XML 21 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Statement of Cash Flows [Abstract]    
Net income $ 4,736,490 $ 203,038
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Deferred income taxes (2,649,280) 0
Depreciation and amortization 104,652 60,954
Amortization of right-of-use assets 201,811 0
Change in fair value of common stock warrant 73,000 43,500
Provision for inventory obsolescence 52,000 78,000
Non-cash stock-based compensation 21,669 24,016
Changes in assets and liabilities:    
Decrease (increase) in accounts receivable 784,455 (1,101,050)
(Increase) decrease in inventories (210,397) 1,264,531
Increase in prepaid expenses and other assets (107,198) (127,484)
Decrease in accounts payable (318,494) (1,249,509)
Increase in accrued legal damages 345,464 252,095
Increase (decrease) in deferred revenues 110,509 (35,936)
Increase (decrease) in accrued payroll, vacation pay & withholdings 118,436 (53,567)
Decrease in operating lease liabilities (201,811) 0
(Decrease) increase in accrued expenses – related party and other (140,276) 162,919
Net cash provided by (used in) operating activities 2,921,030 (478,493)
Cash flows from investing activities:    
Acquisition of equipment (133,682) (121,790)
Net cash used in investing activities (133,682) (121,790)
Cash flows from financing activities:    
Repayment of line of credit (120,000) (200,000)
Payment of warrant liability (116,500) 0
Proceeds from short-swing profits from an investor, net of expenses 0 123,075
Proceeds from issuance of convertible preferred stock 0 1,000,000
Expenses associated with convertible preferred stock 0 (31,744)
Repayment of long-term debt 0 (2,124)
Repayment of capitalized lease obligations (6,836) (6,875)
Net cash (used in) provided by financing activities (243,336) 882,332
Net increase in cash and restricted cash 2,544,012 282,049
2,590,727 2,308,678
Supplemental cash flow information:    
Taxes paid 0 0
Interest paid 47,494 82,483
5,134,739 2,590,727
Cash 585,856 307,812
Restricted cash 2,004,871 2,000,866
Cash 3,126,195 585,856
Restricted cash $ 2,008,544 $ 2,004,871