Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Mar. 31, 2022
Mar. 31, 2021
Current assets:    
Cash and cash equivalents $ 7,396,000 $ 4,220,000
Accounts receivable, net 2,407,000 2,806,000
Inventories, net 2,663,000 2,530,000
Prepaid expenses and other current assets 3,746,000 3,218,000
Current portion of deferred consideration, net of discount 218,000 209,000
Total current assets 16,430,000 12,983,000
Property and equipment, net 320,000 360,000
Operating lease, right of use assets 559,000 769,000
Deferred tax asset 829,000 0
Deferred consideration, net of discount, less current portion 630,000 763,000
Other assets 77,000 112,000
Total assets 18,845,000 14,987,000
Current liabilities:    
Accounts payable 1,641,000 1,769,000
Accrued expenses and other current liabilities 1,843,000 1,154,000
Deferred revenue 1,223,000 267,000
Deferred revenue Invekra 54,000 52,000
Current portion of debt-PPP 120,000 (0)
Short-term debt 688,000 596,000
Operating lease liabilities 250,000 240,000
Total current liabilities 5,819,000 4,078,000
Long-term deferred revenue Invekra 182,000 229,000
Long-term debt, less current portion – PPP 0 1,310,000
Withholding Tax Payable 3,838,000 3,478,000
Operating lease liabilities, less current portion 309,000 529,000
Total liabilities 10,148,000 9,624,000
Stockholders’ Equity    
Convertible preferred stock, $0.0001 par value; 714,286 shares authorized at March 31, 2022 and 2021, respectively, no shares issued and outstanding at March 31, 2022 and 2021, respectively 0 0
Common stock, $0.0001 par value; 24,000,000 shares authorized at March 31, 2022 and 2021, respectively, 3,100,937 and 2,092,909 shares issued and outstanding at March 31, 2022 and 2021, respectively (Note 13) 2,000 2,000
Additional paid-in capital 197,370,000 189,217,000
Accumulated deficit (184,363,000) (179,277,000)
Accumulated other comprehensive loss (4,312,000) (4,579,000)
Total stockholders’ equity 8,697,000 5,363,000
Total liabilities and stockholders’ equity $ 18,845,000 $ 14,987,000