• Filing Date: 2019-06-14
  • Form Type: 10-K
  • Description: Annual report
v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2017
Cash Flows from Operating Activities:      
Net loss $ (4,452,797) $ (1,820,449) $ (1,551,266)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and Amortization 33,407 29,256 20,433
Stock Based Compensation 429,610 0 0
Other non-cash expenses 34,796 0 0
Changes in assets and liabilities:      
Prepaid expenses and other receivables (456,125) (138,859) 85,367
Accrued interest receivable 70,759 (73,441) 0
Increase in inventory (37,396) 0 0
Accounts payable 98,118 (31,247) 2,522
Liability due to related party 697,182 (162,644) 270,975
Other liabilities and accrued expenses 21,494 60,407 (20,859)
Net cash used in operating activities (3,560,952) (2,136,977) (1,192,828)
Cash Flows from Investing Activities:      
Capitalized patent costs (20,331) (45,260) (73,070)
Purchase of property and equipment (59,666) 0 (6,519)
Fixed rate savings account 4,483,852 1,994,475 (6,226,500)
Net cash provided by/ (used in) investing activities 4,403,855 1,949,215 (6,306,089)
Cash Flows from Financing Activities:      
Costs incurred in relation to ATM Financing (161,102) 0 0
Costs incurred in relation to public offering (328,302) 0 0
Gross proceeds from issuance of common stock in relation to ATM financing 455,105 0 0
Gross proceeds from public offering 2,019,743 0 0
Gross proceeds from warrant exercise 64,311 0 0
Gross proceeds from unit purchase option 100 0 0
Net cash provided by financing activities 2,049,855 0 0
Net increase/(decrease)/ in cash 2,892,758 (187,762) (7,498,917)
Effect of exchange rate changes on cash 25,571 98,738 (993,689)
Cash at beginning of year 822,335 911,359 9,403,965
Cash at end of year 3,740,664 822,335 911,359
Supplemental disclosure of non-cash financing activities:      
Conversion of Series A preferred stock to common stock 137,324 0 0
Prepayment of equity compensation 85,715 0 0
Forgiveness of payable from a related party $ 302,819 $ 0 $ 0