Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (17,507,300) $ (18,866,300)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 77,600 64,800
Stock-based compensation 3,088,700 2,519,700
Expense related to modification of warrants 826,900 25,800
Amortization of fair value of common stock issued for services 92,100 277,600
Fair value of common stock issued for product license and option 0 4,250,000
Amortization of fair value of warrants issued for services 13,800 79,800
Loss on settlement of accounts payable 0 22,700
Changes in operating assets and liabilities:    
Receivable from supplier 300,000 0
Prepaid expenses and other current assets 56,200 34,600
Right of use asset - operating lease 249,400 0
Operating lease liability (196,300) 0
Accounts payable and accrued expenses (178,900) 511,800
Deferred rent 0 109,200
Net cash used in operating activities (13,177,800) (10,970,300)
Cash flows from investing activities:    
Construction of tenant improvements 0 (169,800)
Net cash used in investing activities 0 (169,800)
Cash flows from financing activities:    
Net proceeds from issuance of common stock and warrants, including Units 650,000 6,608,700
Proceeds from exercise of warrants 410,000 605,700
Proceeds from sale of warrants 300,000 0
Repayment of financing lease obligation (2,200) (2,000)
Repayment of notes payable (217,000) (165,300)
Net cash provided by financing activities 1,140,800 7,047,100
Net decrease in cash and cash equivalents (12,037,000) (4,093,000)
Cash and cash equivalents at beginning of period 13,100,300 10,378,300
Cash and cash equivalents at end of period 1,063,300 6,285,300
Supplemental disclosure of noncash activites:    
Insurance premiums settled by issuing note payable 230,200 160,500
Accrued dividends on Series B Preferred 938,100 848,000
Accounts payable settled by issuing common stock $ 0 $ 40,000