Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
6 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 15 – SUBSEQUENT EVENTS

 

Conversion of Series C Preferred Stock

 

From October 1, 2018 to November 7, 2018, the Investor was issued an aggregate of 50,028,006 shares of common stock in connection with true ups associated with prior conversions of Series C Preferred Stock; and as of November 7, 2018, was not due any additional shares in connection with true ups.

 

 October 2018 Stock Purchase Agreement

 

On October 29, 2018, the Company and the Investor entered into a Stock Purchase Agreement (the “October 2018 Purchase Agreement”), whereby the Investor purchased 369 shares of Series C Preferred Stock for $3.5 million.   The Series C Preferred Stock sold pursuant to the October 2018 Purchase Agreement have substantially similar terms as those sold pursuant to the October 2017 Purchase Agreement described in Note 11 above.  

Conversion of Series B Preferred Stock

In October 2018, Richard N. Azar II, both on his own behalf and on behalf of the entities which he beneficially owned, converted all 364,508 shares of the Series B Preferred Stock which he beneficially owned into an aggregate of 104,146 shares of common stock, of which 12,419 shares of newly converted common stock (along with a total of 2,818 shares previously beneficially owned by Mr. Azar) were immediately cancelled pursuant to the terms of the Segundo Settlement, described above under “Part I. Financial Information – Item 1. Financial Statements – Note 2 – Liquidity and Going Concern Considerations – Segundo Settlement”.

Conversion of Debenture

On October 31, 2018, the Investor converted the entire $495,000 of principal owed under the terms of the debenture, into an aggregate of 20,037,653 shares of common stock, described above under “Part I. Financial Information – Item 1. Financial Statements – Note 6 – Notes Payable”, which shares have not been issued as of the date of this report.