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, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (10,420,885) $ (7,891,499)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 123,685 39,939
Stock based compensation 750,621 779,421
Accretion of right-of-use lease asset 30,532 (2,491)
Changes in operating assets and liabilities:    
Accounts receivable 21,117 57,647
Prepaid expenses and other current assets (636,688) (111,477)
Accounts payable and other current liabilities 97,541 341,858
Deferred revenue 229,698 14,849
Due to related parties 37,222 6,813
Net cash used in operating activities (9,767,157) (6,764,940)
Cash flows from investing activities:    
Purchases of property and equipment (349,193) (59,881)
Net cash used in investing activities (349,193) (59,881)
Cash flows from financing activities:    
Tax withholding payments or tax equivalent payments for net share settlement of restricted stock units (88,118) (132,527)
Net proceeds from the issuance of common stock and exercise of warrants 17,456,092 7,260,869
Net cash provided by financing activities 17,367,974 7,128,342
Net increase in cash and restricted cash 7,251,624 303,521
Cash and restricted cash at beginning of year 9,908,301 9,604,780
Cash and restricted cash at end of year 17,159,925 9,908,301
Supplemental information of non-cash investing and financing activities:    
Issuances of common stock under cashless warrant exercises 676 0
Initial recognition of right-of-use lease asset and lease liability 744,430 0
Issuance of shares under vested restricted stock units, net stock option exercises and unvested share issuance for services 44 98
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:    
Cash and cash equivalents 17,072,419 9,861,575
Restricted cash 87,506 46,726
Cash and restricted cash $ 17,159,925 $ 9,908,301