Annual report pursuant to Section 13 and 15(d)

STOCKHOLDERS' EQUITY (DEFICIT) (Details Narrative)

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STOCKHOLDERS' EQUITY (DEFICIT) (Details Narrative)
12 Months Ended
Jul. 10, 2017
shares
Jun. 19, 2017
shares
Apr. 04, 2017
USD ($)
$ / shares
shares
Mar. 29, 2017
shares
Mar. 02, 2017
shares
Feb. 24, 2017
shares
Jan. 25, 2017
shares
Jan. 09, 2017
shares
Dec. 22, 2016
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Nov. 18, 2016
shares
Nov. 17, 2016
USD ($)
$ / shares
shares
Oct. 07, 2016
USD ($)
shares
Sep. 02, 2016
USD ($)
$ / shares
shares
Sep. 01, 2016
USD ($)
$ / shares
shares
Apr. 19, 2016
shares
Apr. 06, 2016
USD ($)
$ / shares
shares
Jul. 15, 2015
Mar. 31, 2017
USD ($)
$ / shares
shares
Mar. 31, 2016
USD ($)
$ / shares
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Jun. 30, 2017
$ / shares
Aug. 25, 2016
$ / shares
Apr. 26, 2016
shares
Mar. 31, 2015
USD ($)
Reverse stock split ratio                                 0.04            
Warrant exercise price (in dollars per share) | $ / shares                                   $ 12.94 $ 47.64        
Derivative liability | $                                   $ 21,662 $ 126,960      
Number of shares issued, value | $                                   14,898,038          
Fair value of stock | $                                   14,898,038          
Interest expense | $                                   3,165,151 696,506        
Change in fair value of derivative liability | $                                   $ (105,298) $ 126,960        
Institutional Investors [Member] | First Warrant [Member]                                              
Number of shares issued | shares                       810,000                      
Number of common stock issued upon warrant exercise | shares                       1,384,616                      
Number of additional common stock issued upon warrant exercise | shares                       2,542,735                      
Proceeds from warrant exercises | $                       $ 4,500,000                      
Description of beneficial ownership limitation                      

Beneficial ownership limitation (4.99% of the Company’s outstanding common stock).

                     
Placement agent fees | $                       $ 427,500                      
Description of increase in conversion premium                      

Increases as the annual rate of return under the First Warrant increases, including by 10% upon the occurrence of certain triggering events (which had occurred by the October 7, 2016 date of exercise), to 17% per annum upon the exercise of the First Warrant. Additionally, as the conversion rate for the conversion premium is currently 85% of the lowest daily volume weighted average price during the measuring period, less $0.10 per share of common stock not to exceed 85% of the lowest sales prices on the last day of such period less $0.10 per share, the number of shares issuable in connection with the conversion premium increases as the trading price of our common stock decreases, and the trading price of our common stock has decreased since the date the First Warrant was exercised, triggering a further reduction in the conversion price of the conversion premium and an increase in the number of shares due the Investor in connection with the conversion of the amount owed in connection with the conversion premium.

                     
Institutional Investors [Member] | First Warrant [Member] | Subsequent Event [Member]                                              
Issued to the investor | shares 9,675,154                                            
Description of exercise of warrant

The exercise of the First Warrant of the approximately 37,496,859 shares which were alleged due (25,052,473 shares remain to be issued to the Investor, which shares are currently held in abeyance until such time as it would not result in the Investor exceeding its beneficial ownership limitation (4.99% of the Company’s outstanding common stock)) as of July 10, 2017 (subject to increases as the value of our common stock decreases).

                                           
Institutional Investors [Member] | Warrants Issued in 2014 [Member]                                              
Preferred stock conversion shares | shares                                   66,668 66,668        
Warrant exercise price (in dollars per share) | $ / shares                                   $ 3.59 $ 3.59        
Derivative liability | $                                   $ 21,662 $ 126,960        
Institutional Investors [Member] | Redeemable Convertible Subordinated Debenture [Member] | First Warrant [Member]                                              
Shares of common stock called by warrants | shares                               1,384,616   1,384,616          
Warrant exercise price (in dollars per share) | $ / shares                               $ 3.25              
Mrs. Debra Herman [Member] | 6% Convertible Promissory Notes [Member]                                              
Shares of common stock issued on conversion | shares                   103,400                          
Mrs. Debra Herman [Member] | Convertible Promissory Note Purchase Agreement [Member] | 6% Convertible Promissory Notes [Member]                                              
Shares of common stock called by warrants | shares                                           124,285  
Series A Convertible Preferred Stock [Member]                                              
Shares of common stock issued on conversion | shares                             500                
Common Stock [Member]                                              
Shares of common stock issued on conversion | shares                             20,000                
Conversion ratio                             0.025                
Share price (in dollars per share) | $ / shares                                         $ 3.78    
Series B Preferred Stock [Member]                                              
Shares of common stock issued on conversion | shares                           3,942,857                  
Number of shares issued | shares                           552,000                  
Share price (in dollars per share) | $ / shares                           $ 25       $ 0.59          
Number of shares issued, value | $                           $ 13,800,000                  
Liquidation preference (in dollars per share) | $ / shares                           $ 25                  
Number of shares exercisable                          

The 552,000 shares of Series B Preferred Stock have the following features:

 

  a liquidation preference senior to all of the Company’s common stock;
  a dividend, payable quarterly, at an annual rate of six percent (6%) of the original issue price until such Series B Preferred Stock is no longer outstanding either due to conversion, redemption or otherwise; and
  voting rights on all matters, with each share having 1 vote.
                 
