Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net loss $ (5,151) $ (5,086)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 125 186
Recovery of doubtful accounts 0 (125)
Recovery of discounts, rebates, distributor fees and returns (66) (1,407)
Stock-based compensation 669 382
Forgiveness of PPP loan 0 (723)
Deferred income tax expense (37) (829)
Operating lease right-of-use asset 173 223
Gain on sale of assets (1) 0
Changes in operating assets and liabilities:    
Accounts receivable 62 1,971
Inventories 0 (100)
Prepaid expenses and other current assets (306) (460)
Deferred consideration, net of discount 190 160
Accounts payable (864) (157)
Accrued expenses and other current liabilities 127 679
Withholding tax payable 396 360
Operating lease liabilities (173) (222)
Deferred revenue (1,296) 900
Net cash used in operating activities (6,152) (4,248)
Cash flows from investing activities:    
Purchases of property and equipment (269) (137)
Deposits 11 38
Net cash used in investing activities (258) (99)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 2,868 7,554
Payments on PPP Loan (120) (467)
Proceeds from exercise of common stock options and purchase warrants 0 216
Principal payments on short-term debt (774) (30)
Proceeds on short-term debt 515 123
Net cash provided by financing activities 2,489 7,396
Effect of exchange rate on cash and cash equivalents 345 127
Net (decrease) increase in cash and cash equivalents (3,576) 3,176
Cash and cash equivalents, beginning of year 7,396 4,220
Cash and cash equivalents, end of year 3,820 7,396
Supplemental disclosure of cash flow information:    
Cash paid for interest 17 24
Cash paid for taxes 0 767
Non-cash operating and financing activities:    
Insurance premiums financed $ 515 $ 748