Liquidity and Financial Condition |
12 Months Ended |
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Mar. 31, 2026 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Liquidity and Financial Condition |
NOTE 2 – Liquidity and Financial Condition
The Company reported a net loss of $3,175,000 and $3,457,000 for the years ended March 31, 2026 and 2025, respectively. At March 31, 2026 and 2025, the Company’s accumulated deficit amounted to $200,981,000 and $197,806,000, respectively. The Company had working capital of $7,268,000 and $8,552,000 as of March 31, 2026 and 2025, respectively. During the years ended March 31, 2026 and 2025, net cash used in operating activities amounted to $3,933,000 and $88,000, respectively.
On April 24, 2026, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Dawson James Securities, Inc. (the “Underwriter”). At the close of the offering, the Company issued shares of common stock. The Company received gross proceeds of $4,000,000 and net proceeds of $3,574,000 after deducting commissions and other offering expenses paid by the Company (Note 17).
Management believes that the Company's existing cash, proceeds from the Dawson offering, and will be sufficient to fund its projected operating requirements for at least the next twelve months from the issuance date of these financial statements. This conclusion differs from prior periods due primarily to the Company's improved liquidity position resulting from the capital raise through the Dawson offering, together with actions taken to align operating expenditures with available resources and expected cash flow management. Additionally, the Company has access to capital resources, which may include public or private equity offerings, debt financings, corporate collaborations, or other means, if and when appropriate to support strategic initiatives. However, there can be no assurance that such financings will be available on commercially acceptable terms, or at all, if pursued in the future. If the economic climate in the U.S. deteriorates, the Company’s ability to access additional capital could be negatively impacted. If the Company elects to pursue additional financing in the future, it may do so to support growth initiatives, extend its financial flexibility, or fund strategic opportunities. Any such activities could result in delays or changes to planned commercialization activities depending on timing and market conditions.
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