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, 2012
Mar. 31, 2011
Cash flows from operating activities    
Net loss $ (7,329) $ (7,948)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 326 395
Provision for doubtful accounts 2 17
Provision for obsolete inventory 61 98
Stock-based compensation 2,799 2,366
Change in fair value of derivative liability (282) (135)
Non-cash interest expense 448 159
Foreign currency transaction losses (gains) 26 (2)
Loss on disposal of assets   157
Changes in operating assets and liabilities:    
Accounts receivable (164) (626)
Inventories (309) (245)
Prepaid expenses and other current assets 251 375
Accounts payable 158 (266)
Accrued expenses and other liabilities (19) 1,226
Net cash used in operating activities (4,032) (4,429)
Cash flows from investing activities:    
Purchases of property and equipment (336) (174)
Long-term deposits (24) 10
Net cash used in investing activities (360) (164)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of offering costs 1,894  
Proceeds from issuance of common stock upon exercise of stock options and warrants 219 94
Proceeds from issuance of long-term debt 2,500 3,000
Principal payments on long-term debt (1,164) (410)
Net cash provided by financing activities 3,449 2,684
Effect of exchange rate on cash and cash equivalents (77) 22
Net decrease cash and cash equivalents (1,020) (1,887)
Cash and cash equivalents, beginning of year 4,371 6,258
Cash and cash equivalents, end of year 3,351 4,371
Supplemental disclosure of cash flow information:    
Cash paid for interest 483 247
Issuance of common stock for accounts payable obligations   57
Non-cash operating and financing activities:    
Insurance premiums financed 160 165
Non-cash investing and financing activities:    
Equipment financed   68
Debt discount in connection with long-term debt $ 1,250 $ 750