v3.23.2
Consolidated Balance Sheets - USD ($)
Mar. 31, 2023
Mar. 31, 2022
Current assets    
Cash and cash equivalents $ 427,383 $ 1,991,377
Accounts receivable 453,084 274,844
Prepaid expenses and other current assets 862,603 1,127,362
Inventories 1,034,488 1,191,020
Total current assets 2,777,558 4,584,603
Equipment 187,673 91,234
Other assets 8,694 0
Operating lease right-of-use assets, non-current 254,650 0
Tradenames and Trademarks 34,000 0
Goodwill 99,552 0
Total assets 3,362,127 4,675,837
Current liabilities    
Accounts payable 557,610 305,095
Accrued liabilities 1,387,150 873,030
Operating leases, current 22,067 0
Deferred revenue, current portion 342,354 313,854
Total current liabilities 2,309,181 1,491,979
Operating leases, non-current 234,448 0
Deferred revenue, net of current portion 303,292 256,646
Convertible notes 2,155,794 0
Total liabilities 5,002,715 1,748,625
Commitments and contingencies
Stockholders' Equity    
Preferred stock, $0.001 par value; Authorized 5,000,000, Issued none Special voting preferred stock, $0.001 par value; Authorize; Issued - 1 0 0
Common stock, par value $0.001; Authorized - 13,000,000; Issued 6,878,162 and 111,392 Exchangeable Shares (March 31, 2022 - 6,767,114 and 112,440 Exchangeable Shares) 6,989 6,879
Additional paid-in capital 98,670,953 98,294,558
Accumulated deficit (100,348,345) (95,402,321)
Accumulated other comprehensive income 29,815 28,096
Total stockholders' (deficit) equity (1,640,588) 2,927,212
Total liabilities and stockholders' equity $ 3,362,127 $ 4,675,837

Source

v3.23.2
Consolidated Statements of Operations - USD ($)
12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Consolidated Statements of Operations    
Revenues, net $ 1,805,202 $ 1,273,712
Cost of revenues 815,325 320,454
Gross Profit 989,877 953,258
Operating expenses    
Sales and marketing 1,981,897 1,920,749
Research and development 903,219 998,516
General and administrative 2,929,800 2,806,584
Impairment of goodwill & intangible assets 0 5,200,608
Total operating expenses 5,814,916 10,926,457
Loss from operations (4,825,039) (9,973,199)
Interest expense, net 107,150 825,209
Other expense (income), net 13,835 (390,414)
Total other expense 120,985 434,795
Net loss $ (4,946,024) $ (10,407,994)
Loss per share - basic $ (0.72) $ (1.78)
Loss per share - diluted $ (0.72) $ (1.78)
Weighted average number of shares outstanding - basic 6,903,664 5,844,006
Weighted average number of shares outstanding - diluted 6,903,664 5,844,006

Source

v3.23.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net loss $ (4,946,024) $ (10,407,994)
Reconciliation of net loss to net cash from operating activities:    
Depreciation and amortization 63,167 102,623
Interest expense 105,794 822,568
Issuance of common shares in lieu of services 68,200 53,800
Extinguishment of debt 0 (459,912)
Impairment of goodwill & intangible assets 0 5,200,608
Write-off of demonstration equipment 0 16,248
Share based compensation expense 308,305 384,365
Changes in non-cash working capital items    
Accounts receivable (178,240) 177,062
Prepaid expenses and other current assets 263,953 553,266
Operating leases, net 1,863 0
Inventories 78,373 (543,957)
Accounts payable 262,238 (148,960)
Accrued liabilities 509,912 104,495
Deferred revenue 75,145 (1,499)
Net cash used in operating activities (3,387,314) (4,147,287)
Investing activities:    
Acquisition (215,000) 0
Purchases of equipment 0 (12,500)
Other non-current assets (8,694) 0
Net cash used in investing activities (223,694) (12,500)
Financing activities    
Proceeds from convertible loans 2,050,000 5,550,000
Net cash provided by financing activities 2,050,000 5,550,000
Foreign exchange impact (2,986) (7,184)
Net (decrease)/increase in cash and cash equivalents (1,563,994) 1,383,029
Cash and cash equivalents, beginning of the period 1,991,377 608,348
Cash and cash equivalents, end of the period 427,383 1,991,377
Supplemental noncash investing & financing activities:    
Subsidiary purchase of fixed assets 50,185 0
Conversion of term loans into option exercises 0 642,153
Transfer of demonstration equipment from inventory to fixed assets 0 42,768
Conversion of promissory notes into common stock $ 0 $ 8,988,011

Source