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, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net loss $ (4,835) $ (5,151)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 176 125
Stock-based compensation 516 669
Deferred income tax expense (109) (37)
Operating lease right-of-use asset 161 173
Gain on sale of assets 0 (1)
Changes in operating assets and liabilities:    
Accounts receivable, net (230) (4)
Inventories, net 184 0
Prepaid expenses and other current assets 1,107 (306)
Deferred consideration, net of discount 222 190
Accounts payable (278) (864)
Accrued expenses and other current liabilities 19 127
Withholding tax payable 475 396
Operating lease liabilities (161) (173)
Deferred revenue 355 (1,296)
Net cash used in operating activities (2,398) (6,152)
Cash flows from investing activities:    
Purchases of property and equipment (17) (269)
Deposits 15 11
Net cash used in investing activities (2) (258)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of offering expenses 1,784 2,868
Payments on PPP Loan 0 (120)
Principal payments on short-term debt (481) (774)
Insurance premiums financed 373 515
Net cash provided by financing activities 1,676 2,489
Effect of exchange rate on cash and cash equivalents 32 345
Net decrease  in cash and cash equivalents (692) (3,576)
Cash and cash equivalents, beginning of year 3,820 7,396
Cash and cash equivalents, end of year 3,128 3,820
Supplemental disclosure of cash flow information:    
Cash paid for interest 22 17
Non-cash operating and financing activities:    
Insurance premiums financed $ 373 $ 515