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, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net loss $ (5,086,000) $ (3,950,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 186,000 227,000
Recovery of doubtful accounts (125,000) (903,000)
Provision for (recovery of) discounts, rebates, distributor fees and returns (1,407,000) 259,000
Stock-based compensation 382,000 371,000
Forgiveness of PPP loan (723,000) 0
Deferred income tax expense (829,000)
Operating lease right-of-use asset 223,000 0
Gain on sale of assets 0 (770,000)
Changes in operating assets and liabilities:    
Accounts receivable 1,971,000 2,608,000
Inventories (100,000) (65,000)
Prepaid expenses and other current assets (460,000) (5,000)
Deferred consideration, net of discount 160,000 143,000
Accounts payable (157,000) (796,000)
Accrued expenses and other current liabilities 679,000 (668,000)
Withholding tax payable 360,000 397,000
Operating lease liabilities (222,000) (215,000)
Deferred revenue 900,000 (15,000)
Net cash used in operating activities (4,248,000) (3,378,000)
Cash flows from investing activities:    
Purchases of property and equipment (137,000) (179,000)
Deposits 38,000 (43,000)
Proceeds from Micromed Transaction 0 610,000
Net cash (used in) provided by investing activities (99,000) 388,000
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 7,554,000 0
Payments on PPP Loan (467,000) 0
Proceeds from PPP Loan 0 1,310,000
Proceeds from exercise of common stock options and purchase warrants 216,000 2,287,000
Principal payments on short-term debt (30,000) (481,000)
Proceeds on short-term debt 123,000 0
Benefit from lease assumed less principal payments on ROU Assets 0 192,000
Net cash provided by financing activities 7,396,000 3,308,000
Effect of exchange rate on cash and cash equivalents 127,000 211,000
Net increase in cash and cash equivalents 3,176,000 529,000
Cash and cash equivalents, beginning of year 4,220,000 3,691,000
Cash and cash equivalents, end of year 7,396,000 4,220,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 24,000 12,000
Cash paid for taxes 767,000 941,000
Non-cash operating and financing activities:    
Insurance premiums financed $ 748,000 $ 596,000