Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net loss $ (2,946,000) $ (11,798,000)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 312,000 453,000
Provision for (recovery of) doubtful accounts 1,004,000 (7,000)
Provision for discounts, rebates, distributor fees and returns 787,000 (832,000)
Provision for obsolete inventory 526,000 77,000
Stock-based compensation 839,000 1,635,000
Operating lease right-of-use asset 464,000 0
Loss on disposal of equipment 18,000 21,000
Gain on sale of assets (3,572,000) 0
Changes in operating assets and liabilities:    
Accounts receivable (2,190,000) (1,164,000)
Inventories 323,000 (779,000)
Deferred consideration, net of discount (217,000) 135,000
Prepaid expenses and other current assets (19,000) 574,000
Accounts payable 336,000 5,000
Accrued expenses and other current liabilities 330,000 115,000
Operating lease liabilities (489,000) 0
Deferred revenue (97,000) (152,000)
Net cash used in operating activities (4,591,000) (11,717,000)
Cash flows from investing activities:    
Purchases of property and equipment (206,000) (100,000)
Deposits 50,000 (31,000)
Proceeds from Petagon Limited 2,700,000 0
Proceeds from Microsafe Group, DMCC 1,100,000 0
Net cash provided (used in) by investing activities 3,644,000 (131,000)
Cash flows from financing activities:    
Proceeds from sale of common stock net of offering costs 1,376,000 957,000
Proceeds from sale of common stock and preferred stock units, net of offering costs 0 4,743,000
Proceeds from common stock liability 0 270,000
Principal payments on long-term debt (334,000) (154,000)
Principal payments on capital leases (13,000) (324,000)
Net cash provided by financing activities 1,029,000 5,492,000
Effect of exchange rate on cash and cash equivalents (80,000) (21,000)
Net increase (decrease) in cash and cash equivalents 2,000 (6,377,000)
Cash and cash equivalents, beginning of year 3,689,000 10,066,000
Cash and cash equivalents, end of year 3,691,000 3,689,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 16,000 33,000
Non-cash operating and financing activities:    
Insurance premiums financed $ 481,000 $ 396,000