyReportedMember vtgn:NotesPayableOtherPayables10Member vtgn:MorrisonAndFoersterNoteMember us-gaap:WarrantMember 2016-03-31 0001411685 us-gaap:ScenarioPreviouslyReportedMember vtgn:NotesPayableOtherPayables10Member vtgn:MorrisonAndFoersterNoteMember us-gaap:WarrantMember us-gaap:MaximumMember 2016-03-31 0001411685 us-gaap:ScenarioPreviouslyReportedMember vtgn:NotesPayableOtherPayables10Member vtgn:MorrisonAndFoersterNoteMember us-gaap:WarrantMember us-gaap:MinimumMember 2016-03-31 0001411685 vtgn:ScenarioPostReportedMember vtgn:NotesPayableOtherPayables10Member vtgn:MorrisonAndFoersterNoteMember us-gaap:WarrantMember 2015-04-01 2016-03-31 0001411685 vtgn:ScenarioPostReportedMember vtgn:NotesPayableOtherPayables10Member vtgn:MorrisonAndFoersterNoteMember us-gaap:WarrantMember 2016-03-31 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:McCarthyTetraultMember 2015-06-17 2015-06-18 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:McCarthyTetraultMember 2015-06-18 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:McCarthyTetraultMember us-gaap:SeriesBPreferredStockMember 2015-06-17 2015-06-18 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:McCarthyTetraultMember us-gaap:SeriesBPreferredStockMember 2015-06-18 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:McCarthyTetraultMember 2015-04-01 2015-06-30 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:BurrPilgerAndMayerMember 2015-06-24 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:BurrPilgerAndMayerMember 2015-06-23 2015-06-24 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:BurrPilgerAndMayerMember us-gaap:SeriesBPreferredStockMember 2015-06-23 2015-06-24 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:BurrPilgerAndMayerMember us-gaap:SeriesBPreferredStockMember 2015-06-24 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:BurrPilgerAndMayerMember 2015-04-01 2015-06-30 0001411685 vtgn:NotesPayableOtherPayables7Member vtgn:IcahnSchoolOfMedicineAtMountSinaiMember 2015-06-25 2015-06-26 0001411685 vtgn:NotesPayableOtherPayables7Member vtgn:IcahnSchoolOfMedicineAtMountSinaiMember us-gaap:SeriesBPreferredStockMember 2015-06-25 2015-06-26 0001411685 vtgn:NotesPayableOtherPayables7Member vtgn:IcahnSchoolOfMedicineAtMountSinaiMember us-gaap:SeriesBPreferredStockMember 2015-06-26 0001411685 vtgn:NotesPayableOtherPayables7Member vtgn:IcahnSchoolOfMedicineAtMountSinaiMember us-gaap:WarrantMember 2015-06-26 0001411685 vtgn:NotesPayableOtherPayables7Member vtgn:IcahnSchoolOfMedicineAtMountSinaiMember us-gaap:WarrantMember 2015-06-25 2015-06-26 0001411685 vtgn:NotesPayableOtherPayables7Member vtgn:IcahnSchoolOfMedicineAtMountSinaiMember 2015-04-01 2015-06-30 0001411685 vtgn:NotesPayableOtherPayables7Member vtgn:IcahnSchoolOfMedicineAtMountSinaiMember 2015-06-13 0001411685 vtgn:NotesPayableOtherPayables7Member vtgn:IcahnSchoolOfMedicineAtMountSinaiMember us-gaap:SeriesBPreferredStockMember 2015-06-13 0001411685 vtgn:NotesPayableOtherPayables7Member vtgn:IcahnSchoolOfMedicineAtMountSinaiMember us-gaap:SeriesBPreferredStockMember 2015-06-11 2015-06-13 0001411685 vtgn:NotesPayableOtherPayables7Member vtgn:IcahnSchoolOfMedicineAtMountSinaiMember 2015-07-01 2015-09-30 0001411685 us-gaap:ScenarioPreviouslyReportedMember vtgn:NotesPayableOtherPayables7Member vtgn:IcahnSchoolOfMedicineAtMountSinaiMember us-gaap:WarrantMember 2015-04-01 2016-03-31 0001411685 us-gaap:ScenarioPreviouslyReportedMember vtgn:NotesPayableOtherPayables7Member vtgn:IcahnSchoolOfMedicineAtMountSinaiMember us-gaap:WarrantMember 2016-03-31 0001411685 vtgn:ScenarioPostReportedMember vtgn:NotesPayableOtherPayables7Member vtgn:IcahnSchoolOfMedicineAtMountSinaiMember us-gaap:WarrantMember 2015-04-01 2016-03-31 0001411685 vtgn:ScenarioPostReportedMember vtgn:NotesPayableOtherPayables7Member vtgn:IcahnSchoolOfMedicineAtMountSinaiMember us-gaap:WarrantMember 2016-03-31 0001411685 vtgn:NotesPayableOtherPayables7Member vtgn:NationalJewishHealthMember 2015-06-28 2015-06-29 0001411685 vtgn:NotesPayableOtherPayables7Member vtgn:NationalJewishHealthMember us-gaap:SeriesBPreferredStockMember 2015-06-28 2015-06-29 0001411685 vtgn:NotesPayableOtherPayables7Member vtgn:NationalJewishHealthMember us-gaap:SeriesBPreferredStockMember 2015-06-29 0001411685 vtgn:NotesPayableOtherPayables7Member vtgn:NationalJewishHealthMember 2015-03-11 2015-06-10 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:DesjardinsSecuritiesMember 2015-07-01 2015-07-02 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:DesjardinsSecuritiesMember us-gaap:SeriesBPreferredStockMember 2015-07-01 2015-07-02 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:DesjardinsSecuritiesMember us-gaap:SeriesBPreferredStockMember 2015-07-02 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:DesjardinsSecuritiesMember 2015-07-01 2015-09-30 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:MicroConstantsIncMember 2015-07-06 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:MicroConstantsIncMember 2015-07-05 2015-07-06 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:MicroConstantsIncMember us-gaap:SeriesBPreferredStockMember 2015-07-05 2015-07-06 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:MicroConstantsIncMember us-gaap:SeriesBPreferredStockMember 2015-07-06 0001411685 us-gaap:NotesPayableOtherPayablesMember vtgn:MicroConstantsIncMember 2015-07-01 2015-09-30 0001411685 vtgn:TwoProfessionalServiceProvidersAndFormerEmployeeMember 2015-07-31 0001411685 vtgn:TwoProfessionalServiceProvidersAndFormerEmployeeMember us-gaap:SeriesBPreferredStockMember 2015-06-01 2015-07-31 0001411685 vtgn:TwoProfessionalServiceProvidersAndFormerEmployeeMember us-gaap:SeriesBPreferredStockMember us-gaap:MaximumMember 2015-07-31 0001411685 vtgn:TwoProfessionalServiceProvidersAndFormerEmployeeMember us-gaap:SeriesBPreferredStockMember us-gaap:MinimumMember 2015-07-31 0001411685 vtgn:TwoProfessionalServiceProvidersAndFormerEmployeeMember 2015-03-11 2015-06-10 0001411685 vtgn:TwoProfessionalServiceProvidersAndFormerEmployeeMember 2015-07-01 2015-09-30 0001411685 us-gaap:MinimumMember 2015-04-01 2016-03-31 0001411685 us-gaap:MaximumMember 2015-04-01 2016-03-31 0001411685 2014-04-01 2015-03-31 0001411685 us-gaap:SeriesAPreferredStockMember 2015-04-01 2016-03-31 0001411685 us-gaap:SeriesAPreferredStockMember 2014-04-01 2015-03-31 0001411685 us-gaap:SeriesBPreferredStockMember 2015-04-01 2016-03-31 0001411685 us-gaap:SeriesBPreferredStockMember 2014-04-01 2015-03-31 0001411685 us-gaap:SeriesCPreferredStockMember 2015-04-01 2016-03-31 0001411685 us-gaap:SeriesCPreferredStockMember 2014-04-01 2015-03-31 0001411685 us-gaap:StockCompensationPlanMember 2015-04-01 2016-03-31 0001411685 us-gaap:StockCompensationPlanMember 2014-04-01 2015-03-31 0001411685 vtgn:Warrant5Member 2015-04-01 2016-03-31 0001411685 vtgn:Warrant5Member 2014-04-01 2015-03-31 0001411685 vtgn:Warrant6Member vtgn:PlatinumLongTermGrowthVIILLCMember vtgn:NoteExchangeAndPurchaseAgreementMember 2015-04-01 2016-03-31 0001411685 vtgn:Warrant6Member vtgn:PlatinumLongTermGrowthVIILLCMember vtgn:NoteExchangeAndPurchaseAgreementMember 2014-04-01 2015-03-31 0001411685 vtgn:ConvertibleNotesPayable2Member vtgn:PlatinumLongTermGrowthVIILLCMember 2015-04-01 2016-03-31 0001411685 vtgn:ConvertibleNotesPayable2Member vtgn:PlatinumLongTermGrowthVIILLCMember 2014-04-01 2015-03-31 0001411685 us-gaap:OfficeEquipmentMember 2016-03-31 0001411685 us-gaap:OfficeEquipmentMember 2015-03-31 0001411685 2015-03-31 0001411685 us-gaap:ConvertibleNotesPayableMember 2016-03-31 0001411685 us-gaap:ConvertibleNotesPayableMember 2015-03-31 0001411685 us-gaap:ConvertibleNotesPayableMember 2015-04-01 2016-03-31 0001411685 us-gaap:ConvertibleNotesPayableMember 2014-04-01 2015-03-31 0001411685 us-gaap:NotesPayableOtherPayablesMember 2016-03-31 0001411685 us-gaap:NotesPayableOtherPayablesMember 2015-03-31 0001411685 us-gaap:NotesPayableOtherPayablesMember 2015-04-01 2016-03-31 0001411685 us-gaap:NotesPayableOtherPayablesMember 2014-04-01 2015-03-31 0001411685 vtgn:NotesPayableOtherPayables1Member 2015-04-01 2016-03-31 0001411685 vtgn:NotesPayableOtherPayables1Member 2014-04-01 2015-03-31 0001411685 vtgn:NotesPayableOtherPayables1Member 2016-03-31 0001411685 vtgn:NotesPayableOtherPayables1Member 2015-03-31 0001411685 vtgn:NotesPayableOtherPayables2Member 2014-04-01 2015-03-31 0001411685 vtgn:NotesPayableOtherPayables2Member 2016-03-31 0001411685 vtgn:NotesPayableOtherPayables2Member 2015-03-31 0001411685 vtgn:NotesPayableOtherPayables2Member 2015-04-01 2016-03-31 0001411685 vtgn:NotesPayableOtherPayables3Member 2015-04-01 2016-03-31 0001411685 vtgn:NotesPayableOtherPayables3Member 2016-03-31 0001411685 vtgn:NotesPayableOtherPayables3Member 2015-03-31 0001411685 vtgn:NotesPayableOtherPayables3Member 2014-04-01 2015-03-31 0001411685 vtgn:NotesPayableOtherPayables4Member 2015-04-01 2016-03-31 0001411685 vtgn:NotesPayableOtherPayables4Member 2014-04-01 2015-03-31 0001411685 vtgn:NotesPayableOtherPayables4Member 2016-03-31 0001411685 vtgn:NotesPayableOtherPayables4Member 2015-03-31 0001411685 vtgn:NotesPayableOtherPayables5Member vtgn:CatoHoldingCoMember 2016-03-31 0001411685 vtgn:NotesPayableOtherPayables5Member vtgn:CatoHoldingCoMember 2015-03-31 0001411685 vtgn:NotesPayableOtherPayables6Member vtgn:CatoResearchLtdMember 2016-03-31 0001411685 vtgn:NotesPayableOtherPayables6Member vtgn:CatoResearchLtdMember 2015-03-31 0001411685 vtgn:StockIncentivePlan2008Member 2016-03-31 0001411685 vtgn:StockIncentivePlan2008Member 2015-04-01 2016-03-31 0001411685 vtgn:StockIncentivePlan1999Member 1999-12-06 0001411685 vtgn:StockIncentivePlan2008Member us-gaap:MaximumMember 2015-04-01 2016-03-31 0001411685 vtgn:StockIncentivePlan2008Member us-gaap:MinimumMember 2015-04-01 2016-03-31 0001411685 vtgn:NonOfficerEmployeesAndCertainStrategicConsultantsMember 2015-09-01 2015-09-30 0001411685 vtgn:NonOfficerEmployeesAndCertainStrategicConsultantsMember 2015-09-30 0001411685 vtgn:TwoPartiesMember vtgn:InvestorRelationsAgreementMember 2016-02-01 2016-02-29 0001411685 vtgn:TwoPartiesMember vtgn:InvestorRelationsAgreementMember 2016-02-29 0001411685 vtgn:NewIndependentMember 2016-03-01 2016-03-31 0001411685 vtgn:NewIndependentMember 2016-03-31 0001411685 2014-03-31 0001411685 us-gaap:CommonStockMember 2014-04-01 2015-03-31 0001411685 us-gaap:AdditionalPaidInCapitalMember 2014-04-01 2015-03-31 0001411685 us-gaap:ReceivablesFromStockholderMember 2014-04-01 2015-03-31 0001411685 us-gaap:RetainedEarningsMember 2014-04-01 2015-03-31 0001411685 us-gaap:SeriesCPreferredStockMember 2015-04-01 2016-03-31 0001411685 us-gaap:CommonStockMember 2015-04-01 2016-03-31 0001411685 us-gaap:AdditionalPaidInCapitalMember 2015-04-01 2016-03-31 0001411685 us-gaap:RetainedEarningsMember 2015-04-01 2016-03-31 0001411685 us-gaap:SeriesAPreferredStockMember 2015-03-31 0001411685 us-gaap:SeriesAPreferredStockMember 2016-03-31 0001411685 us-gaap:SeriesBPreferredStockMember 2015-03-31 0001411685 us-gaap:SeriesBPreferredStockMember 2016-03-31 0001411685 us-gaap:SeriesAPreferredStockMember 2014-03-31 0001411685 us-gaap:SeriesCPreferredStockMember 2015-03-31 0001411685 us-gaap:SeriesCPreferredStockMember 2016-03-31 0001411685 us-gaap:CommonStockMember 2014-03-31 0001411685 us-gaap:CommonStockMember 2015-03-31 0001411685 us-gaap:AdditionalPaidInCapitalMember 2014-03-31 0001411685 us-gaap:AdditionalPaidInCapitalMember 2015-03-31 0001411685 us-gaap:TreasuryStockMember 2014-03-31 0001411685 us-gaap:TreasuryStockMember 2015-03-31 0001411685 us-gaap:ReceivablesFromStockholderMember 2014-03-31 0001411685 us-gaap:RetainedEarningsMember 2014-03-31 0001411685 us-gaap:RetainedEarningsMember 2015-03-31 0001411685 us-gaap:CommonStockMember 2016-03-31 0001411685 us-gaap:AdditionalPaidInCapitalMember 2016-03-31 0001411685 us-gaap:TreasuryStockMember 2016-03-31 0001411685 us-gaap:RetainedEarningsMember 2016-03-31 0001411685 us-gaap:FairValueMeasurementsRecurringMember 2016-03-31 0001411685 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2016-03-31 0001411685 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2016-03-31 0001411685 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2016-03-31 0001411685 us-gaap:FairValueMeasurementsRecurringMember 2015-03-31 0001411685 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2015-03-31 0001411685 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2015-03-31 0001411685 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2015-03-31 0001411685 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2015-04-01 2016-03-31 0001411685 us-gaap:EquipmentMember 2016-03-31 0001411685 vtgn:TenantImprovementsMember 2016-03-31 0001411685 us-gaap:ComputerEquipmentMember 2016-03-31 0001411685 us-gaap:EquipmentMember 2015-03-31 0001411685 vtgn:TenantImprovementsMember 2015-03-31 0001411685 us-gaap:ComputerEquipmentMember 2015-03-31 0001411685 vtgn:UnitWarrants2014Member 2014-03-25 2015-03-31 0001411685 vtgn:UnitWarrants2014Member 2015-03-31 0001411685 vtgn:UnitStock2014Member 2014-03-30 2015-03-31 0001411685 us-gaap:ConvertibleNotesPayableMember 2014-03-30 2015-03-31 0001411685 2014-03-30 2015-03-31 0001411685 vtgn:UnitWarrants2014Member 2015-04-01 2015-05-14 0001411685 vtgn:UnitWarrants2014Member 2015-05-14 0001411685 vtgn:UnitStock2014Member 2015-04-01 2015-05-14 0001411685 us-gaap:ConvertibleNotesPayableMember 2015-04-01 2015-05-14 0001411685 2015-04-01 2015-05-14 0001411685 vtgn:WarrantBMember 2015-05-26 2016-03-31 0001411685 us-gaap:SeriesBPreferredStockMember 2015-05-26 2016-03-31 0001411685 2015-05-26 2016-03-31 0001411685 vtgn:WarrantBMember 2016-03-31 0001411685 us-gaap:WarrantMember us-gaap:ScenarioPreviouslyReportedMember 2016-01-29 2016-03-31 0001411685 us-gaap:WarrantMember us-gaap:ScenarioPreviouslyReportedMember 2016-03-31 0001411685 us-gaap:WarrantMember vtgn:ScenarioPostReportedMember 2016-01-29 2016-03-31 0001411685 us-gaap:WarrantMember vtgn:ScenarioPostReportedMember 2016-03-31 0001411685 vtgn:UnitWarrants2013Member us-gaap:ScenarioPreviouslyReportedMember 2014-05-01 2014-05-31 0001411685 vtgn:UnitWarrants2013Member us-gaap:ScenarioPreviouslyReportedMember 2014-05-31 0001411685 vtgn:UnitWarrants2013Member vtgn:ScenarioPostReportedMember 2014-05-01 2014-05-31 0001411685 vtgn:UnitWarrants2013Member vtgn:ScenarioPostReportedMember 2014-05-31 0001411685 us-gaap:WarrantMember 2015-11-22 2015-11-23 0001411685 us-gaap:WarrantMember 2015-11-23 0001411685 us-gaap:WarrantMember 2015-12-10 2015-12-11 0001411685 us-gaap:WarrantMember 2015-12-11 0001411685 us-gaap:WarrantMember 2016-03-24 2016-03-25 0001411685 us-gaap:WarrantMember 2016-03-25 0001411685 vtgn:Warrant3Member us-gaap:ScenarioPreviouslyReportedMember 2015-06-09 2015-06-10 0001411685 vtgn:Warrant3Member us-gaap:ScenarioPreviouslyReportedMember 2015-06-10 0001411685 vtgn:Warrant3Member vtgn:ScenarioPostReportedMember 2015-06-09 2015-06-10 0001411685 vtgn:Warrant3Member vtgn:ScenarioPostReportedMember 2015-06-10 0001411685 vtgn:Warrant3Member us-gaap:ScenarioPreviouslyReportedMember 2015-11-10 2015-11-11 0001411685 vtgn:Warrant3Member us-gaap:ScenarioPreviouslyReportedMember 2015-11-11 0001411685 vtgn:Warrant3Member vtgn:ScenarioPostReportedMember 2015-11-10 2015-11-11 0001411685 vtgn:Warrant3Member vtgn:ScenarioPostReportedMember 2015-11-11 0001411685 vtgn:Warrant3Member us-gaap:ScenarioPreviouslyReportedMember 2015-01-01 2015-01-31 0001411685 vtgn:Warrant3Member us-gaap:ScenarioPreviouslyReportedMember 2015-01-31 0001411685 vtgn:Warrant3Member vtgn:ScenarioPostReportedMember 2015-01-01 2015-01-31 0001411685 vtgn:Warrant3Member vtgn:ScenarioPostReportedMember 2015-01-31 0001411685 vtgn:WarrantTwoMember 2015-04-01 2016-03-31 0001411685 vtgn:WarrantFiveMember 2015-04-01 2016-03-31 0001411685 vtgn:WarrantSixMember 2015-04-01 2016-03-31 0001411685 vtgn:WarrantOneMember 2016-03-31 0001411685 vtgn:WarrantTwoMember 2016-03-31 0001411685 vtgn:WarrantThreeMember 2016-03-31 0001411685 vtgn:WarrantFourMember 2016-03-31 0001411685 vtgn:WarrantFiveMember 2016-03-31 0001411685 vtgn:WarrantSixMember 2016-03-31 0001411685 us-gaap:WarrantMember 2016-03-31 0001411685 vtgn:WarrantOneMember us-gaap:MinimumMember 2015-04-01 2016-03-31 0001411685 vtgn:WarrantOneMember us-gaap:MaximumMember 2015-04-01 2016-03-31 0001411685 vtgn:WarrantThreeMember us-gaap:MinimumMember 2015-04-01 2016-03-31 0001411685 vtgn:WarrantThreeMember us-gaap:MaximumMember 2015-04-01 2016-03-31 0001411685 vtgn:WarrantFourMember us-gaap:MinimumMember 2015-04-01 2016-03-31 0001411685 vtgn:WarrantFourMember us-gaap:MaximumMember 2015-04-01 2016-03-31 0001411685 vtgn:StockIncentivePlans20081998Member 2016-03-31 0001411685 vtgn:NotesPayableOtherPayables11Member vtgn:CatoHoldingCoMember 2012-10-10 0001411685 vtgn:NotesPayableOtherPayables11Member vtgn:CatoHoldingCoMember us-gaap:WarrantMember 2012-10-10 0001411685 vtgn:NotesPayableOtherPayables11Member vtgn:CatoHoldingCoMember us-gaap:WarrantMember 2012-10-09 2012-10-10 0001411685 vtgn:NotesPayableOtherPayables12Member vtgn:CatoResearchLtdMember 2012-10-10 0001411685 vtgn:NotesPayableOtherPayables12Member vtgn:CatoResearchLtdMember us-gaap:WarrantMember 2012-10-10 0001411685 vtgn:NotesPayableOtherPayables12Member vtgn:CatoResearchLtdMember us-gaap:WarrantMember 2012-10-09 2012-10-10 0001411685 vtgn:NotesPayableOtherPayables11Member vtgn:CatoHoldingCoAndCatoResearchLtdMember us-gaap:SeriesBPreferredStockMember 2015-06-09 2015-06-10 0001411685 vtgn:NotesPayableOtherPayables11Member vtgn:CatoHoldingCoAndCatoResearchLtdMember vtgn:UnregisteredCommonStockMember 2015-06-09 2015-06-10 0001411685 vtgn:CatoResearchLtdMember vtgn:VistaGenCaliforniasMember 2015-04-01 2016-03-31 0001411685 vtgn:CatoResearchLtdMember vtgn:VistaGenCaliforniasMember 2014-04-01 2015-03-31 0001411685 vtgn:NotesPayableOtherPayables11Member vtgn:CatoHoldingCoMember 2015-04-01 2016-03-31 0001411685 vtgn:NotesPayableOtherPayables11Member vtgn:CatoHoldingCoMember 2014-04-01 2015-03-31 0001411685 vtgn:VistaGenCaliforniasMember us-gaap:ChiefExecutiveOfficerMember vtgn:NotesPayableOtherPayables13Member 2006-12-31 0001411685 vtgn:VistaGenCaliforniasMember us-gaap:ChiefExecutiveOfficerMember vtgn:NotesPayableOtherPayables13Member us-gaap:WarrantMember 2006-12-01 2006-12-31 0001411685 vtgn:VistaGenCaliforniasMember us-gaap:ChiefExecutiveOfficerMember vtgn:NotesPayableOtherPayables13Member 2011-05-11 0001411685 vtgn:VistaGenCaliforniasMember us-gaap:ChiefExecutiveOfficerMember vtgn:NotesPayableOtherPayables13Member 2014-04-01 2015-03-31 0001411685 us-gaap:ChiefExecutiveOfficerMember 2013-09-01 2013-12-31 0001411685 us-gaap:ChiefExecutiveOfficerMember 2013-12-01 2013-12-31 0001411685 us-gaap:ChiefExecutiveOfficerMember 2014-04-01 2015-03-31 0001411685 us-gaap:ChiefExecutiveOfficerMember us-gaap:PrivatePlacementMember vtgn:NotesPayableOtherPayables14Member 2015-03-31 0001411685 vtgn:USNationalInstitutesOfHealthWithPreclinicalDevelopmentMember vtgn:VistaGenCaliforniasMember vtgn:AV101Member 2008-03-31 0001411685 vtgn:USNationalInstitutesOfHealthWithPreclinicalDevelopmentMember vtgn:VistaGenCaliforniasMember vtgn:AV101Member 2009-06-30 0001411685 vtgn:USNationalInstitutesOfHealthWithPreclinicalDevelopmentMember vtgn:VistaGenCaliforniasMember vtgn:AV101Member 2010-07-01 2010-07-31 0001411685 us-gaap:ResearchAndDevelopmentExpenseMember 2015-04-01 2016-03-31 0001411685 us-gaap:ResearchAndDevelopmentExpenseMember 2014-04-01 2015-03-31 0001411685 us-gaap:GeneralAndAdministrativeExpenseMember 2015-04-01 2016-03-31 0001411685 us-gaap:GeneralAndAdministrativeExpenseMember 2014-04-01 2015-03-31 0001411685 vtgn:ExercisePriceRangeMember 2015-04-01 2016-03-31 0001411685 vtgn:ExercisePriceRange1Member 2015-04-01 2016-03-31 0001411685 vtgn:ExercisePriceRange2Member 2015-04-01 2016-03-31 0001411685 vtgn:ExercisePriceRange3Member 2015-04-01 2016-03-31 0001411685 vtgn:ExercisePriceRangeMember 2016-03-31 0001411685 vtgn:ExercisePriceRange1Member 2016-03-31 0001411685 vtgn:ExercisePriceRange2Member 2016-03-31 0001411685 vtgn:ExercisePriceRange3Member 2016-03-31 0001411685 2015-04-01 2015-06-30 0001411685 2015-07-01 2015-09-30 0001411685 2015-10-01 2015-12-31 0001411685 2016-01-01 2016-03-31 0001411685 2014-04-01 2014-06-30 0001411685 2014-07-01 2014-09-30 0001411685 2014-10-01 2014-12-31 0001411685 2015-01-01 2015-03-31 0001411685 us-gaap:SeriesAPreferredStockMember 2011-12-01 2011-12-31 0001411685 2014-08-14 0001411685 us-gaap:SeriesAPreferredStockMember 2011-12-31 0001411685 us-gaap:SeriesAPreferredStockMember vtgn:PlatinumLongTermGrowthVIILLCMember 2015-04-01 2016-03-31 0001411685 us-gaap:SeriesBPreferredStockMember vtgn:CertificateOfDesignationMember 2015-05-06 2015-05-07 0001411685 us-gaap:SeriesBPreferredStockMember vtgn:CertificateOfDesignationMember 2015-05-07 0001411685 us-gaap:SeriesBPreferredStockMember vtgn:CertificateOfDesignationMember us-gaap:MinimumMember 2015-04-01 2016-03-31 0001411685 us-gaap:SeriesBPreferredStockMember vtgn:CertificateOfDesignationMember 2015-04-01 2016-03-31 0001411685 us-gaap:SeriesCPreferredStockMember vtgn:CertificateOfDesignationMember 2016-01-12 2016-01-13 0001411685 us-gaap:SeriesCPreferredStockMember vtgn:CertificateOfDesignationMember 2016-01-13 0001411685 vtgn:SecuritiesPurchaseAgreementsMember vtgn:AccreditedInvestorsAndInstitutionsMember us-gaap:PrivatePlacementMember 2014-04-01 2015-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember vtgn:AccreditedInvestorsAndInstitutionsMember us-gaap:PrivatePlacementMember us-gaap:ConvertibleNotesPayableMember 2014-04-01 2015-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember vtgn:AccreditedInvestorsAndInstitutionsMember us-gaap:PrivatePlacementMember us-gaap:MinimumMember 2014-04-01 2015-03-31 0001411685 us-gaap:PrivatePlacementMember vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:ConvertibleNotesPayableMember 2014-03-01 2015-03-31 0001411685 us-gaap:PrivatePlacementMember vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:ConvertibleNotesPayableMember 2015-03-31 0001411685 us-gaap:PrivatePlacementMember vtgn:PlatinumLongTermGrowthVIILLCMember vtgn:UnitStock2014Member 2014-03-01 2015-03-31 0001411685 us-gaap:PrivatePlacementMember vtgn:PlatinumLongTermGrowthVIILLCMember vtgn:UnitWarrants2014Member 2014-03-01 2015-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:ConvertibleNotesPayableMember 2015-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember vtgn:AccreditedInvestorsMember us-gaap:ConvertibleNotesPayableMember 2015-04-01 2015-05-14 0001411685 vtgn:SecuritiesPurchaseAgreementsMember vtgn:AccreditedInvestorsMember us-gaap:ConvertibleNotesPayableMember 2015-05-14 0001411685 vtgn:SecuritiesPurchaseAgreementsMember us-gaap:PrivatePlacementMember us-gaap:ConvertibleNotesPayableMember 2014-03-01 2015-03-31 0001411685 vtgn:SecuritiesPurchaseAgreementsMember vtgn:AccreditedInvestorsMember us-gaap:ConvertibleNotesPayableMember vtgn:UnitStock2014Member 2015-04-01 2015-05-14 0001411685 vtgn:SecuritiesPurchaseAgreementsMember vtgn:AccreditedInvestorsMember us-gaap:ConvertibleNotesPayableMember vtgn:UnitWarrants2014Member 2015-04-01 2015-05-14 0001411685 vtgn:SecuritiesPurchaseAgreementsMember vtgn:AccreditedInvestorsMember us-gaap:ConvertibleNotesPayableMember vtgn:UnitWarrants2014Member 2015-05-14 0001411685 vtgn:SecuritiesPurchaseAgreements1Member vtgn:AccreditedInvestorsMember us-gaap:ConvertibleNotesPayableMember 2014-03-01 2015-05-14 0001411685 vtgn:SecuritiesPurchaseAgreements1Member vtgn:AccreditedInvestorsMember us-gaap:ConvertibleNotesPayableMember 2015-05-14 0001411685 vtgn:SecuritiesPurchaseAgreements1Member vtgn:AccreditedInvestorsMember us-gaap:ConvertibleNotesPayableMember vtgn:UnitStock2014Member 2014-03-01 2015-05-14 0001411685 vtgn:SecuritiesPurchaseAgreements1Member vtgn:AccreditedInvestorsMember us-gaap:ConvertibleNotesPayableMember vtgn:UnitWarrants2014Member 2014-03-01 2015-05-14 0001411685 vtgn:SecuritiesPurchaseAgreements1Member vtgn:AccreditedInvestorsMember us-gaap:ConvertibleNotesPayableMember vtgn:UnitWarrants2014Member 2015-05-14 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:SeriesBPreferredStockMember us-gaap:SeniorNotesMember 2015-05-04 2015-05-05 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:SeriesBPreferredStockMember us-gaap:SeniorNotesMember 2015-05-05 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:SeriesBPreferredStockMember us-gaap:ConvertibleNotesPayableMember 2015-05-04 2015-05-05 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:SeriesBPreferredStockMember us-gaap:ConvertibleNotesPayableMember 2015-05-05 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:ConvertibleNotesPayableMember vtgn:WarrantBMember 2015-05-05 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:ConvertibleNotesPayableMember vtgn:WarrantBMember 2015-05-04 2015-05-05 0001411685 vtgn:AccreditedInvestorsMember us-gaap:ConvertibleNotesPayableMember 2015-05-04 2015-05-05 0001411685 vtgn:AccreditedInvestorsMember us-gaap:ConvertibleNotesPayableMember 2015-05-05 0001411685 vtgn:AccreditedInvestorsMember us-gaap:ConvertibleNotesPayableMember us-gaap:SeriesBPreferredStockMember 2015-05-04 2015-05-05 0001411685 vtgn:AccreditedInvestorsMember us-gaap:ConvertibleNotesPayableMember vtgn:WarrantBMember 2015-05-04 2015-05-05 0001411685 us-gaap:PrivatePlacementMember vtgn:PlatinumLongTermGrowthVIILLCMember vtgn:SecuritiesPurchaseAgreementsMember 2015-05-04 2015-05-05 0001411685 us-gaap:PrivatePlacementMember vtgn:PlatinumLongTermGrowthVIILLCMember vtgn:SecuritiesPurchaseAgreementsMember us-gaap:SeriesBPreferredStockMember 2015-05-04 2015-05-05 0001411685 us-gaap:PrivatePlacementMember vtgn:PlatinumLongTermGrowthVIILLCMember vtgn:SecuritiesPurchaseAgreementsMember vtgn:WarrantBMember 2015-05-04 2015-05-05 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:SeriesBPreferredStockMember 2015-05-01 2015-05-15 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember vtgn:WarrantBMember 2015-05-01 2015-05-15 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember 2015-05-01 2015-05-15 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:SeriesBPreferredStockMember 2015-05-11 2015-05-12 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:SeriesBPreferredStockMember 2015-05-12 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember vtgn:WarrantBMember 2015-05-11 2015-05-12 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember 2015-06-01 2015-06-30 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember 2015-08-14 2015-08-15 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:SeriesBPreferredStockMember 2015-08-14 2015-08-15 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember vtgn:WarrantBMember 2015-08-14 2015-08-15 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember vtgn:WarrantBMember 2015-12-01 2015-12-31 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:SeriesBPreferredStockMember 2015-12-01 2015-12-31 0001411685 us-gaap:PrivatePlacementMember vtgn:AccreditedInvestorsMember us-gaap:SeriesBPreferredStockMember 2015-05-26 2016-03-31 0001411685 us-gaap:PrivatePlacementMember vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:SeriesBPreferredStockMember 2015-05-26 2016-03-31 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:SeriesBPreferredStockMember 2015-05-26 2016-03-31 0001411685 us-gaap:PrivatePlacementMember us-gaap:SeriesBPreferredStockMember 2015-05-26 2016-03-31 0001411685 us-gaap:PrivatePlacementMember vtgn:WarrantBMember 2015-05-26 2016-03-31 0001411685 us-gaap:PrivatePlacementMember us-gaap:SeriesBPreferredStockMember 2015-04-01 2016-03-31 0001411685 vtgn:RegistrationStatementMember vtgn:SeriesBPreferredUnitOfferingMember 2015-08-27 2015-08-28 0001411685 us-gaap:SeriesBPreferredStockMember 2015-09-01 2016-03-31 0001411685 vtgn:RestrictedCommonStockMember 2015-09-01 2016-03-31 0001411685 vtgn:ExchangeAgreementMember vtgn:PlatinumAndMontsantPartnersLLCMember 2016-01-01 2016-01-25 0001411685 vtgn:ExchangeAgreementMember vtgn:PlatinumAndMontsantPartnersLLCMember us-gaap:SeriesCPreferredStockMember 2016-01-01 2016-01-25 0001411685 vtgn:ExchangeAgreementMember vtgn:PlatinumAndMontsantPartnersLLCMember vtgn:Warrant1Member 2016-01-01 2016-01-25 0001411685 vtgn:NoteExchangeAandPurchaseAgreementMember vtgn:SeriesAExchangeWarrantMember 2012-10-09 2012-10-11 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:SeriesCPreferredStockMember 2012-10-09 2012-10-11 0001411685 vtgn:ExchangeAgreementMember us-gaap:WarrantMember 2015-04-01 2016-03-31 0001411685 vtgn:ExchangeAgreementMember vtgn:SeriesAExchangeWarrantMember 2015-04-01 2016-03-31 0001411685 vtgn:ExchangeAgreementMember us-gaap:WarrantMember 2016-03-31 0001411685 vtgn:ExchangeAgreementMember vtgn:SeriesAExchangeWarrantMember 2016-03-31 0001411685 vtgn:ExchangeAgreementMember vtgn:SeriesAExchangeWarrantMember vtgn:PlatinumLongTermGrowthVIILLCMember 2016-03-31 0001411685 vtgn:ExchangeAgreementMember vtgn:SeriesAExchangeWarrantMember vtgn:OtherHolderMember 2016-03-31 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember vtgn:ExchangeAgreementMember us-gaap:SeriesCPreferredStockMember 2016-03-31 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember vtgn:ExchangeAgreementMember us-gaap:SeriesCPreferredStockMember 2015-04-01 2016-03-31 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember vtgn:ExchangeAgreementMember us-gaap:SeriesCPreferredStockMember us-gaap:GeneralAndAdministrativeExpenseMember 2015-04-01 2016-03-31 0001411685 vtgn:WarrantExchangeAgreementsMember vtgn:Warrant1Member 2016-01-29 2016-03-31 0001411685 vtgn:WarrantExchangeAgreementsMember vtgn:Warrant1Member 2016-03-31 0001411685 vtgn:WarrantExchangeAgreementsMember 2016-01-29 2016-03-31 0001411685 vtgn:WarrantExchangeAgreementsMember 2016-03-31 0001411685 vtgn:WarrantExchangeAgreementsMember vtgn:Warrant1Member us-gaap:GeneralAndAdministrativeExpenseMember 2016-01-29 2016-03-31 0001411685 vtgn:WarrantExchangeAgreementsMember vtgn:Warrant1Member 2016-01-24 2016-01-25 0001411685 vtgn:NoteAndWarrantAmendmentAgreementsMember vtgn:UnitWarrants2013Member 2014-05-31 0001411685 vtgn:NoteAndWarrantAmendmentAgreementsMember vtgn:ConvertibleNotesPayable1Member 2014-05-31 0001411685 vtgn:NoteAndWarrantAmendmentAgreementsMember vtgn:ConvertibleNotesPayable1Member vtgn:RestrictedCommonStockMember 2014-05-01 2014-05-31 0001411685 vtgn:NoteAndWarrantAmendmentAgreementsMember vtgn:ConvertibleNotesPayable1Member 2014-04-01 2014-08-15 0001411685 vtgn:NoteAndWarrantAmendmentAgreementsMember vtgn:ConvertibleNotesPayable1Member 2014-08-15 0001411685 vtgn:IcahnSchoolOfMedicineAtMountSinaiMember vtgn:NotesPayableOtherPayables7Member vtgn:RestrictedCommonStockMember 2014-04-01 2014-04-30 0001411685 vtgn:IcahnSchoolOfMedicineAtMountSinaiMember vtgn:NotesPayableOtherPayables7Member us-gaap:WarrantMember 2014-04-01 2014-04-30 0001411685 vtgn:IcahnSchoolOfMedicineAtMountSinaiMember vtgn:NotesPayableOtherPayables7Member us-gaap:WarrantMember 2014-04-30 0001411685 vtgn:IcahnSchoolOfMedicineAtMountSinaiMember 2014-04-30 0001411685 us-gaap:SeriesBPreferredStockMember vtgn:LegalServicesRelatedToDebtRestructuringMember 2015-06-01 2015-06-30 0001411685 vtgn:FinancialAdvisoryAndCorporateDevelopmentServiceMember vtgn:TwoIndependentContractorsMember 2015-06-01 2015-06-30 0001411685 vtgn:FinancialAdvisoryAndCorporateDevelopmentServiceMember vtgn:TwoIndependentContractorsMember us-gaap:SeriesBPreferredStockMember 2015-06-30 0001411685 vtgn:CorporateDevelopmentServiceMember 2015-04-01 2015-06-30 0001411685 vtgn:CorporateDevelopmentServiceMember 2015-06-30 0001411685 vtgn:IntellectualPropertyRelatedLegalServicesMember us-gaap:SeriesBPreferredStockMember 2015-04-01 2015-09-30 0001411685 vtgn:LegalServicesMember 2016-01-01 2016-01-31 0001411685 vtgn:LegalServicesMember 2016-02-01 2016-02-29 0001411685 vtgn:InvestorRelationsMember 2016-02-01 2016-02-29 0001411685 2016-02-01 2016-02-29 0001411685 2016-03-01 2016-03-31 0001411685 vtgn:LegalServicesMember 2016-03-01 2016-03-31 0001411685 vtgn:InvestorRelationsMember 2016-03-01 2016-03-31 0001411685 us-gaap:WarrantMember vtgn:InvestmentBankingAgreementsMember vtgn:FourPartiesMember 2015-04-01 2015-12-31 0001411685 us-gaap:WarrantMember 2015-11-01 2015-11-30 0001411685 us-gaap:WarrantMember vtgn:ElevenProfessionalServiceProvidersMember 2016-03-01 2016-03-31 0001411685 us-gaap:WarrantMember 2016-03-01 2016-03-31 0001411685 vtgn:ConsultingAgreementMember vtgn:RestrictedCommonStockMember 2014-05-01 2014-05-31 0001411685 vtgn:ConsultingAgreementMember vtgn:RestrictedCommonStockMember 2014-05-31 0001411685 vtgn:ConsultantMember 2014-05-01 2014-12-31 0001411685 vtgn:ConsultingAgreementMember vtgn:ConsultantMember vtgn:RestrictedCommonStockMember 2015-01-11 2015-01-12 0001411685 vtgn:ConsultingAgreementMember vtgn:ConsultantMember vtgn:RestrictedCommonStockMember 2015-01-12 0001411685 vtgn:ConsultantMember 2015-04-01 2016-03-31 0001411685 vtgn:Consultan1Member 2014-04-01 2015-03-31 0001411685 vtgn:Consultan1Member 2015-03-31 0001411685 vtgn:LegalCounselMember 2014-04-01 2015-03-31 0001411685 vtgn:Warrant3Member vtgn:WarrantExchangeAgreementsMember 2015-06-09 2015-06-10 0001411685 vtgn:Warrant3Member vtgn:WarrantExchangeAgreementsMember us-gaap:GeneralAndAdministrativeExpenseMember 2015-06-10 0001411685 us-gaap:WarrantMember 2015-09-01 2015-09-02 0001411685 us-gaap:WarrantMember 2015-09-02 0001411685 us-gaap:WarrantMember vtgn:OfficersAndIndependentMembersOfTheBoardMember 2015-09-01 2015-09-02 0001411685 us-gaap:WarrantMember 2015-11-10 2015-11-11 0001411685 us-gaap:WarrantMember 2015-11-11 0001411685 us-gaap:WarrantMember 2015-01-01 2015-01-31 0001411685 us-gaap:WarrantMember 2015-01-31 0001411685 us-gaap:WarrantMember vtgn:OfficersAndIndependentMembersOfTheBoardMember 2015-01-01 2015-01-31 0001411685 us-gaap:WarrantMember vtgn:OfficersAndIndependentMembersOfTheBoardMember 2015-01-31 0001411685 us-gaap:WarrantMember vtgn:ConsultantMember 2015-01-01 2015-01-31 0001411685 us-gaap:WarrantMember vtgn:ConsultantMember 2015-01-31 0001411685 us-gaap:WarrantMember us-gaap:MinimumMember 2015-01-01 2015-01-31 0001411685 us-gaap:WarrantMember us-gaap:MaximumMember 2015-01-01 2015-01-31 0001411685 us-gaap:WarrantMember us-gaap:GeneralAndAdministrativeExpenseMember 2014-04-01 2015-03-31 0001411685 us-gaap:NotesReceivableMember us-gaap:PrivatePlacementMember 2011-05-01 2011-05-31 0001411685 us-gaap:NotesReceivableMember us-gaap:PrivatePlacementMember 2014-10-01 2014-10-02 0001411685 us-gaap:NotesReceivableMember us-gaap:PrivatePlacementMember 2015-03-31 0001411685 us-gaap:NotesReceivableMember us-gaap:PrivatePlacementMember us-gaap:OtherExpenseMember 2014-04-01 2015-03-31 0001411685 vtgn:PlatinumLongTermGrowthVIILLCMember us-gaap:WarrantMember 2015-05-12 0001411685 us-gaap:ConvertibleNotesPayableMember 2015-04-01 2016-03-31 0001411685 us-gaap:ConvertibleNotesPayableMember 2014-04-01 2015-03-31 0001411685 us-gaap:ResearchAndDevelopmentExpenseMember us-gaap:EmployeeStockOptionMember 2015-04-01 2016-03-31 0001411685 us-gaap:ResearchAndDevelopmentExpenseMember us-gaap:EmployeeStockOptionMember 2014-04-01 2015-03-31 0001411685 us-gaap:GeneralAndAdministrativeExpenseMember us-gaap:EmployeeStockOptionMember 2015-04-01 2016-03-31 0001411685 us-gaap:GeneralAndAdministrativeExpenseMember us-gaap:EmployeeStockOptionMember 2014-04-01 2015-03-31 0001411685 us-gaap:ResearchAndDevelopmentExpenseMember vtgn:Warrant9Member 2015-04-01 2016-03-31 0001411685 us-gaap:ResearchAndDevelopmentExpenseMember vtgn:Warrant9Member 2014-04-01 2015-03-31 0001411685 us-gaap:GeneralAndAdministrativeExpenseMember vtgn:Warrant9Member 2015-04-01 2016-03-31 0001411685 us-gaap:GeneralAndAdministrativeExpenseMember vtgn:Warrant9Member 2014-04-01 2015-03-31 0001411685 us-gaap:ResearchAndDevelopmentExpenseMember vtgn:Warrant10Member 2015-04-01 2016-03-31 0001411685 us-gaap:ResearchAndDevelopmentExpenseMember vtgn:Warrant10Member 2014-04-01 2015-03-31 0001411685 us-gaap:GeneralAndAdministrativeExpenseMember vtgn:Warrant10Member 2015-04-01 2016-03-31 0001411685 us-gaap:GeneralAndAdministrativeExpenseMember vtgn:Warrant10Member 2014-04-01 2015-03-31 0001411685 us-gaap:ResearchAndDevelopmentExpenseMember vtgn:Warrant11Member 2015-04-01 2016-03-31 0001411685 us-gaap:ResearchAndDevelopmentExpenseMember vtgn:Warrant11Member 2014-04-01 2015-03-31 0001411685 us-gaap:GeneralAndAdministrativeExpenseMember vtgn:Warrant11Member 2015-04-01 2016-03-31 0001411685 us-gaap:GeneralAndAdministrativeExpenseMember vtgn:Warrant11Member 2014-04-01 2015-03-31 0001411685 vtgn:StockIncentivePlan2008Member 2008-12-19 0001411685 us-gaap:SeriesAPreferredStockMember vtgn:PlatinumLongTermGrowthVIILLCMember 2014-04-01 2015-03-31 0001411685 vtgn:NotesPayableOtherPayables8Member vtgn:CatoHoldingCoAndCatoResearchLtdMember 2015-04-01 2016-03-31 0001411685 us-gaap:SubsequentEventMember us-gaap:SeriesBPreferredStockMember 2016-04-01 2016-04-30 0001411685 us-gaap:SubsequentEventMember us-gaap:SeriesBPreferredStockMember vtgn:RegisteredCommonStockMember 2016-04-01 2016-04-30 0001411685 us-gaap:SubsequentEventMember us-gaap:SeriesBPreferredStockMember vtgn:UnregisteredCommonStockMember 2016-04-01 2016-04-30 0001411685 us-gaap:SubsequentEventMember us-gaap:SeriesBPreferredStockMember 2016-05-18 2016-05-19 0001411685 us-gaap:SubsequentEventMember us-gaap:SeriesBPreferredStockMember vtgn:RegisteredCommonStockMember 2016-05-18 2016-05-19 0001411685 us-gaap:SubsequentEventMember us-gaap:SeriesBPreferredStockMember vtgn:UnregisteredCommonStockMember 2016-05-18 2016-05-19 0001411685 us-gaap:SubsequentEventMember 2016-05-15 2016-05-16 0001411685 us-gaap:SubsequentEventMember us-gaap:SeriesBPreferredStockMember vtgn:UnregisteredCommonStockMember 2016-04-30 0001411685 us-gaap:SubsequentEventMember us-gaap:SeriesBPreferredStockMember vtgn:RegisteredCommonStockMember 2016-05-19 0001411685 us-gaap:SubsequentEventMember 2016-05-16 0001411685 us-gaap:SubsequentEventMember vtgn:AccreditedInvestorsMember us-gaap:PrivatePlacementMember us-gaap:WarrantMember 2016-05-31 0001411685 us-gaap:SubsequentEventMember us-gaap:SeriesBPreferredStockMember 2016-06-01 2016-06-15 0001411685 us-gaap:SubsequentEventMember us-gaap:SeriesBPreferredStockMember vtgn:UnregisteredCommonStockMember 2016-06-01 2016-06-15 0001411685 us-gaap:SubsequentEventMember us-gaap:SeriesBPreferredStockMember vtgn:UnregisteredCommonStockMember 2016-06-15 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure vtgn:Number VistaGen Therapeutics, Inc. 0001411685 10-K 2016-03-31 false --03-31 No No Yes Smaller Reporting Company FY 2016 13691410 7970705 <p><font style="font: 10pt Times New Roman, Times, Serif">1-for-20</font></p> -131743200 -84522700 34500000 3100000 280000 1250000 280000 50000 3413500 3000000 5025800 2650000 1650000 5025800 16400000 29100000 5025800 278000 9500000 8700000 2015-03-31 2015-04-30 2015-04-30 2015-03-31 2016-01-31 2015-04-30 2015-05-15 2015-05-15 2015-05-15 2016-06-11 <p><font style="font: 10pt Times New Roman, Times, Serif">Automatically convertible into securities we might issue upon the consummation of a Qualified Financing.</font></p> <p style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">(i) an equity or equity-based public financing registered with the SEC, or (ii) an equity or equity-based private placement, or series of private placements, not registered with the SEC, in either case resulting in gross cash proceeds to us of at least $10.0 million prior to Maturity (a <i>Qualified Financing</i>), the Outstanding Balance of the 2014 Unit Notes would automatically convert into securities substantially similar to those sold in the Qualified Financing, based on the following formula: (the Outstanding Balance as of the closing of the Qualified Financing) x 1.25 / (the per security price of the securities sold in the Qualified Financing).</font></p> <p><font style="font: 10pt Times New Roman, Times, Serif">Entitling the 2014 Unit Note holders at the time of conversion to the 25% Qualified Financing conversion premium under the terms of the 2014 Unit Notes.</font></p> 3100000 280000 1272600 500000 500000 250000 750000 3272600 250000 3522600 90400 156300 319700 918200 1379400 549500 300000 3113500 3113500 1302600 4066900 3413500 293600 1009000 310400 1009000 103400 50000 1250000 280000 3413500 895000 112500 282850 282850 33000 24250 717976 717976 39714 39714 2570040 2705883 15000 15000 833020 833020 506004 327016 282850 24250 717978 7500 37500 230000 12500 50450 6320 125000 125000 125000 33000 24250 315850 307100 142857 142857 458571 458571 235714 235714 717978 717978 455358 341518 814989 91230 93250 15000 15000 45000 15750 54576 650000 600000 1123533 381000 340000 5715 98400 2352942 2016-12-31 2016-12-31 2019-03-31 2021-03-25 2019-09-15 2017-11-20 2018-12-11 2023-03-03 2016-08-31 2020-01-11 2016-04-30 2016-08-31 2016-12-31 2016-12-31 2019-03-31 2019-03-19 2014-12-31 10.00 10.00 5.30 10.00 7.00 7.00 20 7.00 7.00 8.00 10.00 15.00 20.00 30.00 30 20 10.00 10.00 7.00 20.00 9.25 10.00 10.00 7.00 7.00 17200000 2618917 93775 328571 257143 192628 59230 21429 40000 3000 17857 32143 17857 80929 328571 54894 265699 265699 <p><font style="font: 10pt Times New Roman, Times, Serif">Cato Research Ltd., Cato Holding Company, Morrison &#38; Foerster LLP (Note A and Note B), McCarthy Tetrault, Burr Pilger &#38; Mayer, University Health Network (Toronto), the Icahn School of Medicine at Mount Sinai, National Jewish Health and others.</font></p> P5Y P5Y P5Y P5Y P5Y P5Y P5Y P5Y P1Y 9100000 8.75 4.24 0.01 9.40 10.00 10.00 8.00 10.00 8.00 10.00 10.00 10.00 10.00 10 12.25 10.00 10.00 14.00 16.50 16.00 12.00 16.00 16.00 15.00 14.00 14.00 12.00 10.00 9.25 8.00 8.00 9.28 10.00 10.45 8.25 8.25 12.60 12.60 6.75 5.00 8.00 10.00 10.00 6.50 6.50 8.00 8.00 10.00 8.25 8.25 8.00 20.00 9.40 13.40 8.40 7.50 9.11 6.50 8.00 4.24 277200 10.00 10.00 100.00 35800 288400 100000 101900 64000 26700200 2237100 5942700 308900 1800100 1305600 1168000 447500 230500 386200 16900 152900 262600 157600 281800 44100 0.10 1166200 2015-03-31 2016-03-31 2016-03-31 2016-03-31 2015-03-31 1345700 1487900 1831200 4664800 656400 1583000 1735500 1149000 379600 105200 270400 115000 187400 22000 1500000 7676200 89200 5168400 11797400 2919200 481300 437900 4081600 122300 3692900 492600 1756900 0.00 0.000 0.000 0.000 0.000 0.000 0.000 0 0 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.00 0.00 0.00 0.0000 0.0000 0.8030 0.765 0.757 0.739 0.739 0.738 0.767 0.763 0.763 0.7236 0.7319 0.7730 0.9120 0.9120 0.7560 0.7660 0.7795 0.7788 0.7896 0.7370 0.7370 0.7880 0.7870 0.6970 0.6980 0.7950 0.7790 0.8100 0.7720 0.7586 0.6974 P5Y P5Y P5Y P2Y3M22D P2Y3M22D P2Y3M7D P4Y3M7D P3Y9M4D P3Y9M4D P2Y2M8D P1Y8M12D P5Y P1M24D P4M24D P2Y2M1D P2Y7M2D P5Y P3Y P5Y P2Y3M4D P2Y3M4D P5Y1M17D P5Y1M28D P2M26D P1Y2M26D P3Y11M26D P5Y P3Y29D P5Y P1Y P5Y 0.0159 0.0158 0.0157 0.0087 0.0087 0.0086 0.0157 0.0134 0.0134 0.0062 0.0045 0.0161 0.0028 0.0036 0.0044 0.0062 0.0170 0.0116 0.0139 0.0083 0.0083 0.0174 0.0175 0.0004 0.0031 0.0127 0.0147 0.0088 0.0152 0.0145 0.0024 10.00 7.00 7.00 7.00 30.00 20.00 40.00 20.00 20.00 10.00 7.00 10.00 10.00 7.00 12.99 12.99 20.00 10.00 7.00 7.00 8.00 30.23 11.92 9.97 7.00 23.13 13.00 7.13 7.00 8.47 10.00 9.25 10.00 5.95 6.89 5.15 5.33 2.44 1.57 2.39 1.04 4.35 10.48 11.6 3.63 3.69 7.37 0.30 0.80 3.73 6.65 4.22 2.12 5.08 1.55 3.79 3.65 4.08 0.22 1.31 6.03 5.45 3.76 7.97 5.68 27500 46000 225500 122400 -54500 -180000 -474500 18891400 937800 3285700 2571400 2359700 829200 353600 640000 36000 267900 450000 250000 823800 936000 171300 165100 2100 17900 19100 70400 497900 2251100 12500 60691 110448 15000 <p><font style="font: 10pt Times New Roman, Times, Serif">To reduce the exercise price thereof from $30.00 and $20.00 per share, respectively, to $7.00 per share.</font></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"><font style="font: 10pt Times New Roman, Times, Serif">To reduce the exercise price of one of the warrants from %$40.00 per share to $20.00 per share.&#160;</font></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"><font style="font: 10pt Times New Roman, Times, Serif">To reduce the exercise price from $10.00 per share to $7.00 per share.&#160;</font></td></tr> </table> 222700 16600 <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"><font style="font: 10pt Times New Roman, Times, Serif">To extend the term of both warrants from September 15, 2017 to September 15, 2019.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">(i) December 31, 2016 or (ii) our consummation of a registered public offering or a strategic transaction involving AV-101 in which, in either case, we received gross proceeds of at least $20.0 million, any and all action to collect amounts due under our August 2012 promissory Note A maturing on March 31, 2016 (<i>M&#38;F Note A</i>) and all past due amounts owed by us to M&#38;F in connection with professional services previously rendered by M&#38;F (<i>M&#38;F Payables</i>).</font></p> 8975297 3755105 750000 750000 3663077 2318012 336987 207638 1907221 1544474 375000 444235 433758 -51419000 -13991000 -105200 337200 337000 1100 1100 1000 1100 200 1300 100 1200 370900 93800 277100 58800 4442300 1508800 3650300 429800 70800 66700 70800 4152600 360200 141500 140100 59100 172600 873500 46200 919700 13100 24100 46000 193200 333100 101800 260700 270700 711300 55900 204800 1632800 641500 640100 309100 922600 4146100 296200 4442300 103500 180400 365700 1111400 1712500 651300 1563300 4337600 4124800 349500 1213800 4500000 1300000 1500000 250000 27200 35600 27200 35600 -3272600 -1248100 3886900 -2939000 5800 -378300 -31600 -23200 -31600 -3346300 3522600 1248100 2939000 378300 58800 58800 58800 3381900 -54500 -180000 -474500 919700 260700 711300 51500 12000 7900 12000 770700 -873500 -260700 270700 -711300 -51500 -12000 -7900 -12000 -770700 46200 -4146100 -1508800 4157600 -3650300 5800 -429800 -43600 -31100 -43600 -4117000 296200 27200 35600 27200 35600 2016-04-01 746900 45000 1000000 10425632 108105 681988 P10Y P5Y 145000 90000 30000 25000 35200 76600 660242 660242 2017-09 428500 70000 426800 35700 855300 105700 87600 117100 46900 46900 989800 269700 814000 1206500 1508800 1794700 17388100 296200 27200 35600 55500 83000 2172300 3424400 3967000 20812500 2600 1700 132725000 67945800 3968100 3968100 -2977200 -20542800 -12799900 500 500 3700 500 2300 1300 1700 62001400 67945800 -3968100 -3968100 -198100 -70636900 -84522700 2600 132725000 -3968100 -131743200 989800 269700 0.001 0.001 0.001 0.001 10000000 10000000 500000 500000 4000000 3000000 500000 4000000 3000000 500000 500000 3663077 2318012 0.001 0.001 0.001 30000000 10000000 2623145 1677110 135665 135665 3931600 2432700 52600 38100 373000 1656000 806000 1097000 474000 558000 445000 956000 127100 2840700 135100 -47220500 -13885800 -13885800 -47220500 -29524000 -7048000 -2147000 -8502000 -4553000 -2021000 -1090000 -6222000 53500 59100 564800 3372000 6218000 98400 829200 469000 1382500 1280800 44500 6400 63600 -2300 134900 -25700 -107400 -547200 2024100 -4808500 -2768900 26300 280000 3146600 3133500 280000 5025800 10000000 5025800 1000 3900 111500 303800 5193300 2838900 358500 70000 12700 35700 2400 2400 79400 105300 438400 277200 2747100 300 2746800 277200 280350 33000 4041400 2460100 2460100 4041400 198100 198100 98400 98400 635700 100 635600 250000 1350000 500000 120000 90000 25000 25000 58000 25000 134000 160000 166700 71667 25000 90000 50000 10000 10000 6250 10375 230000 10000 20000 16667 230200 230200 15000 44400 44400 109300 109300 -380400 -380400 5025800 700 5025100 717978 42580200 3100 42577100 3018917 4903100 4903100 30000 -30000 -2140500 -2140500 50900 -200 200 50900 -228818 235655 200 -200 200000 -200000 3194900 2100 3192800 2118012 3023100 800 3022300 814989 3830000 100 100 3829800 125000 92375 500000 500000 3663077 500000 2318012 1310109 1677126 2623145 <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>3.&#160;&#160;Summary of Significant Accounting Policies&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Use of Estimates&#160;</i></b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with U.S.&#160;generally accepted accounting principles (<i>U.S. GAAP</i>) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.&#160; Significant estimates include, but are not limited to, those relating to stock-based compensation, revenue recognition, and the&#160;assumptions used to value warrants, warrant modifications and warrant liabilities.</p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i></i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Principles of Consolidation&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The accompanying consolidated financial statements include the Company&#146;s accounts, and the accounts of VistaGen California&#146;s wholly-owned inactive subsidiaries, Artemis Neurosciences and VistaStem Canada.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Cash and Cash Equivalents&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents are considered to be highly liquid investments with maturities of three months or less at the date of purchase.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Property and Equipment&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment is stated at cost. Repairs and maintenance costs are expensed in the period incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range from five to seven years.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Impairment or Disposal of Long-Lived Assets&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We evaluate our long-lived assets, primarily property and equipment, for impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable from the estimated future cash flows expected to result from their use or eventual disposition. If the estimates of future undiscounted net cash flows are insufficient to recover the carrying value of the assets, we record an impairment loss in the amount by which the carrying value of the assets exceeds their fair value. If the assets are determined to be recoverable, but the useful lives are shorter than originally estimated, we&#160;depreciate or amortize the net book value of the assets over the newly determined remaining useful lives. We have not recorded any impairment charges to date.