Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net loss $ (24,589,600) $ (14,345,900)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 91,200 80,700
Stock-based compensation 3,443,400 2,344,200
Expense related to modification of warrants, including exchange of warrants for common stock 25,800 292,700
Fair value of common stock granted for services 391,100 1,615,800
Fair value of Series B Preferred stock granted for services 4,250,000 0
Fair value of warrants granted for services 119,700 0
Loss on extinguishment of accounts payable 22,700 135,000
Changes in operating assets and liabilities:    
Receivable from supplier (300,000) 0
Prepaid expenses and other current assets 589,000 131,200
Accounts payable and accrued expenses, including accrued interest 1,338,700 541,700
Deferred rent 90,500 146,300
Net cash used in operating activities (14,527,500) (9,058,300)
Cash flows from investing activities:    
Purchases of equipment and acquisition of tenant improvements (174,000) (1,600)
Net cash used in investing activities (174,000) (1,600)
Cash flows from financing activities:    
Net proceeds from issuance of common stock and warrants, including Units 17,041,000 16,722,300
Proceeds from exercise of warrants 605,700 0
Repayment of capital lease obligations (2,700) (2,400)
Repayment of notes payable (220,500) (203,000)
Net cash provided by financing activities 17,423,500 16,516,900
Net increase in cash and cash equivalents 2,722,000 7,457,000
Cash and cash equivalents at beginning of period 10,378,300 2,921,300
Cash and cash equivalents at end of period 13,100,300 10,378,300
Supplemental disclosure of cash flow activities:    
Cash paid for interest 8,000 8,900
Cash paid for income taxes 2,600 2,400
Supplemental disclosure of noncash activities:    
Insurance premiums settled by issuing note payable 224,000 202,100
Accrued dividends on Series B Preferred 1,139,900 1,030,400
Deemed dividend from trigger of down round provision feature 0 (199,200)
Acquisition of equipment under capital lease $ 40,000 $ 450,000