Sonoma Pharmaceuticals, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

3. Summary of Significant Accounting Policies (Tables)

3. Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2021

The effects of the revision to the balance sheet as of March 31, 2020 are as follows (in thousands):

	As Previously Reported March 31, 2020			Adjustment Debit (Credit)			As Revised Reported March 31, 2020
SG&A expense		–			362			362
Net loss		(2,946	)		362			(3,308	)
Withholding tax payable		–			(3,082	)		3,082
Retained earnings		(172,244	)		3,082			(175,326	)

Disaggregated Revenue by Source

The following table presents the Company’s disaggregated revenues by revenue source:

	Year Ended March 31,
	2021		2020
Product
Human Care	$	15,317,000	$	15,686,000
Animal Care		3,200,000		2,091,000
		18,517,000		17,777,000
Service		112,000		151,000
Total	$	18,629,000	$	17,928,000

Property and equipment estimated useful life

Estimated useful asset life by classification is as follows:

	Years
Office equipment		3
Manufacturing, lab and other equipment		5
Furniture and fixtures		7

Computation of earnings per share

	For the Year Ended March 31,
(In thousands, except per share data)	2021			2020
Numerator:
Loss from continuing operations	$	(4,615	)	$	(3,573	)
Income from discontinued operations		665			265
Net loss	$	(3,950	)	$	(3,308	)

Denominator:
Weighted-average number of common shares outstanding: basic and diluted		1,996			1,477

Loss per share from continuing operations	$	(2.31	)	$	(2.42	)
Income per share from discontinued operations		0.33			0.18
Net loss per share: basic and diluted	$	(1.97	)	$	(2.24	)

Schedule of antidilutive shares

The computation of basic loss per share for the years ended March 31, 2021 and 2020 excludes the potentially dilutive securities summarized in the table below because their inclusion would be anti-dilutive.

	March 31,
(In thousands)	2021		2020
Common stock to be issued upon vesting of restricted stock units		1		2
Common stock to be issued upon exercise of options		268		378
Common stock to be issued upon exercise of warrants		119		320
Common stock to be issued upon conversion of Series C		–		17
Common stock to be issued upon exercise of common stock units (1)		46		46
		434		763

(1)

Consists of 30,668 restricted stock units and warrants to purchase 15,332 shares of common stock