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Revenue Recognition&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Although we do not currently have any such arrangements, we have historically generated revenue principally from collaborative research and development arrangements, technology transfer agreements, including strategic licenses, and government grants. Revenue arrangements with multiple components are divided into separate units of accounting if certain criteria are met, including whether the delivered component has stand-alone value to the customer. Consideration received is allocated among the separate units of accounting based on their respective selling prices.&#160;&#160;The selling price for each unit is based on vendor-specific objective evidence, or VSOE, if available, third party evidence if VSOE is not available, or estimated selling price if neither VSOE nor third party evidence is available.&#160;&#160;The applicable revenue recognition criteria are then applied to each of the units.&#160;&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We recognize revenue when the four basic criteria of revenue recognition are met: (i)&#160;a contractual agreement exists; (ii)&#160;the transfer of technology has been completed or services have been rendered; (iii)&#160;the fee is fixed or determinable; and (iv)&#160;collectability is reasonably assured. For each source of revenue, we comply with the above revenue recognition criteria in the following manner:&#160;</font></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Collaborative arrangements typically consist of non-refundable and/or exclusive up front technology access fees, cost reimbursements for specific research and development spending, and various milestone and future product royalty payments.&#160; If the delivered technology does not have stand-alone value, the amount of revenue allocable to the delivered technology is deferred.&#160; Non-refundable upfront fees with stand-alone value that are not dependent on future performance under these agreements are recognized as revenue when received, and are deferred if we have continuing performance obligations and have no objective and reliable evidence of the fair value of those obligations.&#160; We recognize non-refundable upfront technology access fees under agreements in which we have a continuing performance obligation ratably, on a straight-line basis, over the period during which we are obligated to provide services.&#160; Cost reimbursements for research and development spending are recognized when the related costs are incurred and when collectability is reasonably assured.&#160; Payments received related to substantive, performance-based &#147;at-risk&#148; milestones are recognized as revenue upon achievement of the milestone event specified in the underlying contracts, which represent the culmination of the earnings process.&#160; Amounts received in advance are recorded as deferred revenue until the technology is transferred, costs are incurred, or a milestone is reached.</font></td></tr> </table> <p style="text-align: justify; text-indent: 0pt"></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Technology license agreements typically consist of non-refundable upfront license fees, annual minimum access fees, development and/or regulatory milestone payments and/or royalty payments. Non-refundable upfront license fees and annual minimum payments received with separable stand-alone values are recognized when the technology is transferred or accessed, provided that the technology transferred or accessed is not dependent on the outcome of the continuing research and development efforts. Otherwise, revenue is recognized over the period of our continuing involvement, and, in the case of development and/or regulatory milestone payments, when the applicable event triggering such a payment has occurred.</font></td></tr> </table> <p style="text-indent: 0pt"></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Government grants, which support our research efforts on specific projects, generally provide for reimbursement of approved costs as defined in the terms of grant awards. Grant revenue is recognized when associated project costs are incurred.</font></td></tr> </table> <p style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Research and Development Expenses&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Research and development expenses are composed of both internal and external costs.&#160;&#160;Internal costs include salaries and employment-related expenses of scientific personnel and direct project costs.&#160;&#160;External research and development expenses consist primarily of costs associated with clinical and non-clinical development of AV-101, our prodrug candidate entering late-stage clinical development for Major Depressive Disorder, sponsored stem cell research and development costs, and costs related to the application and prosecution of patents related to our stem cell technology platform and AV-101. All such costs are charged to expense as incurred.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Stock-Based Compensation&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We recognize compensation cost for all stock-based awards to employees based on the grant date fair value of the award.&#160;&#160;We record non-cash, stock-based compensation expense over the period during which the employee is required to perform services in exchange for the award, which generally represents the scheduled vesting period.&#160;&#160;We have granted no restricted stock awards nor do we have any awards with market or performance conditions.&#160;&#160;For equity awards to non-employees, we re-measure the fair value of the awards as they vest and the resulting value is recognized as an expense during the period over which the services are performed.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Income Taxes&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We account for income taxes using the asset and liability approach for financial reporting purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce the deferred tax assets to an amount expected to be realized.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Concentrations of Credit Risk&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents. Our investment policies limit any such investments to short-term, low-risk investments. We deposit cash and cash equivalents with quality financial institutions and are insured to the maximum of federal limitations. Balances in these accounts may exceed federally insured limits at times.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Warrant Liability&#160;</i></b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Between October 2012 and July 2013, we issued to PLTG warrants to purchase a substantial number of unregistered shares of our common stock and, subject to PLTG&#146;s exercise of its rights to exchange shares of our Series A Preferred Stock that it holds, we were obligated to issue to PLTG an additional warrant (<i>Series A Exchange Warrant</i>) to purchase unregistered shares of common stock (collectively, the <i>PLTG Warrants</i>). The PLTG Warrants contained an exercise price adjustment feature that would lower the exercise price of the warrants in the event we subsequently issued equity instruments at a price lower than the exercise price of the PLTG Warrants. We accounted for the PLTG Warrants as non-cash liabilities and estimated their fair value as described in Note 4, <i>Fair Value Measurements, </i>Note 8, <i>Convertible Promissory Notes and Other Notes Payable</i>, and Note 9<i>, Capital Stock</i>. We computed the fair value of the warrant liability at each reporting period and recorded the change in the fair value as non-cash expense or non-cash income. The key component in determining the fair value of the PLTG Warrants and the related liability was the market price of our common stock, which is subject to significant fluctuation and is not under our control. The resulting change in the fair value of the warrant liability on our net loss was therefore also subject to significant fluctuation and would have continued to be so until all of the PLTG Warrants were issued and exercised, amended or expired. Assuming all other fair value inputs remained generally constant, we recorded an increase in the warrant liability and non-cash losses when our stock price increased and a decrease in the warrant liability and non-cash income when our stock price decreased.</p> <p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, and as described in Note 9, <i>Capital Stock</i>, on May 12, 2015, we entered into an agreement with PLTG pursuant to which PLTG agreed to amend the PLTG Warrants to (i) fix the exercise price thereof at $7.00 per share, (ii) eliminate the exercise price reset features and (iii) fix the number of shares of our common stock issuable thereunder.&#160;&#160;This agreement and the related amendments to the&#160;PLTG Warrants resulted in the elimination of the warrant liability with respect to the PLTG Warrants during the quarter ending June 30, 2015. As further described in Note 9, <i>Capital Stock</i>, the PLTG Warrants, including the right to receive the Series A Exchange Warrant, were cancelled in exchange for our issuance of shares of our Series C Preferred stock to PLTG in January 2016.</p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Comprehensive Loss&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We have no components of other comprehensive loss other than net loss, and accordingly our comprehensive loss is equivalent to our net loss for the periods presented.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Loss per Common Share&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Basic net income (loss) per share of common stock excludes the effect of dilution and is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) per share of common stock reflects the potential dilution that could occur if securities or other contracts to issue shares of common stock were exercised or converted into shares of common stock. In calculating diluted net income (loss) per share, we have adjusted the numerator for the change in the fair value of the warrant liability attributable to the outstanding PLTG Warrants, only if dilutive, and increased the denominator to include the number of potentially dilutive common shares assumed to be outstanding during the period using the treasury stock method. As a result of our net loss for both years presented, potentially dilutive securities were excluded from the computation of diluted loss per share, as their effect would be antidilutive.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Basic and diluted net loss attributable to common stockholders per share was computed as follows:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Twelve Months Ended March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Numerator:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Net loss attributable to common stockholders for basic net loss</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">per share</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">(51,419,000</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">(13,885,800</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">less: change in fair value of warrant liability attributable to outstanding</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">warrants issued to PLTG</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(105,200</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Net loss for diluted earnings per share attributable to common stockholders</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(51,419,000</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(13,991,000</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Denominator:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average basic common shares outstanding</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,767,957</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,318,813</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Assumed conversion of dilutive securities:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Warrants to purchase common stock</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Potentially dilutive common shares assumed converted</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Denominator for diluted earnings per share - adjusted</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">weighted average shares</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,767,957</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,318,813</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Basic net loss attributable to common stockholders per common share</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(29.08</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10.53</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Diluted net loss attributable to common stockholders per common share</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(29.08</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10.61</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> </table> <p style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Potentially dilutive securities excluded in determining diluted net loss per common share for the fiscal years ended March 31, 2016 and 2015 are as follows:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Series A Preferred stock issued and outstanding<font style="vertical-align: text-top"> (1)</font></font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">750,000</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">750,000</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Series B Preferred stock issued and outstanding<font style="vertical-align: text-top"> (2)</font></font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,663,077</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Series C Preferred stock issued and outstanding<font style="vertical-align: text-top"> (3)</font></font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,318,012</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding options under the 2008 and 1999 Stock Incentive Plans</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">336,987</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">207,638</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding warrants to purchase common stock</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,907,221</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,544,474</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><p><font style="font: 10pt Times New Roman, Times, Serif">Warrant shares issuable to PLTG upon exchange of Series A Preferred under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as subsequently amended</font></p></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">375,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">10% Senior Secured Convertible Notes issued to PLTG between October 2012 and&#160;July 2013, including accrued interest through March 31, 2015</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">444,235</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; padding-left: 11pt; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">10% convertible notes issued as a component of 2014 Unit Private Placement, including&#160;&#160;accrued interest through March 31, 2015</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">433,758</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,975,297</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,755,105</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">____________</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td colspan="8" style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: text-top">(1)</font><font style="font: 10pt Times New Roman, Times, Serif">&#160;Assumes exchange under the terms of the October 11, 2012&#160;Note Exchange and Purchase Agreement with PLTG, as amended</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td colspan="8" style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: text-top">(2)</font><font style="font: 10pt Times New Roman, Times, Serif">&#160;Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td colspan="8" style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: text-top">(3)</font><font style="font: 10pt Times New Roman, Times, Serif">&#160;Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Recent Accounting Pronouncements&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In May 2014, the Financial Accounting Standards Board (<i>FASB</i>) issued Accounting Standards Update (<i>ASU</i>) No. 2014-09, <i>Revenue from Contracts with Customers (Topic 606), </i>which supersedes the revenue recognition requirements in ASC 605, <i>Revenue Recognition</i>. The amendment in this ASU provides guidance on revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The core principle of this update provides guidance to identify the performance obligations under the contract(s) with a customer and how to allocate the transaction price to the performance obligations in the contract. It further provides guidance to recognize revenue when (or as) the entity satisfies a performance obligation. In August 2015, the FASB issued an update to defer the effective date of this ASU by one year. The ASU is now effective for public entities for annual and interim periods beginning after December 15, 2017 (the first quarter of our fiscal year ending March 31, 2019).&#160;We do not currently have, nor have we recently had, revenue generating activities. Accordingly, we have not determined the potential effects of adopting this ASU on our consolidated financial statements.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In March 2016, the FASB issued ASU 2016-08, <i>Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)</i>. The ASU does not change the core principle of the guidance in the aforementioned ASU 2014-09, instead, the amendments in this Update are intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations and whether an entity reports revenue on a gross or net basis. ASU 2016-08 will have the same effective date and transition requirements as ASU 2014-09.&#160;&#160;We have not determined the potential effects of adopting this ASU on our consolidated financial statements.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In April 2016, the FASB issued ASU 2016-10, <i>Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing</i>. The amendments in this Update affect the guidance in the aforementioned ASU 2014-09 by clarifying two aspects: identifying performance obligations and the licensing implementation guidance. ASU 2016-10 will have the same effective date and transition requirements as the ASU 2014-09. We have not determined the potential effects of adopting this ASU on our consolidated financial statements.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In May 2016, the FASB issued ASU 2016-12, <i>Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients. </i>The amendments in this Update affect the guidance in the aforementioned ASU 2014-09 by clarifying certain specific aspects of the guidance, including assessment of collectability, treatment of sales taxes and contract modifications, and providing certain technical corrections. ASU 2016-12 will have the same effective date and transition requirements as the ASU 2014-09. We have not determined the potential effects of adopting this ASU on our consolidated financial statements.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In August 2014, the FASB issued ASU No. 2014-15, <i>Presentation of Financial Statements&#151;Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity&#146;s Ability to Continue as a Going Concern. </i>&#160;The ASU sets forth a requirement for management to evaluate whether there are conditions or events that raise substantial doubt about an entity&#146;s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt; (2) require an evaluation every reporting period, including interim periods; (3) provide principles for considering the mitigating effect of management&#146;s plans; (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management&#146;s plans; (5) require an express statement or other disclosures when substantial doubt is not alleviated; and (6) require an assessment for a period of one year after the date the financial statements are issued or available to be issued.&#160;Substantial doubt about an entity&#146;s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable (as defined under ASC 450, <i>Contingencies</i>) that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued or are available to be issued. If substantial doubt exists, the extent of the required disclosures depends on an evaluation of management&#146;s plans (if any) to mitigate the going concern uncertainty. This evaluation should include consideration of conditions and events that are either known or are reasonably knowable at the date the financial statements are issued or are available to be issued, as well as whether it is probable that management's plans to address the substantial doubt will be implemented and, if so, whether it is probable that the plans will alleviate the substantial doubt. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim and annual periods thereafter. Early application is permitted. In their opinion on our financial statements for our fiscal year ended March 31, 2015, our auditors indicated that there was substantial doubt about our ability to continue as a going concern. Based on our consummation of the May 2016 Registered Offering and other considerations, their opinion on our financial statements for our fiscal year ended March 31, 2016 did not indicate the presence of such doubt. Although we have not yet adopted ASU 2014-15, we have indicated in Note 2, <i>Basis of Presentation</i>, steps we have taken to provide sufficient additional financing that is expected to permit us to continue our operations for at least one year. Upon our adoption of ASU 2014-15, should conditions at such time indicate there is substantial doubt about our ability to continue as a going concern, or that such doubt has been alleviated, we will conform our disclosure to the guidance contained in ASU 2014-15.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In April 2015, the FASB issued ASU No. 2015-03, <i>Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs</i>. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this update are effective for financial statements issued for fiscal years ending after December 31, 2015, and interim periods within those fiscal years. We have adopted this ASU as of the beginning of our fiscal year beginning April 1, 2016.&#160;&#160;Although adoption of this ASU has had no effect on the accompanying financial statements, should we incur debt issuance costs in the future, we will treat such costs as a deduction from the carrying amount of such liability.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In November 2015, the FASB issued ASU No. 2015-17, <i>Balance Sheet Classification of Deferred Taxes</i>, which amends existing guidance on income taxes to require the classification of all deferred tax assets and liabilities as non-current on the balance sheet. The Company is required to adopt this ASU no later than&#160;April 1, 2017, with early adoption permitted, and the guidance may be applied either prospectively or retrospectively.&#160;We do&#160;not expect this ASU to have a material impact on&#160;our consolidated&#160;financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In January 2016, the FASB issued ASU No. 2016-01, <i>Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities</i>. The updated guidance enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation and disclosure. The amendment to the standard is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We do not believe that this ASU will have a material effect on our consolidated financial statements.</p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In February 2016, the FASB issued ASU 2016-02, <i>Leases</i> (<i>ASC 842</i>), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors).&#160;&#160;The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to the current guidance for operating leases.&#160;&#160;ASC 842 supersedes the previous leases standard, ASC 840, <i>Leases</i>. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. We do not expect that this ASU will have a material effect on our consolidated financial statements.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In March 2016, the FASB issued ASU 2016-09, <i>Compensation&#151;Stock Compensation</i> (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. While aimed at reducing the cost and complexity of the accounting for share-based payments, the amendments are expected to significantly impact net income, EPS, and the statement of cash flows. For public companies, the amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. We are evaluating the impact of this ASU on our consolidated financial statements.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with U.S.&#160;generally accepted accounting principles (<i>U.S. GAAP</i>) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.&#160; Significant estimates include, but are not limited to, those relating to stock-based compensation, revenue recognition, and the&#160;assumptions used to value warrants, warrant modifications and warrant liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Principles of Consolidation&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The accompanying consolidated financial statements include the Company&#146;s accounts, and the accounts of VistaGen California&#146;s wholly-owned inactive subsidiaries, Artemis Neurosciences and VistaStem Canada.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Cash and Cash Equivalents&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents are considered to be highly liquid investments with maturities of three months or less at the date of purchase.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Property and Equipment&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment is stated at cost. Repairs and maintenance costs are expensed in the period incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range from five to seven years.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Impairment or Disposal of Long-Lived Assets&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">We evaluate our long-lived assets, primarily property and equipment, for impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable from the estimated future cash flows expected to result from their use or eventual disposition. If the estimates of future undiscounted net cash flows are insufficient to recover the carrying value of the assets, we record an impairment loss in the amount by which the carrying value of the assets exceeds their fair value. If the assets are determined to be recoverable, but the useful lives are shorter than originally estimated, we&#160;depreciate or amortize the net book value of the assets over the newly determined remaining useful lives. We have not recorded any impairment charges to date.</font></p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Research and Development Expenses&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Research and development expenses are composed of both internal and external costs.&#160;&#160;Internal costs include salaries and employment-related expenses of scientific personnel and direct project costs.&#160;&#160;External research and development expenses consist primarily of costs associated with clinical and non-clinical development of AV-101, our prodrug candidate entering late-stage clinical development for Major Depressive Disorder, sponsored stem cell research and development costs, and costs related to the application and prosecution of patents related to our stem cell technology platform and AV-101. All such costs are charged to expense as incurred.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Stock-Based Compensation&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">We recognize compensation cost for all stock-based awards to employees based on the grant date fair value of the award.&#160;&#160;We record non-cash, stock-based compensation expense over the period during which the employee is required to perform services in exchange for the award, which generally represents the scheduled vesting period.&#160;&#160;We have granted no restricted stock awards nor do we have any awards with market or performance conditions.&#160;&#160;For equity awards to non-employees, we re-measure the fair value of the awards as they vest and the resulting value is recognized as an expense during the period over which the services are performed.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Income Taxes&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">We account for income taxes using the asset and liability approach for financial reporting purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce the deferred tax assets to an amount expected to be realized.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Concentrations of Credit Risk&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents. Our investment policies limit any such investments to short-term, low-risk investments. We deposit cash and cash equivalents with quality financial institutions and are insured to the maximum of federal limitations. Balances in these accounts may exceed federally insured limits at times.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Between October 2012 and July 2013, we issued to PLTG warrants to purchase a substantial number of unregistered shares of our common stock and, subject to PLTG&#146;s exercise of its rights to exchange shares of our Series A Preferred Stock that it holds, we were obligated to issue to PLTG an additional warrant (<i>Series A Exchange Warrant</i>) to purchase unregistered shares of common stock (collectively, the <i>PLTG Warrants</i>). The PLTG Warrants contained an exercise price adjustment feature that would lower the exercise price of the warrants in the event we subsequently issued equity instruments at a price lower than the exercise price of the PLTG Warrants. We accounted for the PLTG Warrants as non-cash liabilities and estimated their fair value as described in Note 4, <i>Fair Value Measurements, </i>Note 8, <i>Convertible Promissory Notes and Other Notes Payable</i>, and Note 9<i>, Capital Stock</i>. We computed the fair value of the warrant liability at each reporting period and recorded the change in the fair value as non-cash expense or non-cash income. The key component in determining the fair value of the PLTG Warrants and the related liability was the market price of our common stock, which is subject to significant fluctuation and is not under our control. The resulting change in the fair value of the warrant liability on our net loss was therefore also subject to significant fluctuation and would have continued to be so until all of the PLTG Warrants were issued and exercised, amended or expired. Assuming all other fair value inputs remained generally constant, we recorded an increase in the warrant liability and non-cash losses when our stock price increased and a decrease in the warrant liability and non-cash income when our stock price decreased.</p> <p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, and as described in Note 9, <i>Capital Stock</i>, on May 12, 2015, we entered into an agreement with PLTG pursuant to which PLTG agreed to amend the PLTG Warrants to (i) fix the exercise price thereof at $7.00 per share, (ii) eliminate the exercise price reset features and (iii) fix the number of shares of our common stock issuable thereunder.&#160;&#160;This agreement and the related amendments to the&#160;PLTG Warrants resulted in the elimination of the warrant liability with respect to the PLTG Warrants during the quarter ending June 30, 2015. As further described in Note 9, <i>Capital Stock</i>, the PLTG Warrants, including the right to receive the Series A Exchange Warrant, were cancelled in exchange for our issuance of shares of our Series C Preferred stock to PLTG in January 2016.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Comprehensive Loss&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">We have no components of other comprehensive loss other than net loss, and accordingly our comprehensive loss is equivalent to our net loss for the periods presented.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Recent Accounting Pronouncements&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">In May 2014, the Financial Accounting Standards Board (<i>FASB</i>) issued Accounting Standards Update (<i>ASU</i>) No. 2014-09, <i>Revenue from Contracts with Customers (Topic 606), </i>which supersedes the revenue recognition requirements in ASC 605, <i>Revenue Recognition</i>. The amendment in this ASU provides guidance on revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The core principle of this update provides guidance to identify the performance obligations under the contract(s) with a customer and how to allocate the transaction price to the performance obligations in the contract. It further provides guidance to recognize revenue when (or as) the entity satisfies a performance obligation. In August 2015, the FASB issued an update to defer the effective date of this ASU by one year. The ASU is now effective for public entities for annual and interim periods beginning after December 15, 2017 (the first quarter of our fiscal year ending March 31, 2019).&#160;We do not currently have, nor have we recently had, revenue generating activities. Accordingly, we have not determined the potential effects of adopting this ASU on our consolidated financial statements.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">In March 2016, the FASB issued ASU 2016-08, <i>Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)</i>. The ASU does not change the core principle of the guidance in the aforementioned ASU 2014-09, instead, the amendments in this Update are intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations and whether an entity reports revenue on a gross or net basis. ASU 2016-08 will have the same effective date and transition requirements as ASU 2014-09.&#160;&#160;We have not determined the potential effects of adopting this ASU on our consolidated financial statements.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">In April 2016, the FASB issued ASU 2016-10, <i>Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing</i>. The amendments in this Update affect the guidance in the aforementioned ASU 2014-09 by clarifying two aspects: identifying performance obligations and the licensing implementation guidance. ASU 2016-10 will have the same effective date and transition requirements as the ASU 2014-09. We have not determined the potential effects of adopting this ASU on our consolidated financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">In May 2016, the FASB issued ASU 2016-12, <i>Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients. </i>The amendments in this Update affect the guidance in the aforementioned ASU 2014-09 by clarifying certain specific aspects of the guidance, including assessment of collectability, treatment of sales taxes and contract modifications, and providing certain technical corrections. ASU 2016-12 will have the same effective date and transition requirements as the ASU 2014-09. We have not determined the potential effects of adopting this ASU on our consolidated financial statements.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">In August 2014, the FASB issued ASU No. 2014-15, <i>Presentation of Financial Statements&#151;Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity&#146;s Ability to Continue as a Going Concern. </i>&#160;The ASU sets forth a requirement for management to evaluate whether there are conditions or events that raise substantial doubt about an entity&#146;s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt; (2) require an evaluation every reporting period, including interim periods; (3) provide principles for considering the mitigating effect of management&#146;s plans; (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management&#146;s plans; (5) require an express statement or other disclosures when substantial doubt is not alleviated; and (6) require an assessment for a period of one year after the date the financial statements are issued or available to be issued.&#160;Substantial doubt about an entity&#146;s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable (as defined under ASC 450, <i>Contingencies</i>) that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued or are available to be issued. If substantial doubt exists, the extent of the required disclosures depends on an evaluation of management&#146;s plans (if any) to mitigate the going concern uncertainty. This evaluation should include consideration of conditions and events that are either known or are reasonably knowable at the date the financial statements are issued or are available to be issued, as well as whether it is probable that management's plans to address the substantial doubt will be implemented and, if so, whether it is probable that the plans will alleviate the substantial doubt. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim and annual periods thereafter. Early application is permitted. In their opinion on our financial statements for our fiscal year ended March 31, 2015, our auditors indicated that there was substantial doubt about our ability to continue as a going concern. Based on our consummation of the May 2016 Registered Offering and other considerations, their opinion on our financial statements for our fiscal year ended March 31, 2016 did not indicate the presence of such doubt. Although we have not yet adopted ASU 2014-15, we have indicated in Note 2, <i>Basis of Presentation</i>, steps we have taken to provide sufficient additional financing that is expected to permit us to continue our operations for at least one year. Upon our adoption of ASU 2014-15, should conditions at such time indicate there is substantial doubt about our ability to continue as a going concern, or that such doubt has been alleviated, we will conform our disclosure to the guidance contained in ASU 2014-15.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">In April 2015, the FASB issued ASU No. 2015-03, <i>Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs</i>. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this update are effective for financial statements issued for fiscal years ending after December 31, 2015, and interim periods within those fiscal years. We have adopted this ASU as of the beginning of our fiscal year beginning April 1, 2016.&#160;&#160;Although adoption of this ASU has had no effect on the accompanying financial statements, should we incur debt issuance costs in the future, we will treat such costs as a deduction from the carrying amount of such liability.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">In November 2015, the FASB issued ASU No. 2015-17, <i>Balance Sheet Classification of Deferred Taxes</i>, which amends existing guidance on income taxes to require the classification of all deferred tax assets and liabilities as non-current on the balance sheet. The Company is required to adopt this ASU no later than January 1, 2018, with early adoption permitted, and the guidance may be applied either prospectively or retrospectively.&#160;The Company does not expect this ASU to have a material impact on its financial statements.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">In January 2016, the FASB issued ASU No. 2016-01, <i>Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities</i>. The updated guidance enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation and disclosure. The amendment to the standard is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We do not believe that this ASU will have a material effect on our financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">In February 2016, the FASB issued ASU 2016-02, <i>Leases</i> (<i>ASC 842</i>), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors).&#160;&#160;The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to the current guidance for operating leases.&#160;&#160;ASC 842 supersedes the previous leases standard, ASC 840, <i>Leases</i>. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. We do not expect that this ASU will have a material effect on our financial statements.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">In March 2016, the FASB issued ASU 2016-09, <i>Compensation&#151;Stock Compensation</i> (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. While aimed at reducing the cost and complexity of the accounting for share-based payments, the amendments are expected to significantly impact net income, EPS, and the statement of cash flows. For public companies, the amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. We are evaluating the impact of this ASU on our financial statements.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes the components of the Company&#146;s convertible promissory notes and other notes payable:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="10" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31, 2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="10" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31, 2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Accrued</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Accrued</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Senior Secured 10% Convertible Promissory Notes issued to PLTG:</i></b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 22pt; width: 40%; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Exchange Note issued on October 11, 2012</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">1,272,600</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">360,200</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">1,632,800</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Investment Note issued on October 11, 2012</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">500,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">141,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">641,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Investment Note issued on October 19, 2012</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">500,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">140,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">640,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Investment Note issued on February 22, 2013</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">250,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">59,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">309,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Investment Note issued on March 12, 2013</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">750,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">172,600</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">922,600</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,272,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">873,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,146,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Convertible promissory note issued on July 26, 2013</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">250,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,200</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">296,200</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 22pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Total Senior notes</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,522,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">919,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,442,300</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Aggregate note discount</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 22pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Net Senior notes</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,522,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">919,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,442,300</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">less: current portion</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,272,600</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(873,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,146,100</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 44pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Senior notes - non-current portion and discount</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">250,000</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,200</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">296,200</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>10%&#160;Convertible Promissory Notes (Unit Notes)</i></b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">2014 Unit Notes, including amended notes, due 3/31/15</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,066,900</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">270,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,337,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Note discounts</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(180,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(180,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Net convertible notes (all current)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,886,900</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">270,700</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,157,600</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Notes Payable to unrelated parties:</i></b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><p><font style="font: 10pt Times New Roman, Times, Serif">7.5% Notes payable to service providers for accounts payable converted to notes payable:</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Burr, Pilger, Mayer</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">90,400</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">103,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Desjardins</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">156,300</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">180,400</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">McCarthy Tetrault</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">319,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">365,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">August 2012 Morrison &#38; Foerster Note A</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">918,200</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">193,200</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,111,400</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">August 2012 Morrison &#38; Foerster Note B</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,379,400</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">333,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,712,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">University Health Network</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">549,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">101,800</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">651,300</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,413,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">711,300</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,124,800</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Note discount</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(474,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(474,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,939,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">711,300</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,650,300</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">less: current portion (and discount at March 31, 2015)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,939,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(711,300</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,650,300</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">non-current portion and discount</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left"><p><font style="font: 10pt Times New Roman, Times, Serif">5.75% and 10.25% Notes payable to insurance premium financing company (current)</font></p></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,800</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,800</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><p><font style="font: 10pt Times New Roman, Times, Serif">10% Notes payable to vendors for accounts payable converted to notes payable</font></p></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">378,300</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">51,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">429,800</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;less: current portion</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(378,300</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(51,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(429,800</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">non-current portion</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">7.0%&#160;Note payable (August 2012)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">58,800</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">70,800</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">58,800</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,900</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">66,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;less: current portion</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(31,600</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(12,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(43,600</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(23,200</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(7,900</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(31,100</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">7.0%&#160;Notes payable - non-current portion</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">27,200</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">27,200</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">35,600</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">35,600</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Total notes payable to unrelated parties</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">58,800</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">70,800</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,381,900</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">770,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,152,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;less: current portion (and discount at March 31, 2015)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(31,600</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(12,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(43,600</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,346,300</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(770,700</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,117,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Net non-current portion</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">27,200</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">27,200</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">35,600</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">35,600</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Notes payable to related parties:</i></b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">October 2012 7.5% Note to Cato Holding Co.