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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net Income $ 230,471 $ 2,172,365
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation 245,890 298,357
Amortization of deferred financing costs 45,047 61,699
Change in inventory reserve (271,892) 202,339
Change in allowance for bad debts (16,030) (198,881)
Loss from disposal of property and equipment 4,394
Stock based compensation 44,287 22,710
Change in net deferred tax assets (5,395) 398,557
Paycheck Protection Plan loan forgiveness (448,242)
Gain - related party 11,236 220,023
Gain from extinguishment of accounts payable 339,311 390,000
Changes in operating assets and liabilities:    
Accounts receivable (558,127) (151,500)
Due from banks 4,456,298 (2,168,682)
Accounts receivable - related parties (64,171) 11,959
Insurance receivable 1,268,463
Inventories (8,399,489) 1,908,683
Prepaid expenses and other current assets (123,338) 31,402
Other non-current assets 60,732 3,336
Accounts payable 2,516,565 (3,190,530)
Accrued expenses 77,198 130,331
Due to related parties (438,666)
Customer deposits (139,064) 139,064
Refunds due to customers (47,440) (661,067)
Reserve for sales returns 30,000 (264,000)
Operating lease liabilities, net of operating leases - right of use assets (171) (14,945)
Net cash (used in) provided by operating activities (2,011,930) 171,017
Cash flows from investing activities    
Purchase of property and equipment (117,573) (201,161)
Net cash used in investing activities (117,573) (201,161)
Cash flows from financing activities    
Proceeds from Issuance of stock - net of transaction expenses 9,000,579
Payment of redemption and retirement of treasury stock (7,162,451)
Net Proceeds from revolving lines of credit 2,435,085 64,915
Proceeds from note payable - Payroll Protection Program 443,900
Payment of deferred financing charges (37,501) (73,725)
Payments on installment notes (68,332) (65,010)
Proceeds from exercise of stock options 14,000 26,400
Payment on subordinated note payable - related party (150,000) (300,000)
Payments on finance leases (7,973) (14,957)
Net cash provided by financing activities 4,023,407 81,523
Net change in cash 1,893,904 51,379
Cash at beginning of year 396,579 345,200
Cash at end of year 2,290,483 396,579
Supplemental disclosures of cash flow information:    
Cash paid for interest 546,545 461,080
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