Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2020
Mar. 31, 2019
Current assets:    
Cash and cash equivalents $ 1,355,100 $ 13,100,300
Receivable from supplier 0 300,000
Prepaid expenses and other current assets 225,100 228,600
Total current assets 1,580,200 13,628,900
Property and equipment, net 209,600 312,700
Right of use asset - operating lease 3,579,600 0
Deferred offering costs 355,100 22,300
Security deposits and other assets 47,800 47,800
Total assets 5,772,300 14,011,700
Current liabilities:    
Accounts payable 1,836,600 1,055,000
Accrued expenses 561,500 1,685,600
Current notes payable 56,500 57,300
Operating lease obligation - current portion 313,400 0
Finance lease obligation - current portion 3,300 3,000
Total current liabilities 2,771,300 2,800,900
Non-current liabilities:    
Accrued dividends on Series B Preferred Stock 5,011,800 3,748,200
Deferred rent liability 0 381,100
Operating lease obligation - non-current portion 3,715,600  
Finance lease obligation - non-current portion 3,000 6,300
Total non-current liabilities 8,730,400 4,135,600
Total liabilities 11,501,700 6,936,500
Stockholders' deficit:    
Common stock, $0.001 par value; 175,000,000 and 100,000,000 shares authorized at March 31, 2020 and 2019, respectively; 49,348,707 and 42,758,630 shares issued and outstanding at March 31, 2020 and 2019, respectively 49,300 42,800
Additional paid-in capital 200,092,800 192,129,900
Treasury stock, at cost, 135,665 shares of common stock held at March 31, 2020 and 2019 (3,968,100) (3,968,100)
Accumulated deficit (201,907,400) (181,133,400)
Total stockholders' equity (deficit) (5,729,400) 7,075,200
Total liabilities and stockholders' equity (deficit) 5,772,300 14,011,700
Series A Preferred Stock    
Stockholders' deficit:    
Preferred stock 500 500
Total stockholders' equity (deficit) 500 500
Series B Preferred Stock    
Stockholders' deficit:    
Preferred stock 1,200 1,200
Total stockholders' equity (deficit) 1,200 1,200
Series C Preferred Stock    
Stockholders' deficit:    
Preferred stock 2,300 2,300
Total stockholders' equity (deficit) $ 2,300 $ 2,300