v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (18,578,905) $ (594,565)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 32,565 57,891
Amortization of debt issuance costs 11,849
Amortization of right-of-use assets 50,318
Accounts receivable reserves and allowances (27,282)
Inventory reserves (23,132) 24,081
Stock-based compensation 358,625
Change in fair value of warrant liabilities 16,201,400
Changes in operating assets and liabilities:    
Accounts receivable 162,234 167,476
Accounts receivable - related party 234,888 (335,478)
Inventory and equipment held for lease 43,010 (1,349)
Prepaid expenses and other assets (1,020,339) (37,038)
Accounts payable 12,918 216,589
Accrued expenses and other current liabilities 235,495 (81,425)
Due to related party 218,128 392,353
Lease liability (54,776)
Deferred revenue (34,940) (34,951)
Net cash used in operating activities (2,189,793) (214,567)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (108,699)
Payments for patents and licenses (289,000) (72,817)
Net cash used in investing activities (397,699) (72,817)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of Series Alpha preferred shares upon closing of private placement 4,010,000
Net proceeds from the issuance of notes payable 1,392,463 257,654
Payments on capital lease obligations (7,625)
Principal payments on notes payable (585,974) (16,585)
Net cash provided by financing activities 4,816,489 233,444
Net change in cash, cash equivalents and restricted cash 2,228,997 (53,940)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - beginning of period 153,121 125,123
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - end of period 2,382,118 71,183
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for: Interest 12,145 24,051
Cash paid for: Taxes 597 3,343
NONCASH FINANCING AND INVESTING ACTIVITIES:    
Issuance of common stock for professional services 240,000
Issuance of common stock for conversion of debt 1,350,198
Issuance of common stock for conversion of accrued interest 234,210
Issuance of common stock for conversion of preferred stock 148,690
Issuance of preferred stock for conversion of debt 350,000
Fair value of shares issued to advisor upon closing of private placement 902,250
Fair value of warrants issued to advisor upon closing of private placement 202,858
Effect of reverse recapitalization 810,886
Right-of-use assets obtained in exchange for lease liabilities 585,512
Lease liabilities arising from obtaining right-of-use assets 663,110
Net transfers to inventory from equipment held for lease $ 103,112

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