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, 2013
Mar. 31, 2012
Cash flows from operating activities    
Net loss $ (5,431) $ (7,329)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 268 326
Provision for doubtful accounts 33 2
Provision for obsolete inventory 85 61
Stock-based compensation 1,601 2,799
Change in fair value of derivative liability (767) (282)
Loss due to change in fair value of common stock (See Note 9) 1,599 0
Non-cash interest expense 624 448
Foreign currency transaction gains 11 26
Loss on disposal of property and equipment 2 0
Changes in operating assets and liabilities:    
Accounts receivable 411 (164)
Inventories (103) (309)
Prepaid expenses and other current assets (262) 251
Accounts payable (10) 158
Accrued expenses and other current liabilities (141) 150
Deferred revenue and other liabilities 3,230 (169)
Net cash provided by (used in) operating activities 1,150 (4,032)
Cash flows from investing activities:    
Purchases of property and equipment (257) (336)
Long-term deposits (113) (24)
Net cash used in investing activities (370) (360)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of offering costs 4,942 1,894
Proceeds from the issuance of convertible preferred stock, net of offering costs 907  
Deferred offering costs (44) 0
Proceeds from issuance of common stock upon exercise of stock options and warrants 28 219
Proceeds from issuance of long-term debt 0 2,500
Principal payments on long-term debt (2,083) (1,164)
Net cash provided by financing activities 3,750 3,449
Effect of exchange rate on cash and cash equivalents 19 (77)
Net increase (decrease) cash and cash equivalents 4,549 (1,020)
Cash and cash equivalents, beginning of year 3,351 4,371
Cash and cash equivalents, end of year 7,900 3,351
Supplemental disclosure of cash flow information:    
Cash paid for interest 483 483
Non-cash operating and financing activities    
Insurance premiums financed 155 160
Issuance of common stock to settle obligations 51 0
Non-cash investing and financing activities:    
Common stock issued in connection with stock purchase agreement (See Note 9) 3,500 0
Reclassification of derivative liabilities to paid in capital 1,636 0
Warrants issued as derivative liabilities in connection with registered direct offering 2,347 0
Debt discount in connection with long-term debt $ 0 $ 1,250