v3.20.4
Condensed Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Mar. 31, 2020
Current assets    
Cash and cash equivalents $ 895,697 $ 2,269,747
Accounts receivable 174,305 846,964
Prepaid expenses and other current assets 1,658,477 1,632,555
Inventories 839,552 1,059,462
Due from related parties 20,154 17,840
Total current assets 3,588,185 5,826,568
Equipment 105,220 154,144
Intangible assets, net 1,000,131 1,449,924
Goodwill 4,282,984 11,085,984
Total assets 8,976,520 18,516,620
Current liabilities    
Accounts Payable 544,204 857,093
Accrued liabilities 2,067,795 1,647,656
PPP Loan 459,912 0
Convertible Loans 3,841,384 2,078,833
Deferred revenue, current portion 301,302 200,437
Total current liabilities 7,214,597 4,784,019
Deferred revenue, net of current portion 311,479 415,626
Total Liabilities 7,526,076 5,199,645
Commitments and contingencies (Note 10)
Shareholders' Equity    
Preferred stock, $0.001 par value; Authorized 10,000,000, Issued none Special voting preferred stock, $0.001 par value; Authorized; Issued - 1
Common stock, $0.001 par value; Authorized - 13,000,000; (March 31, 2020 - 500,000,000) Issued 5,009,151 and 117,683 Exchangeable Shares at December 31, 2020 and March 31, 2020 5,126 5,126
Additional paid-in capitall 85,362,618 84,643,570
Accumulated deficit (83,959,449) (71,373,870)
Accumulated other comprehensive income 42,149 42,149
Total stockholders' equity 1,450,444 13,316,975
Total liabilities and stockholders' equity $ 8,976,520 $ 18,516,620

Source

v3.20.4
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Condensed Consolidated Statements of Operations and Comprehensive Loss        
Revenues, net $ 180,409 $ 158,005 $ 730,698 $ 1,230,074
Cost of Revenue 9,581 143,595 142,183 562,887
Gross Profit 170,828 14,410 588,515 667,187
Operating expenses        
Sales and marketing 325,175 480,834 792,622 1,649,340
Research and development 449,580 1,021,418 1,213,350 2,724,000
General and administrative 983,858 1,193,391 3,052,017 3,440,305
Impairment of goodwill & intangible assets 7,182,053   7,182,053 0
Share-based compensation expense 98,794 447,219 719,048 1,373,195
Total operating expenses 9,039,460 3,142,862 12,959,090 9,186,840
Other (income) expenses        
Loss from operations (8,868,632) (3,128,452) (12,370,575) (8,519,653)
Interest expense 79,183 2,788 265,566 172,485
Other expense (income), net 3,066 (161,291) (50,562) (218,860)
Total other expense (income) 82,249 (158,503) 215,004 (46,375)
Net (loss) and comprehensive (loss) for the period     12,600,000 8,500,000
Net loss $ (8,950,881) $ (2,969,949) $ (12,585,579) $ (8,473,278)
Loss per share - basic and diluted $ (1.75) $ (0.58) $ (2.45) $ (1.99)
Weighted average number of shares outstanding - basic and diluted 5,126,834 5,126,834 5,126,834 4,264,723

Source

v3.20.4
Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating activities    
Net loss $ (12,585,579) $ (8,473,278)
Reconciliation of net loss to net cash from operating activities:    
Depreciation and amortization 119,664 286,608
Interest expense 265,566 146,144
Allowance for doubtful accounts 0 167,500
Impairment of goodwill & intangible assets 7,182,053 0
Share based compensation expense 719,048 1,373,195
Changes in non-cash working capital items    
Accounts receivable 672,659 1,057,564
Prepaid expenses and other current assets (25,922) (374,802)
Due from related parties (2,314) (809)
Inventories 219,910 (1,029,739)
Accounts payable (318,480) (424,805)
Accrued liabilities 420,139 (465,084)
Deferred revenue (3,282) 209,974
Net cash used in operating activities (3,336,537) (7,527,532)
Investing activities    
Purchases of equipment 0 (95,730)
Net cash used in investing activities 0 (95,730)
Financing activities    
Proceeds from convertible loans 1,502,575 9,070,000
Proceeds from PPP Loan 459,912 0
Repayment of term loan 0 (500,000)
Proceeds from term loan 0 500,000
Net cash provided by financing activities 1,962,487 9,070,000
Net (decrease) increase in cash and cash equivalents (1,374,050) 1,446,738
Cash and cash equivalents, beginning of the period 2,269,747 446,779
Cash and cash equivalents, end of the period $ 895,697 $ 1,893,517

Source