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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net Income $ 573,760 $ 2,201,070
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation 135,080 138,888
Amortization of deferred financing costs 26,297 24,836
Change in inventory reserve 53,890 471,131
Change in allowance for bad debts 118,321 263,338
Loss from disposal of property and equipment 4,394
Stock based compensation 34,727
Change in net deferred tax assets 145,778 608,454
Gain from Paycheck Protection Plan loan forgiveness (448,242)
Gain - related party (11,236)
Gain from extinguishment of accounts payable (236,472) (390,000)
Changes in operating assets and liabilities:    
Accounts receivable (9,409,973) (16,575,815)
Due from Crestmark Bank 4,557,120 2,388,438
Accounts receivable - related parties (70,880) 100,000
Insurance receivable 1,268,463
Inventories (13,721,821) (1,071,606)
Prepaid expenses and other current assets 23,155 136,856
Other non-current assets 50,262 52,712
Accounts payable 16,409,171 10,277,533
Accrued expenses 381,213 (100,804)
Due to related parties (258,057)
Customer deposits (53,249)
Refunds due to customers (46,686) (685,910)
Reserve for sales returns 903,731 499,055
Operating lease liabilities, net of operating leases - right of use assets 5,655 (22,562)
Net cash used in operating activities (576,005) (673,980)
Cash flows from investing activities    
Purchase of property and equipment (77,599) (84,975)
Net cash used in investing activities (77,599) (84,975)
Cash flows from financing activities    
Proceeds from issuance of stock - net of transaction expenses 9,000,580
Payment of redemption and retirement of treasury stock (7,162,452)
Net proceeds from revolving lines of credit 1,977,006 1,156,323
Proceeds from note payable - Paycheck Protection Program 443,900
Payment of deferred financing charges (37,501) (73,725)
Payments on installment notes (33,451) (34,089)
Proceeds from exercise of stock options 4,800
Payment on subordinated debt - related party (150,000)
Payments on finance leases (4,440) (7,412)
Net cash provided by financing activities 3,594,542 1,484,997
Net change in cash 2,940,938 726,042
Cash at beginning of year 396,579 345,200
Cash at end of period 3,337,517 1,071,242
Supplemental disclosures of cash flow information:    
Cash paid for interest 249,734 142,674
Equipment purchased under capital lease 23,651
Issuance of common stock and warrants for stock issuance expenses 547,838
Operating leases - right of use assets and lease liabilities at inception of lease $ 16,364 $ 2,184,105