v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (26,692,118) $ (950,790)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 60,010 110,792
Amortization of debt issuance costs 20,834
Amortization of right-of-use assets 101,869
Accounts receivable reserves and allowances 4,112 (20,069)
Inventory reserves (127,455) (32,402)
Stock-based compensation 1,571,076
Change in fair value of warrant liabilities 20,596,700
Changes in operating assets and liabilities:    
Accounts receivable 233,140 111,398
Accounts receivable - related party 100,706 291,710
Inventory and equipment held for lease (17,790) 124,970
Prepaid expenses and other assets (627,783) (10,255)
Accounts payable (471,010) 185,161
Accrued expenses and other current liabilities (353,861) (28,447)
Due to related party (750,339) 392,353
Lease liability (112,166)
Deferred revenue (221,159) (14,711)
Net cash (used in) provided by operating activities (6,706,068) 180,544
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (136,217)
Payments for patents and licenses (448,458) (92,843)
Net cash used in investing activities (584,675) (92,843)
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
Proceeds from issuance of shares and warrants pursuant to Securities Purchase Agreements 18,000,781
Commission and offering costs of securities purchase agreements (835,904)
Payments on capital lease obligations (15,462)
Principal payments on notes payable (964,177) (430,181)
Net cash provided by (used in) financing activities 21,603,163 (187,989)
Net change in cash and cash equivalents 14,312,420 (100,288)
CASH AND CASH EQUIVALENTS - beginning of period 153,121 125,123
CASH AND CASH EQUIVALENTS - end of period 14,465,541 24,835
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for: Interest 28,256 48,564
Cash paid for: Taxes 4,772 4,763
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 before closing of reverse recapitalization 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
Issuance of common stock for conversion of preferred stock after closing of reverse recapitalization 5,300
Initial measurement of operating lease right-of-use assets 663,110
Net transfers to inventory from equipment held for lease $ 2,352

Source