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, unless otherwise specified
 12 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities    
Net income (loss) $ 3,735 $ (5,431)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 284 268
Provision for doubtful accounts (6) 33
Provision for obsolete inventory 6 85
Stock-based compensation 1,451 1,601
Loss (gain) due to change in fair value of derivative liabilities 1,566 (767)
Gain (loss) due to change in fair value of common stock (See Note 10) (1,357) 1,599
Gain on deconsolidation of Ruthigen (11,133) 0
Non-cash interest expense 863 624
Foreign currency transaction (gains) losses (6) 11
Loss on disposal of property and equipment 39 2
Changes in operating assets and liabilities:    
Accounts receivable (88) 411
Due from affiliate (537) 0
Inventories (126) (103)
Prepaid expenses and other current assets 458 (262)
Accounts payable 848 (10)
Accrued expenses and other liabilities 271 (141)
Deferred revenue and other liabilities (1,158) 3,230
Net cash (used in) provided by operating activities (4,890) 1,150
Cash flows from investing activities:    
Purchases of property and equipment (504) (257)
Long-term deposits 59 (113)
Net cash used in investing activities (445) (370)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of offering costs 3,188 4,942
Proceeds from the issuance of convertible preferred stock, net of offering costs 0 907
Deferred offering costs 44 (44)
Proceeds from the exercise of common stock upon exercise of stock options and warrants 1,295 28
Proceeds from cash settlement liability (See Note 10) 33 0
Principal payments on long-term debt (1,615) (2,083)
Net cash provided by financing activities 2,945 3,750
Effect of exchange rate on cash and cash equivalents (30) 19
Net (decrease) increase in cash and cash equivalents (2,420) 4,549
Cash and cash equivalents, beginning of year 7,900 3,351
Cash and cash equivalents, end of year 5,480 7,900
Supplemental disclosure of cash flow information:    
Cash paid for interest 195 483
Non-cash operating and financing activities:    
Insurance premiums financed 188 155
Issuance of common stock to settle obligations 0 51
Non-cash investing and financing activities:    
Common stock issued in connection with stock purchase agreement (See Note 10) 0 3,500
Debt settled in connection with stock purchase agreement (See Note 10) 1,131 0
Cash settlement liability settled in connection with stock purchase agreement (See Note 10) 2,000 0
Reclassification of derivative liabilities to paid in capital 1,683 1,636
Warrants issued as derivative liabilities in connection with registered direct offering $ 3,292 $ 2,347