</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">293,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">55,900</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">349,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">October 2012 7.5% Note to Cato Research Ltd.</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,009,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">204,800</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,213,800</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,302,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">260,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,563,300</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Note discount</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(54,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(54,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Total notes payable to related parties</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,248,100</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">260,700</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,508,800</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;less: current portion</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,248,100</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(260,700</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,508,800</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">non-current portion and discount</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> 3008500 1894700 -4903200 27000 27300 337500 57400 3400 798600 69500 69500 782200 659000 26900 43200 653600 26900 32200 711000 665100 318000 213800 186000 310000 990700 2000 1027000 89600 5288600 454200 1122400 1556900 2057900 128900 118200 2057900 2967900 31,700 79,600 11,69,500 1417125 230000 135384 10664 110448 3600 1907221 240305 1086610 750000 3663077 2318012 997229 1907221 336987 28200 175900 128200 64000 50000 80000 5443000 4619000 67900000 60100000 0.3400 0.3400 0.1922 0.0585 0.0438 0.0024 0.0136 0.0008 0.0904 0.2783 0.0001 0.0002 0.0001 0.0002 26606 23054 24 4609 2694 31215 25772 31215 25772 4200000 4200000 4600000 8.78 8.69 0.0199 0.9327 0.0000 7.09 336987 207638 212486 10359 2001 5292 2847 201779 199013 9.56 10.09 10.09 8.78 9.26 9.25 9.42 10.56 10.11 10.09 336987 102089 80000 145039 9859 P6Y6M11D P8Y4M6D P9Y5M1D P3Y9M29D P4Y14D 9.56 8.00 9.25 10.00 21.80 201779 46881 145039 9859 10.11 8.00 9.25 10.00 21.80 13918600 4344400 1448000 3731000 1336000 7404000 797000 556000 671000 2320000 1042400 852200 357500 17850200 6777100 1821000 5387000 2142000 8501000 1271000 1114000 1116000 3276000 -17850200 -6777100 -1821000 -5387000 -2142000 -8501000 -1271000 -1114000 -1116000 -3276000 770800 4548700 755000 12000 3000 1000 785000 606000 792000 2366000 1894700 34600 1895000 1727000 -1302000 -953000 563000 -26700200 241800 -2388000 -25051000 -1649000 12270900 272900 16700 -2300 -135000 -2000 -47218200 -13883400 -29522000 -7048000 -2147000 -8502000 -4551000 -2021000 -1090000 -6222000 2300 2400 2000 2000 2140500 213000 615000 631000 681000 2058000 256000 887000 669000 246000 -51419000 -13885800 -29993000 -8550000 -3447000 -9429000 -29.08 -19.23 -5.26 -1.95 -4.44 -29.08 -10.53 -3.70 -1.58 -0.84 -4.24 -29.08 -10.61 -3.70 -1.90 -1.08 -4.24 1767957 1559483 1624371 1765641 2123936 1767957 1318813 1229504 1279267 1302316 1466402 1767957 1318813 1229504 1299115 1302316 1466402 4500 4500 3400 2500 1100 2000 <p><font style="font: 10pt Times New Roman, Times, Serif">One-half of one restricted share of our common stock.</font></p> <p><font style="font: 10pt Times New Roman, Times, Serif">One (1) share of our Common Stock, subject to adjustment, only for customary stock dividends, reclassifications, splits and similar transactions.</font></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"><font style="font: 10pt Times New Roman, Times, Serif">One share of our common stock.</font></td></tr> </table> <p><font style="font: 10pt Times New Roman, Times, Serif">Automatically convertible into securities issuable upon our consummation of a Qualified Financing.</font></p> <p><font style="font: 10pt Times New Roman, Times, Serif">Automatically convertible into securities issuable upon our consummation of a Qualified Financing.</font></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"><font style="font: 10pt Times New Roman, Times, Serif">No voting rights.</font></td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"><font style="font: 10pt Times New Roman, Times, Serif">No voting rights.</font></td></tr> </table> 750000 228818 750000 7500 2403051 44500 10000000 <p><font style="font: 10pt Times New Roman, Times, Serif">For 20 consecutive trading days, our common stock trades at least 20,000 shares per day with a daily closing price of at least $12.00 per share.</font></p> 2140500 2089600 27731200 3113500 3113500 10000000 1000000 400000 400000 30000 30000 200000 200000 2118012 1200000 1650000 141000 4000000 6495000 175000 8270900 2058000 3992479 6837 50900 17473600 4000 1642100 37400 1776494 2368658 3194900 2143400 45700 641335 240305 106300 1012500 2 20000 175000 7.00 15.00 500000 60000 194900 134900 4146100 43600 4117000 4157600 3008500 3008500 3008500 <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We used the Black-Scholes option valuation model with the following assumptions to determine share-based compensation expense related to option grants during the fiscal years ended March 31, 2016 and 2015:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="5" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fiscal Years Ended March&#160;31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">(weighted average)</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 65%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Exercise price</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 15%"><font style="font: 10pt Times New Roman, Times, Serif">8.78</font></td> <td nowrap="nowrap" style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 15%; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Market price on date of grant</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.69</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.99</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Expected term (years)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.45</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Volatility</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93.27</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Expected dividend yield</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Fair value per share at grant date</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7.09</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">The warrants subject to the exercise price and term modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p><font style="font-family: Times New Roman, Times, Serif"><b>Pre-modification</b></font></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p><font style="font-family: Times New Roman, Times, Serif"><b>Post-modification</b></font></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%"><p><font style="font-family: Times New Roman, Times, Serif">Market price per share at modification date</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font-family: Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font-family: Times New Roman, Times, Serif">10.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font-family: Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font-family: Times New Roman, Times, Serif">10.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font-family: Times New Roman, Times, Serif">Exercise price per share</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">$</font></p></td> <td nowrap="nowrap" style="text-align: left"><p><font style="font-family: Times New Roman, Times, Serif">20.00 and $40.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font-family: Times New Roman, Times, Serif">20.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font-family: Times New Roman, Times, Serif">Risk-free interest rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">0.86</font></p></td> <td><p><font style="font-family: Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">1.57</font></p></td> <td><p><font style="font-family: Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font-family: Times New Roman, Times, Serif">Contractual term in years</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">2.27</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">4.27</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font-family: Times New Roman, Times, Serif">Volatility</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">73.8</font></p></td> <td><p><font style="font-family: Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">76.7</font></p></td> <td><p><font style="font-family: Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font-family: Times New Roman, Times, Serif">Dividend rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">0.0</font></p></td> <td><p><font style="font-family: Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">0.0</font></p></td> <td><p><font style="font-family: Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font-family: Times New Roman, Times, Serif"><b>Weighted Average Fair Value per share</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font-family: Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font-family: Times New Roman, Times, Serif"><b>2.39 and $1.04</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font-family: Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font-family: Times New Roman, Times, Serif"><b>4.35</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We valued the warrants issued in connection with the 2014 Unit Note conversions at an aggregate of $5,168,400 using the Black Scholes option pricing model and the following assumptions:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p style="margin-bottom: 0pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Platinum Unit Notes and Acquired</b></font></p> <p style="margin-bottom: 0pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unit Notes</b></font></p></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><p style="margin-bottom: 0pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Investor</b></font></p> <p style="margin-bottom: 0pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unit Notes</b></font></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%"><p><font style="font: 10pt Times New Roman, Times, Serif">Market price per share at conversion date</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">8.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Exercise price per share</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">7.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">7.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.58</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.57</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Contractual term in years</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">5.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">5.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Volatility</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">76.5</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">75.7</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Dividend rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Warrant shares</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">506,004</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">327,016</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Fair Value per share</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">6.89</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">5.15</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">The warrants subject to the exercise price modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p><font style="font-family: Times New Roman, Times, Serif"><b>Pre-modification</b></font></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p><font style="font-family: Times New Roman, Times, Serif"><b>Post-modification</b></font></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%"><p><font style="font-family: Times New Roman, Times, Serif">Market price per share at modification date</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font-family: Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font-family: Times New Roman, Times, Serif">10.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font-family: Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font-family: Times New Roman, Times, Serif">10.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font-family: Times New Roman, Times, Serif">Exercise price per share</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">$</font></p></td> <td nowrap="nowrap" style="text-align: left"><p><font style="font-family: Times New Roman, Times, Serif">20.00 and $30.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font-family: Times New Roman, Times, Serif">7.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font-family: Times New Roman, Times, Serif">Risk-free interest rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">0.87</font></p></td> <td><p><font style="font-family: Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">0.87</font></p></td> <td><p><font style="font-family: Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font-family: Times New Roman, Times, Serif">Contractual term in years</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">2.31</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">2.31</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font-family: Times New Roman, Times, Serif">Volatility</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">73.9</font></p></td> <td><p><font style="font-family: Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">73.9</font></p></td> <td><p><font style="font-family: Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font-family: Times New Roman, Times, Serif">Dividend rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">0.0</font></p></td> <td><p><font style="font-family: Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font-family: Times New Roman, Times, Serif">0.0</font></p></td> <td><p><font style="font-family: Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font-family: Times New Roman, Times, Serif"><b>Weighted Average Fair Value per share</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font-family: Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font-family: Times New Roman, Times, Serif"><b>2.44 and $1.57</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font-family: Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font-family: Times New Roman, Times, Serif"><b>5.33</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> </table> P5Y P7Y 4900 5000 4041400 2460100 1091300 848800 2950100 1611300 227700 176200 93800 98800 11400 145100 15600 283100 852200 2840700 527500 1229400 -47218200 -13883400 2300 135000 31600 10400 11200 5600 VTGN P8Y5M12D 90675 10803 0 474500 0 54500 0 180000 7,500 510 2,192,847 210,204 44,500 9580 416806 10003500 0.01 2012-10-11 2012-10-11 2012-10-19 2013-02-22 2013-03-12 2013-07-26 <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>1.&#160;&#160;Description of Business&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We are a clinical-stage biopharmaceutical company dedicated to developing and commercializing innovative product candidates for patients with diseases and disorders involving the central nervous system (<i>CNS</i>). Our lead product candidate, AV-101, is a next generation, orally available prodrug candidate in Phase 2 development, initially for the adjunctive treatment of Major Depressive Disorder (<i>MDD</i>) in patients with an inadequate response to standard antidepressants currently approved by the U.S. Food and Drug Administration (<i>FDA</i>).&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">AV-101&#146;s mechanism of action, as an N-methyl D aspartate receptor (<i>NMDAR</i>) antagonist binding selectively at the glycine binding (<i>GlyB</i>) co-agonist site of the NMDAR, is fundamentally differentiated from all antidepressants, as well as all atypical antipsychotics used adjunctively with standard, FDA-approved antidepressants.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Our ongoing Phase 2a clinical study of AV-101 in subjects with treatment-resistant MDD is being conducted and funded by the U.S. National Institute of Mental Health (<i>NIMH</i>) under our February 2015 Cooperative Research and Development Agreement (<i>CRADA</i>) with the NIMH. The first patient in this NIMH-sponsored Phase 2a study was dosed in November 2015. The Principal Investigator of the study is Dr. Carlos Zarate, Jr., Chief of the NIMH&#146;s Experimental Therapeutics &#38; Pathophysiology Branch and its Section on Neurobiology and Treatment of Mood and Anxiety Disorders. Previous NIMH studies, including studies conducted by Dr. Zarate, have focused on the effects of low dose intravenous (<i>I.V.</i>) ketamine on treatment-resistant depression. These NIMH studies, as well as clinical research by others, have demonstrated robust antidepressant effects in patients with treatment-resistant MDD within hours of a single low dose of I.V. ketamine and stimulated research and development around a new generation of antidepressants with potential to deliver ketamine-like fast-acting antidepressant benefits without ketamine-like side effects.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We are preparing to launch our Phase 2b clinical study of AV-101 for the adjunctive treatment of MDD in patients with an inadequate response to standard, FDA-approved antidepressants.&#160;&#160;We anticipate commencement of this multi-center, multi-dose, double blind, placebo-controlled Phase 2b efficacy and safety study in the fourth quarter of 2016. Dr. Maurizio Fava, Professor of Psychiatry at Harvard Medical School and Director, Division of Clinical Research, Massachusetts General Hospital (<i>MGH</i>) Research Institute and Executive Director, MGH Clinical Trials Network and Institute, will be the Principal Investigator of our Phase 2b study of AV-101 in MDD.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We also believe AV-101 has broad therapeutic utility, with multiple CNS pipeline expansion opportunities, including chronic neuropathic pain, epilepsy, Huntington&#146;s disease and Parkinson&#146;s disease.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In addition to clinical development of AV-101, we are focused on collaborating with third-parties to advance potential commercial applications of our human pluripotent stem cell (<i>hPSC</i>) technology platform, including drug rescue to develop proprietary small molecule new chemical entities (<i>NCEs</i>) for our internal drug candidate pipeline, and regenerative medicine (<i>RM</i>) using blood, cartilage, heart and/or liver cells derived from hPSCs.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.&#160;&#160;Basis of Presentation&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Effective August 14, 2014, we consummated a 1-for-20 reverse split of our authorized, and issued and outstanding shares of common stock (the <i>Stock Consolidation</i>). <font style="background-color: #ffffff">Each reference to shares of common stock or the price per share of common stock in these financial statements is post-Stock Consolidation, and reflects the 1-for-20 adjustment as a result of the Stock&#160;Consolidation.</font>&#160;&#160;See Note 9, <i>Capital Stock</i>, for more information regarding the Stock Consolidation.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">The accompanying Consolidated Financial Statements have been prepared assuming that we will continue as a going concern. As a developing-technology company having not yet developed commercial products or achieved sustainable revenues, we have experienced recurring losses and negative cash flows from operations resulting in a deficit of $131.7 million accumulated from inception through March 31, 2016. We expect losses and negative cash flows from operations to continue for the foreseeable future as we engage in further potential development of AV-101 and launch and execute our drug rescue programs and pursue potential drug development and regenerative medicine opportunities.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Since our inception in May 1998 through March 31, 2016, we have financed our operations and technology acquisitions primarily through the issuance and sale of equity and debt securities, including convertible promissory notes and short-term promissory notes, for cash proceeds of approximately $34.5 million, as well as from an aggregate of approximately $16.4 million of government research grant awards, strategic collaboration payments and other revenues. Additionally, we have issued equity securities with an approximate value at issuance of $29.1 million in non-cash settlements of certain liabilities, including liabilities for professional services rendered to us or as compensation for such services.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Between late-March 2014 and March 31, 2015, we entered into securities purchase agreements with accredited investors and institutions, including Platinum Long Term Growth VII, LLC (<i>PLTG</i>), pursuant to which we sold units to such accredited investors, in private placement transactions (<i>2014 Units </i>or <i>2014 Unit Private Placement</i>), for aggregate cash proceeds of approximately $3.1 million, consisting of (i) 2014 Unit Notes in the aggregate face amount of approximately $3.1 million which matured between March 31, 2015 and April 30, 2015, or were automatically convertible into securities we might issue upon the consummation of a Qualified Financing, as defined, (ii) an aggregate of 282,850 restricted shares of our common stock (<i>2014 Unit Stock)</i>;<i>&#160;</i>and (iii) warrants exercisable through December 31, 2016 to purchase an aggregate of 282,850 restricted shares of our common stock at an exercise price of $10.00 per share (<i>2014 Unit Warrants). </i>Between April 1 and May 14, 2015, we continued the 2014 Unit Private Placement, pursuant to which we sold to accredited investors additional 2014 Units, for aggregate cash proceeds of $280,000, consisting of: (i) 10% convertible promissory notes maturing between April 30, 2015 and May 15, 2015, in the aggregate face amount of $280,000, (ii) an aggregate of 33,000 shares of our restricted common stock, and (iii) warrants exercisable through December 31, 2016 to purchase an aggregate of 24,250 restricted shares of our common stock at an exercise price of $10.00 per share.&#160;&#160;</p> <p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As described more completely in Note 8, <i>Convertible Promissory Notes and other Notes Payable</i>, and Note 9, <i>Capital Stock</i>, in May 2015, we created our Series B 10% Convertible Preferred Stock (<i>Series B Preferred</i>). Between March 2015 and September 2015, we extinguished approximately $17.2 million of indebtedness through conversion of such indebtedness into our Series B Preferred and, with respect to a portion of the indebtedness converted, warrants to purchase our common stock. More specifically, we converted (i) all Senior Secured Convertible Promissory Notes originally issued to PLTG, (ii) all 2014 Unit Notes outstanding at March 31, 2015 and those issued subsequently, and (iii) certain other outstanding promissory notes and payables, including promissory notes issued to Cato Research Ltd., Cato Holding Company, Morrison &#38; Foerster LLP (Note A and Note B), McCarthy Tetrault, Burr Pilger &#38; Mayer, University Health Network (Toronto), the Icahn School of Medicine at Mount Sinai, National Jewish Health and others, into an aggregate of 2,618,917 shares of our Series B Preferred.&#160;&#160;Further, between May 2015 and March 31, 2016, we issued in self-placed private placement transactions with PLTG and other accredited investors, Series B Preferred Units consisting of an aggregate of 717,976 unregistered shares of Series B Preferred and five-year warrants to purchase 717,976 shares of our common stock, and we received cash proceeds of $5,025,800 therefrom. See Note 16, <i>Subsequent Events</i>, for disclosure of an additional $278,000 received from self-placed private placement sales of Series B Preferred Units after March 31, 2016.</p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">At March 31, 2016, we did not have sufficient cash and cash equivalents to enable us to fund our planned operations, including expected cash expenditures of approximately $9.1 million over the next twelve months, including expenditures required to prepare for and launch our Phase 2b clinical trial of AV-101. However, as disclosed in Note 16, <i>Subsequent Events, </i>between April 1, 2016 and May 4, 2016, we sold to accredited investors additional Series B Preferred Units consisting of 39,714 unregistered shares of Series B Preferred and five year warrants to purchase 39,714 shares of our common stock, and we received cash proceeds of $278,000. Further, on May 16, 2016 we consummated an underwritten public offering pursuant to which we issued an aggregate of 2,570,040 registered shares of our common stock at the public offering price of $4.24 per share and five-year warrants to purchase up to 2,705,883 registered shares of common stock, with an exercise price of $5.30 per share, at the public offering price of $0.01 per warrant, including shares and warrants issued pursuant to the exercise of the underwriters&#146; over-allotment option (the <i>May 2016 Public Offering</i>). We received net cash proceeds of approximately $9.5 million from the May 2016 Public Offering after deducting fees and expenses. We expect the proceeds of these transactions to provide sufficient cash to sustain our operations through our fiscal year ending March 31, 2017, however they will not be adequate to enable the completion of our Phase 2b clinical trial of AV-101 in MDD. Accordingly, we intend to raise additional capital through sales of our securities,&#160;which may include both debt and equity securities. We may also seek research and development collaborations that could generate revenue, as well as government grant awards. Further, strategic collaborations, such as our February 2015 CRADA with the NIMH providing NIMH funding of our Phase 2a study of AV-101 in MDD, may provide resources to support a portion of our future cash needs and working capital requirements. Although we may seek additional collaborations that could generate revenue, as well as new government grant awards, no assurance can be provided that any such collaborations or awards will occur in the future. &#160;Our future working capital requirements will depend on many factors, including, without limitation, the scope and nature of opportunities related to our success and the success of certain other companies in clinical trials, including our development of AV-101 as a treatment for MDD and other CNS conditions, and our stem cell technology platform, the availability of, and our ability to obtain, government grant awards and our ability to enter into collaborations on terms acceptable to us. To further advance the clinical development of AV-101 and our stem cell technology platform, as well as support our operating activities, we plan to continue to carefully manage our routine operating costs, including the size of our staff and staff salaries and benefits, as well as costs relating to regulatory consulting, contract research and development, investor relations and corporate development, legal, accounting, public company compliance and other professional services and working capital costs.&#160;&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Notwithstanding the foregoing, substantial additional financing may not be available to us on a timely basis, on acceptable terms, or at all. If we are unable to obtain substantial additional financing on a timely basis in the near term, our business, financial condition, and results of operations may be harmed, the price of our stock may decline, we may be required to reduce, defer, or discontinue certain of our research and development activities and we may not be able to continue as a going concern.&#160;&#160;These Consolidated Financial Statements do not include any adjustments that might result from the outcome of this uncertainty.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>4.&#160;&#160;Fair Value Measurements&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We follow the principles of fair value accounting as they relate to our financial assets and financial liabilities. Fair value is defined as the estimated exit price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, rather than an entry price that represents the purchase price of an asset or liability.&#160;&#160;Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters.&#160;&#160;Where observable prices or inputs are not available, valuation models are applied.&#160;&#160;These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on several factors, including the instrument&#146;s complexity.&#160;&#160;The required fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels is described as follows:&#160;</font></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><i>Level 1</i>&#160;&#151; Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level&#160;1 inputs.</font></td></tr> </table> <p style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><i>Level 2</i>&#160;&#151; Inputs other than Level&#160;1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</font></td></tr> </table> <p style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><i>Level 3</i>&#160;&#151; Unobservable inputs (<i>i.e., </i>inputs that reflect the reporting entity&#146;s own assumptions about the assumptions that market participants would use in estimating the fair value of an asset or liability) are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level&#160;3 inputs.</font></td></tr> </table> <p style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">A financial instrument&#146;s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Where quoted prices are available in an active market, securities are classified as Level 1 of the valuation hierarchy. If quoted market prices are not available for the specific financial instrument, then the Company estimates fair value by using pricing models, quoted prices of financial instruments with similar characteristics or discounted cash flows. In certain cases where there is limited activity or less transparency around inputs to valuation, financial assets or liabilities are classified as Level 3 within the valuation hierarchy.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We do not use derivative instruments for hedging of market risks or for trading or speculative purposes. In conjunction with the Senior Secured Convertible Promissory Notes issued to PLTG between October 2012 and July 2013 and the related PLTG Warrants (see Note&#160;8, <i>Convertible Promissory Notes and Other Notes Payable</i>), and the contingently issuable Series A Exchange Warrant (see Note 9, <i>Capital Stock</i>), we determined that the warrants included certain exercise price adjustment features requiring the warrants to be treated as liabilities, which were recorded at their issuance-date estimated fair values. We determined the fair value of the warrant liabilities using a Monte Carlo simulation model with Level&#160;3 inputs. Inputs used to determine fair value include the remaining contractual term of the notes, risk-free interest rates, expected volatility of the price of the underlying common stock, and the probability of a financing transaction that would trigger a reset in the warrant exercise price, and, in the case of the Series A Exchange Warrant, the probability of PLTG&#146;s exchange of the shares of Series A Preferred it holds into shares of common stock. Changes in the fair value of these warrant liabilities have been recognized as non-cash income or expense in the Consolidated Statements of Operations and Comprehensive Loss for the fiscal years ended March 31, 2016 and 2015.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">T<font style="font: 10pt Times New Roman, Times, Serif">he fair value hierarchy for liabilities measured at fair value on a recurring basis is as follows:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="10" style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value Measurements at Reporting Date Using</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"><b>Carrying</b></font></p></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Quoted Prices in Active Markets for</b></font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"><b>Identical Assets</b></font></p></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Significant Other</b></font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"><b>Observable Inputs</b></font></p></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Significant</b></font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"><b>Unobservable</b></font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"><b>Inputs</b></font></p></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Value</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(Level 1)</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(Level 2)</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(Level 3)</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">March 31, 2016:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 11pt; width: 52%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Warrant liability</font></td> <td style="padding-bottom: 4px; width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">March 31, 2015:</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Warrant liability</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,008,500</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,008,500</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">During the fiscal years ended March 31, 2016 and 2015, there were no significant changes to the valuation models used for purposes of determining the fair value of the Level&#160;3 warrant liability.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The changes in Level&#160;3 liabilities measured at fair value on a recurring basis are as follows:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value Measurements Using Significant Unobservable Inputs</b></font></p></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(Level 3)</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Warrant Liability</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 85%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Balance at March 31, 2015</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">3,008,500</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Mark to market loss included in net loss</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,894,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Elimination of liability upon modification of warrants</font></td> <td style="text-align: right; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">(4,903,200</font></td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Balance at March 31, 2016</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described in Note 9, <i>Capital Stock</i>, on May 12, 2015, we entered into an agreement with PLTG pursuant to which PLTG agreed to amend the PLTG Warrants to (i) fix the exercise price thereof at $7.00 per share, (ii) eliminate the exercise price reset features and (iii) fix the number of shares of our common stock issuable thereunder.&#160;&#160;This agreement and the related modification of the&#160;PLTG Warrants resulted in the elimination of the warrant liability with respect to the PLTG Warrants during the quarter ended June 30, 2015. As further described in Note 9, <i>Capital Stock</i>, the PLTG Warrants, including the right to receive the Series A Exchange Warrant, were cancelled in exchange for our issuance of shares of our Series C Preferred stock to PLTG in January 2016.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">No assets or other liabilities were measured on a recurring basis at fair value at March 31, 2016 or 2015.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>5.&#160;&#160;Prepaid Expenses and Other Current Assets&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Prepaid expenses and other current assets consist of the following:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Insurance</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">27,000</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">27,300</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><p><font style="font: 10pt Times New Roman, Times, Serif">Prepaid compensation under financial advisory and other consulting agreements</font></p></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">337,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Public offering expenses</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">57,400</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Legal fees</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,400</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Technology license fees and all other</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,900</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">426,800</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">35,700</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>6.&#160;&#160;Property and Equipment&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment consists of the following:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Laboratory equipment</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">659,000</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">653,600</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Tenant improvements</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">26,900</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">26,900</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Computers and network equipment</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">43,200</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">32,200</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Office furniture and equipment</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">69,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">69,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">798,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">782,200</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Accumulated depreciation and amortization</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(711,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(665,100</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment, net</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">87,600</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">117,100</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In connection with the issuance of Senior Secured Convertible Promissory Notes to PLTG beginning in October 2012, we entered into a Security Agreement with PLTG under which the repayment of&#160;all amounts due under the terms of the various Senior Secured Convertible Promissory Notes was secured by all of our assets, including our tangible and intangible personal property, licenses, patent licenses, trademarks and trademark licenses. As described more completely in Note&#160;8, <i>Convertible Promissory Notes and Other Notes Payable,</i> and Note 9, <i>Capital Stock</i>, in May 2015, we entered into an agreement with PLTG pursuant to which PLTG converted all of the Senior Secured Convertible Promissory Notes it held into shares of our newly created Series B Preferred stock and terminated its security interests in our assets.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>7.&#160;&#160;Accrued Expenses&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Accrued expenses consist of:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Accrued professional services</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">318,000</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">213,800</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Accrued AV-101 development expenses</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">186,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Accrued compensation</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">310,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">990,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">All other</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">814,000</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,206,500</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>9.&#160;&#160;Capital Stock</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Reverse Split (Stock Consolidation) of our Common Stock</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">As indicated in Note 2, <i>Basis of Presentation</i>, we consummated the Stock Consolidation, a 1-for-20 reverse split of our authorized, and issued and outstanding shares of common stock, effective on August 14, 2014. The par value of our common stock remained unchanged at $0.001 per share following the Stock Consolidation. The&#160;Stock Consolidation was&#160;approved by the Financial Industry Regulatory Authority (<i>FINRA</i>) on August 13, 2014, and&#160;became effective on the OTCQB at the opening of trading on August 14, 2014<font style="background-color: #ffffff">. Each reference to shares of common stock or the price per share of common stock in these financial statements is post-Stock Consolidation, and reflects the 1-for-20 adjustment as a result of the Stock&#160;Consolidation.</font></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif; background-color: #ffffff"><b>Series A Preferred Stock</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">In December 2011, our Board of Directors authorized the creation of a series of up to 500,000 shares of Series A Preferred, par value $0.001 (<i>Series A Preferred</i>).&#160;&#160;Each restricted share of Series A Preferred was initially convertible at the option of the holder into one-half of one restricted share of our common stock.&#160;&#160;The Series A Preferred ranks prior to the common stock for purposes of liquidation preference.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The Series A Preferred has no separate dividend rights, however, whenever the Board of Directors declares a dividend on the common stock, each holder of record of a share of Series A Preferred shall be entitled to receive an amount equal to such dividend declared on one share of common stock multiplied by the number of shares of common stock into which such share of Series A Preferred could be converted on the Record Date.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Except with respect to transactions upon which the Series A Preferred shall be entitled to vote separately as a class, the Series A Preferred has no voting rights. The restricted common stock into which the Series A Preferred is convertible shall, upon issuance, have all of the same voting rights as other issued and outstanding shares of our common stock.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In the event of the liquidation, dissolution or winding up of the affairs of the Company, after payment or provision for payment of our debts and other liabilities, the holders of Series A Preferred then outstanding shall be entitled to receive an amount per share of Series A Preferred calculated by taking the total amount available for distribution to holders of all of our outstanding common stock before deduction of any preference payments for the Series A Preferred, divided by the total of (x), all of the then outstanding shares of our common stock, plus (y) all of the shares of our common stock into which all of the outstanding shares of the Series A Preferred can be converted before any payment shall be made or any assets distributed to the holders of the common stock or any other junior stock.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">At March 31, 2016 and 2015, there were 500,000 restricted shares of Series A Preferred outstanding, convertible into 750,000 shares of our common stock at the option of the holder, all held by PLTG or its affiliates and a third party to whom PLTG transferred certain of the shares. PLTG initially acquired the Series A Preferred pursuant to certain transactions with us that occurred between December 2011 and June 2012, the latter of which involved, among other considerations, the exchange of common stock then owned by PLTG for shares of Series A Preferred.&#160;&#160;The common shares exchanged for shares of Series A Preferred are treated as treasury stock in the accompanying Consolidated Balance Sheets at March 31, 2016 and 2015.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Creation of Series B Preferred Stock&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">On July 17, 2014, our Board of Directors authorized the creation of&#160;a class of Series B Preferred Stock. On May 7, 2015, we filed a Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Preferred Stock of VistaGen Therapeutics, Inc. (<i>Certificate of Designation</i>) with the Nevada Secretary of State to designate 4.0 million shares of our authorized preferred stock as Series B Preferred.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Each share of Series B Preferred is convertible, at the option of the holder (<i>Voluntary Conversion</i>), into one (1) share of our Common Stock, subject to adjustment only for customary stock dividends, reclassifications, splits and similar transactions set forth in the Certificate of Designation. All outstanding shares of Series B Preferred are also convertible automatically on a one-to-one basis into shares of our Common Stock (<i>Automatic Conversion</i>) upon the closing or effective date of any of the following transactions or events: (i) a strategic transaction involving AV-101 with an initial up-front cash payment to us of at least $10.0 million; (ii) a registered public offering of our common stock with aggregate gross proceeds to us of at least $10.0 million; or (iii) for 20 consecutive trading days, our common stock trades at least 20,000 shares per day with a daily closing price of at least $12.00 per share; provided, however, that Automatic Conversion and Voluntary Conversion (collectively, <i>Conversion</i>) are subject to certain beneficial ownership blockers as set forth in the Certificate of Designation and/or securities purchase agreements.