Dividend rate                           6.00%                  
Fair value of stock | $                           $ 14,898,038                  
Fair market value of the shares paid as dividend | $                                   $ 34,837          
Stock dividends recognized | shares                                   82,674          
Charge to additional paid in-capital | $                                   $ 83          
Additional dividend premium shares | shares                                   59,146          
Description of conversion basis                          

Option of the holder thereof, or automatically as to 25% of the Series B Preferred Stock shares if our common stock trades above $6.125 per share for at least 20 consecutive trading days, and trades with at least 75,000 shares of average volume per day during such period; an additional 50% of the Series B Preferred Stock shares if our common stock trades above $7.00 per share for at least 20 consecutive trading days, and trades with at least 75,000 shares of average volume per day during such period; and as to the remaining Series B Preferred Stock shares, if our common stock trades above $7.875 per share for at least 20 consecutive trading days, and trades with at least 75,000 shares of average volume per day during such period.

                 
Description of voting rights                          

Entitled to one vote per share on all stockholder matters.

                 
Series B Preferred Stock [Member] | Subsequent Event [Member]                                              
Issued to the investor | shares   143,492                                          
Share price (in dollars per share) | $ / shares     $ 0.59                                 $ 0.258      
Fair market value of the shares paid as dividend | $     $ 34,837                                        
Additional dividend premium shares | shares     59,146                                        
Series B Preferred Stock [Member] | RAD2 [Member]                                              
Number of shares issued | shares                           200,000                  
Series B Preferred Stock [Member] | Segundo Resources, LLC (Affiliate of RAD2) [Member]                                              
Number of shares issued | shares                           352,000                  
Series C Preferred Stock [Member]                                              
Issued to the investor | shares       13 15 21 21 21 32                 123          
Fair market value of the shares paid as dividend | $                                   $ 563,813          
Series C Preferred Stock [Member] | Stock Purchase Agreement [Member] | Investor [Member]                                              
Number of shares issued | shares                         53                    
Number of shares issued, value | $                         $ 526,450                    
Stock original issue discount | $                         263,000                    
Proceeds from issuance of convertible preferred stock | $                         500,000                    
Interest expense | $                         $ 26,450                    
Series C Preferred Stock [Member] | Stock Purchase Agreement [Member] | Investor [Member]                                              
Number of shares issued | shares                     474                        
Number of shares issued, value | $                     $ 4,736,550                        
Legal fees | $                     514,000                        
Stock original issue discount | $                     $ 236,550                        
Stock conversion price (in dollars per share) | $ / shares                     $ 3.25   $ 3.25                    
Proceeds from issuance of convertible preferred stock | $                     $ 4,500,000                        
Discription of intrest rate                    

The holder of the Series C Preferred Stock is entitled to cumulative dividends through maturity, which initially totaled 6% per annum, and are adjustable to up to 34.95% per annum, per annum, based on certain triggering events and the trading price of our common stock, and which currently total 34.95% per annum, payable upon redemption, conversion, or maturity, and when, as and if declared by our Board of Directors in its discretion.

             

Dividend premium rate increased from 6% to 30% and the conversion discount became 85% of the lowest daily volume weighted average price during the measuring period, less $0.10 per share of common stock not to exceed 85% of the lowest sales prices on the last day of such period less $0.10 per share.

       
Percentage of issue discount                     5.00%                        
Description of conversion basis                    

Upon conversion, we will pay the holder of the Series C Preferred Stock being converted an amount, in cash or stock at our sole discretion, equal to the dividends that such shares would have otherwise earned if they had been held through the maturity date (7 years), and issue to the holder such number of shares of common stock equal to $10,000 per share of Series C Preferred Stock (the “Face Value”) multiplied by the number of such shares of Series C Preferred Stock divided by the conversion rate ($3.25 per share).

                       
Series C Preferred Stock [Member] | Stock Purchase Agreement [Member] | Investor [Member]                                              
Shares of common stock issued on conversion | shares                               1,618,462              
Number of shares issued | shares                               527              
Number of shares issued, value | $                               $ 5,260,000              
Dividend rate                               6.00%              
Stock original issue discount | $                               $ 263,000              
Stock conversion price (in dollars per share) | $ / shares                               $ 3.25              
Certificate of designations dividend rate                               25.00%              
Percentage of issue discount                               5.00%              
Series C Preferred Stock [Member] | Stock Purchase Agreement [Member] | Investor [Member] | Second Warrant [Member]                                              
Shares of common stock called by warrants | shares                               1,111,112              
Warrant exercise price (in dollars per share) | $ / shares                               $ 4.50