Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net loss $ (10,407,994) $ (13,620,457)
Reconciliation of net loss to net cash from operating activities:    
Depreciation and amortization 102,623 189,730
Interest expense 822,568 406,384
Issuance of common shares in lieu of services 53,800 0
Extinguishment of debt (459,912) 0
Impairment of goodwill & intangible assets 5,200,608 7,182,053
Write-off of demonstration equipment 16,248 0
Share based compensation expense 384,365 819,213
Changes in non-cash working capital items    
Accounts receivable 177,062 395,059
Prepaid expenses and other current assets 553,266 (48,002)
Due from related parties 0 17,840
Inventories (543,957) 332,456
Accounts payable (148,960) (407,875)
Accrued liabilities 104,495 153,776
Deferred revenue (1,499) (44,063)
Net cash used in operating activities (4,147,287) (4,623,886)
Investing activities:    
Purchases of equipment (12,500) 0
Net cash used in investing activities (12,500) 0
Financing activities:    
Proceeds from convertible loans 5,550,000 1,502,575
Proceeds from PPP loan 0 459,912
Proceeds from demand loans 0 1,000,000
Net cash provided by financing activities 5,550,000 2,962,487
Foreign exchange impact (7,184) 0
Net increase (decrease) in cash and cash equivalents 1,383,029 (1,661,399)
Cash and cash equivalents, beginning of the period 608,348 2,269,747
Cash and cash equivalents, end of the period 1,991,377 608,348
Supplemental noncash investing & financing activities:    
Conversion of certain liabilities into equity 0 1,041,404
Conversion of term loans into option exercises 642,153 0
Transfer of demonstration equipment from inventory to fixed assets 42,768 34,843
Conversion of promissory notes into common stock $ 8,988,011 $ 1,723,894