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Prior to Conversion, shares of Series B Preferred accrue in-kind dividends (payable only in unregistered shares of our common stock) at a rate of 10% per annum (<i>Accrued Dividends</i>).&#160;&#160;The Accrued Dividends are payable on the date of either a Voluntary Conversion or Automatic Conversion solely in that number of shares of common stock equal to the Accrued Dividends.&#160;&#160;At March 31, 2016, we have recognized a liability in the amount of $2,089,600 for Accrued Dividends in the accompanying Consolidated Balance Sheet at March 31, 2016, based on the Series B Preferred issued and outstanding, net of conversions to common stock, through that date. We have recognized a deduction from net loss of $2,140,500 related to dividends on Series B Preferred in arriving at net loss attributable to common stockholders in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2016.&#160;&#160;The liquidation value of the Series B Preferred at March 31, 2016 is approximately $27,731,200.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Refer to Note 16, <i>Subsequent Events</i>, for disclosure regarding the Automatic Conversion of certain shares of Series B Preferred upon our consummation of the May 2016 Public Offering and our related issuance of shares of unregistered common stock in payment of Accrued Dividends thereon.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Creation of Series C Preferred Stock&#160;</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif">On January 13, 2016, our Board authorized the creation of, and effective January 25, 2016, we filed a Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock of VistaGen Therapeutics, Inc. (the <i>Series C Preferred Certificate of Designation</i>) with the Nevada Secretary of State to designate 3.0 million shares of our preferred stock, par value $0.001 per share, as Series C Convertible Preferred Stock (<i>Series C Preferred</i>). Upon liquidation, each share of Series C Preferred ranks pari-passu with our Series B Preferred and our Series A Preferred, and is convertible, at the option of the holder into one share of our common stock, subject to certain beneficial ownership limitations as set forth in the Series C Certificate of Designation. Shares of the Series C Preferred do not accrue dividends, and holders of the Series C Preferred have no voting rights.&#160;&#160;Each share of Series C Preferred is convertible into one (1) share of our common stock. At March 31, 2016, PLTG or its affiliates held all outstanding shares of Series C Preferred.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>2014 Unit Private Placement</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Between late-March 2014 and March 31, 2015, we entered into securities purchase agreements with accredited investors, including PLTG, pursuant to which we sold units to such accredited investors in private placement transactions (<i>2014 Units</i>), for aggregate cash proceeds of $3,113,500, consisting of (i) 2014 Unit Notes in the aggregate face amount of $3,113,500 which were due on March 31, 2015 or automatically convertible into securities we might have issued upon the consummation of a Qualified Financing, defined as (a) an equity-based public financing registered with the SEC, or (b) a private equity-based financing or series of private equity-based financings, in either case in which we received at least $10 million in gross cash proceeds prior to March 31, 2015; (ii) an aggregate of 282,850 restricted shares of our common stock (<i>2014 Unit Stock)</i>;<i>&#160;</i>and (iii) warrants exercisable through December 31, 2016 to purchase an aggregate of 282,850 restricted shares of our common stock at an exercise price of $10.00 per share (<i>2014 Unit Warrants</i>). We sold $1,250,000 of such Units to PLTG, issuing 2014 Unit Notes in the face amount of $1,250,000; 125,000 restricted shares of 2014 Unit Stock and 2014 Unit Warrants to purchase 125,000 shares of our common stock to PLTG. The Outstanding Balance of each 2014 Unit Notes was convertible into shares of our common stock at a conversion price of $10.00 per share at or prior to maturity, at the option of each investor. In addition, however, the Outstanding Balance was automatically convertible into securities substantially similar to those we issued in a Qualified Financing at an amount determined by multiplying the Outstanding Balance by 1.25, and dividing the resulting number by the price per share of securities offered in the Qualified Financing. Under certain circumstances, the holders of the 2014 Unit Notes could request payment in cash in lieu of automatic conversion into the securities of the Qualified Financing. We sold $50,000 of 2014 Units prior to March 31, 2014, which Units are reflected in the figures above.&#160;</font></p> <p style="text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We allocated the proceeds from the sale of the 2014 Units to the various securities based on their relative fair values on the dates of the sales. As described in Note 8, <i>Convertible Promissory Notes and Other Notes Payable</i>, based on the short-term nature of the Unit Notes, we determined that fair value of the 2014 Unit Notes was equal to their face value. We determined the fair value of the 2014 Unit Stock based on the quoted market price of our common stock on the date of the 2014 Unit sale. We calculated the fair value of the 2014 Unit Warrants using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. The table below also presents the aggregate allocation of the 2014 Unit sales proceeds based on the relative fair values of the 2014 Unit Stock, 2014 Unit Warrants and 2014 Unit Notes as of their respective 2014 Unit sales dates.&#160;</font></p> <p style="text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="34" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Unit Warrants</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td rowspan="3" colspan="10" style="border-bottom: black 2px solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Aggregate Allocation of</b></font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Proceeds Based on</b></font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Relative Fair Value of:</b></font></p></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="23" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Weighted Average Issuance Date Valuation Assumptions</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Per </b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Aggregate</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Warrant</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Risk free</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="3" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Share</b></font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Fair</b></font></p></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Fair</b></font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Value</b></font></p></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Aggregate</b></font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Proceeds</b></font></p></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"><p style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Shares</b></font></p></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Market</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Term</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Interest</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="3" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Dividend</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Value of</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>of Unit</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>of Unit</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Unit </b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Unit</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Unit</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Issued</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>(Years)</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Rate</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Volatility</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Rate</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Warrant</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Warrants</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Sales</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Stock</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Warrant</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Note</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">282,850</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">9.28</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">2.17</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">0.62</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">72.36</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">3.63</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">1,027,000</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">3,133,500</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">1,122,400</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">454,200</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td nowrap="nowrap" style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">1,556,900</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Between April 1, 2015 and May 14, 2015, we entered into additional securities purchase agreements with accredited investors&#160;pursuant to which we sold 2014 Units to such accredited investors for aggregate cash proceeds of $280,000, such 2014 Units consisting of (i) 2014 Unit Notes in the aggregate face amount of $280,000 due between April 30, 2015 and May 15, 2015 or automatically convertible into securities issuable upon our consummation of a Qualified Financing, as defined in the note; (ii) an aggregate of 33,000 restricted shares 2014 Unit Stock; and (iii) 2014 Unit Warrants exercisable through December 31, 2016 to purchase an aggregate of 24,250 restricted shares of our common stock at an exercise price of $10.00 per share.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;As described above, we allocated the proceeds from the private placement sales of the 2014 Units sold during the fiscal year ended March 31, 2016 to the various securities based on their relative fair values on the dates of the sales. We calculated the fair value of these 2014 Unit Warrants using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. The table below also presents the aggregate allocation of the 2014 Unit sales proceeds based on the relative fair values of the 2014 Unit Stock, 2014 Unit Warrants and 2014 Unit Notes as of their respective 2014 Unit sales dates during the fiscal year ended March 31, 2016.&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="34" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Unit Warrants</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td rowspan="3" colspan="10" style="border-bottom: black 2px solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Aggregate Allocation of</b></font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Proceeds Based on</b></font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Relative Fair Value of:</b></font></p></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="23" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Weighted Average Issuance Date Valuation Assumptions</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Per </b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Aggregate</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Warrant</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Risk free</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="3" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Share</b></font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Fair</b></font></p></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Fair</b></font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Value</b></font></p></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Aggregate</b></font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Proceeds</b></font></p></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"><p style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Shares</b></font></p></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Market</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Term</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Interest</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="3" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Dividend</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Value of</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>of Unit</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>of Unit</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Unit </b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Unit</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Unit</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Issued</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>(Years)</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Rate</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Volatility</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Rate</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Warrant</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Warrants</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Sales</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Stock</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Warrant</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Note</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">24,250</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">1.70</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">0.45</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">73.19</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">3.69</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">89,600</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">280,000</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">128,900</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">2,057,900</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td nowrap="nowrap" style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">118,200</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">In aggregate, between late-March 2014 and May 14, 2015, we entered into securities purchase agreements with accredited investors&#160;for the 2014 Unit Private Placement&#160;pursuant to which we sold 2014 Units to such accredited investors for aggregate cash proceeds of $3,413,500, consisting of (i) 2014 Unit Notes in the aggregate face amount of $3,413,500 due between March 31, 2015 and May 15, 2015 or automatically convertible into securities issuable upon our consummation of a Qualified Financing, as defined in the note; (ii) an aggregate of 315,850 restricted shares of 2014 Unit Stock; and (iii) 2014 Unit Warrants exercisable through December 31, 2016 to purchase an aggregate of 307,100 restricted shares of our common stock at an exercise price of $10.00 per share.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>May 2015 Agreement with PLTG&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">On May 5, 2015, we entered into an Agreement with PLTG, which, as modified, became effective on May 12, 2015 (<i>PLTG Agreement</i>) and pursuant to which PLTG:&#160;</font></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Converted into 641,335 shares of Series B Preferred all of the approximately $4.5 million outstanding balance (principal and accrued but unpaid interest) of the Senior Secured Notes we had previously issued to PLTG, as described previously in Note 8, <i>Convertible Promissory Notes and Other Notes Payable</i>;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Released all of its security interests in our assets and those of our subsidiaries by terminating the Amended and Restated Security Agreement, IP Security Agreement and Negative Covenant, each dated October 11, 2012 between us and PLTG;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Converted into 240,305 shares of Series B Preferred and five-year warrants to purchase 240,305 shares of our common stock at a fixed exercise price of $7.00 per share&#160;(<i>Series B</i> <i>Warrants</i>) all of the approximately $1.3 million outstanding balance (principal and accrued but unpaid interest) of the 2014 Unit Notes that we issued to PLTG, as described previously in Note 8, <i>Convertible Promissory Notes and Other Notes Payable</i>;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 11pt"></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Purchased approximately $1.5 million (including accrued but unpaid interest thereon) of outstanding 2014 Unit Notes we had previously issued to various accredited investors from the respective holders thereof (<i>Acquired Unit Notes</i>) and converted the entire approximately $1.5 million outstanding balance of the Acquired Unit Notes into 265,699 shares of Series B Preferred and Series B Warrants to purchase 265,699 shares of our common stock, as described previously in Note 8, <i>Convertible Promissory Notes and Other Notes Payable</i>;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Entered&#160;into a&#160;Securities Purchase Agreement (<i>SPA</i>) to purchase from us, in our self-placed private placement, for $1.0 million, a total of 142,857 shares of Series B Preferred and a Series B Warrant to purchase 142,857 shares of our common stock, which shares of Series B Preferred and Series B Warrants have been purchased and issued;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Amended the PLTG Warrants previously issued by us to PLTG in connection with the Senior Secured Notes and the Series A Exchange Warrant to (i) fix the exercise price thereof, (ii) eliminate the exercise price reset features; (iii) fix the number of shares of our common stock issuable thereunder, and (iv) eliminate the cashless exercise provisions from the PLTG Warrants, as described in Note 4. <i>Fair Value Measurements</i>; and</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Agreed to refrain from the sale of any shares of our common stock held by PLTG or its affiliates until the earlier to occur of an effective registration statement relating to resale of certain specified shares of common stock under the Securities Act of 1933, as amended, or the closing price of our common stock is at least $15.00 per share.</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">As additional consideration for the several agreements of PLTG under the PLTG Agreement, we issued to PLTG 400,000 shares of Series B Preferred (<i>Additional Consideration Shares</i>) and Series B Warrants (<i>Additional Consideration Warrants</i>) to purchase 1.2 million shares of our common stock, and exchanged 30,000 shares of our common stock then beneficially owned or controlled by PLTG for 30,000 shares of Series B Preferred. Considering the exchangeability of the Series B Preferred into our common stock, the dividend applicable to the Series B Preferred prior to such exchange, and other factors, we determined that the fair value of a share of Series B Preferred issued to PLTG pursuant to the PLTG Agreement was equal to the market value of a share of our common stock on the effective date of the PLTG Agreement. Based on the $10.00 per share fair value of the Series B Preferred at the May 12, 2015 effective date of the PLTG Agreement, we issued Additional Consideration Shares having an aggregate fair value of $4.0 million to PLTG. We valued the Additional Consideration Warrants at an aggregate of $8,270,900 using the Black Scholes option pricing model and the same assumptions used in valuing the Series B Warrants issued to PLTG in connection with the conversion of the PLTG Unit Notes and the Acquired Unit Notes, as described previously in Note 8, <i>Convertible Promissory Notes and Other Notes Payable</i>. We recognized the aggregate fair value of the Additional Consideration Shares and Additional Consideration Warrants, $12,270,900, as an additional non-cash component of loss on debt extinguishment in the quarter ended June 30, 2015.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>August 2015 Agreement with PLTG&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">On August 3, 2015, we entered into the August 2015 Agreement with PLTG pursuant to which we agreed to sell to PLTG an additional $3.0 million of our Series B Preferred and Series B Warrants (together <i>Series B Preferred Units</i>) between August 15, 2015 and October 15, 2015 and issue an aggregate of 458,571 shares of Series B Preferred and Series B Warrants to purchase 458,571 shares of our common stock. Through December 31, 2015, PLTG had purchased an aggregate of $1,650,000 of Series B Preferred Units contemplated under the August 2015 Agreement and we had issued 235,714 shares of Series B Preferred and Series B Warrants to purchase 235,714 shares of our common stock related to such purchases. As of December 31, 2015, we agreed with PLTG to terminate their right under the August 2015 Agreement to purchase any additional Series B Preferred Units.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>2015 Series B Preferred Unit Offering&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Between May 26, 2015 and March 31, 2016, in self-placed private placement transactions, we sold to accredited investors an aggregate of $5,025,800 of units in our Series B Preferred Unit offering, which units consist of Series B Preferred and Series B Warrants (together <i>Series B Preferred Units</i>), including $2,650,000 to PLTG, which amount includes $1,650,000 pursuant to the August 2015 Agreement with PLTG. We issued 717,978 shares of Series B Preferred and Series B Warrants to purchase 717,978 shares of our common stock.&#160;&#160;Through March 31, 2016, we received an aggregate of $5,025,800 in cash proceeds from our self-placed private placement and sale of the Series B Preferred Units.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;We allocated the proceeds from the sale of the Series B Preferred Units to the Series B Preferred and the Series B Warrants based on their relative fair values on the dates of the sales. As described in Note 8, <i>Convertible Promissory Notes and Other Notes Payable</i>, we determined that the fair value of a share of Series B Preferred was equal to the quoted market value of a share of our common stock on the date of a Series B Preferred Unit sale. We calculated the fair value of the Series B Warrants using the Black Scholes Option Pricing Model and the weighted average assumptions indicated in the table below. The table below also presents the aggregate allocation of the Series B Preferred Unit sales proceeds based on the relative fair values of the Series B Preferred and the Series B Warrants as of their respective Series B Preferred Unit sales dates. The difference between the relative fair value per share of the Series B Preferred, approximately $4.13 per share, and its Conversion Price (or stated value) of $7.00 per share represents a deemed dividend to the purchasers of the Series B Preferred Units. Accordingly, we have recognized a deemed dividend in the aggregate amount of $2,058,000 in arriving at net loss attributable to common stockholders in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2016.</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="34" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Unit Warrants</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td rowspan="3" colspan="6" style="border-bottom: black 2px solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Aggregate Allocation</b></font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>of Proceeds Based on</b></font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Relative Fair Value of:</b></font></p></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="23" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Weighted Average Issuance Date Valuation Assumptions</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Per </b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Aggregate</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Warrant</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Risk free</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="3" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Share</b></font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Fair</b></font></p></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Fair</b></font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Value</b></font></p></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Aggregate</b></font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif"><b>Proceeds</b></font></p></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"><p style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Shares</b></font></p></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Market</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Term</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Interest</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="3" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Dividend</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Value of</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>of Unit</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>of Unit</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Unit </b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Unit</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Issued</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>(Years)</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Rate</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Volatility</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Rate</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Warrant</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Warrants</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Sales</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Stock</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 9pt Times New Roman, Times, Serif"><b>Warrant</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">717,978</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">10.45</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">7.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">5.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">1.61</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">77.30</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">7.37</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">5,288,600</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">5,025,800</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">2,967,900</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">2,057,900</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">See Note 16, <i>Subsequent Events</i>, for disclosure regarding additional sales of Series B Preferred Units after March 31, 2016.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Registration Statement for Common Stock underlying Series B Preferred and Series B Warrants&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The securities purchase agreements for the Series B Preferred and Series B Preferred Units executed with PLTG, the holders of the Investor Unit Notes, the holders of our promissory notes and other indebtedness converted into shares of Series B Preferred, initial investors in Series B Preferred Units, and certain others to whom we issued Series B Preferred, contained registration rights requiring that a Registration Statement on Form S-1 (<i>Registration Statement</i>) registering, under the Securities Act, certain shares of common stock underlying the Series B Preferred and the Series B Warrants be declared effective on or before August 30, 2015. We filed an initial Registration Statement with the SEC on July 21, 2015, which we amended on August 25, 2015, and which was declared effective by the SEC on August 28, 2015. The Registration Statement registered an aggregate of 3,992,479 shares of our common stock underlying outstanding Series B Preferred and Series B Warrants.&#160;&#160;Accordingly, we incurred no cash or in kind penalties under the securities purchase agreements.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Conversion of Series B Preferred into Common Stock&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Between September 2015 and March 31, 2016, holders of an aggregate of 228,818 shares of Series B Preferred converted such shares into an equivalent number of registered shares of our common stock.&#160;&#160;Additionally, we issued an aggregate of 6,837 shares of our restricted common stock in payment of $50,900 in accrued dividends on the Series B Preferred converted.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Warrant Exchanges into Series C Preferred and Common Stock&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">On January 25, 2016, we entered into an Exchange Agreement (the <i>Exchange Agreement</i>) with PLTG and Montsant Partners, LLC, an organization affiliated with PLTG (<i>Montsant</i> and, together with PLTG, the <i>Holders</i>), pursuant to which (i) 200,000 shares of our common stock held by the Holders were exchanged for 200,000 shares of Series C Preferred; and(ii) the Holders canceled outstanding warrants to purchase an aggregate of 2,368,658 shares of our unregistered common stock (the <i>Outstanding PLTG Warrants</i>) in exchange for a total of 1,776,494 shares of Series C Preferred.&#160;&#160;In addition, PLTG terminated its right under the Note Exchange and Purchase Agreement, originally dated October 11, 2012 (the <i>NEPA</i>), as amended, to receive the Series A Exchange Warrant to purchase a total of 455,358 shares of our common stock upon conversion of all of its shares of our Series A Preferred, and, as consideration, we issued to PLTG 341,518 shares of Series C Preferred. Upon execution of the Exchange Agreement and the termination of PLTG&#146;s right to receive Series A Exchange Warrants under the NEPA, we issued a Series A Exchange Warrant to purchase a total of 80,357 shares of our common stock to the current holder of shares of Series A Preferred previously held, but subsequently assigned, by PLTG.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We accounted for the exchange of the Outstanding PLTG Warrants and the Series A Preferred Exchange Warrant as a warrant modification, determining the fair value of the Outstanding PLTG Warrants, and the Series A Preferred Exchange Warrant as if issued on the Exchange Agreement date, as of the Exchange Agreement date, and comparing that to the fair value of the Series C Preferred stock issued. We calculated the weighted average fair value of the Outstanding PLTG Warrants to be $6.03 per share, or $11,797,400, using the Black Scholes Option Pricing Model and the following weighted average assumptions: market price per share: $8.25; exercise price per share: $7.13; risk-free interest rate: 1.27%; remaining contractual term: 3.99 years; volatility: 79.5%; expected dividend rate: 0%.&#160; We calculated the fair value of the Series A Exchange Warrants to be $5.45 per share, or an aggregate of $2,919,200, allocated as $2,481,300 to PLTG and $437,900 to the other Holder, using the Black Scholes Option Pricing Model and the following assumptions: market price per share: $8.25; exercise price per share: $7.00; risk-free interest rate: 1.47%; remaining contractual term: 5.00 years; volatility: 77.9%; expected dividend rate: 0%.&#160; Considering the direct exchangeability of the Series C Preferred shares into shares of our common stock, we determined that the fair value of a share of Series C Preferred issued pursuant to the Exchange Agreement was equal to the market value of a share of our common stock on the date of the Exchange Agreement. Accordingly, the fair value of the aggregate of 2,118,012 Series C Preferred issued to PLTG pursuant to the Exchange Agreement was $17,473,600 and we recognized the additional fair value, $3,194,900, as warrant modification expense, included as a component of general and administrative expenses in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2016.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Between January 29, 2016 and March 31, 2016, we entered into Warrant Exchange Agreements with certain holders of outstanding warrants to purchase an aggregate of 1,086,610 shares of our common stock pursuant to which the holders agreed to the cancellation of such warrants in exchange for our issuance to them of an aggregate of 814,989 shares of our unregistered common stock. In connection with these exchanges, we extended the expiration date of certain warrants by three months.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We also accounted for the exchange of these warrants as warrant modifications, comparing their fair value prior to the exchange with the fair value of the common stock issued. We calculated the weighted average fair value of the warrants prior to the exchange to be $3.76 per share, or $4,081,600, using the Black Scholes Option Pricing Model and the following weighted average assumptions: market price per share: $8.00; exercise price per share: $8.47; risk-free interest rate: 0.88%; remaining contractual term: 3.04 years; volatility: 81.0%; expected dividend rate: 0%.&#160; The weighted average fair value of the aggregate of 814,989 shares of common stock issued in the exchange was $7.97 per share or $6,495,000.&#160;&#160;Accordingly, we recognized the additional fair value, $2,143,400, as warrant modification expense, included as a component of general and administrative expenses in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2016.&#160;&#160;As noted, effective on January 25, 2016, we extended the term of warrants to purchase an aggregate of 91,230 unregistered shares of our common stock otherwise due to expire between January 31, 2016 and June 11, 2016 by three months.&#160;&#160;We calculated the fair value of the extended warrants immediately before and after the extension and determined that the fair value of the warrants increased by an aggregate of $45,700, which we treated as an additional component of warrant modification expense for the fiscal year ended March 31, 2016 in the accompanying Consolidated Statement of Operations and Comprehensive Loss. The warrants subject to the term extension were valued using the Black-Scholes Option Pricing Model and the following weighted average assumptions:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Pre-</b></font><b><font style="font-family: Times New Roman, Times, Serif">modification</font></b></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Post-</b></font><b><font style="font-family: Times New Roman, Times, Serif">modification</font></b></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%"><p><font style="font: 10pt Times New Roman, Times, Serif">Market price per share</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">8.25</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">8.25</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Exercise price per share</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">12.99</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">12.99</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.28%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.36%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Remaining contractual term in years</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.15</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.40</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Volatility</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">91.2%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">91.2%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Dividend rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value per share</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>0.30</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>0.80</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font><font style="font-family: Times New Roman, Times, Serif"><br /> <font style="font-size: 10pt">For warrants which were extended and subsequently exchanged, the pre-modification fair value used in the warrant exchange calculation was the post-modification term extension fair value, since those warrants were treated as having been modified twice in a twelve-month period.&#160;</font></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Amendment of 2013 Unit Notes and 2013 Unit Warrants&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Effective May 31, 2014, we entered into note and warrant amendment agreements with substantially all holders of 10% convertible promissory notes maturing on July 30, 2014 (<i>2013</i>&#160;<i>Unit Notes) </i>and warrants exercisable through July 30, 2016 to purchase restricted shares of our common stock at an exercise price of $20.00 per share (<i>2013</i>&#160;<i>Unit Warrants</i>) to (i) modify certain terms of their 2013 Unit Notes, including the maturity date and certain conversion features, to conform to the corresponding terms of the 2014 Unit Notes and (ii) to modify certain terms of the 2013 Unit Warrants, including the exercise price and expiration date, to conform to the corresponding terms of the 2014 Unit Warrants. Holders of 2013 Unit Notes having an aggregate initial face amount of $895,000 and warrants to purchase an aggregate of 93,250 restricted shares of our common stock agreed to the amendments. The amended 2013 Unit Notes were subsequently treated as, and referred to herein, as 2014 Unit Notes. Based on the subsequent May 2015 election by the holders of the amended 2013 Unit Notes, such notes became either a component of the Acquired Unit Notes or the Investor Unit Notes, which, as described in Note 8, <i>Convertible Promissory Notes and Other Notes Payable</i>, were, in either case, converted into shares of our Series B Preferred.&#160;&#160;The maturity date of 2013 Unit Notes payable to holders who did not agree to amend their 2013 Unit Note and 2013 Unit Warrant remained July 30, 2014 and the $20.00 per share exercise price and July 30, 2016 expiration date of the 2013 Unit Warrants held by such holders remained unchanged. Between April 1, 2014 and August 15, 2014, we repaid 2013 Unit Notes having an initial face value of $ 112,500 and since the later date, no un-amended 2013 Unit Notes were outstanding.&#160;&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We calculated the fair value of the modified 2013 Unit Warrants immediately before and after the modifications and determined that the fair value of the warrants increased by an aggregate of $272,900, which we treated as a component of loss on extinguishment of debt for the fiscal year ended March 31, 2015 in the accompanying Consolidated Statements of Operations and Comprehensive Loss with a corresponding credit to additional paid-in capital, an equity account. The warrants subject to the exercise price modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Pre-</b></font><b><font style="font-family: Times New Roman, Times, Serif">modification</font></b></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Post-</b></font><b><font style="font-family: Times New Roman, Times, Serif">modification</font></b></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%"><p><font style="font: 10pt Times New Roman, Times, Serif">Market price per share</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">12.60</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">12.60</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Exercise price per share</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">20.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.44%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.62%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Remaining contractual term in years</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">2.17</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">2.59</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Volatility</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">75.6%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">76.6%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Dividend rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value per share</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>3.73</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>6.65</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Issuance of Securities in Satisfaction of Technology License and Maintenance Fees and Patent Expenses&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In April 2014, we entered into an agreement with Icahn School of Medicine at Mount Sinai (<i>ISMMS</i>), one of our long-term technology licensors, pursuant to which we issued to ISMMS (i) a 10% promissory note in the face amount of $300,000 due on the earlier of December 31, 2014, or the completion of a qualified financing, as defined, (ii) 15,000 restricted shares of our common stock and (iii) a warrant exercisable through March 31, 2019 to purchase 15,000 restricted shares of our common stock at an exercise price of $10.00 per share in satisfaction of $288,400 of stem cell technology license maintenance fees and reimbursable patent prosecution costs (the <i>Icahn School Agreement</i>). Based on the short-duration of the note, its interest rate and other terms, we determined that the fair value of the note at the date of issuance was equal to its face value. We determined the fair value of stock to be $141,000, based on the $9.40 per share quoted market price of our common stock on the date of the agreement. We calculated the fair value of the warrant to be $5.95 per share, or $89,200, using the Black Scholes Option Pricing Model and the following assumptions: market price per share: $9.40; exercise price per share: $10.00; risk-free interest rate: 1.59%; contractual term: 5.0 years; volatility: 80.3%; expected dividend rate: 0%.&#160;&#160;We recognized a loss on extinguishment of debt in the amount of $241,800 related to the Icahn School Agreement in the accompanying Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2015. Under the terms of the Icahn School Agreement, an additional $35,800 of license maintenance fees and reimbursable patent prosecution costs were added to the principal amount of the promissory note through March 31, 2015. As described in Note 8, <i>Convertible Promissory Notes and Other Notes Payable</i>, this note was extinguished upon its conversion into shares of our Series B Preferred in June 2015.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Issuance of Securities to Professional Service Providers&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">During our fiscal year ended March 31, 2016, we issued the following securities in private placement transactions as compensation for various professional services. Unless otherwise noted, we recorded the related expense as a component of general and administrative expense in the Consolidated Statement of Operations and Comprehensive Loss for the year ended March 31, 2016.</font></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">In June 2015, we issued an aggregate of 25,000 shares of our Series B Preferred having a fair value of $250,000 as compensation for legal services related to our debt restructuring and other corporate finance matters.</font></td></tr> </table> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">On June 30, 2015, we issued an aggregate of 90,000 shares of our Series B Preferred having an aggregate value of $1,350,000 as compensation for financial advisory and corporate development service contracts with two independent contractors for services to be performed through June 30, 2016. The value of the Series B Preferred grants was recorded as a prepaid expense at the date of the grant and is being expensed ratably over the twelve months ending June 30, 2016, with $1,012,500 expensed during the fiscal year ended March 31, 2016.</font></td></tr> </table> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">During the quarter ended June 30, 2015, we also issued an aggregate of 50,000 shares of our common stock having an aggregate value of $500,000, as compensation under two corporate development service contracts.</font></td></tr> </table> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">During the quarter ended September 30, 2015 we issued to two providers of intellectual property-related legal services an aggregate of 10,000 shares of our Series B Preferred having an aggregate fair value of $120,000.</font></td></tr> </table> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">In January 2016, we issued 10,000 shares of our common stock having a fair value of $90,000 in connection with legal services.</font></td></tr> </table> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">In February 2016 we issued an aggregate of 6,250 shares of our common stock in connection with legal ($25,000) and investor relations ($25,000) services;</font></td></tr> </table> <p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0"></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">In March 2016, we issued an aggregate of 10,375 shares of our common stock in connection with investor relations ($58,000) and legal ($25,000) services.</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">As indicated in the following table, during the quarter ended December 31, 2015, we issued warrants to purchase an aggregate of 45,000 shares of our unregistered common stock to four parties as compensation under certain investment banking agreements.&#160;&#160;In connection with the November 2015 warrant grant, we also issued 15,750 shares of unregistered common stock valued at $106,300 and, in connection with the December 11, 2015 warrant grant, we made a cash payment of $20,000. In March 2016, we issued warrants to purchase an aggregate of 230,000 shares of our common stock to eleven professional service providers in connection with investment banking, strategic planning and financing, tax, legal and research and development consulting services. We recognized $1,042,400 of general and administrative expense and $127,100 of research and development expense attributable to the March 2016 grants. We valued the warrants granted on the dates indicated using the Black Scholes Option Pricing Model and the following assumptions:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>11/23/2015</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/11/2015</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>3/25/2016 </b></font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 66%"><p><font style="font: 10pt Times New Roman, Times, Serif">Market price per share</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 9%"><p><font style="font: 10pt Times New Roman, Times, Serif">6.75</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 9%"><p><font style="font: 10pt Times New Roman, Times, Serif">5.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 9%"><p><font style="font: 10pt Times New Roman, Times, Serif">8.00</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Exercise price per share</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">7.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">7.