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, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net loss $ (20,774,000) $ (24,589,600)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 103,100 91,200
Stock-based compensation 3,820,800 3,443,400
Expense related to modification of warrants 826,900 25,800
Amortization of fair value of common stock issued for services 92,100 391,100
Fair value of common stock granted for product licenses and option 0 4,250,000
Amortization of fair value of warrants issued for services 13,800 119,700
Loss on settlement of accounts payable 0 22,700
Changes in operating assets and liabilities:    
Receivable from supplier 300,000 (300,000)
Prepaid expenses and other current assets 182,600 589,000
Right of use asset - operating lease 335,400 0
Operating lease liability (267,000) 0
Accounts payable and accrued expenses, including accrued interest (390,700) 1,338,700
Deferred rent 0 90,500
Net cash used in operating activities (15,757,000) (14,527,500)
Cash flows from investing activities:    
Purchases of equipment and acquisition of tenant improvements 0 (174,000)
Net cash used in investing activities 0 (174,000)
Cash flows from financing activities:    
Net proceeds from issuance of common stock and warrants, including Units 3,349,000 17,041,000
Proceeds from exercise of warrants 410,000 605,700
Proceeds from sale of warrants 300,000 0
Net proceeds from sale of common stock under equity line 249,400 0
Repayment of capital lease obligations (3,000) (2,700)
Repayment of notes payable (293,600) (220,500)
Net cash provided by financing activities 4,011,800 17,423,500
Net increase in cash and cash equivalents (11,745,200) 2,722,000
Cash and cash equivalents at beginning of period 13,100,300 10,378,300
Cash and cash equivalents at end of period 1,355,100 13,100,300
Supplemental disclosure of cash flow activities:    
Cash paid for interest 14,800 8,000
Cash paid for income taxes 2,600 2,600
Supplemental disclosure of noncash activities:    
Insurance premiums settled by issuing note payable 292,800 224,000
Accrued dividends on Series B Preferred 1,263,600 1,139,900
Fair value of common stock issued reported as deferred offering costs 284,400 0
Accounts payable settled by issuing common stock $ 0 $ 40,000