Transition report pursuant to Rule 13a-10 or 15d-10

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended 12 Months Ended
Dec. 31, 2020
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (19,546,366) $ (1,787,512)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 88,383 216,602
Amortization of debt issuance costs 20,834
Amortization of right-of-use assets 154,717
Impairment loss on construction in progress 1,376,000
Gain on CARES Act loan extinguishment 451,345
Accounts receivable reserves and allowances (12,669) 53,247
Inventory reserves 10,060 24,081
Stock-based compensation 2,800,851 7,866
Change in fair value of warrant liabilities 8,310,100
Write off of patents and licenses 374,618 60
Changes in operating assets and liabilities:    
Accounts receivable 194,841 (154,092)
Accounts receivable - related party (90,627) 283,433
Inventory and equipment held for lease (297,637) 57,917
Prepaid expenses and other assets (1,531,056) (15,267)
Accounts payable (378,496) 482,173
Accrued expenses and other current liabilities (333,665) 497,642
Due to related party (926,385) 426,385
Lease liability (171,545)
Deferred revenue 264,991 (56,038)
Net cash (used in) provided by operating activities (10,162,935) 57,331
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (208,464) (6,974)
Payments for patents and licenses (6,455) (187,503)
Cash and cash equivalents acquired in reverse recapitalization 149,825
Net cash used in investing activities (65,094) (194,477)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of Series Alpha preferred shares upon closing of private placement 4,010,000
Net proceeds from warrant exercises 1,332,570
Net proceeds from the issuance of notes payable 1,392,463 331,065
Proceeds from issuance of shares and warrants pursuant to Securities Purchase Agreements 30,000,781
Offering costs of Securities Purchase Agreements (1,360,800)
Payments on capital lease obligations (23,516)
Principal payments on notes payable (1,323,536) (142,405)
Net cash provided by financing activities 34,051,478 165,144
Net change in cash and cash equivalents 23,823,449 27,998
CASH AND CASH EQUIVALENTS - beginning of year 153,121 125,123
CASH AND CASH EQUIVALENTS - end of year 23,976,570 153,121
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for: Interest 32,692 91,559
Cash paid for: Taxes 4,774 5,276
NONCASH FINANCING AND INVESTING ACTIVITIES:    
Issuance of common stock for professional services 240,000
Issuance of common stock for conversion of debt and accrued interest 1,584,408
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 6,000
Initial measurement of operating lease right-of-use assets 663,110
CARES Act loan interest forgiven 2,295
Fair value of shares issued for cashless warrant exercises 101,187
Net transfers to inventory from equipment held for lease $ 5,743 $ 5,439