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">8.00</font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.70%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.16%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.39%</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Contractual term in years</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">5.0</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">3.0</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">5.0</font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Volatility</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">77.95%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">77.88%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">78.96%</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Dividend rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Fair Value per share</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">4.22</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">2.12</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">5.08</font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Warrant shares granted</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">7,500</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">37,500</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">230,000</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Expense recognized</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">31,700</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">79,600</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1,169,500</font></p></td></tr> </table> <p style="text-indent: 0pt; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="text-indent: 0pt; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">In May 2014, we entered into a consulting agreement for strategic advisory and business development services pursuant to which we issued 10,000 restricted shares of our common stock as partial compensation for such professional services. We determined the fair value of stock to be $134,000, based on the $13.40 per share quoted market price of our common stock on the date of the agreement. Additionally, under the terms of the agreement, we paid an aggregate of $80,000 between May 2014 and December 31, 2014 as additional compensation for professional services rendered by the consultant. Effective January 12, 2015, we entered into a new consulting agreement with this consultant for similar services pursuant to which we issued 20,000 restricted shares of our common stock valued at $160,000, based on the $8.00 per share quoted market price of our common stock on the date of the agreement, and made cash payments of $175,000 through March 31, 2016 as compensation for such professional services.&#160;</font></p> <p style="text-indent: 0pt; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In March 2015, we entered into a consulting agreement with another consultant for additional advisory and business development services pursuant to which we issued 25,000 restricted shares of our common stock as compensation for such professional services. We determined the fair value of stock to be $175,000, based on the $7.50 per share quoted market price of our common stock on the date of the agreement.</font></p> <p style="text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In March 2015, we issued 16,667 shares of our common stock valued at $166,700 to our legal counsel in settlement of direct legal fees related to services provided with respect to prospective, unconsummated public and private offerings of our equity securities during 2013 and 2014.&#160;&#160;We recognized a loss of $16,700 with respect to this settlement, which is included in Loss on Extinguishment of Debt in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the year ended March 31, 2015.&#160;</font></p> <p style="text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Modification of Warrants&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In addition to warrants modified in connection with conversions of certain of our outstanding promissory notes into Series B Preferred as described earlier in Note 8, <i>Convertible Promissory Notes and Other Notes Payable, </i>and the warrants modified in connection with the Warrant Exchange Agreements described earlier in this note, on June 10, 2015, we modified certain other outstanding warrants to purchase an aggregate of 54,576 shares of our common stock to reduce their exercise price. We calculated the fair value of the modified warrants immediately before and after the modifications and determined that the fair value of the warrants increased by an aggregate of $122,300, which we recognized as a component of general and administrative expense for the quarter ended June 30, 2015, with a corresponding credit to additional paid-in capital. The warrants subject to the exercise price modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Pre-modification</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Post-modification</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%"><p><font style="font: 10pt Times New Roman, Times, Serif">Market price per share</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Exercise price per share (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">30.23</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">11.92</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.83%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.83%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Remaining contractual term in years (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">2.26</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">2.26</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Volatility (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">73.7%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">73.7%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Dividend rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Fair Value per share (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.55</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">3.79</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Officer and Director Warrant Grants and Modifications&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">On September 2, 2015, when the market price of our common stock was $9.11 per share, our Board of Directors (<i>Board</i>) authorized the grant of fully-vested five-year warrants to purchase an aggregate of 650,000 restricted shares of our common stock at an exercise price of $9.25 per share, including an aggregate of 600,000 of such shares to company officers and independent members of the Board. We valued the new warrant grants at $5.68 per share, or an aggregate of $3,692,900, using the Black Scholes Option Pricing Model and the following assumptions: market price per share: $9.11; exercise price per share: $9.25; risk-free interest rate: 1.52%; contractual term: 5.0 years; volatility: 77.2%; expected dividend rate: 0%.&#160; We recognized non-cash research and development and general and administrative stock compensation expense in the amounts of $852,200 and $2,840,700, respectively, attributable to the warrant grants in the quarter ended September 30, 2015, which amounts are reflected in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2016.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">On November 11, 2015, when the market price of our common stock was $6.50 per share, the Board authorized the modification of outstanding warrants to purchase an aggregate of 1,123,533 shares of our common stock, including the warrants to purchase an aggregate of 600,000 shares granted in September 2015, as described above, previously granted to company officers, independent members of the Board and a key scientific advisor to reduce the exercise prices thereof to $7.00 per share and to extend through March 19, 2019 the expiration date of such warrants to purchase an aggregate of 10,803 shares of our unregistered common stock otherwise scheduled to expire during calendar 2016. We calculated the fair value of the modified warrants immediately before and after the modifications and determined that the fair value of the warrants increased by an aggregate of $492,600. We recognized $357,500 of such increase as a component of general and administrative expense in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2016, and the remaining $135,100 as a component of research and development expense in the same period.&#160;&#160;The warrants subject to the exercise price modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Pre-modification</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Post-modification</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%"><p><font style="font: 10pt Times New Roman, Times, Serif">Market price per share</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">6.50</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">6.50</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Exercise price per share (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">9.97</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">7.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.74%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.75%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Remaining contractual term in years (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">5.13</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">5.16</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Volatility (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">78.8%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">78.7%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Dividend rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value per share (weighted average)</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>3.65</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>4.08</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> </table> <p style="text-indent: 44pt; margin-right: 0; margin-left: 0"></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In January 2015, when the market price of our common stock was $8.00 per share, the Board authorized the grant of fully-vested five-year warrants to purchase an aggregate of 381,000 restricted shares of our common stock at an exercise price of $10.00 per share, including an aggregate of 340,000 such shares to company officers and independent members of the Board. The Board also granted one-year warrants to purchase 5,715 restricted shares of our common stock at an exercise price of $10.00 per share to consultants whose warrants had expired at December 31, 2014. Additionally, the Board extended by one year the expiration date of outstanding warrants to purchase 90,675 shares of our restricted common stock otherwise expiring during calendar 2015 and reduced the exercise price to $15.00 per share for such of those extended term warrants having exercise prices in excess of that amount.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We valued the new warrant grants at $1,756,900 using the Black Scholes Option Pricing Model and the following assumptions:&#160;&#160;market price per share: $8.00; exercise price per share: $10.00; risk-free interest rate: 1.45% for five-year warrants and 0.24% for one-year warrants; contractual term: 5 years or 1 year; volatility: 75.86% for five-year warrants and 69.74% for one-year warrants; expected dividend rate: 0%. We calculated the fair value of the modified warrants immediately before and after the modifications and determined that the fair value of the warrants increased by $98,400, which is reflected in general and administrative expense in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2015.&#160;&#160;The warrants subject to the exercise price modifications and term extensions were valued using the Black-Scholes Option Pricing Model and the following assumptions:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Pre-</b></font><b><font style="font-family: Times New Roman, Times, Serif">modification</font></b></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Post-</b></font><b><font style="font-family: Times New Roman, Times, Serif">modification</font></b></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%"><p><font style="font: 10pt Times New Roman, Times, Serif">Market price per share at modification date</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">8.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">8.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Exercise price per share (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">23.13</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">13.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.04%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.31%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Contractual term in years (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.24</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.24</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Volatility (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">69.7%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">69.8%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Dividend rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted Average Fair Value per share</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>0.22</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>1.31</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In making our fair value determinations for both new warrant grants and warrant modifications using the Black Scholes Option Pricing Model, we utilize the following principles in selecting our input assumptions. The market price per share during the years ended March 31, 2016 and 2015 is based on the quoted market price of our common stock on the OTCQB on the date of the grant or modification. Because of our relatively short history as a public company, we estimate stock price volatility based on the historical volatilities of a peer group of public companies over the contractual or remaining contractual term of the warrant.&#160;&#160;The contractual term of the warrant is determined based on the grant or modification date and the latest date on which the warrant can be exercised under its original or modified terms. The risk-free rate of interest is based on the quoted constant maturity rate for U.S. Treasury Bills on the date of the grant or modification for the term most closely corresponding with the contractual term or remaining term of the warrant.&#160;&#160;We assume a dividend rate of zero as we have not paid and do not expect to pay dividends in the near future.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Warrants Outstanding&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes outstanding warrants to purchase shares of our common stock as of March 31, 2016.&#160;&#160;The weighted average exercise price of outstanding warrants at March 31, 2016 was $8.17 per share.&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise Price</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Expiration</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares Subject to Purchase at</b></font></p></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>per Share</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Date</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31, 2016</b></font></p></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 31%"><font style="font: 10pt Times New Roman, Times, Serif">7.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center; width: 33%; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">12/11/2018 to 3/3/2023</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 31%"><font style="font: 10pt Times New Roman, Times, Serif">1,417,125</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">3/25/2021</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">230,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">8/31/2016 to 1/11/2020</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">135,384</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">4/30/2016 to 8/31/2016</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,664</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">9/15/2019</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">110,448</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">30.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">11/20/2017</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,907,221</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note Receivable from Sale of Common Stock&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In May 2011, the Company accepted a $500,000 short-term note from an investor in payment for shares of the Company&#146;s common stock sold to the investor in a private placement transaction.&#160;&#160;On October 2, 2014 we received a cash payment of $60,000 from the maker of the note. We considered that payment to be in full satisfaction of the outstanding principal balance of the note and related accrued interest, aggregating $194,900, at the date of the payment and recognized a loss of $134,900 on the settlement of the note, which is reflected as a component of Other expenses, net in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2015.&#160;&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Reserved Shares&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">At March 31, 2016, the Company has reserved shares of its common stock for future issuance as follows:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 89%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Upon exchange of all shares of Series A Preferred Stock currently issued and outstanding <font style="vertical-align: text-top">(1)</font></font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">750,000</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Upon exchange of all shares of Series B Preferred Stock currently issued and outstanding</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,663,077</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Reserved for potential future issuance of Series B Preferred Stock</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">108,105</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Upon exchange of all shares of Series C Preferred Stock currently issued and outstanding</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,318,012</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Reserved for potential future issuance of Series C Preferred Stock</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">681,988</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Pursuant to warrants to purchase common stock:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Subject to outstanding warrants</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,907,221</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Pursuant to stock incentive plans:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Subject to outstanding options under the 2008 and 1999 Stock Incentive Plans</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">336,987</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Available for future grants under the 2008 Stock Incentive Plan</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">660,242</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">997,229</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,425,632</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">____________</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td colspan="4" style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: text-top">(1)</font><font style="font: 10pt Times New Roman, Times, Serif">&#160;assumes exchange under the terms of the October 11, 2012&#160;Note Exchange and Purchase Agreement with PLTG, as amended</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>8.&#160;&#160;Convertible Promissory Notes and Other Notes Payable&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes the components of the Company&#146;s convertible promissory notes and other notes payable:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="10" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31, 2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="10" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31, 2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Accrued</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Accrued</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Senior Secured 10% Convertible Promissory Notes issued to PLTG:</i></b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 22pt; width: 40%; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Exchange Note issued on October 11, 2012</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">1,272,600</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">360,200</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 7%"><font style="font: 10pt Times New Roman, Times, Serif">1,632,800</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Investment Note issued on October 11, 2012</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">500,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">141,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">641,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Investment Note issued on October 19, 2012</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">500,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">140,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">640,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Investment Note issued on February 22, 2013</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">250,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">59,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">309,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Investment Note issued on March 12, 2013</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">750,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">172,600</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">922,600</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,272,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">873,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,146,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Convertible promissory note issued on July 26, 2013</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">250,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,200</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">296,200</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 22pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Total Senior notes</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,522,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">919,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,442,300</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Aggregate note discount</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 22pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Net Senior notes</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,522,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">919,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,442,300</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">less: current portion</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,272,600</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(873,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,146,100</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 44pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Senior notes - non-current portion and discount</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">250,000</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,200</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">296,200</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>10%&#160;Convertible Promissory Notes (Unit Notes)</i></b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">2014 Unit Notes, including amended notes, due 3/31/15</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,066,900</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">270,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,337,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Note discounts</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(180,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(180,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Net convertible notes (all current)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,886,900</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">270,700</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,157,600</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Notes Payable to unrelated parties:</i></b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><p><font style="font: 10pt Times New Roman, Times, Serif">7.5% Notes payable to service providers for accounts payable converted to notes payable:</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Burr, Pilger, Mayer</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">90,400</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">103,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Desjardins</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">156,300</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">180,400</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">McCarthy Tetrault</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">319,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">365,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">August 2012 Morrison &#38; Foerster Note A</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">918,200</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">193,200</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,111,400</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">August 2012 Morrison &#38; Foerster Note B</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,379,400</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">333,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,712,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">University Health Network</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">549,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">101,800</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">651,300</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,413,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">711,300</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,124,800</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Note discount</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(474,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(474,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,939,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">711,300</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,650,300</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">less: current portion (and discount at March 31, 2015)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,939,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(711,300</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,650,300</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">non-current portion and discount</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left"><p><font style="font: 10pt Times New Roman, Times, Serif">5.75% and 10.25% Notes payable to insurance premium financing company (current)</font></p></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,800</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,800</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><p><font style="font: 10pt Times New Roman, Times, Serif">10% Notes payable to vendors for accounts payable converted to notes payable</font></p></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">378,300</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">51,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">429,800</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;less: current portion</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(378,300</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(51,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(429,800</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">non-current portion</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">7.0%&#160;Note payable (August 2012)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">58,800</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">70,800</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">58,800</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,900</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">66,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;less: current portion</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(31,600</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(12,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(43,600</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(23,200</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(7,900</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(31,100</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">7.0%&#160;Notes payable - non-current portion</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">27,200</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">27,200</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">35,600</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">35,600</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Total notes payable to unrelated parties</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">58,800</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">70,800</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,381,900</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">770,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,152,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;less: current portion (and discount at March 31, 2015)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(31,600</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(12,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(43,600</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,346,300</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(770,700</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,117,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Net non-current portion</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">27,200</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">27,200</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">35,600</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">35,600</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Notes payable to related parties:</i></b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">October 2012 7.5% Note to Cato Holding Co.</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">293,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">55,900</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">349,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 22pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">October 2012 7.5% Note to Cato Research Ltd.</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,009,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">204,800</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,213,800</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,302,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">260,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,563,300</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Note discount</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(54,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(54,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">Total notes payable to related parties</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,248,100</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">260,700</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,508,800</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;less: current portion</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,248,100</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(260,700</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,508,800</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 33pt; text-align: left; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">non-current portion and discount</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">With the exception of the 10% convertible promissory notes issued in connection with our 2014 Unit Private Placement, described below, and a $300,000 promissory note issued in April 2014 to Icahn School of Medicine at Mount Sinai in satisfaction of certain stem cell technology license maintenance fees and reimbursable patent prosecution costs, all of our outstanding secured and unsecured promissory notes were issued prior to the beginning of our fiscal year ended March 31, 2015 and either no payments were required under the terms of such notes or, for strategic purposes, we did not make any principal or interest payments on them during our fiscal year ended March 31, 2015. As disclosed below, between May 2015 and September 2015, we reached agreements with the holders of essentially all of our outstanding notes to convert the outstanding balance of principal and interest into shares of our Series B Preferred.&#160;&#160;New promissory note <font style="background-color: #ffffff">issuances during fiscal years 2015 and 2016 and conversions of our secured and unsecured convertible promissory notes and other promissory notes into shares of our Series B Preferred during the fiscal year ended March 31, 2016 are described below.&#160;</font></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>10% Convertible Notes Issued in Connection with 2014 Unit Private Placement&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">As described more completely under the caption <i>2014 Unit Private Placement</i> in Note 9, <i>Capital Stock, </i>between April 1, 2015 and May 14, 2015, we issued to accredited investors in self-placed private placement transactions 10% convertible notes (the <i>2014 Unit Notes</i>) in the aggregate face amount of $280,000. The 2014 Unit Notes issued in April and May 2015 represented a continuation of the 2014 Unit Private Placement pursuant to which we had issued in self-placed private placement transactions to accredited investors an aggregate of $3,113,500 principal amount of substantially similar notes between late-March 2014 and March 31, 2015. The 2014 Unit Notes matured between April 30, 2015 and May 15, 2015 (<i>Maturity</i>) and the outstanding principal of the 2014 Unit Notes and their related accrued interest (the <i>Outstanding Balance</i>) was convertible into shares of our common stock at a conversion price of $10.00 per share at or prior to Maturity, at the option of the accredited investor. In addition, upon our consummation of either (i) an equity or equity-based public financing registered with the SEC, or (ii) an equity or equity-based private placement, or series of private placements, not registered with the SEC, in either case resulting in gross cash proceeds to us of at least $10.0 million prior to Maturity (a <i>Qualified Financing</i>), the Outstanding Balance of the 2014 Unit Notes would automatically convert into securities substantially similar to those sold in the Qualified Financing, based on the following formula: (the Outstanding Balance as of the closing of the Qualified Financing) x 1.25 / (the per security price of the securities sold in the Qualified Financing).&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We allocated the proceeds from the self-placed private placement of the units to the 2014 Unit Notes, the common stock and the warrants comprising the units based on the relative fair value of the individual securities in the unit on the date of the unit sale. Based on the short-duration of the 2014 Unit Notes and their other terms, we determined that the fair value of the 2014 Unit Notes at the date of issuance was equal to their face value. Accordingly, we recorded an initial discount attributable to each 2014 Unit Note for an amount representing the difference between the face value of the 2014 Unit Note and its allocated relative value. Additionally, the 2014 Unit Notes contained an embedded conversion feature having intrinsic value at the issuance date, which value we treated as an additional discount attributable to those 2014 Unit Notes, subject to limitations on the absolute amount of discount attributable to each 2014 Unit Note. We recorded a corresponding credit to additional paid-in capital, an equity account, attributable to the beneficial conversion feature. We amortized the discounts attributable to the 2014 Unit Notes issued in April and May 2015, an aggregate of $277,200, using the effective interest method over the respective term of each 2014 Unit Note. Because the discount on each of these 2014 Unit Notes represented 99% of its initial face value, and because we were required to amortize such discount over the period from issuance to maturity, which was no more than two months for these notes, the calculated effective interest rate is extremely high. Based on the amounts of their respective discounts and the term between issuance and maturity, the effective interest rates attributable to the 2014 Unit Notes issued in April and May 2015 are in excess of 10,000%.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Issuance of Securities in Satisfaction of Technology License and Maintenance Fees and Patent Expenses&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">As described more completely in Note 9, <i>Capital Stock</i>, in April 2014, we entered into an agreement with Icahn School of Medicine at Mount Sinai (<i>ISMMS</i>), one of our technology licensors, pursuant to which we issued to ISMMS (i) a 10% promissory note in the face amount of $300,000 due on the earlier of December 31, 2014, or the completion of a qualified financing, as defined, (ii) 15,000 restricted shares of our common stock and (iii) a warrant exercisable through March 31, 2019 to purchase 15,000 restricted shares of our common stock at an exercise price of $10.00 per share in satisfaction of $288,400 of stem cell technology license maintenance fees and reimbursable patent prosecution costs (the <i>Agreement</i>). Under the terms of the Agreement, an additional $35,800 of license maintenance fees and reimbursable patent prosecution costs was added to the principal amount of the promissory note through March 31, 2015. We made payments aggregating $100,000 on the note during the fiscal year ended March 31, 2015, prior to its conversion into shares of our Series B Preferred in June 2015.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Accounting for Notes and Other Indebtedness Converted into Series B Preferred&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Between May 2015 and September 2015, we extinguished the outstanding balances of approximately $17.2 million of indebtedness, including all of our senior secured promissory notes, all except $58,800 principal of our unsecured promissory notes, and a substantial portion of other indebtedness, and certain adjustments thereto, that were either due and payable or would have become due and payable prior to March 31, 2016, by converting all such indebtedness into shares of our Series B Preferred (which is described more completely below under the caption <i>Creation of Series B Preferred Stock</i> in Note 9, <i>Capital Stock</i>). Evaluating each note or debt class separately, we determined that the conversion of each of the notes or other debt instruments into Series B Preferred should be accounted for as an extinguishment of debt. Further, considering the direct exchangeability of the Series B Preferred shares into shares of our common stock, the 10% dividend applicable to the Series B Preferred prior to such exchange, and other factors, we determined that the fair value of a share of Series B Preferred issued pursuant to the conversion of each of the notes or other debt instruments was equal to the market value of a share of our common stock on the conversion date. Because the fair value of the Series B Preferred into which the debt instruments were converted in all cases exceeded the carrying value of the debt, we recorded an aggregate loss on extinguishment of debt of $26,700,200, in the first and second quarters of the fiscal year ended March 31, 2016, as reflected in the accompanying Consolidated Statement of Operations and Comprehensive Loss for that period.<b><i>&#160;</i></b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Conversion of Senior Secured 10% Convertible Promissory Notes issued to PLTG into Series B Preferred</i></b></p> <p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described more completely in Note 9, <i>Capital Stock</i>, effective on May 12, 2015, we entered in to a broad strategic agreement with PLTG (<i>PLTG Agreement</i>) pursuant to which PLTG, among other things, converted all of the $4,489,300 outstanding balance (principal and accrued interest) of the Senior Secured Notes having maturity dates between October 2015 and July 2016 into 641,335 shares of our Series B Preferred. Based on the $10.00 per share fair value of the Series B Preferred at the date the Senior Secured Notes were converted, we issued Series B Preferred having an aggregate fair value of $6,413,300 to PLTG. Accordingly, we recognized a non-cash loss on the extinguishment of the Senior Secured Notes in the amount of $1,924,000 in the quarter ended June 30, 2015.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;<b><i>&#160;</i></b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Conversion of 2014 Unit Notes into Series B Preferred</i></b></p> <p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the PLTG Agreement, PLTG also converted the $1,345,700 outstanding balance of the 2014 Unit Notes originally issued by us to PLTG that had matured on March 31, 2015 (<i>PLTG Unit Notes</i>) into shares of our Series B Preferred. PLTG additionally agreed to acquire and convert into our Series B Preferred other 2014 Unit Notes that had matured on March 31, 2015 originally issued to other investors having an aggregate outstanding balance of $1,487,900 (<i>Acquired Unit Notes</i>). Further, effective May 20, 2015, the holders of other 2014 Unit Notes that had matured on March 31, 2015 or shortly thereafter, having an aggregate outstanding balance of $1,831,200 (<i>Investor Unit Notes</i>) individually converted such notes into our Series B Preferred. Consequently, the aggregate outstanding balance totaling $4,664,800 of all 2014 Unit Notes, including those issued in April and May 2015, was converted into shares of our Series B Preferred. We determined that the Series B Preferred Unit Offering, as described in Note 9, <i>Capital Stock</i>, would be treated as a Qualified Financing applicable to the 2014 Unit Notes, entitling the 2014 Unit Note holders at the time of conversion to the 25% Qualified Financing conversion premium under the terms of the 2014 Unit Notes. Accordingly, we issued an aggregate of 833,020 shares of our Series B Preferred and warrants to purchase an aggregate of 833,020 shares of our common stock upon the conversion of the outstanding balance of all 2014 Unit Notes, including an aggregate conversion premium of $1,166,200.</p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Based on the $10.00 per share fair value of the Series B Preferred at the date the PLTG Unit Notes and Acquired Unit Notes were converted and the $8.00 per share fair value of the Series B Preferred at the date the Investor Unit Notes were converted, we issued Series B Preferred having an aggregate fair value of $7,676,200 upon the conversions. We valued the warrants issued in connection with the 2014 Unit Note conversions at an aggregate of $5,168,400 using the Black Scholes option pricing model and the following assumptions:</font>&#160;&#160;</p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: right"><p style="margin-bottom: 0pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>PLTG Unit Notes and Acquired U</b></font><b>nit Notes</b></p></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: right"><p style="margin-bottom: 0pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Investor U</b></font><b>nit Notes</b></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%"><p><font style="font: 10pt Times New Roman, Times, Serif">Market price per share at conversion date</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%; text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%; text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%; text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%; text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Exercise price per share</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.58</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.57</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Contractual term in years</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Volatility</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">76.5</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">75.7</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Dividend rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Warrant shares</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">506,004</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">327,016</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Fair Value per share</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.89</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="text-align: right"><p style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.15</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Nearly all of the 2014 Unit Notes contained a beneficial conversion feature at the time they were originally issued. We have accounted for the repurchase of the beneficial conversion feature at the time of the extinguishment and conversion, an aggregate of $2,237,100, as a reduction to the loss on extinguishment of debt in the accompanying Consolidated Statements of Operations and Comprehensive Loss, with a corresponding reduction to additional paid-in capital. In aggregate, we recognized a non-cash loss on extinguishment of debt attributable to the conversion of the 2014 Unit Notes in the amount of $5,942,700 in the quarter ended June 30, 2015.&#160;<b><i>&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Conversion of Promissory Note issued to University Health Network into Series B Preferred&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">On May 29, 2015, University Health Network (<i>UHN</i>) converted the entire $656,400 outstanding balance (principal and accrued interest) of our promissory note maturing on March 31, 2016 into 93,775 shares of our Series B Preferred. Based on the $10.00 per share fair value of the Series B Preferred at the date the UHN note was converted, we issued Series B Preferred having an aggregate fair value of $937,800 to UHN. After eliminating the remaining $27,500 of unamortized discount on the UHN note, we recognized a non-cash loss on the extinguishment of debt attributable to the conversion of the UHN Note of $308,900 in the quarter ended June 30, 2015.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Conversion of Promissory Notes and Accounts Payable issued to Cato Holding Company (CHC) and Cato Research Ltd. (CRL) into Series B Preferred&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">On June 10, 2015, CHC, the parent company of CRL and a related party, converted the entire aggregate outstanding balance (principal and accrued interest) of $1,583,000 of our outstanding promissory notes issued to CHC and CRL and maturing on March 31, 2016 (together, the <i>Cato Notes</i>), plus an additional $171,300 of past due accounts payable to CRL and a strategic adjustment thereto (<i>CRL Payables</i>) into a total of 328,571 shares of our Series B Preferred. Based on the $10.00 per share fair value of the Series B Preferred at the date the Cato Notes and CRL Payables were converted, we issued Series B Preferred having an aggregate fair value of $3,285,700 to CHC.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">As additional consideration for the conversion of the Cato Notes and the CRL Payables, we amended certain outstanding warrants held by CHC and CRL to purchase 12,500 and 60,691 restricted shares of our common stock, respectively, to reduce the exercise price thereof from $30.00 and $20.00 per share, respectively, to $7.00 per share. We calculated the fair value of the warrants immediately before and after the modifications and determined that the fair value of the warrants increased by $222,700. The warrants subject to the exercise price modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Pre-</b></font><b>modification</b></p></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Post-</b></font><b>modification</b></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%"><p><font style="font: 10pt Times New Roman, Times, Serif">Market price per share at modification date</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Exercise price per share</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td nowrap="nowrap" style="text-align: left"><p><font style="font: 10pt Times New Roman, Times, Serif">20.00 and $30.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">7.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.87</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.87</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Contractual term in years</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">2.31</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">2.31</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Volatility</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">73.9</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">73.9</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Dividend rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted Average Fair Value per share</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>2.44 and $1.57</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>5.33</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">After eliminating the remaining unamortized discount of $46,000 attributable to the Cato Notes, we recognized a non-cash loss on the extinguishment of debt attributable to the conversion of the Cato Notes and CRL Payables of $1,800,100 in the quarter ended June 30, 2015.