Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.20.2
Statements of Cash Flows - USD ($)
 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (9,603,871) $ (4,295,753)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 4,496,169 1,014,690
Issuance of common stock and warrants in connection with cancellation of consulting agreement 264,520
Issuance of common stock in connection with a consulting agreement 355,000
Depreciation and amortization 76,752 55,814
Loss on extinguishment of debt 255,000
Deferred offering costs 181,051
Amortization of debt discount 1,172,542 994,869
Change in fair value of warrant liability 16,928 596,924
Bad debt expense 24,788
Changes in operating assets and liabilities:    
Accounts receivable (24,788)
Prepaid and other current assets 54,185 (54,448)
Account payable 667,672 324,107
Accrued expenses 670,161 (123,366)
Accrued interest 324,825 130,101
Deferred revenue (225,000)
Due to related parties, net (8,635)
Net cash used in operating activities (1,044,278) (1,615,485)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of equipment (26,603) (109,290)
Net cash used in investing activities (26,603) (109,290)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repayment of senior secured promissory note (100,000)
Proceeds from note payable 18,500
Proceeds from related party non-interest bearing advance 49,741
Proceeds from issuance of senior secured convertible notes and common stock warrants 970,000 1,756,000
Repayment of note payable (18,500)
Net cash provided by financing activities 1,019,741 1,656,000
Net decrease in cash (51,140) (68,775)
Cash - beginning of year 99,447 168,222
Cash - end of year 48,307 99,447
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Unpaid deferred offering costs 104,141
Unpaid research and development license included in accounts payable 100,000 100,000
Beneficial conversion feature in connection with notes payable 260,078 148,171
Issuance of common stock in connection with notes payable 662,250 240,000
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest
Cash paid income taxes