Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.21.2
Statements of Cash Flows - USD ($)
 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (40,755,125) $ (9,603,871)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 14,125,997 4,496,169
Issuance of common stock to consultants 305,435 264,520
Issuance of common stock and warrants 355,000
Depreciation and amortization 102,837 76,752
Deferred offering costs 181,051
Loss on extinguishment of debt 14,257,495 255,000
Loss on exchange of notes payable for common stock and warrants 1,527,184
Amortization of debt discount 2,713,516 1,172,542
Non-cash expenses for placement agent 54,961
Change in fair value of warrant liability 2,360,543 16,928
Change in fair value of derivative liability 12,707
Bad debt expense 24,788
Changes in operating assets and liabilities:    
Prepaid and other assets (353,324) 54,185
Account payable (802,404) 667,672
Accrued expenses (554,304) 670,161
Accrued interest 420,099 324,825
Net cash used in operating activities (6,584,383) (1,044,278)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of equipment (158,857) (26,603)
Purchase of patents (1,475,000)
Net cash used in investing activities (1,633,857) (26,603)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the issuance of common stock and warrants, net of fees 20,925,114
Proceeds from related party non-interest bearing advance 25,000 49,741
Proceed from the exercise of common stock warrants 179,984
Proceeds from notes payable   18,500
Repayment of senior secured promissory note (200,000)
Proceeds from PPP loan 438,500  
Repayment of related party non-interest bearing advance (74,741)
Repayment of notes payable (53,000) (18,500)
Proceeds from issuance of senior secured convertible notes and common stock warrants 2,676,000 970,000
Common stock repurchased and subsequently canceled (450,000)
Net cash provided by financing activities 23,466,857 1,019,741
Net increase (decrease) in cash 15,248,617 (51,140)
Cash — beginning of year 48,307 99,447
Cash — end of year 15,296,924 48,307
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Unpaid deferred offering costs 181,051
Unpaid research and development license included in accounts payable 100,000
Beneficial conversion feature in connection with notes payable 618,657 27,918
Issuance of common stock and preferred stock in connection with conversion of notes 23,715,827
Repurchased beneficial conversion feature in connection with conversion of notes payable (6,646,998)
Issuance of common stock in connection with notes payable 1,133,650 321,000
Issuance of common stock in satisfaction of accounts payable 121,835
Canceled restricted stock awards 206
Reclassification of warrant liabilities 5,626,891
Issuance of common stock warrants in connection with note exchange agreements 4,918,172  
Issuance of common stock warrants in connection with notes payable 263,328
Exercise of stock options 2
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest 62,649
Cash paid income taxes