• Filing Date: 2017-02-21
  • Form Type: 10-Q
  • Description: Quarterly report
v3.6.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net income $ 907,503 $ 1,179,802
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 46,400 598,699
Depreciation and amortization 8,892 2,399
Deferred income tax (857,000)
Increase (decrease) in cash flows as a result of changes in net assets and liabilities balances:    
Accounts receivable (712) 43,916
Inventories (237,126) (138,300)
Prepaid expenses and other current assets (150,879) (22,866)
Accounts payable 116,407 (28,362)
Customer deposits 9,240
Accrued expenses and other current liabilities (214,525) 63,314
Due to shareholder 28,027 13,004
Net cash provided by operating activities 503,987 863,846
Cash flows from investing activities:    
Purchase of equipment (8,070)
Restricted cash (224) (437)
Net cash used in investing activities (8,294) (437)
Cash flows from financing activities:    
Repayments on notes payable (18,000) (19,000)
Repayments on capital lease payable (2,739)
Sale of common stock 300,000
Net cash provided by (used) in financing activities (20,739) 281,000
Net increase in cash 474,954 1,144,409
Cash and cash equivalents - beginning of period 1,398,848 216,395
Cash and cash equivalents - end of period 1,873,802 1,360,804
Cash paid for:    
Interest 4,389 2,054
Non-cash investing activities:    
Purchase of equipment with the assumption of capital lease obligations $ 128,807