| Transition Period Comparative Data |
Note 13 – Transition Period Comparative Data
As discussed in Note 1, this Transition Report
on Form 10-KT includes financial information for the nine months ended December 31, 2021, and fiscal year ended March 31, 2021. The Statements
of Operations and Cash Flows for the nine months ended December 31, 2021 and 2020, are summarized below. All data for the nine months
ended December 31, 2020, are derived from the Company’s unaudited condensed financial statements.
The Statements of Operations for the nine months
ended December 31, 2021 and 2020 is as follows:
| |
|
Nine months ended
December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| |
|
|
|
|
(Unaudited) |
|
| Operating expenses: |
|
|
|
|
|
|
| Research and development |
|
$ |
2,496 |
|
|
$ |
2,635 |
|
| Selling, general and administrative |
|
|
14,367 |
|
|
|
11,455 |
|
| Total operating expenses |
|
|
16,863 |
|
|
|
14,090 |
|
| |
|
|
|
|
|
|
|
|
| Loss from operations |
|
|
(16,863 |
) |
|
|
(14,090 |
) |
| |
|
|
|
|
|
|
|
|
| Other income (expense): |
|
|
|
|
|
|
|
|
| Other income |
|
|
- |
|
|
|
- |
|
| Other expense |
|
|
(55 |
) |
|
|
(55 |
) |
| Interest expense |
|
|
(7 |
) |
|
|
(2,665 |
) |
| Loss on exchange of notes payable for common stock and warrants |
|
|
- |
|
|
|
(1,521 |
) |
| Gain (loss) on extinguishment of debt |
|
|
7 |
|
|
|
(453 |
) |
| Gain on forgiveness of PPP loan |
|
|
431 |
|
|
|
- |
|
| Change in fair value of warrant liability |
|
|
- |
|
|
|
(1,337 |
) |
| Change in fair value of derivative liability |
|
|
- |
|
|
|
39 |
|
| Total other income (expense) |
|
|
376 |
|
|
|
(5,992 |
) |
| |
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(16,487 |
) |
|
$ |
(20,082 |
) |
| |
|
|
|
|
|
|
|
|
| Net loss per share, basic and diluted: |
|
$ |
(1.13 |
) |
|
$ |
(2.70 |
) |
| |
|
|
|
|
|
|
|
|
| Weighted average shares outstanding, basic and diluted: |
|
|
14,596,019 |
|
|
|
7,430,701 |
|
The Statements of Cash Flows for the nine months
ended December 31, 2021 and 2020 is as follows:
| |
|
Nine months ended
December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| |
|
|
|
|
(Unaudited) |
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
| Net loss |
|
$ |
(16,487 |
) |
|
$ |
(20,082 |
) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
| Stock-based compensation |
|
|
8,458 |
|
|
|
10,663 |
|
| Issuance of common stock to consultants |
|
|
244 |
|
|
|
302 |
|
| Depreciation and amortization |
|
|
225 |
|
|
|
57 |
|
| (Gain) loss on extinguishment of debt |
|
|
(7 |
) |
|
|
453 |
|
| Gain on forgiveness of PPP loan |
|
|
(431 |
) |
|
|
- |
|
| Loss on exchange of notes payable for common stock and warrants |
|
|
- |
|
|
|
1,521 |
|
| Amortization of debt discount |
|
|
- |
|
|
|
2,256 |
|
| Non-cash expenses for placement agent |
|
|
- |
|
|
|
55 |
|
| Change in fair value of warrant liability |
|
|
- |
|
|
|
1,337 |
|
| Change in fair value of derivative liability |
|
|
- |
|
|
|
(39 |
) |
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
| Prepaid and other assets |
|
|
(500 |
) |
|
|
(189 |
) |
| Account payable |
|
|
(126 |
) |
|
|
120 |
|
| Accrued expenses |
|
|
87 |
|
|
|
(408 |
) |
| Accrued interest |
|
|
- |
|
|
|
349 |
|
| Net cash used in operating activities |
|
|
(8,537 |
) |
|
|
(3,605 |
) |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
| Purchase of equipment |
|
|
(552 |
) |
|
|
(82 |
) |
| Purchase of patents/R&D license |
|
|
(264 |
) |
|
|
(25 |
) |
| Net cash used in investing activities |
|
|
(816 |
) |
|
|
(107 |
) |
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
| Proceeds from the issuance of common stock, net of fees |
|
|
- |
|
|
|
1,599 |
|
| Proceeds from the exercise of stock options |
|
|
186 |
|
|
|
- |
|
| Proceeds from related parties non-interest bearing advance |
|
|
- |
|
|
|
25 |
|
| Repayment of senior secured promissory note |
|
|
- |
|
|
|
(200 |
) |
| Proceeds from PPP loan |
|
|
- |
|
|
|
205 |
|
| Repayment of related party non interest bearing advance |
|
|
- |
|
|
|
(50 |
) |
| Repayment of notes payable |
|
|
- |
|
|
|
(53 |
) |
| Proceeds from issuance of senior secured convertible notes and common stock warrants |
|
|
- |
|
|
|
2,676 |
|
| Common stock repurchased and subsequently canceled |
|
|
- |
|
|
|
(450 |
) |
| Payment of financing costs |
|
|
- |
|
|
|
(52 |
) |
| Net cash provided by financing activities |
|
|
186 |
|
|
|
3,700 |
|
| Net decrease in cash |
|
|
(9,167 |
) |
|
|
(12 |
) |
| Cash — beginning of year |
|
|
15,297 |
|
|
|
48 |
|
| Cash — end of year |
|
$ |
6,130 |
|
|
$ |
36 |
|
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Unpaid research and development license included in accounts payable |
|
$ |
- |
|
|
$ |
75 |
|
| Beneficial conversion feature in connection with notes payable |
|
$ |
- |
|
|
$ |
619 |
|
| Issuance of common stock in connection with conversion of notes |
|
$ |
- |
|
|
$ |
4,494 |
|
| Issuance of common stock in connection of notes payable |
|
$ |
- |
|
|
$ |
1,134 |
|
| Issuance of common stock in satisfaction of accounts payable |
|
$ |
- |
|
|
$ |
122 |
|
| Reclassification of warrant liabilities |
|
$ |
- |
|
|
$ |
2,061 |
|
| Issuance of common stock warrants |
|
$ |
- |
|
|
$ |
263 |
|
| Unpaid equipment included in accounts payable |
|
$ |
206 |
|
|
$ |
- |
|
| SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
| Cash paid for interest |
|
$ |
6 |
|
|
$ |
60 |
|
| Cash paid income taxes |
|
$ |
- |
|
|
$ |
- |
|
|