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Conversion of Promissory Note B issued to Morrison &#38; Foerster into Series B Preferred&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">On June 12, 2015, Morrison &#38; Foerster (<i>M&#38;F</i>) converted the entire aggregate outstanding balance (principal and accrued interest) of $1,735,500 of our August 2012 promissory Note B maturing on March 31, 2016 (<i>M&#38;F Note B</i>), plus an agreed strategic adjustment thereto into a total of 257,143 shares of our Series B Preferred. Based on the $10.00 per share fair value of the Series B Preferred at the date M&#38;F Note B was converted, we issued Series B Preferred having an aggregate fair value of $2,571,400 to M&#38;F.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">As additional consideration for the conversion of M&#38;F Note B, we amended two outstanding warrants held by M&#38;F to purchase an aggregate of 110,448 restricted shares of our common stock to reduce the exercise price of one of the warrants from $40.00 per share to $20.00 per share and to extend the term of both warrants from September 15, 2017 to September 15, 2019. We calculated the fair value of the warrants immediately before and after the modifications and determined that the fair value of the warrants increased by $244,200. The warrants subject to the exercise price and term modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Pre-</b></font><b>modification</b></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Post-modification</b></font></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%"><p><font style="font: 10pt Times New Roman, Times, Serif">Market price per share at modification date</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Exercise price per share</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td nowrap="nowrap" style="text-align: left"><p><font style="font: 10pt Times New Roman, Times, Serif">20.00 and $40.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">20.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.86</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.57</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Contractual term in years</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">2.27</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">4.27</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Volatility</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">73.8</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">76.7</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Dividend rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted Average Fair Value per share</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>2.39 and $1.04</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>4.35</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">After eliminating the remaining unamortized discount of $225,500 attributable to M&#38;F Note B, we recognized a non-cash loss on the extinguishment of debt attributable to the conversion of M&#38;F Note B of $1,305,600 in the quarter ended June 30, 2015.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In addition to its agreement to convert M&#38;F Note B into Series B Preferred, M&#38;F also agreed to withhold, through the later of (i) December 31, 2016 or (ii) our consummation of a registered public offering or a strategic transaction involving AV-101 in which, in either case, we received gross proceeds of at least $20.0 million, any and all action to collect amounts due under our August 2012 promissory Note A maturing on March 31, 2016 (<i>M&#38;F Note A</i>) and all past due amounts owed by us to M&#38;F in connection with professional services previously rendered by M&#38;F (<i>M&#38;F Payables</i>).&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Conversion of Morrison &#38; Foerster Note A and Morrison &#38; Foerster Payables into Series B Preferred</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In a transaction to which we were not a party, M&#38;F sold M&#38;F Note A, which, at the time of the sale, had an outstanding balance (principal and accrued interest) of $1,149,000, as well as the M&#38;F Payables in the amount of $165,100, to two third-party accredited investors (the <i>M&#38;F Note A Investors</i>). On August 10, 2015, the M&#38;F Note A Investors converted M&#38;F Note A and the M&#38;F Payables into 192,628 shares of our Series B Preferred. Based on the $12.25 per share fair value of the Series B Preferred at the date M&#38;F Note A and the M&#38;F Payables were converted, we issued Series B Preferred having an aggregate fair value of $2,359,700 to the M&#38;F Note A Investors. After eliminating the remaining unamortized discount of $122,400 attributable to M&#38;F Note A, we recognized a non-cash loss on extinguishment of debt attributable to the conversion of M&#38;F Note A and the M&#38;F Payables of $1,168,000 in the quarter ended September 30, 2015.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Conversion of Promissory Note issued to McCarthy Tetrault into Series B Preferred&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">On June 18, 2015, McCarthy Tetrault (<i>McCarthy</i>) converted the entire $379,600 outstanding balance (principal and accrued interest) of our past due promissory note issued in May 2011, plus an additional $2,100 of past due accounts payable (together, the <i>McCarthy Note</i>), into 59,230 shares of our Series B Preferred. Based on the $14.00 per share fair value of the Series B Preferred at the date the McCarthy Note was converted, we issued Series B Preferred having an aggregate fair value of $829,200 to McCarthy. Accordingly, we recognized a non-cash loss on extinguishment of debt attributable to the conversion of the McCarthy Note of $447,500 in the quarter ended June 30, 2015.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Conversion of Promissory Note issued to Burr Pilger &#38; Mayer into Series B Preferred&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">On June 24, 2015, Burr Pilger &#38; Mayer (<i>Burr</i>) converted the entire $105,200 outstanding balance (principal and accrued interest) of our past due promissory note issued in May 2011, plus an additional $17,900 of past due accounts payable (together, the <i>Burr Note</i>), into 21,429 shares of our Series B Preferred. Based on the $16.50 per share fair value of the Series B Preferred at the date the Burr Note was converted, we issued Series B Preferred having an aggregate fair value of $353,600 to Burr. Accordingly, we recognized a non-cash loss on the extinguishment of debt attributable to the conversion of the Burr Note of $230,500 in the quarter ended June 30, 2015.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Conversion of Promissory Note and Accounts Payable Issued to Icahn School of Medicine at Mount Sinai into Series B Preferred&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">On June 26, 2015, Icahn School of Medicine at Mount Sinai (<i>ISMMS</i>) converted the entire $270,400 outstanding balance (principal and accrued interest) of our past due April 2014 promissory note into a total of 40,000 shares of our Series B Preferred. Based on the $16.00 per share fair value of the Series B Preferred at the date the note was converted, we issued Series B Preferred having an aggregate fair value of $640,000 to ISMMS.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">As additional consideration for the conversion of the ISMMS note, we amended an outstanding warrant held by ISMMS to purchase 15,000 restricted shares of our common stock to reduce the exercise price from $10.00 per share to $7.00 per share. We calculated the fair value of the warrant immediately before and after the modification and determined that the fair value of the warrant increased by $16,600. The warrant subject to the exercise price modification was valued using the Black-Scholes Option Pricing Model and the following assumptions:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Pre-</b></font><b>modification</b></p></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Post-</b></font><b>modification</b></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%"><p><font style="font: 10pt Times New Roman, Times, Serif">Market price per share at modification date</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">16.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">16.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Exercise price per share</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">7.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.34</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.34%</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Contractual term in years</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">3.76</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">3.76</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Volatility</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">76.3</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">76.3</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Dividend rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">%</font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted Average Fair Value per share</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>10.48</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>11.60</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We recognized a non-cash loss on extinguishment of debt attributable to the conversion of ISMMS note of $386,200 in the quarter ended June 30, 2015.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">On July 13, 2015, ISMMS also converted accounts payable in the amount of $19,100 (<i>ISMMS Payables</i>) into an additional 3,000 shares of our Series B Preferred. Based on the $12.00 per share fair value of the Series B Preferred at the date the ISMMS Payables were converted, we issued Series B Preferred having an aggregate fair value of $36,000 to ISMMS. Accordingly, we recognized a non-cash loss on the extinguishment of debt attributable to the conversion of the ISMMS Payables of $16,900 in the quarter ended September 30, 2015.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Conversion of Promissory Note issued to National Jewish Health into Series B Preferred&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">On June 29, 2015, National Jewish Health (<i>NJH</i>) converted the entire $115,000 outstanding balance (principal and accrued interest) of our past due promissory note into 17,857 shares of our Series B Preferred. Based on the $15.00 per share fair value of the Series B Preferred at the date the NJH note was converted, we issued Series B Preferred having an aggregate fair value of $267,900 to NJH. Accordingly, we recognized a non-cash loss on the extinguishment of debt attributable to the conversion of the NJH note of $152,900 in the quarter ended June 30, 2015.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Conversion of Promissory Note issued to Desjardins Securities into Series B Preferred&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">On July 2, 2015, Desjardins Securities <i>(Desjardins</i>) converted the entire $187,400 outstanding balance (principal and accrued interest) of our past due promissory note into 32,143 shares of our Series B Preferred. Based on the $14.00 per share fair value of the Series B Preferred at the date the Desjardins note was converted, we issued Series B Preferred having an aggregate fair value of $450,000 to Desjardins. Accordingly, we recognized a non-cash loss on extinguishment of the debt attributable to the conversion of the Desjardins note of $262,600 in the quarter ended September 30, 2015.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Conversion of Promissory Note and Accounts Payable issued to MicroConstants into Series B Preferred&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">On July 6, 2015, MicroConstants, Inc. (<i>MicroConstants)</i> converted the $22,000 outstanding balance (principal and accrued interest) of our past due promissory note and outstanding accounts payable in the amount of $70,400 into an aggregate of 17,857 shares of our Series B Preferred. Based on the $14.00 per share fair value of the Series B Preferred at the date the MicroConstants note and accounts payable were converted, we issued Series B Preferred having an aggregate fair value of $250,000. Accordingly, we recognized a non-cash loss on extinguishment of debt attributable to the conversion of the MicroConstants note and payables of $157,600 in the quarter ended September 30, 2015.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>C</i></b></font><b><i>onversion of Accounts Payable to Professional Services Providers and Other Debt into Series B Preferred&#160;</i></b></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">During June and July 2015, two of our professional service providers and a former employee to whom we were contractually obligated for certain accrued compensation amounts converted an aggregate of $497,900 past due amounts for prior services (<i>Service Provider Payables</i>) into an aggregate of 80,929 shares of our Series B Preferred. Based on the per share fair value of the Series B Preferred on the respective dates that each Service Provider Payable was converted, which ranged from $10.00 per share to $12.00 per share, we issued Series B Preferred having an aggregate fair value of $823,800 to the Service Providers. Accordingly, we recognized an aggregate non-cash loss on the extinguishment of debt attributable to the conversion of the Service Provider Payables in the amounts of $281,800 and $44,100 in the quarters ended June 30, 2015 and September 30, 2015, respectively.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>10.&#160;&#160;Research and Development Expenses&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The Company recorded research and development expenses of approximately $3.9 million and $2.4&#160;million in the fiscal years ended March 31, 2016 and 2015, respectively. Research and development expense is composed primarily of employee compensation expenses, including stock&#150;based compensation, direct project expenses, and costs to maintain and prosecute our intellectual property suite, including new patent applications for AV-101 for various indications.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>11.&#160;&#160;Income Taxes&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The provision for income taxes for the periods presented in the Consolidated Statements of Operations and Comprehensive Loss represents minimum California franchise taxes. Income tax expense differed from the amounts computed by applying the U.S.&#160;federal income tax rate of 34% to pretax losses as a result of the following:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fiscal Years Ended March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Computed expected tax benefit</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">(34.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">) %</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">(34.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">) %</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Tax effect of loss on debt extinguishment</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">19.22 </font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.85 </font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Tax effect of warrant modifications</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.38 </font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.24 </font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Tax effect of Warrant Liability mark to market</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.36 </font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.08 </font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Other losses not benefitted</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.04 </font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">27.83 </font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Other</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.01 </font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.02 </font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Income tax expense</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.01 </font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.02 </font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company&#146;s deferred tax assets are as follows (in thousands):&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Deferred tax assets:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; text-indent: 0pt; width: 78%"><font style="font: 10pt Times New Roman, Times, Serif">Net operating loss carryovers</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">26,606</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">23,054</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Basis differences in fixed assets</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; padding-left: 11pt; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Accruals and reserves</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,609</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,694</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Total deferred tax assets</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">31,215</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">25,772</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Valuation allowance</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(31,215</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(25,772</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Net deferred tax assets</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Accordingly, the deferred tax assets have been fully offset by a valuation allowance. The valuation allowance increased by $5,443,000 and $4,619,000 during the fiscal years ended March 31, 2016 and 2015, respectively. When realized, deferred tax assets related to employee stock options will be credited to additional paid-in capital.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of March 31, 2016, we had U.S.&#160;federal net operating loss carryforwards of $67.9 million, which will expire in fiscal years&#160;2020 through 2036.&#160; As of March 31, 2016, we had state net operating loss carryforwards of $60.1 million, which will expire in fiscal years&#160;2017 through 2036.</p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">U.S.&#160;federal and state tax laws include substantial restrictions on the utilization of net operating loss carryforwards in the event of an ownership change of a corporation. We have not performed a change in ownership analysis since our inception in 1998 and accordingly some or all of our net operating loss carryforwards may not be available to offset future taxable income, if any.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The Company files income tax returns in the U.S.&#160;federal and Canadian jurisdictions and California and Maryland state jurisdictions. The Company is subject to U.S.&#160;federal and state income tax examinations by tax authorities for tax years 2000 through 2016 due to net operating losses that are being carried forward for tax purposes.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The Company does not have any uncertain tax positions or unrecognized tax benefits at March 31, 2016 and 2015. The Company&#146;s policy is to recognize interest and penalties related to income taxes as components of interest expense and other expense, respectively.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>12.&#160;&#160;Licensing and Collaborative Agreements&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>U.S. National Institutes of Health&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">During fiscal years 2006 through 2008, the U.S. National Institutes of Health (<i>NIH</i>) awarded VistaGen California a $4.2&#160;million grant to support preclinical development of AV-101 for pain. In June 2009, the NIH further awarded VistaGen California a $4.2&#160;million grant to support the Phase I clinical development of AV-101, which amount was subsequently increased to a total of $4.6 million in July 2010.&#160;&#160;The grant expired in the ordinary course on June 30, 2012 and all funds had been expended.&#160;&#160;AV-101, our orally available prodrug candidate is currently in Phase 2 development, initially for the adjunctive treatment of Major Depressive Disorder (<i>MDD</i>) in patients with an inadequate response to standard antidepressants.&#160;In February 2015, we entered into a Cooperative Research and Development Agreement with the National Institute of Mental Health (<i>NIMH</i>) to collaborate on an NIH-sponsored Phase 2 clinical study of the efficacy and safety of AV-101 in subjects with MDD. The first patient in this NIMH-sponsored Phase 2a study was dosed in November 2015 and we anticipate results from the study in the second calendar quarter of 2017. We believe AV-101 may also have broad therapeutic utility with multiple near term central nervous system pipeline expansion opportunities, including chronic neuropathic pain, epilepsy, Huntington&#146;s disease and Parkinson&#146;s disease.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Cato Research Ltd.&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We have built a strategic development relationship with Cato Research Ltd. (<i>CRL</i>), a global contract research and development organization, or CRO, and an affiliate of one of the Company&#146;s largest institutional stockholders.&#160;&#160;CRL has provided us with access to essential CRO services and regulatory expertise supporting our AV-101 preclinical and clinical development programs and other projects.&#160;&#160;We recorded research and development expenses for CRO services provided by CRL in the amounts of $52,600 and $38,100 for the fiscal years ended March 31, 2016 and 2015, respectively.&#160;&#160;In October 2012, we issued an unsecured promissory note in the principal amount of $1,009,000, and a warrant exercisable for 50,450 shares of our common stock, as payment in full of all amounts owed to CRL for CRO services rendered to us through December 31, 2012. As described in Note 8, <i>Convertible Promissory Notes and Other Notes Payable</i>, this note and related accrued but unpaid interest was converted into shares of our Series B Preferred in June 2015.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>University Health Network&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">On September 17, 2007, we entered into a Sponsored Research Collaboration Agreement (<i>SRCA</i>) with University Health Network (<i>UHN</i>) to develop certain stem cell technologies for drug discovery, development and rescue technologies. Under the terms of the SRCA, we have acquired exclusive worldwide rights to patent applications in the U.S. and foreign countries on multiple inventions arising from studies we have sponsored, under pre-negotiated license terms. Such pre-negotiated terms provide for royalty payments based on product sales that incorporate the licensed technology and milestone payments based on the achievement of certain events. Any drug rescue new chemical entity that we develop will not incorporate the licensed technology and, therefore, will not require any royalty payments. To the extent we incur royalty payment obligations from other business activities, the royalty payments will be subject to anti-stacking provisions, which reduce our payments by a percentage of any royalty payments paid to third parties who have licensed necessary intellectual property to us. These licenses will remain in force for so long as we have an obligation to make royalty or milestone payments to UHN, but may be terminated earlier upon mutual consent, by us at any time, or by UHN for our breach of any material provision of the license agreement that is not cured within 90&#160;days. The sponsored research collaboration agreement (<i>SRCA</i>) with UHN, as amended, has a term of ten years, ending on September&#160;18, 2017. We did not engage in any sponsored research activities with UHN during our fiscal years ended March 31, 2016 or 2015, however, we are currently in discussions with Dr. Keller and UHN regarding the scope of potential new sponsored research projects under the SRCA. The ten-year term of the agreement is subject to renewal upon mutual agreement of the parties.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>13.&#160;&#160;Stock Option Plans and 401(k) Plan&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We have the following share-based compensation plans.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>2008 Stock Incentive Plan&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Our 2008 Stock Incentive Plan (the <i>2008 Plan</i>) was adopted by the shareholders of VistaGen California on December 19, 2008 and assumed by the Company in connection with the Merger. The maximum number of shares of our common stock that may be granted pursuant to the 2008 Plan is 1,000,000&#160;shares, subject to adjustments for stock splits, stock dividends or other similar changes in the common stock or capital structure.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>1999 Stock Incentive Plan&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Our 1999 Stock Incentive Plan (the <i>1999 Plan</i>) was adopted by the shareholders of VistaGen California on December&#160;6, 1999 and assumed by the Company in connection with the Merger. We initially reserved 45,000&#160;shares for the issuance of awards under the 1999 Plan. The 1999 Plan has terminated under its own terms and, as a result, no awards may currently be granted under the 1999 Plan. The unexpired options and awards that have already been granted pursuant to the 1999 Plan remain operative.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Description of the 2008 Plan&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Under the terms of the 2008 Plan, the Compensation Committee of our Board of Directors may grant shares, options or similar rights having either a fixed or variable price related to the fair market value of the shares and with an exercise or conversion privilege related to the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria or other conditions, or any other security with the value derived from the value of the shares. Such awards include stock options, restricted stock, restricted stock units, stock appreciation rights and dividend equivalent rights.&#160;&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The Compensation Committee may grant nonstatutory stock options under the 2008 Plan at a price of not less than 100% of the fair market value of our common stock on the date the option is granted. Incentive stock options under the 2008 Plan may be granted at a price of not less than 100% of the fair market value of our common stock on the date the option is granted. Incentive stock options granted to employees who, on the date of grant, own stock representing more than 10% of the voting power of all of our classes of stock are granted at an exercise price of not less than 110% of the fair market value of our common stock and the maximum term of such incentive stock options may not exceed five years. The maximum term of an incentive stock option granted to any other participant may not exceed ten years. The Compensation Committee determines the term and exercise or purchase price of all other awards granted under the 2008 Plan. The Compensation Committee also determines the terms and conditions of awards, including the vesting schedule and any forfeiture provisions. Awards under the 2008 Plan may vest upon the passage of time or upon the attainment of certain performance criteria established by the Compensation Committee.&#160;&#160;We currently have no performance-based awards outstanding.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Unless terminated sooner, the 2008 Plan will automatically terminate in 2017. The Board of Directors may at any time amend, suspend or terminate our 2008 Plan.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">During September 2015, we granted options to purchase an aggregate of 90,000 shares of our common stock at an exercise price of $9.25 per share to our non-officer employees and certain strategic consultants. In February 2016, we granted options to purchase an aggregate of 30,000 shares of our common stock at an exercise price of $8.00 per share to two parties in connection with an investor relations agreement.&#160;&#160;In March 2016, we granted options to purchase 25,000 shares of our common stock at an exercise price of $8.00 per share to a new independent member of our Board of Directors.&#160;&#160;We did not grant any stock options during fiscal 2015.&#160;&#160;&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes share-based compensation expense, including share-based expense related to grants of warrants to certain of our officers, independent directors, consultants and service providers as described in Note 9, <i>Capital Stock, </i>included in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the years ended March 31, 2016 and 2015.&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Twelve Months Ended</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Research and development expense:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Stock option grants</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">227,700</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">176,200</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><p><font style="font: 10pt Times New Roman, Times, Serif">Warrants granted to officer in March 2014 and March 2013</font></p></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,400</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">145,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Fully-vested warrants granted to officer in September 2015</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">852,200</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><p><font style="font: 10pt Times New Roman, Times, Serif">Fully-vested warrants granted to officer and consultants in January 2015</font></p></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">527,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,091,300</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">848,800</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">General and administrative expense:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Stock option grants</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93,800</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">98,800</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><p><font style="font: 10pt Times New Roman, Times, Serif">Warrants granted to officers and directors in March 2014 and March 2013</font></p></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">283,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><p><font style="font: 10pt Times New Roman, Times, Serif">Fully-vested warrants granted to officers, directors and&#160;consultants in September 2015</font></p></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,840,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><p><font style="font: 10pt Times New Roman, Times, Serif">Fully-vested warrants granted to officers, directors and consultants in January 2015</font></p></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,229,400</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,950,100</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,611,300</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Total stock-based compensation expense</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,041,400</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,460,100</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We used the Black-Scholes Option Pricing model with the following assumptions to determine share-based compensation expense related to option grants during the fiscal years ended March 31, 2016 and 2015:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="5" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fiscal Years Ended March&#160;31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>(weighted average)</b></font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 65%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Exercise price</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 15%"><font style="font: 10pt Times New Roman, Times, Serif">8.78</font></td> <td nowrap="nowrap" style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 15%; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Market price on date of grant</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.69</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.99</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Expected term (years)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.45</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Volatility</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93.27</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Expected dividend yield</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Fair value per share at grant date</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7.09</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The expected term of options represents the period that our share-based compensation awards are expected to be outstanding. We have calculated the weighted-average expected term of the options using the simplified method as prescribed by Securities and Exchange Commission Staff Accounting Bulletins No.&#160;107 and No.&#160;110 (<i>SAB No.&#160;107 and 110</i>). The utilization of SAB No. 107 and 110 is based on the lack of relevant historical data due to both our limited historical experience as a publicly traded company as well as the historical lack of liquidity resulting from the limited number of freely-tradable shares of our common stock. Limited historical experience and lack of liquidity in our stock also resulted in our decision to utilize the historical volatilities of a peer group of public companies&#146; stock over the expected term of the option in determining our expected volatility assumptions.&#160;&#160;The risk-free interest rate for periods related to the expected life of the options is based on the U.S.&#160;Treasury yield curve in effect at the time of grant. The expected dividend yield is zero, as we have not paid any dividends and do not anticipate paying dividends in the near future. We calculated the forfeiture rate based on an analysis of historical data, as it reasonably approximates the currently anticipated rate of forfeitures for granted and outstanding options that have not vested.&#160;&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes activity for the fiscal years ended March 31, 2016 and 2015 under our stock option plans:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="14" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fiscal Years Ended March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number of</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number of</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 52%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Options outstanding at beginning of period</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">207,638</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">10.09</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">212,486</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">10.09</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Options granted</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">145,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.78</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Options exercised</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Options forfeited</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10,359</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.26</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,001</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.25</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Options expired</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5,292</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.42</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,847</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.56</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Options outstanding at end of period</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">336,987</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.56</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">207,638</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.09</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Options exercisable at end of period</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">201,779</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.11</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">199,013</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.09</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average grant-date fair value of</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;options granted during the period</font></td> <td style="padding-bottom: 4px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7.09</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes information on stock options outstanding and exercisable under our stock option plans as of March 31, 2016:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="2" style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="10" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Options Outstanding</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Options Exercisable</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Remaining</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Years until</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Outstanding</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Expiration</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercisable</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 23%"><font style="font: 10pt Times New Roman, Times, Serif">8.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">102,089</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">8.35</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">8.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">46,881</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">8.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.25</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">80,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.42</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.25</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.25</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">145,039</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.83</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">145,039</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">14.40 to $36.00</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,859</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.04</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21.80</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,859</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21.80</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">336,987</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.53</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.56</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">201,779</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.11</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">At March 31, 2016, there were 660,242 shares of our common stock remaining available for grant under the 2008 Plan.&#160;&#160;There were no option exercises during the years ended March 31, 2016 or 2015.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Aggregate intrinsic value is the sum of the amounts by which the fair value of the underlying common stock exceeded the exercise price of the option (<i>in-the-money-options</i>). Based on the $8.75 per share quoted market price of our common stock on March 31, 2016, the aggregate intrinsic value of outstanding options at that date was $76,600, of which $35,200 related to exercisable options.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">As of March 31, 2016, there was approximately $746,900 of unrecognized compensation cost related to non-vested share-based compensation awards from the 2008 Plan, which is expected to be recognized through September 2017.&#160;&#160;Additionally, at March 31, 2016, there was no remaining unrecognized compensation cost related to warrant grants to independent directors and officers, all of which grants were completely vested as of April 1, 2016.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>401(k) Plan&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Through a third-party agent, we maintain a retirement and deferred savings plan for our employees. This plan is intended to qualify as a tax-qualified plan under Section&#160;401(k) of the Internal Revenue Code. The retirement and deferred savings plan provides that each participant may contribute a portion of his or her pre-tax compensation, subject to statutory limits. Under the plan, each employee is fully vested in his or her deferred salary contributions. Employee contributions are held and invested by the plan&#146;s trustee. The retirement and deferred savings plan also permits us to make discretionary contributions, subject to established limits and a vesting schedule. To date, we have not made any discretionary contributions to the retirement and deferred savings plan on behalf of participating employees.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>14.&#160;&#160;Related Party Transactions&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Cato Holding Company (<i>CHC</i>), doing business as Cato BioVentures (<i>CBV</i>), the parent of CRL, is one of our largest institutional stockholders at March 31, 2016, holding common stock and Series B Preferred. Shawn Singh, our Chief Executive Officer and member of our Board of Directors, served as Managing Principal of CBV and as an officer of CRL until August 2009. On October 10, 2012, we issued to CHC an unsecured promissory note in the principal amount of $310,400 (the <i>2012 CHC Note</i>) and a five-year warrant to purchase 12,500 restricted shares of our common stock at a price of $30.00 per share (the <i>CHC Warrant</i>).&#160;&#160;Additionally, on October 10, 2012, we issued to CRL: (i) an unsecured promissory note in the initial principal amount of $1,009,000, which is payable&#160;solely in restricted shares of our common stock and which accrues interest at the rate of 7.5% per annum, compounded monthly&#160;(the <i>CRL Note</i>), as payment in full for all contract research and development services and regulatory advice&#160;&#160;rendered to us by CRL through December 31, 2012 with respect to the preclinical and clinical development of AV-101, and (ii)&#160;a five-year warrant to purchase,&#160;at a price of $20.00 per share, 50,450 restricted shares of our common stock, such number of shares to be adjusted in relation to accrued interest on the CRL Note (<i>CRL Warrant</i>). As disclosed in Note 8, <i>Convertible Promissory Notes and Other Notes Payable</i>, the Cato Notes and additional amounts payable to CRL for CRO services were extinguished in June 2015 in exchange for our issuance of an aggregate of 328,571 shares of Series B Preferred to CHC. CHC also participated in the February 2016 warrant exchange disclosed in Note 9, <i>Capital Stock</i>, exchanging the CHC Warrant and the CRL Warrant, as adjusted to reflect accrued interest, for an aggregate of 54,894 shares of our unregistered common stock.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Under the terms of VistaGen California&#146;s contract research organization arrangement with CRL related to the development of AV-101, we incurred expenses of $52,600 and $38,100 for the fiscal years ended March 31, 2016 and 2015, respectively.&#160;&#160;Total interest expense on notes payable to CHC and CRL was $28,200 and $175,900 for the fiscal years ended March 31, 2016 and 2015, respectively.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Upon the approval of its Board of Directors, in December 2006, VistaGen California accepted a full-recourse promissory note in the amount of $103,400 from Mr. Shawn Singh in payment of the exercise price for options and warrants to purchase an aggregate of 6,320&#160;restricted shares of VistaGen California&#146;s common stock. The note accrued interest at a rate of 4.90% per annum and was due and payable no later than the earlier of (i)&#160;December&#160;1, 2016 or (ii)&#160;ten days prior to VistaGen California becoming subject to the requirements of the Securities Exchange Act of 1934, as amended (<i>Exchange Act</i>).&#160;&#160;On May 11, 2011, in connection with the Merger, the $128,200 outstanding balance of principal and accrued interest on this note was cancelled in accordance with Mr. Singh's employment agreement and recorded as additional compensation. In accordance with his employment agreement, Mr. Singh was also entitled to receive an income tax gross-up on the compensation related to the note cancellation.&#160;&#160;At March 31, 2015, we had accrued $101,900 as an estimate of the gross-up amount, which amount was paid to Mr. Singh during fiscal 2016.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Between September and December 2013, Mr. Singh provided short-term cash advances aggregating $64,000 to meet our short-term working capital requirements. In lieu of cash repayment of the advances, in December 2013, Mr. Singh elected to invest $50,000 of the balance due him in our private placement financing. At March 31, 2015, we had completely repaid to Mr. Singh the balance of the advances and the $50,000 promissory note issued in connection with his investment in the private placement.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>15.&#160;&#160;Commitments, Contingencies, Guarantees and Indemnifications&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">From time to time, we may become involved in claims and other legal matters arising in the ordinary course of business. Management is not currently aware of any claims made or other legal matters that will have a material adverse effect on our consolidated financial position, results of operations or its cash flows.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We indemnify our officers and directors for certain events or occurrences while the officer or director is or was serving at our request in such capacity. The term of the indemnification period is for the officer&#146;s or director&#146;s lifetime. We will indemnify the officers or directors against any and all expenses incurred by the officers or directors because of their status as one of our directors or executive officers to the fullest extent permitted by Nevada law. We have never incurred costs to defend lawsuits or settle claims related to these indemnification agreements.&#160; We have a director and officer insurance policy which limits our exposure and may enable us to recover a portion of any future amounts paid.&#160; We believe the fair value of these indemnification agreements is minimal. Accordingly, there are no liabilities recorded for these agreements at March 31, 2016 or 2015.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In the normal course of business, we provide indemnifications of varying scopes under agreements with other companies, typically clinical research organizations, investigators, clinical sites, suppliers and others.&#160; Pursuant to these agreements, we generally indemnify, hold harmless, and agree to reimburse the indemnified parties for losses suffered or incurred by the indemnified parties in connection with the use or testing of our product candidates or with any U.S. patents or any copyright or other intellectual property infringement claims by any third party with respect to our product candidates.&#160; The terms of these indemnification agreements are generally perpetual.&#160; The potential future payments we&#160;could be required to make under these indemnification agreements is unlimited.&#160; We maintain liability insurance coverage that limits our exposure.&#160; We believe the fair value of these indemnification agreements is minimal.&#160; Accordingly, we have not recorded any liabilities for these agreements as of March 31, 2016 or 2015.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Leases&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">As of March 31, 2016 and 2015, the following assets are under capital lease obligations and included in property and equipment:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Office equipment</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">4,500</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">4,500</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Accumulated depreciation</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,400</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Net book value</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,100</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,000</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Amortization expense for assets recorded under capital leases is included in depreciation expense.