• Filing Date: 2019-07-11
  • Form Type: 10-K
  • Description: Annual report
v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS
12 Months Ended
Apr. 30, 2019
USD ($)
Apr. 30, 2018
USD ($)
Cash flows from operating activities:    
Net loss for the year $ (5,013,439) $ (3,220,670)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 1,082,440 578,024
Deferred lease inducements (9,675) (10,175)
Depreciation and amortization 105,464 113,805
Unrealized foreign exchange (gain) loss (355,739) 468,354
Stock-based compensation 474,726 604,566
Issuance of common stock for services   16,156
Change in fair value of derivative instruments 3,334  
Changes in assets and liabilities:    
Accounts payable and accrued liabilities (160,586) 561,703
Accounts receivable 549,658 (1,375,552)
Deferred sales commission costs (61,705)  
Accrued warranty (11,095) 8,765
Customer deposits (1,253) (6,325)
Prepaid expenses and other current assets (73,359) (18,645)
Unearned revenue 27,850 (147,096)
Net cash used in operating activities (3,443,379) (2,427,090)
Cash flows from investing activities:    
Purchases of equipment (40,094) (100,300)
Purchases of intangibles (9,638) (24,813)
Net cash used in investing activities (49,732) (125,113)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 22,645 2,902,990
Repurchases of common stock   (33,119)
Proceeds received from loan payable 3,000,000  
Net cash provided by financing activities 3,022,645 2,869,871
Foreign exchange effect on cash (15,959) (39,804)
(Decrease) increase in cash (486,425) 277,864
Cash, beginning of the period 2,348,883 2,071,019
Cash, end of the period 1,862,458 2,348,883
Cash paid for:    
Interest 52,603 364
Taxes $ 0 $ 0