&#160; Future minimum payments, by year and in the aggregate, required under capital leases are as follows:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Capital</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center; text-decoration: underline"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Fiscal Years Ending March 31,</u></b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Leases</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; width: 89%; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">1,200</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; padding-left: 11pt; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">100</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Future minimum lease payments</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,300</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Less imputed interest included in minimum lease payments</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(200</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Present value of minimum lease payments</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Less current portion</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,100</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Non-current capital lease obligation</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">At March 31, 2016, future minimum payments under operating leases relate to our facility lease in South San Francisco, California through July 31, 2017 and are as follows:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center; text-decoration: underline"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Fiscal Years Ending March 31,</u></b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; width: 89%; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">277,100</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; padding-left: 11pt; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93,800</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">370,900</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We incurred total facility rent expense for the fiscal years ended March 31, 2016 and 2015 of $337,200 and $337,000, respectively.</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Long-Term Debt Repayment&#160;</i></b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">At March 31, 2016, future minimum principal payments related to long-term debt were as follows:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-decoration: underline; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Fiscal Years Ending March 31,</u></b></font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; width: 89%; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">31,600</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,400</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,200</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Thereafter through June 2019</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,600</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">58,800</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>17. Supplemental Financial Information&#160;</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The following table presents the unaudited statements of operations data for each of the eight quarters in the period ended March 31, 2016. The information has been presented on the same basis as the audited financial statements and all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts below to present fairly the unaudited quarterly results when read in conjunction with the audited financial statements and related notes. The operating results for any quarter should not be relied upon as necessarily indicative of results for any future period.&#160;</font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Quarterly Results of Operations (Unaudited)</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;(in thousands, except share and per share amounts)&#160;</b></font></p> <p style="margin: 0"></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="text-align: center; vertical-align: bottom"> <td style="text-indent: 0pt; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="14" style="border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three Months Ended</b></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="padding-bottom: 1pt">&#160;</td> <td nowrap="nowrap" style="padding-bottom: 1pt">&#160;</td></tr> <tr style="text-align: center; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt">&#160;</td> <td>&#160;</td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30,&#160;</b></font></td> <td nowrap="nowrap" style="text-align: left">&#160;</td> <td>&#160;</td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30,</b></font></td> <td nowrap="nowrap" style="text-align: left">&#160;</td> <td>&#160;</td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="text-align: left">&#160;</td> <td>&#160;</td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31,</b></font></td> <td nowrap="nowrap" style="text-align: left">&#160;</td> <td>&#160;</td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total Fiscal </b></font></td> <td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="text-align: center; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid"><b>2015</b></td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid"><b>2015</b></td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid"><b>2015</b></td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid"><b>2016</b></td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid"><b>Year 2016</b></td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Operating expenses:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 11pt; width: 40%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Research and development</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">373</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">1,656</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">806</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">1,097</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">3,932</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">General and administrative</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,448</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,731</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,336</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,404</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,919</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Total operating expenses</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,821</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,387</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,142</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,501</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">17,851</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Loss from operations</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,821</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5,387</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,142</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(8,501</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(17,851</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Other expenses, net:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Interest expense, net</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(755</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(12</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(771</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Change in warrant liabilities</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,895</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,895</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Loss on extinguishment of debt</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(25,051</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,649</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(26,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Other expense, net</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Loss before income taxes</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(29,522</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(7,048</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,147</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(8,502</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(47,219</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Income taxes</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Net loss</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(29,524</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(7,048</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,147</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(8,502</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(47,221</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Accrued dividend on Series B Preferred stock</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(213</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(615</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(631</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(681</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,140</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Deemed dividend on Series B Preferred stock</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(256</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(887</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(669</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(246</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,058</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Net loss attributable to common stockholders</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(29,993</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(8,550</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,447</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(9,429</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(51,419</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Basic and diluted net loss per common share</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(19.23</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5.26</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1.95</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4.44</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(29.08</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average shares used in computing:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Basic and diluted net loss per common share</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,559,483</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,624,371</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,765,641</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,123,936</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,767,957</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="14" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three Months Ended</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td rowspan="2" colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total Fiscal Year 2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30,&#160; </b></font><b>2014</b></p></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30, </b></font><b>2014</b></p></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, </b></font><b>2014</b></p></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31, </b></font><b>2015</b></p></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Operating expenses:</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 11pt; width: 40%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Research and development</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">474</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">558</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">445</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">956</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">2,433</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">General and administrative</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">797</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">556</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">671</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,320</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,344</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Total operating expenses</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,271</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,114</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,116</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,276</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,777</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Loss from operations</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,271</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,114</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,116</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,276</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(6,777</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Other expenses, net:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Interest expense, net</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(785</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(606</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(792</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,366</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,549</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Change in warrant liabilities</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,727</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,302</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">953</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(563</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(35</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Income (loss) before income taxes</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,551</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,021</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,090</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(6,222</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(13,884</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Income taxes</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Net income (loss)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,553</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,021</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,090</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(6,222</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(13,886</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Basic net loss per common share</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3.70</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1.58</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.84</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4.24</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10.53</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Diluted net loss per common share</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3.70</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1.90</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1.08</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4.24</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10.61</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average shares used in computing:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Basic net loss per common share</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,229,504</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,279,267</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,302,316</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,466,402</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,318,813</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Diluted net loss per common share</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,229,504</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,299,115</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,302,316</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,466,402</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,318,813</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Revenue Recognition&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Although we do not currently have any such arrangements, we have historically generated revenue principally from collaborative research and development arrangements, technology transfer agreements, including strategic licenses, and government grants. Revenue arrangements with multiple components are divided into separate units of accounting if certain criteria are met, including whether the delivered component has stand-alone value to the customer. Consideration received is allocated among the separate units of accounting based on their respective selling prices.&#160;&#160;The selling price for each unit is based on vendor-specific objective evidence, or VSOE, if available, third party evidence if VSOE is not available, or estimated selling price if neither VSOE nor third party evidence is available.&#160;&#160;The applicable revenue recognition criteria are then applied to each of the units.&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">We recognize revenue when the four basic criteria of revenue recognition are met: (i)&#160;a contractual agreement exists; (ii)&#160;the transfer of technology has been completed or services have been rendered; (iii)&#160;the fee is fixed or determinable; and (iv)&#160;collectability is reasonably assured. For each source of revenue, we comply with the above revenue recognition criteria in the following manner:&#160;</font></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Collaborative arrangements typically consist of non-refundable and/or exclusive up front technology access fees, cost reimbursements for specific research and development spending, and various milestone and future product royalty payments.&#160; If the delivered technology does not have stand-alone value, the amount of revenue allocable to the delivered technology is deferred.&#160; Non-refundable upfront fees with stand-alone value that are not dependent on future performance under these agreements are recognized as revenue when received, and are deferred if we have continuing performance obligations and have no objective and reliable evidence of the fair value of those obligations.&#160; We recognize non-refundable upfront technology access fees under agreements in which we have a continuing performance obligation ratably, on a straight-line basis, over the period during which we are obligated to provide services.&#160; Cost reimbursements for research and development spending are recognized when the related costs are incurred and when collectability is reasonably assured.&#160; Payments received related to substantive, performance-based &#147;at-risk&#148; milestones are recognized as revenue upon achievement of the milestone event specified in the underlying contracts, which represent the culmination of the earnings process.&#160; Amounts received in advance are recorded as deferred revenue until the technology is transferred, costs are incurred, or a milestone is reached.</font></td></tr> </table> <p style="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Technology license agreements typically consist of non-refundable upfront license fees, annual minimum access fees, development and/or regulatory milestone payments and/or royalty payments. Non-refundable upfront license fees and annual minimum payments received with separable stand-alone values are recognized when the technology is transferred or accessed, provided that the technology transferred or accessed is not dependent on the outcome of the continuing research and development efforts. Otherwise, revenue is recognized over the period of our continuing involvement, and, in the case of development and/or regulatory milestone payments, when the applicable event triggering such a payment has occurred.</font></td></tr> </table> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 22pt; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Government grants, which support our research efforts on specific projects, generally provide for reimbursement of approved costs as defined in the terms of grant awards. Grant revenue is recognized when associated project costs are incurred.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Loss per Common Share&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Basic net income (loss) per share of common stock excludes the effect of dilution and is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) per share of common stock reflects the potential dilution that could occur if securities or other contracts to issue shares of common stock were exercised or converted into shares of common stock. In calculating diluted net income (loss) per share, we have adjusted the numerator for the change in the fair value of the warrant liability attributable to the outstanding PLTG Warrants, only if dilutive, and increased the denominator to include the number of potentially dilutive common shares assumed to be outstanding during the period using the treasury stock method. As a result of our net loss for both years presented, potentially dilutive securities were excluded from the computation of diluted loss per share, as their effect would be antidilutive.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Basic and diluted net loss attributable to common stockholders per share was computed as follows:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Twelve Months Ended March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Numerator:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Net loss attributable to common stockholders for basic net loss</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="width: 78%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">per share</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(51,419,000</font></td> <td nowrap="nowrap" style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(13,885,800</font></td> <td nowrap="nowrap" style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">less: change in fair value of warrant liability attributable to outstanding</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">warrants issued to PLTG</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(105,200</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Net loss for diluted earnings per share attributable to common stockholders</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(51,419,000</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(13,991,000</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Denominator:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average basic common shares outstanding</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,767,957</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,318,813</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Assumed conversion of dilutive securities:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Warrants to purchase common stock</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Potentially dilutive common shares assumed converted</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Denominator for diluted earnings per share - adjusted</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">weighted average shares</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,767,957</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,318,813</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Basic net loss attributable to common stockholders per common share</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(29.08</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10.53</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Diluted net loss attributable to common stockholders per common share</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(29.08</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10.61</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> </table> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Potentially dilutive securities excluded in determining diluted net loss per common share for the fiscal years ended March 31, 2016 and 2015 are as follows:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="width: 78%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Series A Preferred stock issued and outstanding<font style="vertical-align: text-top"> (1)</font></font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 8%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">750,000</font></td> <td nowrap="nowrap" style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 8%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">750,000</font></td> <td nowrap="nowrap" style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Series B Preferred stock issued and outstanding<font style="vertical-align: text-top"> (2)</font></font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,663,077</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Series C Preferred stock issued and outstanding<font style="vertical-align: text-top"> (3)</font></font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,318,012</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding options under the 2008 and 1999 Stock Incentive Plans</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">336,987</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">207,638</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding warrants to purchase common stock</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,907,221</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,544,474</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Warrant shares issuable to PLTG upon exchange of Series A Preferred under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as subsequently amended</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">375,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="text-align: left; padding-left: 11pt; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">10% Senior Secured Convertible Notes issued to PLTG between October 2012 and&#160;July 2013, including accrued interest through March 31, 2015</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">444,235</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-bottom: 2px; text-align: left; padding-left: 11pt; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">10% convertible notes issued as a component of 2014 Unit Private Placement, including&#160;&#160;accrued interest through March 31, 2015</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">433,758</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,975,297</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,755,105</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">____________</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td colspan="8" style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: text-top">(1)</font><font style="font: 10pt Times New Roman, Times, Serif">&#160;Assumes exchange under the terms of the October 11, 2012&#160;Note Exchange and Purchase Agreement with PLTG, as amended</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td colspan="8" style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: text-top">(2)</font><font style="font: 10pt Times New Roman, Times, Serif">&#160;Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td colspan="8" style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: text-top">(3)</font><font style="font: 10pt Times New Roman, Times, Serif">&#160;Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Basic and diluted net loss attributable to common stockholders per share was computed as follows:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Twelve Months Ended March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Numerator:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Net loss attributable to common stockholders for basic net loss</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">per share</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">(51,419,000</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">(13,885,800</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">less: change in fair value of warrant liability attributable to outstanding</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">warrants issued to PLTG</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(105,200</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Net loss for diluted earnings per share attributable to common stockholders</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(51,419,000</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(13,991,000</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Denominator:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average basic common shares outstanding</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,767,957</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,318,813</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Assumed conversion of dilutive securities:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Warrants to purchase common stock</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Potentially dilutive common shares assumed converted</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Denominator for diluted earnings per share - adjusted</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">weighted average shares</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,767,957</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,318,813</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Basic net loss attributable to common stockholders per common share</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(29.08</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10.53</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Diluted net loss attributable to common stockholders per common share</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(29.08</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10.61</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Potentially dilutive securities excluded in determining diluted net loss per common share for the fiscal years ended March 31, 2016 and 2015 are as follows:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Series A Preferred stock issued and outstanding<font style="vertical-align: text-top"> (1)</font></font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">750,000</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">750,000</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Series B Preferred stock issued and outstanding<font style="vertical-align: text-top"> (2)</font></font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,663,077</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Series C Preferred stock issued and outstanding<font style="vertical-align: text-top"> (3)</font></font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,318,012</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding options under the 2008 and 1999 Stock Incentive Plans</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">336,987</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">207,638</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding warrants to purchase common stock</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,907,221</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,544,474</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><p><font style="font: 10pt Times New Roman, Times, Serif">Warrant shares issuable to PLTG upon exchange of Series A Preferred under the terms of the October 11, 2012 Note Exchange and Purchase Agreement, as subsequently amended</font></p></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">375,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">10% Senior Secured Convertible Notes issued to PLTG between October 2012 and&#160;July 2013, including accrued interest through March 31, 2015</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">444,235</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; padding-left: 11pt; text-indent: -11pt"><font style="font: 10pt Times New Roman, Times, Serif">10% convertible notes issued as a component of 2014 Unit Private Placement, including&#160;&#160;accrued interest through March 31, 2015</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">433,758</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,975,297</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,755,105</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">____________</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td colspan="8" style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: text-top">(1)</font><font style="font: 10pt Times New Roman, Times, Serif">&#160;Assumes exchange under the terms of the October 11, 2012&#160;Note Exchange and Purchase Agreement with PLTG, as amended</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td colspan="8" style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: text-top">(2)</font><font style="font: 10pt Times New Roman, Times, Serif">&#160;Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td colspan="8" style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: text-top">(3)</font><font style="font: 10pt Times New Roman, Times, Serif">&#160;Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The fair value hierarchy for liabilities measured at fair value on a recurring basis is as follows:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="10" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value Measurements at Reporting Date Using</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></p> <p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Carrying</b></font></p></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Quoted Prices in Active Markets for</b></font></p> <p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Identical Assets</b></font></p></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Significant Other</b></font></p> <p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Observable Inputs</b></font></p></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Significant</b></font></p> <p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unobservable</b></font></p> <p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Inputs</b></font></p></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Value</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>(Level 1)</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>(Level 2)</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>(Level 3)</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">March 31, 2016:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 11pt; width: 52%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Warrant liability</font></td> <td style="padding-bottom: 4px; width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">March 31, 2015:</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Warrant liability</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,008,500</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,008,500</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The changes in Level&#160;3 liabilities measured at fair value on a recurring basis are as follows:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value Measurements Using Significant Unobservable Inputs</b></font></p></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>(Level 3)</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Warrant Liability</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 85%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Balance at March 31, 2015</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">3,008,500</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Mark to market loss included in net loss</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,894,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Elimination of liability upon modification of warrants</font></td> <td style="text-align: right; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">(4,903,200</font></td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Balance at March 31, 2016</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Prepaid expenses and other current assets consist of the following:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Insurance</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">27,000</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">27,300</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><p><font style="font: 10pt Times New Roman, Times, Serif">Prepaid compensation under financial advisory and other consulting agreements</font></p></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">337,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Public offering expenses</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">57,400</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Legal fees</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,400</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Technology license fees and all other</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,900</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">426,800</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">35,700</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment consists of the following:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Laboratory equipment</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">659,000</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">653,600</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Tenant improvements</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">26,900</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">26,900</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Computers and network equipment</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">43,200</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">32,200</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Office furniture and equipment</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">69,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">69,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">798,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">782,200</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Accumulated depreciation and amortization</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(711,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(665,100</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment, net</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">87,600</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">117,100</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Accrued expenses consist of:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Accrued professional services</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">318,000</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">213,800</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Accrued AV-101 development expenses</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">186,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Accrued compensation</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">310,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">990,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">All other</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,000</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">814,000</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,206,500</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The table below also presents the aggregate allocation of the 2014 Unit sales proceeds based on the relative fair values of the 2014 Unit Stock, 2014 Unit Warrants and 2014 Unit Notes as of their respective 2014 Unit sales dates.</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="34" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unit Warrants</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td rowspan="3" colspan="10" style="border-bottom: black 2px solid; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Aggregate Allocation of Proceeds Based on Relative Fair Value of:</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="23" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted Average Issuance Date Valuation Assumptions</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Per Share</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Aggregate</b></font></td> <td style="padding-bottom: 2px; text-align: center; text-indent: 0pt; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Aggregate</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Warrant</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Risk free</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="3" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value</b></font></td> <td style="padding-bottom: 2px; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Proceeds</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; vertical-align: top"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares</b></font></p></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Market</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Term</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="3" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Dividend</b></font></td> <td style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Value of</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>of Unit</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>of Unit</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unit </b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unit</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unit</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Issued</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>(Years)</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Rate</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Volatility</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Rate</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Warrant</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Warrants</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Sales</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Stock</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Warrant</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 2px solid; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">282,850</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">9.28</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">2.17</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">0.62</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">72.36</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">3.63</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">1,027,000</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">3,133,500</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">1,122,400</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">454,200</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td nowrap="nowrap" style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">1,556,900</font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The table below also presents the aggregate allocation of the 2014 Unit sales proceeds based on the relative fair values of the 2014 Unit Stock, 2014 Unit Warrants and 2014 Unit Notes as of their respective 2014 Unit sales dates during the fiscal year ended March 31, 2016.</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="34" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unit Warrants</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td rowspan="3" colspan="10" style="border-bottom: black 2px solid; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Aggregate Allocation of Proceeds Based on Relative Fair Value of:</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="23" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted Average Issuance Date Valuation Assumptions</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Per Share</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Aggregate</b></font></td> <td style="padding-bottom: 2px; text-align: center; text-indent: 0pt; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Aggregate</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Warrant</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Risk free</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="3" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value</b></font></td> <td style="padding-bottom: 2px; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Proceeds</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; vertical-align: top"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares</b></font></p></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Market</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Term</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="3" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Dividend</b></font></td> <td style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Value of</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>of Unit</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>of Unit</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unit </b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unit</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unit</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Issued</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>(Years)</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Rate</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Volatility</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Rate</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Warrant</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Warrants</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Sales</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Stock</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Warrant</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 2px solid; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">24,250</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">1.70</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">0.45</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">73.19</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">3.69</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">89,600</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">280,000</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">128,900</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">2,057,900</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td nowrap="nowrap" style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">118,200</font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Accordingly, we have recognized a deemed dividend in the aggregate amount of $2,058,000 in arriving at net loss attributable to common stockholders in the accompanying Condensed Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2016.</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="34" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unit Warrants</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td rowspan="3" colspan="6" style="border-bottom: black 2px solid; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Aggregate Allocation of Proceeds Based on Relative Fair Value of:</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="23" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted Average Issuance Date Valuation Assumptions</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Per Share</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Aggregate</b></font></td> <td style="padding-bottom: 2px; text-align: center; text-indent: 0pt; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Aggregate</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Warrant</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Risk free</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="3" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value</b></font></td> <td style="padding-bottom: 2px; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="padding-bottom: 2px; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Proceeds</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; vertical-align: top"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares</b></font></p></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Market</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Term</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="3" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Dividend</b></font></td> <td style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Value of</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>of Unit</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>of Unit</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unit </b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unit</b></font></td> <td nowrap="nowrap" style="text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Issued</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>(Years)</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Rate</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Volatility</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Rate</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Warrant</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Warrants</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Sales</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Stock</b></font></td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 2px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt; text-align: center; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>Warrant</b></font></td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 21%"><font style="font: 10pt Times New Roman, Times, Serif">717,978</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">10.45</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">7.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">5.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">1.61</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">77.30</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">7.37</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">5,288,600</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">5,025,800</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">2,967,900</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 4%"><font style="font: 10pt Times New Roman, Times, Serif">2,057,900</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> The warrants subject to the term extension were valued using the Black-Scholes Option Pricing Model and the following weighted average assumptions:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Pre-</b></font><b>modification</b></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Post-</b></font><b>modification</b></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%"><p><font style="font: 10pt Times New Roman, Times, Serif">Market price per share</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">8.25</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">8.25</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Exercise price per share</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">12.99</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">12.99</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.28%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.36%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Remaining contractual term in years</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.15</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.40</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Volatility</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">91.2%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">91.2%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Dividend rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value per share</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>0.30</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>0.80</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font><br /> <font style="font: 10pt Times New Roman, Times, Serif"> We valued the warrants granted on the dates indicated using the Black Scholes Option Pricing Model and the following assumptions:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>11/23/2015</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/11/2015</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>3/25/2016 </b></font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 66%"><p><font style="font: 10pt Times New Roman, Times, Serif">Market price per share</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 9%"><p><font style="font: 10pt Times New Roman, Times, Serif">6.75</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 9%"><p><font style="font: 10pt Times New Roman, Times, Serif">5.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 9%"><p><font style="font: 10pt Times New Roman, Times, Serif">8.00</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Exercise price per share</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">7.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">7.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">8.00</font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.70%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.16%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.39%</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Contractual term in years</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">5.0</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">3.0</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">5.0</font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Volatility</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">77.95%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">77.88%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">78.96%</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Dividend rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Fair Value per share</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">4.22</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">2.12</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">5.08</font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Warrant shares granted</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">7,500</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">37,500</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">230,000</font></p></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Expense recognized</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">31,700</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">79,600</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1,169,500</font></p></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0">&#160;</p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The warrants subject to the exercise price modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Pre-modification</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Post-modification</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%"><p><font style="font: 10pt Times New Roman, Times, Serif">Market price per share</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Exercise price per share (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">30.23</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">11.92</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.83%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.83%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Remaining contractual term in years (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">2.26</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">2.26</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Volatility (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">73.7%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">73.7%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Dividend rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Fair Value per share (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.55</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">3.79</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The warrants subject to the exercise price modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Pre-modification</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td colspan="2" style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Post-modification</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%"><p><font style="font: 10pt Times New Roman, Times, Serif">Market price per share</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">6.50</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">6.50</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Exercise price per share (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">9.97</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">7.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.74%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.75%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Remaining contractual term in years (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">5.13</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">5.16</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Volatility (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">78.8%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">78.7%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Dividend rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair Value per share (weighted average)</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>3.65</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>4.08</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> </table> <p style="text-indent: 44pt; margin-right: 0; margin-left: 0"></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The warrants subject to the exercise price modifications and term extensions were valued using the Black-Scholes Option Pricing Model and the following assumptions:</p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 2px solid; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Pre-</b></font><b>modification</b></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td colspan="2" style="border-bottom: black 2px solid"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Post-</b></font><b>modification</b></p></td> <td style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%"><p><font style="font: 10pt Times New Roman, Times, Serif">Market price per share at modification date</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">8.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="width: 1%"><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td style="width: 8%"><p><font style="font: 10pt Times New Roman, Times, Serif">8.00</font></p></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Exercise price per share (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">23.13</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">$</font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">13.00</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.04%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.31%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Contractual term in years (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.24</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">1.24</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Volatility (weighted average)</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">69.7%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">69.8%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif">Dividend rate</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif">0.0%</font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted Average Fair Value per share</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>0.22</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"><b>1.31</b></font></p></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr></table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes outstanding warrants to purchase shares of our common stock as of March 31, 2016.&#160;&#160;The weighted average exercise price of outstanding warrants at March 31, 2016 was $8.17 per share.&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise Price</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Expiration</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares Subject to Purchase at</b></font></p></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>per Share</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Date</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31, 2016</b></font></p></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 31%"><font style="font: 10pt Times New Roman, Times, Serif">7.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center; width: 33%; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">12/11/2018 to 3/3/2023</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 31%"><font style="font: 10pt Times New Roman, Times, Serif">1,417,125</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">3/25/2021</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">230,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">8/31/2016 to 1/11/2020</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">135,384</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">4/30/2016 to 8/31/2016</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,664</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">9/15/2019</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">110,448</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">30.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">11/20/2017</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,907,221</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">At March 31, 2016, the Company has reserved shares of its common stock for future issuance as follows:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 89%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Upon exchange of all shares of Series A Preferred Stock currently issued and outstanding <font style="vertical-align: text-top">(1)</font></font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">750,000</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Upon exchange of all shares of Series B Preferred Stock currently issued and outstanding</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,663,077</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Reserved for potential future issuance of Series B Preferred Stock</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">108,105</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Upon exchange of all shares of Series C Preferred Stock currently issued and outstanding</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,318,012</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Reserved for potential future issuance of Series C Preferred Stock</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">681,988</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Pursuant to warrants to purchase common stock:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Subject to outstanding warrants</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,907,221</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Pursuant to stock incentive plans:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Subject to outstanding options under the 2008 and 1999 Stock Incentive Plans</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">336,987</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Available for future grants under the 2008 Stock Incentive Plan</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">660,242</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">997,229</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,425,632</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Income tax expense differed from the amounts computed by applying the U.S.&#160;federal income tax rate of 34% to pretax losses as a result of the following:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fiscal Years Ended March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Computed expected tax benefit</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">(34.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">) %</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">(34.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">) %</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Tax effect of loss on debt extinguishment</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">19.22 </font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.85 </font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Tax effect of warrant modifications</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.38 </font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.24 </font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Tax effect of Warrant Liability mark to market</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.36 </font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.08 </font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Other losses not benefitted</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.04 </font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">27.83 </font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Other</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.01 </font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.02 </font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Income tax expense</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.01 </font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.02 </font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Deferred tax assets:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; text-indent: 0pt; width: 78%"><font style="font: 10pt Times New Roman, Times, Serif">Net operating loss carryovers</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">26,606</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">23,054</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Basis differences in fixed assets</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; padding-left: 11pt; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Accruals and reserves</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,609</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,694</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Total deferred tax assets</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">31,215</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">25,772</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Valuation allowance</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(31,215</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(25,772</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Net deferred tax assets</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes share-based compensation expense, including share-based expense related to grants of warrants to certain of our officers, independent directors, consultants and service providers as described in Note 9, <i>Capital Stock, </i>included in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the years ended March 31, 2016 and 2015.&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Twelve Months Ended</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Research and development expense:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Stock option grants</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">227,700</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">176,200</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><p><font style="font: 10pt Times New Roman, Times, Serif">Warrants granted to officer in March 2014 and March 2013</font></p></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,400</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">145,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Fully-vested warrants granted to officer in September 2015</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">852,200</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><p><font style="font: 10pt Times New Roman, Times, Serif">Fully-vested warrants granted to officer and consultants in January 2015</font></p></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">527,500</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,091,300</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">848,800</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">General and administrative expense:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Stock option grants</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93,800</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">98,800</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><p><font style="font: 10pt Times New Roman, Times, Serif">Warrants granted to officers and directors in March 2014 and March 2013</font></p></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,600</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">283,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><p><font style="font: 10pt Times New Roman, Times, Serif">Fully-vested warrants granted to officers, directors and&#160;consultants in September 2015</font></p></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,840,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><p><font style="font: 10pt Times New Roman, Times, Serif">Fully-vested warrants granted to officers, directors and consultants in January 2015</font></p></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,229,400</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,950,100</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,611,300</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Total stock-based compensation expense</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,041,400</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,460,100</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">We used the Black-Scholes option valuation model with the following assumptions to determine share-based compensation expense related to option grants during the fiscal years ended March 31, 2016 and 2015:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="5" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fiscal Years Ended March&#160;31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>(weighted average)</b></font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 65%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Exercise price</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 15%"><font style="font: 10pt Times New Roman, Times, Serif">8.78</font></td> <td nowrap="nowrap" style="text-align: left; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 15%; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Market price on date of grant</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.69</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.99</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Expected term (years)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.45</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Volatility</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93.27</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Expected dividend yield</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Fair value per share at grant date</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7.09</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">not applicable</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes activity for the fiscal years ended March 31, 2016 and 2015 under our stock option plans:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="14" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fiscal Years Ended March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number of</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number of</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 52%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Options outstanding at beginning of period</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">207,638</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">10.09</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">212,486</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">10.09</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Options granted</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">145,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.78</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Options exercised</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Options forfeited</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10,359</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.26</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,001</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.25</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Options expired</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5,292</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.42</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,847</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.56</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Options outstanding at end of period</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">336,987</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.56</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">207,638</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.09</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Options exercisable at end of period</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">201,779</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.11</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">199,013</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.09</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average grant-date fair value of</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;options granted during the period</font></td> <td style="padding-bottom: 4px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7.09</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes information on stock options outstanding and exercisable under our stock option plans as of March 31, 2016:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="2" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="10" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Options Outstanding</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Options Exercisable</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Remaining</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Years until</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Outstanding</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Expiration</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercisable</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 23%"><font style="font: 10pt Times New Roman, Times, Serif">8.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">102,089</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">8.35</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">8.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">46,881</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">8.00</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.25</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">80,000</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.42</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.25</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.25</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">145,039</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.83</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">145,039</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">14.40 to $36.00</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,859</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.04</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21.80</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,859</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21.80</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">336,987</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.53</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.56</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">201,779</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.11</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">As of March 31, 2016 and 2015, the following assets are under capital lease obligations and included in property and equipment:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 78%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Office equipment</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">4,500</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">4,500</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Accumulated depreciation</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,400</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,500</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Net book value</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,100</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,000</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Amortization expense for assets recorded under capital leases is included in depreciation expense.&#160; Future minimum payments, by year and in the aggregate, required under capital leases are as follows:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Capital</b></font></td> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center; text-decoration: underline"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Fiscal Years Ending March 31,</u></b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Leases</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; width: 89%; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">1,200</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; padding-left: 11pt; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">100</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Future minimum lease payments</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,300</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Less imputed interest included in minimum lease payments</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(200</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Present value of minimum lease payments</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,100</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Less current portion</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,100</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Non-current capital lease obligation</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">At March 31, 2016, future minimum payments under operating leases relate to our facility lease in South San Francisco, California through July 31, 2017 and are as follows:</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center; text-decoration: underline"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Fiscal Years Ending March 31,</u></b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; width: 89%; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">277,100</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; padding-left: 11pt; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93,800</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">370,900</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">At March 31, 2016, future minimum principal payments related to long-term debt were as follows:&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: center; text-decoration: underline"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Fiscal Years Ending March 31,</u></b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; width: 89%; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">31,600</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,400</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; padding-left: 11pt; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,200</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Thereafter through June 2019</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,600</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px"><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">58,800</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> 500 500 3700 2300 3663077 2318012 3.94 3.90 2800 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have evaluated subsequent events through the date of this report and have identified the following material events and transactions that occurred after March 31, 2016:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Series B Preferred Unit Offering</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In April and May 2016, in self-placed private placement transactions, we sold to accredited investors Series B Preferred Units consisting of (i) an aggregate of 39,714 shares of our Series B Preferred and (ii) Series B Warrants to purchase an aggregate of 39,714 shares of our common stock at an exercise price of $7.00 per share. We received cash proceeds of $278,000 from these sales of Series B Preferred Units.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Conversion of Series B Preferred into Common Stock</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During April 2016, holders of an aggregate of 7,500 shares of Series B Preferred voluntarily converted such shares into an equivalent number of registered shares of our common stock.&#160;&#160;In connection with such conversions, we issued an aggregate of 510 shares of our unregistered common stock in payment of $4,000 in accrued dividends on the Series B Preferred converted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May 19, 2016, upon the consummation of the May 2016 Public Offering, described below, an aggregate of 2,403,051 shares of Series B Preferred were automatically converted into an aggregate of 2,192,847 registered shares of our common stock and an aggregate of 210,204 shares of our unregistered common stock. Additionally, we issued an aggregate of 416,806 shares of our unregistered common stock in payment of $1,642,100 in accrued dividends, at the rate of one share of common stock for each $3.94 of accrued dividends.&#160;&#160;On June 15, 2016, pursuant to the underwriters&#146; exercise of their over-allotment option, an additional 44,500 shares of Series B Preferred were converted into 44,500 shares of our registered common stock.&#160;&#160;We issued an additional 9,580 shares of our unregistered common stock in payment of $37,400 in accrued dividends, at the rate of one share of common stock for each $3.90 in accrued dividends.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>May 2016 Public Offering</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective on May 16, 2016, we consummated a fully underwritten public offering, pursuant to which we issued an aggregate of 2,570,040 registered shares of our common stock at a public sales price of $4.24 per share and five-year warrants exercisable at $5.30 per share to purchase an aggregate of 2,705,883 shares of our common stock at a public sales price of $0.01 per warrant share, including shares and warrants issued pursuant to the exercise of the underwriters&#146; over-allotment option (the <i>May 2016 Public Offering</i>). We received gross proceeds of $10,924,000 and net proceeds of approximately $9.5 million from the May 2016 Public Offering after deducting underwriters&#146; commissions and other expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Repayment of Promissory Note</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On June 13, 2016, we paid in full the $71,600 outstanding balance (principal and accrued but unpaid interest) of the promissory note we issued to Progressive Medical Research in August 2012. Following this payment, we have no remaining outstanding promissory notes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p> -27500 -14400 <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Quarterly Results of Operations (Unaudited)</b></font></p> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;(in thousands, except share and per share amounts)&#160;</b></font></p> <p style="margin: 0"></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="text-align: center; vertical-align: bottom"> <td style="text-indent: 0pt; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="14" style="border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three Months Ended</b></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="padding-bottom: 1pt">&#160;</td> <td nowrap="nowrap" style="padding-bottom: 1pt">&#160;</td></tr> <tr style="text-align: center; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt">&#160;</td> <td>&#160;</td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30,&#160;</b></font></td> <td nowrap="nowrap" style="text-align: left">&#160;</td> <td>&#160;</td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30,</b></font></td> <td nowrap="nowrap" style="text-align: left">&#160;</td> <td>&#160;</td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="text-align: left">&#160;</td> <td>&#160;</td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31,</b></font></td> <td nowrap="nowrap" style="text-align: left">&#160;</td> <td>&#160;</td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total Fiscal </b></font></td> <td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="text-align: center; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid"><b>2015</b></td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid"><b>2015</b></td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid"><b>2015</b></td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid"><b>2016</b></td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid"><b>Year 2016</b></td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Operating expenses:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 11pt; width: 40%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Research and development</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">373</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">1,656</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">806</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">1,097</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">3,932</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">General and administrative</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,448</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,731</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,336</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,404</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,919</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Total operating expenses</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,821</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,387</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,142</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,501</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">17,851</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Loss from operations</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,821</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5,387</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,142</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(8,501</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(17,851</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Other expenses, net:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Interest expense, net</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(755</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(12</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(771</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Change in warrant liabilities</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,895</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,895</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Loss on extinguishment of debt</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(25,051</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,649</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(26,700</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Other expense, net</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Loss before income taxes</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(29,522</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(7,048</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,147</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(8,502</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(47,219</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Income taxes</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Net loss</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(29,524</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(7,048</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,147</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(8,502</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(47,221</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Accrued dividend on Series B Preferred stock</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(213</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(615</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(631</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(681</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,140</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Deemed dividend on Series B Preferred stock</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(256</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(887</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(669</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(246</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,058</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Net loss attributable to common stockholders</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(29,993</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(8,550</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,447</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(9,429</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(51,419</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Basic and diluted net loss per common share</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(19.23</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5.26</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1.95</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4.44</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(29.08</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average shares used in computing:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Basic and diluted net loss per common share</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,559,483</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,624,371</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,765,641</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,123,936</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,767,957</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="14" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three Months Ended</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td rowspan="2" colspan="2" style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total Fiscal Year 2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160; </b></font></td> <td style="padding-bottom: 2px"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30,&#160; </b></font><b>2014</b></p></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30, </b></font><b>2014</b></p></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, </b></font><b>2014</b></p></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 2px solid; text-align: center"><p style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31, </b></font><b>2015</b></p></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Operating expenses:</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 11pt; width: 40%; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Research and development</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">474</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">558</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">445</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">956</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">2,433</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">General and administrative</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">797</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">556</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">671</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,320</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,344</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Total operating expenses</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,271</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,114</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,116</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,276</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,777</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Loss from operations</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,271</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,114</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,116</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,276</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(6,777</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Other expenses, net:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Interest expense, net</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(785</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(606</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(792</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,366</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,549</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Change in warrant liabilities</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,727</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,302</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">953</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(563</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(35</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Income (loss) before income taxes</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,551</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,021</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,090</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(6,222</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(13,884</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 2px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Income taxes</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td> <td nowrap="nowrap" style="padding-bottom: 2px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Net income (loss)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,553</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,021</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,090</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(6,222</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(13,886</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Basic net loss per common share</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3.70</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1.58</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.84</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4.24</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10.53</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Diluted net loss per common share</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3.70</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1.90</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1.08</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4.24</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10.61</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160; </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average shares used in computing:</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Basic net loss per common share</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,229,504</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,279,267</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,302,316</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,466,402</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,318,813</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="padding-bottom: 4px; padding-left: 11pt; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Diluted net loss per common share</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,229,504</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,299,115</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,302,316</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,466,402</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 4px; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 4px double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,318,813</font></td> <td nowrap="nowrap" style="padding-bottom: 4px; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement with Platinum, as amended. Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015. Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016.